At the Annual General Meetings, the President and Chief Executive Officer of Humania Assurance, Mr. Stéphane Rochon, highlighted the important work accomplished during the year, while unveiling the financial results for the year 2019.
“Acquiring the assets of Tour+Med in July 2019, an insurance marketing and administration specialist, allowed us to vertically integrate a high-potential line of business for which Humania was the insurer since July 2008. With this transaction and given the expertise of both companies, we can optimize the use of our respective cross-Canada distribution networks, increase the quality of our baby boomer market offering and capitalize on the promising group travel insurance business.”, says Mr. Rochon
“The sale of Aurrea Signature underscores the achievement of an important milestone in the accelerated expansion of our distribution footprint across Canada. Following this highly strategic transaction, we are now a minority shareholder in one of Canada’s largest multidisciplinary distribution firms with an exceptional track record for growth and goal achievement.”, confides Mr. Rochon.
“To date, two-thirds of new individual insurance applications were received online, representing 10% growth over 2018, of which over 79% were issued automatically through our decision-making algorithms. Only complex files requiring specialized expertise are reviewed by our underwriters, resulting in significant efficiency gains in risk underwriting.
Web-based products such as IWME and HuGO continue to perform well, maintaining high levels of new written premiums. During the fiscal year, we rolled out some product enhancements and pricing changes. For instance, with our highly digital approach, we can make fast and agile changes, to maintain the level of competitiveness the distribution network requires, within very short timeframes.
Our 5575.ca cancer insurance product launched in November 2018, to which we added hospitalization insurance and expense reimbursement coverage in 2019, has been well received by the brokerage network. We are clearly targeting the 55 to 75 age group market, a very promising and growing market underserved by the competition. This strategy is also very well aligned with our acquisition of Tour+Med, considering its strong expertise and large client base in this same market.”, emphasizes Mr. Rochon.
“Humania continued to innovate by launching the “Compassionate Care Leave” guarantee in November 2019.
This unique coverage, included in our group long-term disability insurance contracts, ensures the financial security of insured employees and enables them to provide care to a seriously ill spouse or child without putting their own physical and financial health at risk.”, reports Mr. Rochon.
“We launched Lead2action in January 2019, offering innovative solutions to business partners looking to add life and health insurance to their cross-selling strategy.
Focused on the values of choice, guidance and transparency, the firm offers the products of over ten insurers across Canada using digital technology, together with the services of a duly authorized financial security advisor, available at all times, to advise, guide and support clients through each transaction.”, mentions Mr. Rochon.
