At the April 8 Annual General Meetings of LS Mutual Management and Humania Assurance Inc., Stéphane Rochon, President and Chief Executive Officer, highlighted the important work accomplished during the year, while announcing the financial results for the year 2020.
“One of the highlights of the last 12 months was the launch of Prohealth Income Insurance – Accident which primarily involves the conversion of our individual income insurance business line to modern digital platforms,” Mr. Rochon said. “This product was developed based on an approach that targets the specific needs of a person experiencing an incident and making a claim. The automatic inclusion of features such as partial disability and soft-tissue-injury coverage will enable faster and simpler claims processing, which is one of our key priorities. We have also significantly expanded eligibility for this type of plan. No occupation is refused. The policy is issued in minutes, with just one health question and no medical exam or test. We firmly believe that this unique, innovative and competitive product, now available and distributed across Canada, will quickly attract the attention of financial security advisors and affinity groups and contribute appreciably to accelerated sales growth.”
Mr. Rochon continued: “The new partnerships are progressing and are already having a major impact on our new business. In April of this year, we began co-developing and partnering with Emma Life Insurance, an insurtech specializing in the pregnant women and young families segment. This collaboration has quickly yielded significant results. Although the average premium is more modest than that of the usual products, the market penetration rate and the number of sales continue to impress and grow.
“We also established a second partnership with Specialty Life Insurance (SLi). SLi has a strong presence in Canada, both in digital marketing and in independent-advisor sales. During the year, we co-developed two complete life insurance product lines for each of their distribution channels. Their Jenie platform is a great example of SLi’s vision and drive. The results of this partnership have exceeded expectations, with several thousand policies underwritten in just a few months,” Mr. Rochon emphasized.
“Against this background, and still with a view to integrity and transparency, customers were given certain premium reductions. We also rolled out and offered all our customers the Teladoc telemedicine service, without affecting their premiums. This service enables all our insured customers to consult a licensed physician at any time from the comfort of their home. Given the current situation, this improvement allows insured customers to consult a doctor without having to travel,” Mr. Rochon noted.
“Despite the exceptional situation, we successfully implemented our strategy to increase the development of our people’s skills, which helped drive our transformation. These innovative human resources strategies have earned us a number of distinctions that show that our employees are at the heart of our priorities and our company’s success. These include the Employer of the Year award at the prestigious 2020 Mercuriades competition, the renewal since 2017 of the “Healthy Enterprise” certification awarded by the Bureau de normalisation du Québec and our selection by the 2020 Canada’s Top 100 Employers as one of the best employers in the Greater Montréal area,” Mr. Rochon concluded.
