July 6, 2018 07:00
Michael Rogers, Jim Brownlee and Jim Burton | Photo : PhotoVisions
Insurance advisors must not only be transformed. They must also deal with a public image that may not be quite positive for the financial services industry.
These comments are those of Michael Rogers, senior vice president, sales and distribution, Desjardins Insurance. He has held the Canada Sales Congress on may 23, in Toronto.
It has been reported that very few people know how to work the insurance industry. Yet, it provides billions of dollars in benefits to millions of people. However, it is time that it is reshaping itself, and that it be the promotion of the profession to the public, he said.
At the same time, it must be transparent, otherwise it will be faced with a regulation that will oblige it to do so. This issue has already hit the sector in mutual funds, he recalled.
He added that the industry does not want to see the regulatory authorities impose rules in matters of insurance of persons, as these affect the manufacturers or advisors. However, in order to avoid that, she must demonstrate more transparency in the face of the client. So, not only are customers better understand the insurance industry, they will also be able to see how it differs from the market of the investment.
Jim Brownlee, vice-president, partnerships affiliated with general agent at Canada Life, said that there are now, more than ever, stakeholders who put the nose in the affairs of the industry and who want to learn more about our billing process, was stressed. “We are witnessing as never before to a growing number of heading changes in regulatory requirements. “
Jim Burton, president and chief executive officer of PPI, said he agreed. It was suggested that a small group of industry stakeholders would like to launch a public awareness campaign on the value that the insurance advisors put on the table.
In an interview afterwards, he said that a campaign among the public would value the contribution of the industry and of the advisor in life insurance, he said. He reports having referred the matter to the congress because it is a significant project for which it wishes to respond personally.