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Insurers to brokerage customize their offers to meet the actual needs of entrepreneurs

by

Justine Montminy

5 July 2018 07:00

Arnaud Collinet and Nathalie Morin | Photo : Réjean Meloche

Insurers in Quebec were surveyed entrepreneurs to see how to better respond to their needs. They have come to propose an offer that fits to their actual needs, and not those which might arise.

Until recently, Aviva Canada offered a wide range of products in insurance companies. In march, the insurer has made a clean sweep of existing products by replacing them with a unique offer : it Solutions Business.

“It was difficult for us to update and improve these products on a regular basis. We had one, too, ” said Claude Leboeuf, vice-president, underwriting, Canada, Aviva, in interview to the Newspaper of insurance.

With Solution Business, Aviva said to bet on the simplicity, effectiveness and adaptation to the changes that the industry faces. “The product is modular in design. It allows you to customize the insurance contract according to the type of business and adapt it to the specific needs of entrepreneurs, ” said Mr. Leboeuf.

Intact Insurance has also reviewed its approach. Here too the emphasis is on simplicity. Latitude Business has been launched in February. The new cover of Intact and offers three levels of protection, with more than 50 extensions.

“We looked at the benefits that were offered in each product offered by insurance companies to keep the best and put all together in a single product. We wanted to put on the market a product that is simple, secure and user-friendly, ” explained Arnaud Collinet and Nathalie Morin, respectively vice-president and senior director, business insurance

Not to undo what has been done

In The Unique general insurance, we prefer to add additional safeguards to what is already there. “We don’t want to undo what we have done in the past,” said its vice-president, insurance companies, Bruno Perrino.

The Single is said to aim at the SME market, providing solutions adapted to the risk of more large-scale. The level of competition in the enterprise market strength, however, for insurers to adjust their products regularly, ” says Perrino.

In this vein, The Single has established a legal protection last summer. “By surveying entrepreneurs and brokers, we noticed that it was a concern. In the same vein, we are working on a product cyberisque. Companies worry more and more cyber attacks that could jeopardize the personal data of their customers. “

Echelon has also introduced a product in cyberassurance to his insurance coverage business. The insurer in this niche market since two years. “We have entered a market which is appropriate. It covers the standard risks. We are here to fill the gap. We want to write the risk at the right price and at the right premium. We are not here to be the least expensive, ” says its vice-president, Québec, Ron Pavelack.

In Northbridge, the shift undertaken includes the deployment of specialty coverages. The insurer has also designed a specific product for small businesses.

“Essential fit”

“The nature of risk evolves. It is important to adapt. Insurance companies, the status quo is not an option. More and more we will see products in cyberisque, for the economy of sharing, or to deal with natural disasters “, explains Jean-François Béliveau, executive vice-president, Quebec region.

The wholesaler April Canada has recently launched the product in April Entrepreneurs which is aimed primarily at construction contractors. “We went to see the end-client directly, so the landscapers, welders, carpenters and others. We asked them what were their joys and their difficulties. Our strategy is defined around niches specialized. We are more selective. There is less horizontal. It focuses more on the vertical, ” says its chief financial officer Sébastien Gabez.

The turn of customization to be well underway

There is also a point on which the insurers interviewed by the Journal of insurance include : customization of the cover takes more and more place in insurance companies.

“This customization is essential,” says Ron Pavelack, Step. The risks of business are much more complex than the risks in individual insurance. “

Bruno Perrino, of The Unique adds that the personalization of the coverage is directly related to the size of the company. “The customization is done with the broker. The smaller the enterprise, the more the broker may include the conditions. We offer customizable products with extensions to cater for more specific needs. “

Jean-François Béliveau, of Northbridge, said to see this customization positively. “It is essential to ensure the loyalty of the customers. “

He adds that for his company, the technology investment is a priority. “It is said that by 2025, the top five insurers in Canada would control 65 % of the market. Just in 2015, these five insurers controlled 50 % of the insurance company. In the insurance business, size is an important issue. The more you have money, the more you can invest in technology, ” said Mr. Beliveau.

At Intact Insurance, we said to think in the same way. That is why the insurer invests nearly $ 100 million per year on its computer systems, has confirmed the insurer of the insurance Journal.

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