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The RCCAQ feared the anglicization of the industry

by

Andrea Lubeck

March 21, 2019 11:30

The Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) has indicated that it feared ” the anglicization of the industry “, in its pre-budget submission by An economic engine that evolves in the service of the consumer and submitted to the ministry of Finance in February last. Eric Girard, minister of Finance, will unveil this afternoon its first budget.

It is, in its recommendation to the ministry to put in place fiscal measures to accelerate the investment of companies in their technological transformation that the RCCAQ addresses the issue of the language.

“The language is also a hindrance when it comes time to benefit from the technological innovations of the major players available in English only “, stresses the organization in his memory.

A possible imbalance

This adds to the concern of its members about the ” possible imbalance between the various players in the distribution of property and casualty insurance products in the context of electronic commerce “. The RCCAQ illustrates that several hundred firms, most of which are very small enterprises, do not have the same financial means as direct insurers to invest in technology.

According to data of the RCCAQ, 67.5% of the brokerage firms are SMES, employing one to four employees certified.

“In our opinion, this imbalance carries the risk that, ultimately, could penalize the consumers, who would benefit more than a limited supply and, possibly, affect the evolution of the industry “, writes the RCCAQ.

A forum for the exchange of permanent

In addition to this recommendation, the RCCAQ is said to be in favour of the establishment of a forum for continuous exchange of information with the regulator and the government ” in order to be able to approach the future and the evolution of the industry and address common issues, and for the benefit of the consumer “.

The organization says it plans to work with the regulator and the government to ensure the balance between consumer protection and the development of the industry, while taking into account the risks to economic, technological and climatic evolution.

Repetition of certain positions

The RCCAQ also reiterates many of the comments he had made during the recent debate on the sale of insurance products via the internet. One of them is the recommendation to make available to the consumer the word-for-word of the insurance policies and endorsements, in order to ” offer the same level of information, advice and professional protection “.

Finally, the grouping application that measures the welcoming of new workers, particularly in the regions of Quebec, are in place, since the insurance industry of damages is currently a shortage of labour, said the RCCAQ. These new workers will help to fill well-paying jobs within the brokerage industry property and casualty insurance “, highlights the collection.

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