The life and health insurance marketplace in Canada continues to be challenged by a low interest rate environment and evolving customer expectations.
Like most insurance industry sectors, digitization is acting as a major disruptor alongside “ongoing regulatory pressures, a change in the capital regime, tax changes for policyholders, political and economic uncertainty, and a widening talent gap,” as reported in the Ernst & Young annual Canadian Life Insurance Outlook report.
But the best companies in the industry can take those challenges and turn them into something positive. Great-West Life Assurance Company – which recently came away with the
Life and Health Insurer of the Year award at the Insurance Business Canada Awards 2017 – is one such insurer turning obstacles into opportunities.
“While technology is a disruptor, it also provides solutions such as algorithmic underwriting, robotic process automation, digital cross-selling and digitally-enabled customer experiences,” explained Amanda Fickling (pictured), assistant vice president, group customer marketing & communications, Great-West Life.
“It takes careful analysis and planning to introduce new platforms and systems to a large business such as ours. Recently, we’ve invested in new capabilities and are continuously reviewing our technology strategy. It’s a work in progress, but an essential part of a successful future.”
Changing customer demands is one of the biggest challenges for insurers and brokers throughout the world. Improving the customer experience with automation, technology and innovation is one of Great-West Life’s key goals for 2018, according to Fickling.
The insurer has a customer-first mentality, and attributes its recent industry accolade to “unparalleled service to [its] customers,” driven by strong collaboration with key industry service providers in pharmacy, technology and healthcare, in which the company has third party arrangements.
“Now in its second year, the prestigious Insurance Business Awards celebrate the best and brightest of the insurance industry. This award of excellence is no small feat; we’d like to acknowledge the
tough competition from our peers in the industry,” Fickling told Insurance Business. “We all share the same goal, which is to put the customer at the centre of all that we do. This award will help to recognize those insurers who are demonstrating leadership in this area.
“At Great-West Life, we have tremendous opportunities in front of us, and a tremendous group of people to realize them. We’re a fortunate company, because we have such a strong history on which to build. We’re excited about what we can achieve. To help guide us forward, we need to keep focused on our vision, as well as our purpose, which is to improve the financial, physical and mental well-being of Canadians.”
Related stories:
Great-West recognized by the Carbon Disclosure Project
Canadian insurer pumps 200 million euros into European subsidiary
.jpg)
