Recognized as one of the Top 100 Most Powerful Women by the Women’s Executive Network, Renee Laflamme (pictured), iA Financial Group executive vice-president of individual insurance, savings and retirement, believes that achieving success in an organization comes down to having intuitive and decisive leaders.
“The role we play as executives is crucial to having the whole company achieve its ambitions,” she said. “We don’t want to fall into group thinking at this level, we want to make sure we ask ourselves the right questions to make the best choices for the organization, stakeholders and employees.”
While being able to lead a group is crucial, successful executives are also focused on creating a tightknit unit at their level, according to Laflamme.
“One thing I have learned over the years is that it is not the team you lead that is most important,” she said. “But it is the team that you are directly a part of that needs to be aligned, as our decisions help move the rest of the organization to achieve its ambitions.”
In an interview with Insurance Business, Laflamme spoke about how being recognized as one of the top 100 women in Canada can inspire younger professionals entering insurance. She also discussed how well the industry is prioritizing diversity and why a thoughtful combination of digital and human capabilities will help insurers reach more customers.
For Laflamme, being named one of the nation’s most powerful women puts her in a roster of excellence that she is proud to be a part of.
“Since 2012, year-after-year, 100 women are given this title, and it’s great to become part of this legacy of individuals who taking the lead in their different fields,” she said.
Another positive in receiving such a distinction is being able to inspire others to reach new levels in their respective careers.
“I hope that this honour can help other people realize their potential and want to achieve greater things in their profession,” the EVP said.
Laflamme said she believes in the power of mentorship and utilizing her experience and insight to uplift those who are just embarking on their career path or may feel stuck.
“Coaching and mentorship can take many different forms,” she said.
“For some, it may be a temporary if they are experiencing a particular struggle, while others require prolonged guidance that I am excited to provide.”
Sometimes, mentorship can come from a senior or executive level professional recognizing a lack of confidence in an employee and use that opportunity to build them back up.
“Pick up the phone or schedule a meeting and reassure them that to trust themselves and impart that determination they are lacking,” Laflamme said.
While Laflamme has had the opportunity to offer female colleagues guidance, she also stated that it is also important for female executives to mentor young men and tap into the diversity of leadership in the industry.
“Now there is a mix of individuals at the top that can use their insight to create talented and ambitious professionals,” she said.
When asked about how the industry is progressing in its efforts to uphold diversity, equity and inclusion initiatives in the workplace, Laflamme noted that “I think we are progressing really well for women and minorities.”
However, she said it is important to continue to think about diversity when hiring qualified individuals in the workplace.
“If the candidates you’re looking at are not sufficiently diverse, you’re always going to fall back onto the same profile,” she said.
This is also true when promoting individuals into higher positions within an organization.
“When a female colleague or her male counterpart is doing well, we need to make sure that people are being rewarded for good behaviour and producing good results,” the EVP said.
While the proportion of women at the top in the insurance industry has increased, Laflamme noted that there is still disparity.
“The reality for the woman is that we need more role models,” she said.
“Sometimes, we need to push a little harder on those rewards so that we can create that role model for the future generation.”
Diversity of customer offering is also close to Laflamme’s heart. While there is a greater push from insurers to create a range of platforms to reach customers and meet their needs, insurers ultimately need to keep consumers connected and informed, according to Laflamme.
“Insurance customers still need advice, whether that’s done through a person or a digital solution,” Laflamme said.
This is especially important when trying to reach the next generation of consumers who have different shopping habits than more established insurance clients.
Additionally, Laflamme said that there is a gap in the insurance industry right now and more advisors need to be brought in to help enable solutions for a broader range of customers.
“The mid market and mass market need insurance, and they need advice,” she said.
This can be difficult for insurance companies looking to make the switch to more modern solutions and platforms, since they can have policies that have been in effect for decades and would need to change how they have successfully operated for decades.
Elsewhere, Laflamme stated that insurance products need to be more simplified to reach a wider range of Canadians.
“You don’t need a book to know how to use your smartphone, so we need to figure out how can we make insurance easier to understand for all.”
