.jpg)
“Disruptor” is a buzz word that’s pounding all corners of the global insurance industry. Insurtechs are disrupting traditional carriers by offering low-cost, low-touch insurance alternatives. As a result, the carriers are disrupting distribution channels by offering direct-to-consumer products in order to compete with the insurtechs. The list goes on…
Being a disruptor is not always a bad thing. The word tends to carry a stigma of destruction, but why not consider it as a prompt for opportunity?
Canada Protection Plan is a leading provider of non-medical and simplified-issue life insurance in Canada. Rather than get bogged down by others potentially disrupting them, the Canadian insurer makes a point of disrupting itself.
“At Canada Protection Plan, we’re our own disruptor,” president Henry Auyeung told Insurance Business. “We’re a leader in our marketplace, but we’re always look at our product offering and our business model to figure out how we can improve them.
“We’re never satisfied with our status quo. We’re constantly looking at what we need to do in order to improve the services we provide to our customers, whether that’s the insurance broker or the end-client, as well as enhancing our offerings so that more people who have a hard time getting insurance are able to get some coverage.”
Canada Protection Plan is one of the first companies in Canada to look at cancer differently. The insurer differentiates between aggressive and non-aggressive strains of the disease, to enable people with minor health issues to get some coverage. It started this initiative in late 2016, but is continually updating its approach in line with the advancement of medical understanding and technology.
The company has also invested heavily in technology in order to increase ease-of-business and keep costs down. It has introduced a unique electronic application process that takes less than 25 minutes to complete, and can be signed with an e-signature “to make everything seamless for the consumer”.
“Re-engineering an insurance offering doesn’t mean failure,” Auyeung commented. “Rather, we’re constantly challenging ourselves to become even better at what we do. Our mandate at Canada Protection Plan is to look at insurance as a multi-value offering, and not just a financial contract for a broker to sell.
“What we’re doing is a noble job in looking after the wellbeing of humanity – and we take immense pride in doing so.”
