Education, and enhanced client experience set Desjardins Insurance on the path to back-to-back wins
This article was produced in partnership with Desjardins Insurance.
Desjardins Insurance’s triumph for the second consecutive year as the Life and Health Insurer of the Year at the Insurance Business Canada Awards 2023, is the result of the organization’s strong commitment to do what is best for members and clients. Yves L. Giroux, vice president of Multi Network Business Development at Desjardins Financial Security, attributes this achievement to a blend of operational efficiencies that enhance the advisor and client experience, coupled with unique product offerings.
The formula for success
Desjardins Insurance stands out with exclusive products like the 5-Pay Par, a unique product in Canada with guaranteed premiums payable in five years, solid critical illness offerings, and competitive term life products with many conversion options to permanent life products. Furthermore, Desjardins Insurance champions advisor education through Discovery Series and Master Class Series1, fostering a community among advisors, in an industry that “is often known to be lonely,” as Giroux points out. Advisors can hear from their peers, and gain reassurance, especially in more difficult periods in the market.
Giroux highlights, “Covid was very disruptive to the industry, obviously. However, what we see is that technology has made giant leaps to significantly improve business and underwriting processes.”
Giroux points to an interesting 2020 to 2023 trend identified by the Life Insurance Marketing Research Association (LIMRA) — while there’s been a 15 percent decrease in the number of policies sold, there's a notable 28 percent increase in terms of individual life insurance premiums2.
This disparity suggests a potential gap in adequate protection for Canadians, a challenge Desjardins Insurance is poised to address through its diverse distribution channels and commitment to reaching all Canadians. Furthermore, data from LIMRA in 2023 highlights a significant trend: digital platforms have seen a 22 percent increase in new business, outpacing the overall market growth of just six percent.
“We're in a very unique position in terms of distribution, we have access to various distribution channels,” Giroux says, “We can reach out to a wider segment of Canadians, ensuring that individuals from various backgrounds can access essential protection, regardless of their means.”
Remaining competitive
The strategy for maintaining competitiveness and affordability in term insurance involves a consistent review of pricing to ensure it meets the needs of Canadians. Additionally, Desjardins Insurance offers a multi-coverage discount, rewarding customers who combine life or critical illness coverages under the same policy with lower premiums.
A notable innovation in their product lineup, Giroux notes is the introduction of the 5 Pay PAR product which has gained popularity, for example amongst grandparents seeking to secure coverage for their grandchildren with guaranteed premiums payable in five years, ensuring lifetime coverage thereafter. This product also appeals to business owners for its guaranteed coverage, rapid payment structure, and simplicity.
Desjardins Insurance has raised their dividend-scale interest rates on its participating life insurance products and is in the process of rolling out new features throughout 2024 and into the beginning of 2025. Emphasizing digital engagement, the company proactively solicits feedback from advisors to refine and develop its offerings, underscoring the importance of the partnership between advisors and Desjardins Insurance in delivering superior client experiences.
The year ahead and beyond
Recognizing the importance of education for advisors, making it a key priority, Desjardins Insurance is set to further its leadership in advisor education by offering Discovery Series and Master Class Series. The training allows advisors to obtain CE credits from the main insurance accrediting bodies in Canada. Recognizing the crucial role of education in improving the quality of advice provided to clients, Desjardins Insurance has identified this area as a significant focus.
Looking ahead, Desjardins Insurance aims to introduce a range of engaging topics for advisor education. Desjardins Insurance is committed to prioritizing the needs of its members, clients, and advisors, with a continuous focus on product enhancements and dedication to quality service.
“A trusted partner is what the advisors and clients can expect from Desjardins Insurance. We're committed to being a major national carrier, and continue to improve our products, our operations, our claims, and our technology,” says Giroux. By aligning closely with its cooperative origins, Desjardins Insurance ensures that client wellbeing remains a top priority.
Footnotes:
1. Earn CE credits on select Discovery Series episodes. CE credits available for all Master Class episodes.
Citations:
2. Matthew Rubino, LIMRA: Record year for Canadian Life Insurance Sales in 2023. LIMRA: Record Year for Canadian Life Insurance Sales in 2023
Desjardins Insurance refers to Desjardins Financial Security Life Assurance Company. Desjardins®, Desjardins Insurance®, all trademarks containing the word Desjardins, as well as related logos are trademarks of the Fédération des caisses Desjardins du Québec, used under licence
