With client needs continually shaping the market, Desjardins Insurance leverages innovation, personalized products, and advisor support to maintain its competitive edge
This article was produced in partnership with Desjardins Insurance
With digital distribution taking over, the insurance industry is in the midst of a major shakeup. Client needs constantly shifting, and new risks popping up, the market is anything but business as usual. To stay ahead, insurers need to deliver seamless, no-hassle experiences and find smart ways to stand out from the crowd. Those that recognize and adapt to these shifts are refining their value propositions and tailoring offerings to meet specific demands.
For Desjardins Insurance, this means offering more personalized and modular products that can adapt over time. Michel Martineau, vice president of Individual Insurance, has been with Desjardins Insurance for nearly three decades, transitioning from Property and Casualty to Life and Health insurance. His deep understanding of client needs, and the insurance industry’s intricacies has been instrumental. Speaking on what drives him, Michel emphasized the company’s commitment to its clients, saying, “The fact that we’re here to support our clients is what gets me going in the morning.”
Embracing change to remain competitive
Desjardins Insurance offers a comprehensive range of life and health insurance products tailored to meet the diverse needs of the Canadian community. They stand out by also developing niche solutions that address more complex and specific client needs. The company’s critical illness insurance, for example, covers all types of cancer with partial or total payments as the cancer progresses and includes unique cardiovascular procedures, making it one of the most comprehensive products in the market.
While product innovation is crucial, Martineau stresses that service is equally important: “Advisors consistently tell us that they value our approachability and responsiveness. As we’ve grown, we’ve worked hard to maintain that personal touch, ensuring that our team remains easy to work with.” In an industry where digital tools are becoming more prevalent, maintaining a human connection can be a crucial differentiator.
One of the key challenges for insurers is staying connected to the rapidly changing needs of clients. Martineau states the importance of understanding these shifts: “We receive continuous feedback from both advisors and clients. Their needs are evolving quickly, and our role is to ensure that we remain responsive to those changes.”
For Desjardins Insurance, this means offering more personalized and modular products that can adapt over time. An example is their unique 5 Pay Participating Life Insurance product, which addresses the specific needs of clients approaching retirement. Rather than locking clients into long-term payment plans, this product guarantees premiums payable over five years, offering flexibility and peace of mind. It’s a solution designed for a changing demographic, demonstrating the company’s commitment to staying ahead of trends and providing real value.
Leveraging financial strength for continued growth
The size and financial strength of Desjardins Insurance play a pivotal role in its ability to adapt and lead in the market. As Martineau explains, “Being part of such a big group means we have the resources to invest in developing our product line, making sure we’re doing the right things to stay competitive.”
The acquisition of IDC Worldsource Insurance Network Inc. marked a significant move for Desjardins Insurance, positioning it as a major force in the distribution market. This expansion, according to Martineau, is backed not just by ambition but by decades of experience and the financial capability to make those ambitions a reality. “We’re not limited by the constraints smaller companies face. We have the means and the expertise to continue growing and to be a bigger player in the Canadian market.”
Insurers that can streamline operations while maintaining service quality will have a distinct advantage. Having the resources, Desjardins Insurance has invested heavily in technology to improve both client and advisor experiences. For instance, the company has implemented faster decision-making models at the point of sale, which not only speeds up transactions but also ensuring clients are protected sooner.
“Efficiency is critical in today’s market,” says Martineau. “We’re using technology to reduce friction in the sales process, making things easier for both clients and advisors. But this isn’t just about speed – it’s about making sure we’re delivering the right solutions at the right time.” The organization has taken steps to simplify processes making products more modular, and adapting services to be more digital.
It’s not enough for insurers to merely offer new products—they must also ensure those products are shaped by the real needs of clients. Desjardins Insurance has built a strong feedback loop, regularly consulting with advisors and gathering insights from clients to refine its offerings. According to Martineau, “A big part of the market is improving distribution through our business development team and consultations with advisors. We listen to what works and what doesn’t.”
It is important to Desjardins Insurance that solutions respond to various life stages. The products are dictated by need, not by what’s selling in the moment. There’s an opportunity for advisors and insurers to anticipate how small needs today might evolve into bigger opportunities in the future.
A commitment to advisors and long-term growth
As Desjardins Insurance continues to enhance its products, the company is also adapting to demographic shifts within the advisor population.
With more advisors retiring and new ones entering the field, there’s a need for consistent support and education. Desjardins Insurance is tackling this challenge head-on with initiatives like the Discovery and Masterclass Series webinars, which are designed to equip advisors with the knowledge and tools they need to stay competitive.
“Advisors are central to the client relationship,” says Martineau. “We believe in supporting them through education and resources that help them grow, not just as Desjardins Insurance partners, but as leaders in their own right.”
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
