At the annual general meeting of Humania Assurance, President and Chief Executive Officer Stéphane Rochon highlighted the significant work done during the year to make insurance more accessible, and released the financial results for fiscal 2018.
"In 2018, we picked up the pace on our digital shift, and 60% of all individual insurance requests received were made online. With the interactive and intelligent technologies we've developed in recent years, over 71% of all online requests are also processed immediately," stated Mr. Rochon.
Furthermore, the introduction of Humania Assurance's latest product, 5575.ca, in November 2018 achieved another important milestone in the company's digital shift – the creation of a 100% digital product in a niche segment. "With 5575.ca, we're positioning ourselves in a market segment with little competition at present. This new product allows all Canadians between 55 and 75 to obtain coverage for illnesses such as cancer or strokes, in just a few minutes, at very affordable prices," Stéphane Rochon noted.
The Saint-Hyacinthe based insurer's digital transformation strategy to make insurance more accessible is paying off. In 2018, growth in gross premium income accelerated to reach $158.3 million, up 10.2% from 2017. The earnings before income taxes reached $3.4 million, meeting management's expectations, although down slightly from 2017. "This marginal decline was due in part to the significant investments we made under our digital shift strategy," said Mr. Rochon.
In 2018, Humania Assurance also launched the first phase of another major initiative – improving transparency and simplifying policies. "5575.ca cancer insurance is the first contract that we have converted under this new approach," Stéphane Rochon declared.
Consult the 2018 Annual report.