Aviva drops critical illness insurance product launched in MayBy Alain Thériault | September 18 2018 11:30AM
A few short months after it entered the market, in early May 2018, Aviva Canada’s Group Critical Illness Insurance is being shelved.
Covering up to 24 conditions, this product was the second in Aviva’s accident and health insurance portfolio. It targeted employers, associations and unions. At the time of its launch, the property & casualty insurer said it was pursuing its strategy of launching accident and health insurance products in the Canadian market, a strategy that would let it leverage its global presence and expertise.
At the time, Aviva stated that its goal was to be a one-stop for the personal and professional insurance needs of Canadians. The person who drove the product launch, Terri Mitchell, Executive Director of Accident and Health, has recently retired.
Refreshing the accident insurance offering
Aviva Canada spokesperson Priscilla Wong confirmed that the insurer has withdrawn the product. “The Group Critical Illness product has been discontinued for the time being as we work towards refreshing our accident offering in Small Medium Enterprise (SME),” she explains in an email sent to The Insurance and Investment Journal.
She adds that the insurer is constantly finding ways to improve on and create the best products for its broker partners and customers. At the time of the launch, Aviva said it would distribute its critical illness insurance product through P&C brokerage firms that have a group insurance subsidiary, and via independent group insurance brokerage firms. It was, in fact, one of these brokerage firms that alerted The Insurance and Investment Journal about the product’s demise.
One departure, four arrivals
Wong says that Aviva has not yet found someone to replace Terri Mitchell. However, she said that the insurer has hired three new executives, including Peter Walker, who is the new Chief Technical Underwriter.
“Peter has been providing extensive expertise in underwriting that will play a pivotal role in our constant improvement of new and existing insurance products,” Wong adds.
Aviva has also appointed former Liberty Mutual staffer Bryant Vernon to the position of Chief Claims Officer. In August, Michel Dionne, an actuary formerly with Intact Financial Corporation, became the new Chief Risk Officer. In June, Aviva appointed Nicole Brouillard Chief Information Officer. Brouillard held a similar position at Travelers Canada.