Aziz Rguigue is the new Vice President, Sales, Eastern Canada, of Canada Protection Plan, a Foresters Financial Company. He has held various management positions at Foresters Financial for the past eight years. Prior to taking on his current position in February 2021, he was Regional Vice President, Eastern Canada for Foresters Financial. Rguigue has 20 years of industry experience. 

The appointment is part of the restructuring that followed Foresters Financial’s acquisition of Canada Protection Plan in October 2020 as its Canadian distribution arm.  

Rguigue told the Insurance Portal that he will report to Michael Aziz, Chief Distribution Officer and Co-President of Canada Protection Plan, and will oversee the activities of Regional Vice Presidents Gilles Côté (Eastern Quebec), Michel Gagné (Western Quebec), Alain Plante (Central Quebec) and David Quinton (Atlantic Region, based in Halifax). 

Powerful distribution engine 

Aziz Rguigue says he is taking on greater responsibilities in his new role following the “significant contribution of Canada Protection Plan to the Foresters family”. He points out that Foresters Financial’s buyout of Canada Protection Plan on October 1 has changed the way the insurer wants to grow its business across Canada. “We have acquired a huge network and a powerful distribution engine with Canada Protection Plan. We have the potential to grow with tens of thousands of advisors,” Rguigue explains. 

Capitalizing on complementary strengths 

Since January 1, 2021, the Foresters Financial and Canada Protection Plan sales forces have been jointly promoting the product lines of both companies, Rguigue continues. Prior to his appointment, he specialized in Foresters Financial's regularly priced products. Now, he will also oversee sales of Canada Protection Plan's guaranteed and simplified issue products.  

The insurer wants to leverage the product lines and characteristics of both companies, Aziz Rguigue adds. Canada Protection Plan brings expertise in simplified emission products and the technology that allows it to quickly launch new products, he points out. For Foresters Financial, Rguigue says the insurer will be banking on its financial strength and standard priced products.  

The new VP sales says the company is already feeling the impact of “putting both entities on the same distribution chain.” Canada Protection Plan, a Foresters Financial Company, exceeded its sales target for the first two months of 2021, and topped its sales for the same period in 2020, Rguigue says. Foresters Financial's products have benefited the most from this performance, he adds, a sign that Canada Protection Plan’s “distribution engine” is working. 

Gaining market share by listening 

To build on this momentum, Canada Protection Plan wants to make doing business with advisors easier. “Our motto is to create a unique customer experience, and we will continue to improve that experience for advisors and MGAs,” Rguigue says.  

Growth will be powered by the insurer’s relationships with its MGAs, Rguigue continues. “We will listen to them attentively because we rely on them a lot. Without MGAs, it will be difficult for any insurer to grow its market share in Canada. I'm banking on their expertise and their relationships with advisors. We listen, we take notes and we come back. Listening to people is what makes it work, otherwise you’re just spinning your wheels,” he says.  

Remaining competitive despite interest rates 

Canada Protection Plan is launching a new version of Advantage Plus, participating whole life insurance produced by Foresters Financial. This upgrade reflects the company's commitment to its distribution network. The insurer has revamped the product to maintain the most popular long-term guarantees in the network, despite the impact of low long-term interest rates.  

Aziz Rguigue did not wish to discuss higher premiums. Instead, he explains that the insurer has held onto its competitive advantage. Advantage Plus is known for being among the most competitive on the market in terms of the price (premium rate) of the chosen amount of insurance (coverage). “We offer the most coverage relative to the premium rate, as of Day 1 of the policy. Canada Protection Plan has redesigned the entire product to maintain this competitiveness,” Rguigue says.