Canada Protection Plan has a good kind of problem on its hands. The new product portfolio it launched at the end of March is selling so well that it has extended the amount of time it takes to have a policy issued.
The current delay means it is currently taking 3 to 6 days to issue a policy, while it usually takes 2 to 4 days. Speaking to Flashfinance.ca, a sister publication of The Investment and Insurance Journal, on the sidelines of an event that took place in Montreal on May 1, Canada Protection Plan's vice president Michael Aziz explained the situation. "Since the launch, our sales have increased 43%," he revealed. "We expect that times will return to normal in mid-May."
Aziz also announced that the French version of Canada Protection Plan's electronic application will be finished in May; it is currently available, but still contains some sections that are written in English. In the third quarter of this year the company, which specializes in simplified-issue life products for the hard-to-insure, plans to launch a system that will allow advisors to go on-line and download policies for their clients.
Canada Protection Plan's lineup has captured the interest of advisors thanks in part to a hybrid product that allows customers to have something more than a simplified policy should they desire one. Clients can obtain insurance at a preferred rate if they are healthy and prepared to undergo medical examinations. The company has also reduced the rates of all of its existing products in the wake of the new product launch. "About 75% of our products have experienced an average rate reduction of 15%," says Stefanie Ozbalt, director of sales for the Quebec region.
