iA Financial Group's operations are increasingly digital, the insurer said at its most recent investor day. 

The EVO platform is driving this transformation, Renée Laflamme, the insurer's executive vice president of individual insurance, savings and retirement, says. 

EVO is the platform that advisors who deal with iA Financial Group use to buy insurance. It is also the platform they use to obtain instant acceptance at the point of sale for insured amounts up to $2 million. 

The insurer says that 94 per cent of all applications it receives are electronic applications coming through EVO. Of that number, 75 per cent are signed electronically by the client and advisors. 

On the segregated fund side, iA Financial Group has also implemented end-to-end digital processes. Clients can enroll in less than nine minutes and make subsequent deposits almost instantly, she explains. 

“We’re very proud and very confident in the tools that we’re offering clients, and others are seeing that too. In a survey done by Munich Re in 2020, 18 insurers in Canada state that iA is 15 per cent faster than the industry in issuing policies and that 44 per cent more business is settled within 10 days at iA. iA is improving faster than the industry,” Laflamme says, noting that the fact that their average policy is smaller than other players may give the insurer an edge.

What's next 

Laflamme gave the attendees a glimpse of iA’s plans. “We will certainly continue to improve our EVO platform. We want to go from the current technology to the full web-based technology; from a standard sell cycle for the advisor to a much more sales process where the client can be involved with the advisor; from a platform offering product to a platform using data to provide the next best offer to the client and the advisor. We want also to use more AI in our accelerated underwriting and provide more self-serve capabilities to our clients,” she says. 

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