Humania builds on digital shiftBy Alain Thériault | April 22 2019 11:30AM
Stéphane Rochon | Photo: Réjean Meloche
Humania Assurance’s main goals in 2019 include migrating more of its product portfolio to its digital platform and fine-tuning its algorithms to improve the automatic decision-making process, CEO Stéphane Rochon explains.
The recently launched 5575 platform will soon integrate hospitalization insurance, reimbursement of costs, and fractures, Rochon announced at the insurer’s annual general meeting on April 11, attended by Insurance Journal.
The 5575 platform, which offers protection for different types of cancer, will be converting two long-standing products, Prohealth and P.A.G.E. into an entirely digital process, the CEO adds.
Conversion to the platform will be quite quick because of its modern design. The digital shift should happen in 2019 for Prohealth and P.A.G.E., and a year later for ASSUR-DEBT and PAIRE.
The insurer says it is still seeking a digital platform to support its group insurance products, from submission to opting out of the plan and claims. Stéphane Rochon mentioned the target date of 2021.
Most business online
In 2018, 60% of all individual insurance requests Humania 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,” Rochon says.
For term insurance sales, Humania aims to improve the algorithm of its digital decision platform HuGO. “It currently lets the insurer make up to 60% of decisions automatically and issue 50% to 60% of contracts in under 30 minutes; we are aiming for 65% to 70% of automatic decisions,” he says.
As for selection of customers remotely (e.g. by tele-interview and online application), a Humania survey found that advisors appreciate the speed of the decision process but dislike having to spend about 30 to 40 minutes with the customer when they use the system. “Not all of us have this time,” many advisors commented. “We are currently developing a system that will let third parties conduct telephone interviews for HuGO at some other time,” Rochon says.
At the same meeting, Jacques Martineau was re-elected to the position of Chairman of the Board of Humania. Michel Côté left the board, on which he sat for 22 years. The insurer’s statutes limit the duration of directors’ terms.