Humania Assurance is shaking up the status quo with its shift to digital, Stéphane Rochon, President and CEO, told the insurer’s AGM held April 6.
"We have continued to shake up the status quo with a successful shift toward web-based services. With HuGO (the company’s online platform), a client can purchase coverage up to $1 million online without automatically being required to pass a test or medical exam. Decisions can now be made in under 15 minutes," said Rochon.
In 2016, Humania said 40 per cent of its sales were transacted online by independent advisors.
Financial results
With respect to its financial results, Humania posted net earnings of $4.6 million for 2016, compared to $4.5 million in 2015. The company's assets at year-end 2016, totalled $535 million, up $21 million from 2015. The solvency ratio reached 239%.
Humania also reported that during 2016 it was able to increase its presence outside the Quebec market, with 43 per cent of individual insurance sales – including those of its subsidiary LS-Travel – primarily in Ontario and Western Canada.
In 2017, Humania says it will continue “to pursue a growth strategy with a focus on the company's development throughout Canada.”
Fine-tuning platform's artificial intelligence
For 2017, Humania says it “will continue to build on its technological edge with its online HuGO platform. It will fine-tune the platform's artificial intelligence to further increase what are already very strong instant issue ratios.”
To capitalize on opportunities in the growing debt insurance market, including the mortgage sector, the company has already added optional disability coverage to its IWME product launched in March 2017.
