Stéphane Rochon will be stepping down from his role as president of Humania Assurance on May 21, 2021. He may be exploring other paths, but he still feels strong ties to insurance. He spoke with Insurance Portal about what the industry needs to do to improve the marketing of its products in the digital age.
Rochon praised advisors for accelerating the use of digital tools since the start of the COVID-19 pandemic and for enhancing the client experience in recent years. All the same, he is convinced the industry needs to market its products differently.
Changing the value chain
"The industry has come a long way in digitization; many modern platforms were launched during COVID-19, but it’s only the beginning. Digitization goes much further. I hope the entire value chain realizes that customers now want to get information, shop around and ultimately buy insurance in a different way,” he says.
Rochon gives the example of Netflix andother newcomers of its ilk, which overturned the business methods of media and production companies. “We all have to be digitally savvy, and invest in digitization at all levels: insurers, distributors, firms and representatives too.”
The business model is changing in insurance as well, he adds. “Insurance sales will go on, but my daughter doesn't consume the same way I do.” Asked about a partnership formed in 2020 with digital distribution platform Emma, Rochon says it is a prime example of a customer-centric model: “the chain has been designed with the person in mind.”
Iterative approach
Regarding the ongoing transition process at Humania, Stéphane Rochon is reassured that the important achievements he led at the Saint-Hyacinthe, Quebec-based mutual insurance company will give it a solid position for the coming years.
After 26 years in the industry, he is glad to have had the opportunity to champion living benefit insurance products, first with Canada Life (then Great West) in 1995, and then with Groupe Cloutier.
Looking back at his stint as president of Humania Assurance, Stéphane Rochon is proud of the fact that he digitized all of the insurer's products. He proposed the idea and the Board of Directors accepted it. The insurer completed this transition in a little over four months rather than the four years originally planned. He does not take sole credit for this brainchild. Rather, he highlights the work of a team of leaders who developed a consistent vision.
The speed of these developments largely stems from what Rochon calls an iterative approach: The insurer starts a small-scale project in the form of a digital platform, which can later host several products.
Shedding the specialty status
Rochon gave the example of the PROHEALTH Income Insurance - Accident, launched on March 4, 2021. In the Message from the President and CEO in the 2020 Annual Report, he called this launch one of the highlights of the past 12 months.
He told Insurance Portal that the product is off to a "very strong" start because he believes it addresses an extremely important need for protection: Income-earning capacity. “We've created a platform that allows for automation, makes life easier for policyholders who make claims, and refamiliarizes advisors with disability insurance, a line of business you don't hear as much about as life insurance or critical illness insurance.”
This product needs to break out of its specialty niche, he adds. “Doctors aren’t the only potential clients… truck drivers, electricians, home daycare, ski instructors and people in many other occupations also have unmet needs.”
Products aside, Rochon says he is also proud to have contributed to a corporate culture based on a modern approach to human resources.
BY ALAIN THÉRIAULT AND SERGE THERRIEN
