On the sidelines of its annual general meeting held on March 16, 2022, UV Insurance named Alain Bédard chair of its board of directors. He replaces Richard Fortier, who has chaired the board of the Drummondville mutual since 2016, after having been a director since 2013.
Alain Bédard has sat on the Board of Directors of UV Insurance for the past four years and was appointed Second Vice President a year ago. Holder of the ICD.D designation issued by the Institute of Corporate Directors, Bédard has extensive experience in governance, the insurer points out.
An actuary by profession, Bédard also held senior management positions at Desjardins Financial Security for several years, including Senior Vice-President, Individual Insurance and Savings.
Monitoring growth
“I am particularly honoured by the confidence placed in me by my fellow board members to take over as Chair. UV Insurance is growing at an exceptional rate thanks to the technological innovations introduced in recent years, and it is in this spirit of continuity that I will exercise my leadership and oversight role,” said Alain Bédard.
Christian Mercier, President and CEO of UV Assurance, spoke of the work to be done. "Mr. Bédard has demonstrated a perfect understanding of our strategic issues and I know that he has the open mindedness and determination needed to achieve our goals.”
Boosting business
Christian Mercier told Insurance Portal that Richard Fortier's mandate was supposed to end two years ago, according to the insurer's internal regulations. However, The UV Insurance CEO opted to extend his term to ensure a smooth transition between two five-year plans.
Mercier was seeking a leader to deploy UV’s second five-year plan, and Bédard was a natural choice. “In 2021, we completed a major technological project and reorganized the company. We chose to align a transition zone to get to that end. We are now entering a recovery period where we are returning to growth. This was the best time to change chairs.”
The first plan was to transform UV Insurance to better adapt to the current market, Mercier adds. This plan culminates in 2022. “Our next strategic plan, which we will start working on in May under Alain's leadership, will be dedicated to business recovery and growth,” he says, adding that UV Insurance will specify the details of the plan at the end of the year.
In the CEO's note in UV Insurance's 2021 annual report, Christian Mercier said that he had turned the page on a pivotal year in group insurance: “We capped off a pivotal year in which we finalized the replacement of our administration platform while boasting very successful business development that exceeded our expectations.”
Christian Mercier also highlighted the success of UV Insurance’s investment campaign, which ran from January to March. The insurer could thus maintain generous interest rates throughout the year. “This decision paid off, as our results were
200 per cent over target,” he says.
IFRS specialist joins the board
Actuary Marco Fillion will fill Alain Bédard’s seat on the UV Insurance Board. UV Insurance states that Fillion has a long track record as an actuarial practitioner, executive and consultant worldwide. A role he held until 2021 as a partner in the accounting firm PwC Canada.
What’s more, Fillion holds the title of Chartered Director from The Directors College of the DeGroote School of Business at McMaster University, and has worked closely with numerous boards of directors.
The insurer believes that Fillion has an in-depth knowledge of the insurance company business model. Christian Mercier described Fillion as an expert in international accounting standards for insurance contracts (IFRS 17). He says this will be a considerable asset in enabling Fillion to assume his oversight role with due rigour.
Richard Fortier's track record
In a review of his tenure in UV Insurance's annual report, Richard Fortier notes that he originally set two priorities: sustainability and strong governance. After appointing Mercier as CEO of UV Insurance in 2016, the outgoing Chair of the Board recounts how the organization reformed its culture and implemented a total compensation policy that resulted in about 100 new hires. He also mentioned the completion of UV Insurance's digital transformation and the building of its new headquarters, which opened in the summer of 2020.
In terms of good governance, Fortier noted that the board has updated its internal policies, introduced a code of ethics and developed an annual work plan to guide meetings and the conduct of its committees. “I am very pleased with the new direction we have taken to optimize our oversight work and I’m confident that the Board of Directors will continue this legacy,” he said in the annual report.
