Intact Financial Corporation has started migrating RSA Canada customers to its own systems and products.
CEO Charles Brindamour announced the plan in a conference call on July 28 with financial analysts following the release of Intact's Q2 2021 results.
“A lot has happened since we closed [the RSA acquisition] seven weeks ago. People are largely onboarded with their roles, teams and locations confirmed. Customers in Canada will start to move to our product and systems next week. A number of technology investment decisions have been made and are rolling. Action plans are in place across all segments to drive outperformance. And we acted quickly to rationalize the footprint with the sale of Denmark [operations]. So it's fair to say that there's momentum,” Brindamour says.
He also emphasized that the integration and transition of RSA's business to Intact in Canada is going “very well.” System conversions are advancing well, he adds. RSA's first policy renewal on Intact paper will be issued in August, he says, “allowing us to leverage our core capabilities in data, pricing and segmentation.”
Impacts in disaster recovery
The transaction will also have impacts in disaster recovery, Brindamour adds.
“We're building capacity to drive the internalization of RSA's claims operation and we're starting to leverage our supply chain management expertise as well. This includes engaging our On Side restoration business to handle a large portion of RSA's claims since close.”
In short, RSA's integration is going very well in Canada, Brindamour notes. “The Canadian integration is definitely on track. It's key as this drives 3/4 of the synergies,” he says.
Ambitions in specialized markets
Brindamour also provided an update on the integration of the transaction from a specialty segment perspective. “The North American portfolio is being integrated as we speak with Paul Lucarelli originally from RSA leading the charge. We’re bringing the global network into the fold, which allows us to expand our reach. And we're working across our geographies to better understand our core specialty lines capabilities as we prepare to build our international franchise. We see the expanded specialty lines platform as one of our key growth engines for the next decade,” Brindamour says.
He adds that he spent three weeks in the U.K. with other executives from IFC to meet with RSA teams there. “Together, we're aligned on the main areas that we need to excel to build outperformance: people, simplifying the business, improving pricing sophistication and modernizing technology,” he explains.
