Health comes first for UV Insurance

The number one priority will be the team, Christian Mercier, president and CEO of UV Insurance told Insurance Journal in November 2021. 

“Our employees are our greatest wealth, and our well trained, experienced managers who oversee the teams are our greatest asset. In 2022, we will continue to bank on the team, especially in the midst of a labour shortage,” Mercier explains. 

UV Insurance aspires to achieve the Healthy Enterprise standard in 2022, he says, adding that “for us, this step is a concrete example of our will to develop initiatives that promote our employees’ health.” On its website, the Healthy Enterprises Group explains that the standard is awarded to companies with the best practices in prevention and in promotion of employee health, among other areas of wellness. 

Mental health will be central to UV Insurance’s strategies. “I am committed to mobilizing our managers, and have begun regular meetings with them to keep them informed of what we are doing and where we are going. I will continue on this track in the coming year. We offer them strategies for managing optimally in the current environment. We are talking about prevention in mental health much more than we used to, and will keep this up in 2022.”

UV Insurance offers multiple physical activities designed to keep its employees active. “We’re focusing more on health in our new headquarters,” Mercier adds. Inaugurated in June 2020, the facilities include a workout room and access to the services of a kinesiologist. Employees can help themselves to free apples in the cafeteria. The insurer also offers insulated bottles to encourage the staff to drink more water. 

What’s more, UV Insurance is executing a formal plan for work on-site. “Since July 2021, we’ve begun a return to the office on a rotating basis,” he says. At least 50 employees are present, regardless of the day of the week. He points out that UV Insurance has allowed telecommuting for several years, and that 40 per cent of the employees opted for this arrangement before the pandemic.

Consolidating technology 

UV Insurance’s second priority will be technology consolidation. Mercier recalls the transformation he orchestrated in recent years: the adoption of a new individual insurance administrative system in 2018 followed by the launch of a digital platform for simplified issue life insurance products in 2020. 

“In 2021, we will finish replacing the group insurance administrative platform, and will change the accounting system on Dec. 31. We are nearing the testing finish line,” he says. UV Insurance will be switching from Oracle’s JD Edwards accounting system to Workday’s.

This consolidation includes a cybersecurity component, Mercier adds. “We will remain proactive in this area and continue to invest in it. We will maintain our information campaigns and internal training. We don’t just have two cybersecurity specialists: Every employee has become a specialist.” 

Mercier adds that UV Insurance will be focusing more on data governance on its 2022 platforms in anticipation of the phased rollout of Bill 64 (An Act to modernize legislative provisions as regards the protection of personal information), which the Quebec’s National Assemblypassedin September 2021. 

The third objective: Business growth. Field work will spur growth in 2022, Mercier says. He wants his sales teams to increase their visibility in the field. “We realize how beneficial it is to see people again... The virtual work mode will remain, and there will be a lot of face-to-face meetings to strengthen relationships.”

In 2022, UV Insurance also wants to further its investment diversification, to achieve a return that supports product pricing. “This is our response to the low interest rates that have persisted for several years,” Mercier says. 

The pressure of IFRS 17 

Christian Mercier’s fourth objective, IFRS 17 Insurance Contracts, which he describes as “a major undertaking for a small insurer like us.” UV Insurance has about 200 employees and works alone. However, the preparations are going well, he says, adding that the firm will be ready by Jan. 1, 2023.

A few years ago, UV Insurance combined the finance team with the actuarial team. “This turned out to be an excellent decision: Both teams are working together on the IFRS 17 project,” Mercier points out.