Why are fewer Canadians buying life insurance? How can this be corrected? 

Why do four out of five advisors leave the distribution network before reaching their fifth year? How can they be retained? 

Why is the industry struggling to recruit? 

Why is it more difficult to sell a life insurance policy to a consumer than an investment fund? What can be done differently? 

Are advisors still needed to buy life insurance? 

Thirty leaders will attempt to answer these questions, among others. One of these questions is crucial for the future of all industry players. From 2010 to 2023, the number of life insurance policies sold dropped from 733,941 to 667,752. Meanwhile, the Canadian population grew from 33.8 million to 39.5 million. What explains this concerning trend? 

At the invitation of Insurance Journal Publishing Group, these leaders will explore the future of life insurance distribution as we head towards 2030. 

They will participate in a collaborative and strategic foresight event – a “codesign thinking workshop” focused on innovation and creativity. 

This session will be conducted in collaboration with Laurent Simon, director of Mosaic, the creativity and innovation hub at HEC Montréal, and associate professor in the department of entrepreneurship at HEC. Mosaic has helped over 100 organizations and companies develop their innovation capacities. The organization has worked with Ubisoft, Bell, Desjardins, Cirque du Soleil, Bombardier, Renault, Michelin, Convectair, IBM, Aéroports de Montréal, and many others. 

The session will bring together leaders from various segments: manufacturers, wholesalers, elite advisors, as well as observers of Canadian society. It will take place on Thursday, September 5, 2024, in Montreal and will last four hours. Twenty leaders have confirmed their presence so far.

They will be tasked with determining the effects of these complex issues on the nature of the life insurance product and its distribution. 

Mosaic conveys this powerful message. In 2014, LinkedIn co-founder Reid Hoffman stated: “No company can succeed by itself. The only way to accomplish something significant is by working with other people.” 

The results of this strategic reflection session will be made public at the Congrès de l’assurance de personnes on November 13 at the Palais des congrès de Montréal.