2019 Executive Outlook | Denis Dubois, Desjardins

Canadian Underwriter approached Canadian P&C industry executives with two questions:

1) What is the single most important change the industry must make looking forward into 2019?

2) How might this change be brought about?

Their answers, featured in our 2019 Executive Outlook, may provide you with insight as you set your own agenda for change.

Denis Dubois, Executive Vice President, Property and Casualty Insurance, Desjardins

Strengthening relationships with customers is the single most important change that insurers and the industry must make as a whole.

It’s no secret that Canada’s insurance industry is lagging when it comes to customer experience. Not only is this eroding customer loyalty, it’s opening the door for new market entrants. Think of insurtech disruptors such as Lemonade, which are agile and in tune with evolving consumer needs and wants.

Technology has an important role to play in the industry’s future, but it is no panacea. Only when the focus is on the customer is it possible to plan technology and other investments to build sustainable customer relationships.

Of course, that’s a lot easier said than done.

First, it requires the development of a customer-centric culture across the organization – through extensive training, leadership from the top, and reinforcement of values and behaviours.

The next step involves smart investments in technologies. The main objective is to enhance the customer experience through simplification and providing choice. Technology should improve the company’s organizational efficiency, agility and the understanding of customer needs and wants. From there, evolving the relationship to focus on risk prevention and two-way communication is a natural step forward, further strengthening the long-term relationship.