A life insurance CEO has highlighted the opportunity presented to life and health insurers by Canada’s federal dental insurance plan, urging the industry to adapt offerings to address coverage gaps.
The federal government is progressively implementing enrollment for the plan, slated to become Canada’s largest social program throughout 2024.
Nigel Branker, CEO of Securian Canada, emphasized the importance for private health insurers to comprehend the specific coverage segments of the population under the federal program’s traction and introduce relevant and innovative products accordingly.
Branker underscored the agility of insurers to swiftly adapt their product suite to complement the federal program, ensuring individuals access the coverage they require as the program expands over time.
Securian Canada, the rebranded entity of Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company following the acquisition of Sun Life’s sponsored markets business, is poised to bring innovative insurance solutions to Canadians. Branker outlined the company’s focus on key verticals to provide financial security and peace of mind to families across the country.
In collaboration with the Canadian Automobile Association (CAA), Securian Canada recently introduced a suite of new life, health, and dental insurance solutions to CAA’s extensive membership base. This partnership aims to remove barriers for Canadians seeking life and health insurance by offering products at preferred prices through a streamlined digital platform.
Looking ahead, Branker emphasized Securian Canada’s commitment to expanding with membership-based groups and underserved segments of the Canadian population. The company aims to simplify the insurance process through digitalization, streamlining underwriting, claims, and payments.
Furthermore, Securian Canada seeks partnerships with financial institutions to offer niche products like creditor insurance, addressing the rising debt loads among Canadians and providing peace of mind and financial security to individuals and their families.
