image
The Life and Health insurance industry in Canada has reached a new level of consolidation and maturity. Following the 2008 financial crisis and the subsequent increase in regulatory requirements, many foreign-based insurance companies have chosen to exit the Canadian market. Today, large diversified insurance companies are best positioned to reap the benefits of their scale and market reach, expanding distribution and driving synergies across their different lines of business.

Pivot has extensive experience working in different sectors of both Group and Individual Life & Health insurance.
Group Benefits
The Group Benefits business is ripe for change. For years, the Group Benefits industry has been competing on the breadth of their offer, quality of service and administrative cost. In recent years, employers have become increasingly aware of the rising cost of employee benefits and the impact of employee health and wellness on productivity. They are increasingly critical about the overall value delivered by their Benefits programs. As a new value proposition emerges in the market, focused on managing health and productivity, insurers will need to evolve their offer and their go-to-market approach, building new capabilities that will allow them to compete on claims cost, as well as service and administrative cost.
Relevant experience includes:
  • Customer needs analysis and segmentation of the Canadian Group Benefits market
  • Development of a major growth strategy and business transformation program for an important Group Benefits insurer
  • Implementation of a customer-focused organizational and operating model for a large Group Benefits insurer
  • Development of an integrated health & productivity strategy for employers
  • Development of an integrated Pharmacy Benefits Management strategy for a major Group Benefits insurer
  • Development of a Data Analytics strategy to enable the development of value-added services for a major Group Benefits insurer
  • Development of a retail strategy leveraging employer relationships to cross-sell insurance and banking products within large employer groups
  • Review of the operating model in disability management to optimize investments and accelerate return-to-work
Individual Life & Health Insurance
Insurance organizations are now moving from a focus on operational efficiency and compliance to front office effectiveness and product innovation. Banks have become increasingly engaged in life and health insurance: It has become an integral part of Wealth Management offer for high-end customers. In addition, banks are targeting the mass market with simpler, lower cost products and direct distribution models.

For insurance companies, growth is likely going to be fueled by innovation, be it at the product-services level, in terms of operating model or in terms of customer experience. The convergence of Wealth & Health represents an opportunity: With growing longevity, baby boomers are becoming more concerned with wealth preservation and quality of care. Insurers also need to rethink their distribution model and the role of advisors, as customers become more technology-savvy and self-reliant in seeking advice.
Relevant experience includes:
  • Strategic review and transformation for a major global reinsurer
  • Redesign of the global organization and implementation of a matrix-based operating model to ensure effective global coverage and business line accountability
  • Implementation of a Key Account Management approach for large insurers and brokers
  • Design and implementation of a global portfolio approach with the CIO of a major global reinsurer