By Bethan Moorcraft | Insurance Business Canada
Canada is set to welcome nearly one million immigrants by 2020. These newcomers will be part of an “ambitious immigration” plan laid out by the Liberal government late in 2017.
Immigration Minister Ahmed Hussen said Liberal targets for economic migrants, refugees and family members would bring Canada’s immigrant populace to nearly 1% of the country’s total population in the next three years. He said immigration drives innovation, strengthens the economy and will help to offset Canada’s ageing demographic.
Changes to a country’s socio-economic fibre can present exciting opportunities for the insurance industry, according to Canada Protection Plan’s president, Henry Auyeung. Canada Protection Plan is a provider of non-medical and simplified-issue life insurance in Canada.
“When you look at population growth in Canada over the past few years, there has been a particular increase in the immigrant demographic,” he said. “Some newcomers to Canada might never have held insurance before or come from a background where insurance had such value. Therefore, we see huge opportunity in helping the immigrant demographic with their insurance needs.
“At Canada Protection Plan, we really focus on relaying an insurance solution to meet the needs of the Canadian people, which now includes more of an immigrant demographic. Even though there could be risks, we always try to look at the positives and find opportunities.”
As Canadian society transforms, the insurance industry must change with it. A majority of Canada Protection Plan’s business comes from middle-class income families with two bread-earners, and very little time on their hands.
“The challenge we face as a company comes from the changing socio-economic system in Canada,” Auyeung told Insurance Business. “Time is a luxury for many Canadians. In the past people might have been happy to spend an hour at the kitchen discussing life insurance prospects with a broker, but these days they want to spend that quality time with their family.
“Therefore, we are doing everything we can to make sure it’s easy to do business with us. We have simplified our end-to-end process using technology to provide quick and affordable insurance solutions to help Canadians deal with adverse life-changing events.”
Technological advancement in other industries has also provided opportunities for the life insurer. The company has launched an initiative to look at cancer differently, segregating aggressive versus non-aggressive variations of the disease, so that people with minor health issues are able to get coverage.
“We are trying to look after the wellbeing of humanity – and we take immense pride in doing so,” Auyeung added.