Findings from a multi-functional exploration by SCOR Canada of Critical Illness insurance
Critical illness insurance has been sold in Canada for more than 30 years, but CI sales have been significantly lower than those of life insurance. In 2020, the SCOR Canada team launched an initiative to deepen understanding of CI products and explore opportunities in the current market. Participants included various CI industry players, including insurance companies, one MGA and others.
As a result, a multi-functional exploration initiative of CI insurance in Canada called CI REimagined was launched. Its key objectives include:
• To modernize CI insurance products in order to substantially increase sales of this product in Canada.
• To improve the customer journey.
In this article, the author shares the main learnings and conclusions from this initiative.
Editor's Note: This article originally appeared in the March 2023 edition of On The Risk, the quarterly journal of the Academy of Life Underwriting. It is reprinted here with permission.