Covid-19 provided the industry and regulators a real-time test of adjusted rules and policies
The Canadian insurance industry is looking to make permanent many innovations it adopted last year in response to the Covid-19 pandemic. Digital processes, relaxed underwriting requirements and shifting client expectations are set to reshape the industry in the coming year and beyond.
When lockdown restrictions began last March, insurers adjusted procedures and regulators suspended or relaxed rules so insurance advisors could continue to serve clients and conduct new business. Electronic signatures replaced wet ones, regulatory requirements involving in-person client-advisor meetings were dropped, and insurers’ digital application processes were streamlined and more broadly adopted.
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