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Distribution Strategy. The Co-operators Group Ltd. Paul Hanna, VP Strategic Planning ICMIF November 2013. Our Organization. Our Members. Our target customers include: Individuals, businesses Affinity groups Members and their members

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distribution strategy
Distribution Strategy

The Co-operators Group Ltd.

Paul Hanna, VP Strategic Planning

ICMIF November 2013

our organization
Our Organization

Our Members

Our target customers include:

  • Individuals, businesses
  • Affinity groups
  • Members and their members

Our main lines of business by direct written premium are:

canadian market overview
Canadian Market Overview
  • Predominant channels
  • Trends
    • Customer preferences evolving to favour direct channel with technology changes
    • Steadily declining Non-Life Broker market share (last decade)
    • Increased presence of multi-channel distribution models
    • Importance of seamless experience across all channels
    • Blurred lines between Insurance and Investment Advisors

Source: LIMRA

Source: MSA

Source: FraserGroup

slide4

496 Co-operators Advisors, over 680 retail outlets across Canada

Extensive Broker network over 4,000 strong

5 Contact Centres

350 credit unions

our distribution
Our Distribution
  • Advisors – Exclusive contract with Co-operators to sell and service Co-operators branded products. The company owns the relationship with the client.
  • CGIC
  • CLIC
  • TIC

Brokers - Act as an intermediary between a variety of companies and the client. The broker owns the client relationship, not the company.

  • Sovereign General
  • CUMIS
  • CLIC
  • Direct - In direct relationship with the client through the sales and service process through the web, on the phone or face to face. The company owns the relationship with the client.
  • Coseco
  • CUMIS
  • TIC

Credit Union – Credit Union personnel sell directly to their Members.

  • CUMIS
analysis
Analysis
  • Challenges of current strategy/structure
    • Demographic of advisor force (filling the retirement gap)
    • Integration across channels and channel conflict
    • High cost of captive advisor force
    • Contract changes to favour advice focus
  • New opportunities
    • Advisory relationships - focus on advice-based products
    • Expansion of wealth management capabilities and reach
  • Changes in progress
    • Undergoing a complete Distribution Strategy Review
    • Technology evolution and adoption is changing the competitive landscape
      • Aggregators are a growth channel (Auto, Home)
      • Introduced the possibility of game changers with established distribution networks (new entrants like Walmart, Google etc.)
implications
Implications
  • As a co-operative we are well positioned to:
    • Inspire trust and build deeper advisory relationships with our customers that span many products/services
    • understand the needs and preferences of our customers and members but we will need to act as they evolve
  • Our physical presences in the communities in which we do business will continue to be important even in an increasingly digital world
  • Technology will be critical to distribute commodity type products, advisors can offer value-added on advice based products (Call, Click or Come In)
  • Transition from Reactive Service -> Proactive Sales
  • Technology evolution and adoption is changing the competitive landscape
    • Aggregators are a growth channel (Auto, Home)
    • Introduced the possibility of game changers with established distribution networks (new entrants like Walmart, Google etc.)