Insurance is "behind other industries"

Insurance is “behind other industries” | Insurance Business Canada

Life & Health

Insurance is “behind other industries”

New CEO lifts lid on plans in 150th year

Life & Health

By
Gia Snape

Humania Assurance is marking its 150th year with new initiatives – and its new CEO wants the insurance sector to catch up with other industries.

Nicolas Moskiou (pictured) highlighted the need to keep pace with businesses using technology and data.

“Transformation is a big trendy word, which in this case means shifting the way we think and having employees engage in the vision and strategy of a company. With a transformation comes change,” said Moskiou, officially named president and CEO of the firm after serving in an interim capacity since December 2023.

Ushering Humania Assurance into a new era

Moskiou’s key priority as chief executive is to steer the 150-year-old organization into a digitalized future.

“The industry is constantly evolving, though insurance products have remained largely unchanged for over 20 years,” said Moskiou. “Insurance and banking are several years behind other industries in terms of digitalization.

“We want to continue building on our strengths. Our priority at Humania is to stay at the forefront by delivering value to our clients, partners, and mutualists.”

One of his primary focuses is on customer-centric innovation. By investing in technology and customer insights, Humania will seek to develop tailored solutions and experiences for its clients. Moskiou said this approach not only builds loyalty but also positions the company to stay ahead of industry trends.

“We need to understand and anticipate the customer needs,” he said.

Another critical area for Moskiou is talent attraction development. Because Humania’s greatest asset is its team, the CEO wants to foster a culture of continuous learning and development, encouraging innovation at all levels.

The company was recently honored as one of Canada’s top SME employers, one of the few insurance firms to make the list. Moskiou attributes this success to a distinctive client experience culture.

“For us, promoting a culture that favours customer experience is key. Our partners and clients always feel that they’re served, that they get that red carpet service,” he explained. This focus on customer experience is a relatively new addition to Humania’s long-standing values of compliance, continuous learning, and innovation.

Sustainability and corporate responsibility are also high on Moskiou’s agenda. Humania is currently creating a plan to align its operations with the long-term interests of its mutualists and the community.

Finally, strategic partnerships form the last pillar of Humania’s strategy. With his industry connections and expertise, Moskiou plans to collaborate with various stakeholders.

“These collaborations will enable us to stay at the forefront of innovation and offer cutting-edge solutions to our customers,” Moskiou said. “Humania is known for proximity in relationships, innovation, and making insurance accessible, and we aim to continue building on that reputation.”

How far along is insurance in its evolution?

Moskiou pointed out that while insurance products have remained largely unchanged for the last two decades, the industry is beginning to catch up. At the same time, the industry is evolving in its speed in developing new products to capture consumers.

For instance, he said, the health insurance industry has shifted from paramedical or fluid testing, which allows customers to obtain an insurance policy in a few months, to medical questionnaires, which shortens that process to days.

According to Moskiou, removing friction between the insurance offer and the client is part of the next stage of the insurance industry’s evolution.

“At Humania, our focus is on reducing this friction by offering different products for different types of people,” Moskiou said. “Our goal is to ensure that the time to market or to the insured is quick and easy with a frictionless approach.”

What are your thoughts on Humania Assurance’s growth strategy? Please share your comments below.

Related Stories

Keep up with the latest news and events

Join our mailing list, it’s free!