More than a year since its partnership with Securian Canada, the Canadian Automobile Association (CAA) said their collaboration has surpassed sales targets by 133%, far exceeding expectations.
Launched in January 2024, the initiative introduced a fully digital suite of life, health, and dental insurance products to CAA’s seven-million-strong membership base. According to CAA, the platform produced instant approvals for 99% of health and dental applications, a fourfold increase in life insurance conversions, and slashed policy issuance timelines from weeks to minutes.
Policy sales in 2024 rose by 40% at the national level compared to the five-year average prior to launch, signalling strong consumer appetite for convenient, digital-first insurance options for term life policies, which required six to eight weeks for approval, are now issued in under 20 minutes.
“Our digital-first mindset allows us to help our partners drive successful business outcomes and revitalise the overall user experience for their members,” Securian Canada CEO Nigel Branker (pictured above) said.
In 2023, CAA began seeking ways to increase membership value through direct access to insurance products. Its goal was to simplify the insurance buying process and meet growing consumer demand for on-demand, accessible digital services.
While sectors such as retail and e-commerce have largely adapted to digital expectations, the insurance industry has been slower to transform. Recognizing this gap, CAA noted that it pursued a collaboration that would deliver a modern insurance experience with accessible products aimed at supporting the health and financial security of its members.
The collaboration also coincided with Securian Canada's broader rebranding efforts. Formerly operating as Canadian Premier Life Insurance Company, the organisation unified its operations under the Securian Canada name.
Securian Canada has also indicated its willingness to adapt its product offerings in response to broader healthcare initiatives in the country. Considering the Canadian federal government’s implementation of a national dental care plan, Securian Canada plans to complement public services by adjusting its private health and dental insurance products to fill potential gaps in coverage.
What are your thoughts on this story? Please feel free to share your comments below.
