Humania Assurance has been developing insurance solutions to meet the needs of its broad client base for over 75 years. The company insures more than 200,000 mutual members across Canada.
Over the past few years,
Humania Assurance has made a shift toward web‐based services
This has allowed it to bring innovative insurance products to market and improve the application and underwriting process. It is now faster and simpler. It can be completed in just a few minutes, giving the insured a customized product at a competitive rate.
Highlights
Individual insurance sales completed outside of Quebec by Humania Assurance and its subsidiary LS-Travel
Humania Assurance
sales completed online by independent advisors
Online transactions
for individual life insurance
HuGO insurance
HuGO has transformed the traditional application process.
With HuGO, the insured can purchase coverage of up to $1 million, often without being automatically required to provide a test or complete a medical exam. The system makes automated decisions based on underwriting criteria. This approach provides a less restrictive, simpler and more streamlined client experience.
To develop this impressive online platform, the company leveraged modern technology to use artificial intelligence to customize client questionnaires based on their answers.
For the large majority of applications submitted, decisions are now made in under 15 minutes.
2016 financial highlights
Earnings before income taxes
$6.3 million
In-force business
$7.2 billion
Assets
$535 million
Earnings before
income taxes
Return on
equity
Increase
in assets
Growth
in equity
Solvency
ratio
-
Growth in gross revenue
-
Variation in assets
-
Investment distribution
A little bit of history
Humania Assurance has been in operation for 78 years, although its roots date back to 1874 with the founding of l’Union Saint‐Joseph de Saint‐Hyacinthe, a fraternal benefit society. In 1938, it became a true insurance company called LS Mutual Life Insurance Company.
In 2012, it undertook a corporate restructuring that led to the company becoming a capital stock company, owned by the policyholders as a mutual management corporation.
In 2013, the company renewed its brand image and became Humania Assurance Inc.