Carrier Spotlight: UV Insurance

UV Insurance is a Drummondville-based mutual company, founded in 1889. Throughout the years, the company has grown, expanded and developed into one of the most influential insurance companies in Canada with approximately  150,000 mutualist members, $2.5 billion in assets, nearly 200 employees.

In this special edition of Carrier Spotlight, we get to know UV Insurance and what makes them stand out from the competition.

What are UV Insurance’s mission and vision?

Mission: A team dedicated to delivering innovative experience and solutions that promote financial and overall health. “Insure” peace of mind.

Vision: A high-tech, high-performance mutual company recognized for its quality products and its experts who deliver outstanding, personal based service.

What are UV Insurance’s Top products?

UV’s reputation is built on strong and guaranteed insurance products. Both our Permanent and Term Insurance products stand out with unique features, robust guarantees and flexibility. Aside from Term life insurance, our top two products are life and critical illness.

Adaptable and AdapCI: Two robust yet flexible insurance products with 2 Chapters! Chapter A is the initial insurance amount and Chapter B the deferred paid-up insurance.

Adaptable is a whole life insurance offering significant cash values and guaranteed premiums payable for a limited time, including a 20-pay option. This product is available in simplified issue up to $150,000 and regular underwriting.

AdapCI s a great 24 illnesses critical illness product using the same chapter principle. It has premium refund, either partially starting on the 10th policy anniversary, or in one lump sum, once the payments are terminated. In the event of death, 100% of the premiums are payable to the beneficiary.

What is UV Insurance’s greatest competitive advantage?

Apart from the responsiveness and proximity of the team, the agility of the company, its financial strength and appraised online solutions, UV has a sweet spot! The simplified issue term life insurance products (T10-20-30) are now amongst the most competitive products in terms of rates in the Canadian market. Not only can the contract be issued in less than 48 hours for amounts up to $500,000 but they are also convertible to age 70, renewable lifetime into T-10 and exchangeable within the first 5 years. The Elite and Preferred rates also contribute into making these 3 term products amongst the most competitive products.

UV Insurance has existed for over 130 years, how have you managed to stay a leader in the industry for so long?

UV Insurance was founded in Drummondville 130 years ago by 12 citizens who wanted to provide a mutual relief fund for their community. UV Insurance been helping Quebec families deal with the unexpected since its founding. Through its determination and energy, it has been able to pursue that mission over the years while significantly expanding nationwide. Over the past few months, the company has deployed a number of major projects, including opening a new head office, launching new technology platforms and changing its image, all of them consistent with UV Insurance’s rich heritage.

What has UV Insurance done to adapt to the fast-growing digitization of the insurance industry? 

New technologies are at the heart of our 2018–2023 Strategic Planning. During the early stages of the pandemic in the spring of 2020, the Individual Insurance and Information Technology teams stepped up their efforts to launch a new, secure platform whose fully digital process includes the following:

    • Illustration software
    • Electronic application
    • Electronic signature and delivery
    • Advisor and client portal

This new technology solution meets the needs of the market by facilitating remote sales that have become indispensable in today’s environment. We are proud to have met the ambitious challenge of modernizing both our front and back-office systems through the agility of our team and the collaboration of our suppliers. 

As data and infrastructure security, both physical and technological, remain at the heart of our concerns, moreover, this year will mark the end of the group insurance administration platform replacement project. Accounting system is also soon to be changed as we are nearing the testing finish line. Those two major projects represent another important step forward in our digital transformation. 

What do you look forward to with UV Insurance’s partnership with Finaeo? 

Partnering with the team at Finaeo has been, is, and will continue to be a unique opportunity for UV Insurance to venture into the world innovation, to build distinctive solutions for the industry and stay focused and connected to what advisors and client are looking for. Following the recent launch of the prospect-to-policy journey, we look forward to find other ways to help advisors and clients benefit from this digitalized and simplified process.  

UV Insurance is known for its efforts in sustainability, ranking as 2/300 most sustainable SMEs in Quebec. Why is sustainability important to you and the insurance industry as a whole?

UV Insurance’s long and successful corporate life history is based on the extraordinary people that made it possible to sustain growth and development within a pure mutual insurance company. Economically and socially speaking, UV has always given back to the community and made sure to be a good corporate citizen with important contributions to various charities throughout Canada. More than a century of great accomplishments has earned us the distinction of being the second most sustainable SME in Quebec.

What do you think will be the biggest challenges and opportunities for UV Insurance in the next 10 years?

After its colossal technological transformation of the past few years, UV Insurance is now ready for innovation and revolution. With new infrastructure such as a new Head Office, our employees have access to a state-of-the-art work environment. Our partners have a fully digitalized online illustration, eApp and portal, a toolbox to facilitate transactions and case management. With a 21st century freshly implemented core administration system in place of our legacy system, we are ready to face not only any challenges in the near future but also to move from a late to an early adopter in the Canadian life insurance market.

UV Insurance now offers Simplified Issue Life Insurance. What makes it different from regular life insurance, and why is it an important addition to your suite of products?

UV Insurance offers simplified issue life insurance with no medical exams since 2020. No blood samples or doctor’s appointment are required for up to $500,000 in term life and $150,000 in permanent life. The underwriting process is now replaced with a simple set of questions which allows for a quicker contract issue, an immediate decision, a less intrusive process and a more forgiving decision for certain hard-to-insure clients. 

Whether clients are looking for a simplified issue product, an immediate decision or a less intrusive process, it is important to remember that UV Insurance’s simplified issue products are identical to fully underwritten products above $50,000 of protection! 

This allows not only to simplify the work of the advisor but also to adapt to clients’ needs. 

What is the major takeaway you’d like to leave advisors and clients with when choosing to do business with UV Insurance?

For clients

At UV Insurance, we offer flexible and customized life insurance, group insurance and investment & retirement products with a single purpose: to ensure you peace of mind, as we have been doing for the past 130 years. 

Our human-scale mutual company has its sights set high. We are proud to have the support of a solid network of independent advisors to serve the Canadian market.

We enjoy a good reputation built over time based on our financial strength and our high-quality customer service. At UV Insurance, we are stronger together.

For Advisors

5 reasons why you should be adopt UV Insurance: 

    1. The advisor at the center of our actions
    2. A team dedicated and mobilized for your success
    3. An electronic application acclaimed by the network
    4. An offer adapted to today’s needs
    5. Truly achievable advisor benefits