RGActual recently sat down with Alka Gautam, EVP of Global Operations and President and CEO of RGA Canada, to discuss the 30th anniversary of Canadian operations. How did this RGA office establish a market leading position and how do they manage to stay there? It seems that one important attribute is that they are always looking for trouble, or as Alka says, “We hunt for the problems that our clients have.”
Alka Gautam
EVP of Global Operations and President and CEO of RGA Canada
Alka, RGA is celebrating 30 years in Canada this year. Can you tell us a little bit about how we got to this milestone?
We’re celebrating with our clients and we think this is a shared triumph. Our sustained success is the result of putting clients first, earning their trust by listening and being transparent, while working alongside them to deliver the innovative solutions they need to succeed.
It’s how we’ve done things since day one in 1992 when our original 35-person office opened and RGA began its global expansion. We are now market leaders. We have consistently written more individual life business than any other reinsurer over the past 15 years and have been ranked #1 on NMG’s Business Capability Index by insurers in Canada for 12 of the last 13 surveys.
How does RGA Canada continue to be the reinsurer of choice for Canadian insurers year after year? What has driven the company’s sustained success in this highly competitive market?
We’re entrepreneurial to the core. We’re problem-hunters. We always ask: “What are the challenges our clients are facing?” and “How can reinsurance help solve them?” Moreover, we communicate openly and with candor to our clients to achieve the optimal results for both of us.
Our long-term, multi-level relationships remain the foundation of our success and distinguish us in our market. Insurers know they can turn to RGA Canada and our now 165-person strong team for reliable and tailored solutions that will help them succeed. We have built an environment where everyone collaborates and challenges one another to be the best we can for our clients.
The Canadian market is often described as mature, but we’ve managed to keep it dynamic. We expanded our offerings to respond to our clients’ needs by adding products specific to critical illness in 2007, longevity in 2010, and individual disability in 2011. We leverage our creativity and know-how (including RGAX) to develop sophisticated solutions and structures, underpinned by our deep understanding of our clients’ business through intensive collaboration.
“Success in the first half of the 21st century? Engaging with digital natives and reaching the uninsured and underinsured.”
“Insurers need supportive partners more than ever during these ‘roaring twenties’ of transformation.”
We hear a lot about the transformation of the customer journey, especially after COVID-19. How is RGA Canada helping the Canadian insurance industry innovate in this area?
Success in the first half of the 21st century will mean engaging with digital natives and reaching more uninsured and underinsured people across multiple channels simultaneously. Working with our clients, we’re driving the development of non-traditional distribution of attractive and affordable products that will provide omni-channel flexibility. This, combined with responsive, personalized, and empathetic service, will exceed consumers’ new expectations and serve RGA’s purpose of making financial protection accessible to all.
Platform-based business models and ecosystems are going to be critical to insurers’ success, as will having good risk management processes and tools in place.
RGA Canada is already delivering data-driven risk selection tools like MedScore, as well as the insights needed for product development, and we’re helping to implement these tools. We’re also a market leader in setting industry standards in client education – in Canada and globally.
Insurers need supportive partners more than ever during these “roaring twenties” of transformation. In order to achieve their goals, they need a partner with the regulatory and enterprise risk management experience, as well as the knowledge of just how critical innovation is in our current market conditions. That partner is RGA Canada.
How is RGA helping insurers adapt to Canada’s intense regulatory environment?
Canada is a capital-intensive regulatory environment. The reinsurance market in Canada exists because of the heavy capital requirements set by our regulator.
The IFRS 17 standards and related solvency requirements will fuel an ongoing need for capital relief. Insurers will be looking to rebalance and optimize their balance sheets and capital. We’re working closely with them to develop customized structures to achieve this.
Our market knowledge, subject matter expertise, and demonstrated ability to execute are what makes RGA our clients’ partner of choice in Canada. Coupled with RGA’s established global expertise in reinsurance solution creation, deep understanding of regulatory standards, and enterprise risk management, we’re ideally positioned to develop effective, long-term capital solutions for life insurers.
What message would you like to share to kick off the next 30 years?
RGA is proud of our exceptional and talented workforce – the best in the industry. We are committed to supporting our clients and looking forward to the next 30 years together. We’re proud to continue standing with them to provide financial protection to consumers, who rely on the insurance industry for their own wellbeing. RGA will continue to help our clients grow and enhance their businesses. We’re here when they need to collaborate on new endeavors, and we’re here for our clients when they need us to be a sounding board. We’re here for them.
“We have built an environment where everyone collaborates and challenges one another to develop the best solutions.”
“Insurers need supportive partners more than ever during these ‘roaring twenties’ of transformation.”
We hear a lot about the transformation of the customer journey, especially after COVID-19. How is RGA Canada helping the Canadian insurance industry innovate in this area?
Success in the first half of the 21st century will mean engaging with digital natives and reaching more uninsured and underinsured people across multiple channels simultaneously. Working with our clients, we’re driving the development of non-traditional distribution of attractive and affordable products that will provide omni-channel flexibility. This, combined with responsive, personalized, and empathetic service, will exceed consumers’ new expectations and serve RGA’s purpose of making financial protection accessible to all.
Platform-based business models and ecosystems are going to be critical to insurers’ success, as will having good risk management processes and tools in place.
RGA Canada is already delivering data-driven risk selection tools like MedScore, as well as the insights needed for product development, and we’re helping to implement these tools. We’re also a market leader in setting industry standards in client education – in Canada and globally.
Insurers need supportive partners more than ever during these “roaring twenties” of transformation. In order to achieve their goals, they need a partner with the regulatory and enterprise risk management experience, as well as the knowledge of just how critical innovation is in our current market conditions. That partner is RGA Canada.
How is RGA helping insurers adapt to Canada’s intense regulatory environment?
Canada is a capital-intensive regulatory environment. The reinsurance market in Canada exists because of the heavy capital requirements set by our regulator.
The IFRS 17 standards and related solvency requirements will fuel an ongoing need for capital relief. Insurers will be looking to rebalance and optimize their balance sheets and capital. We’re working closely with them to develop customized structures to achieve this.
Our market knowledge, subject matter expertise, and demonstrated ability to execute are what makes RGA our clients’ partner of choice in Canada. Coupled with RGA’s established global expertise in reinsurance solution creation, deep understanding of regulatory standards, and enterprise risk management, we’re ideally positioned to develop effective, long-term capital solutions for life insurers.
What message would you like to share to kick off the next 30 years?
RGA is proud of our exceptional and talented workforce – the best in the industry. We are committed to supporting our clients and looking forward to the next 30 years together. We’re proud to continue standing with them to provide financial protection to consumers, who rely on the insurance industry for their own wellbeing. RGA will continue to help our clients grow and enhance their businesses. We’re here when they need to collaborate on new endeavors, and we’re here for our clients when they need us to be a sounding board. We’re here for them.
“We have built an environment where everyone collaborates and challenges one another to develop the best solutions.”
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