Canada Life  

Canada Life boss on modernising insurer's adviser ties

Canada Life’s chief executive Lindsey Rix wants to rewire how the company she took the helm of less than a year ago does business with its advisers.

Equity release to plug retirement gap

The equity release business, or ‘home finance arm’ as Canada Life calls it, is growing “very strongly”, according to Rix.

She reckons the equity release business will play an important role for customers of the future, because it is one of the solutions which will plug the “retirement gap” so many people could be facing in later life as they live longer.

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“It's an important product sat alongside how people invest, save and drawdown,” said Rix.

“And how people at certain points in their life may want to think about an individual annuity to give them stability or cash flow. So it needs to be part of a wider thing.”

Rix also mentioned the insurer’s “strong intermediary relationships”, which she said will be key to Canada Life’s success in this sector - one which is currently under the watchful eye of the City regulator.

Technology overhaul

Canada Life is currently two and a half years into a big transformation project, of which migrating from old architecture to GBST is a part of.

Revamping its digital architecture is one of the ways Rix intends to break up the traditional product silos.

“In the past, providers have thought of advisers as the end customer. But we want clients to be more at the forefront. So we’re looking at ways of helping clients self-serve,” said Rix.

“We’ll be looking across the whole portfolio we’ve got and thinking about how we can get some quick wins, and how we can continue to evolve in conjunction with what we’re doing around the broader technology estate.

“I'm very keen that we start to think far more about customer needs, the proposition, and how advisers interact with us - hence the focus on digital.”

ruby.hinchliffe@ft.com