Creditor Insurance Transformation
How Securian Canada supports large financial institutions through operational excellence
Modernizing a nationwide creditor insurance program
In 2023, Securian Canada completed its acquisition of Sun Life Assurance Company Canada’s sponsored markets business – one of the most strategically significant transactions in Canada’s affinity and creditor insurance market in recent years.
Building on this foundation and on our ability to deliver complex, large-scale change without compromising service, compliance or customer experience, Securian Canada was selected through a competitive RFP process by a leading tier-one Canadian bank to administer its nationwide credit protection insurance (CPI) business.
Through a flexible outsourcing model, Securian Canada introduced new operational and technical capabilities for the bank, while enabling a controlled transition that safeguarded both performance and the end-customer experience.
Creditor insurance challenges facing financial institutions
Canadian financial institutions are navigating a perfect storm: operational efficiency pressures, heightened digital expectations and a rapidly evolving competitive landscape. These forces have exposed limitations in traditional CPI models, such as declining insurance penetration within lending journeys and operational complexity of administering large, diverse books of business.
In response, many lenders and CPI distributors are seeking fewer, but deeper insurance partnerships to address their evolving business needs, which may include:
Owning and shaping the end-to-end client relationship
Improving operational efficiencies and program economics
Meeting evolving customer expectations
Executing a controlled implementation
Our approach to creditor insurance transformation
How Securian Canada delivers value to financial institutions
Flexible risk models and operational strength
With 70+ years of CPI experience, Securian Canada brings deep insurance expertise and unmatched flexibility in how risk is assumed. Our third-party administration (TPA) model reduces operational workload and removes the need for costly back-office modernization, giving financial institutions access to our capabilities and investments without requiring them to build, maintain or transform the underlying infrastructure themselves.
Customer-centric technology for maximum efficiency
As part of our targeted investments, we introduced the Creditor Insurance Digital Discovery Tool, a bilingual solution that equips frontline staff to identify CPI gaps and guide customers through their protection needs using a modern, intuitive interface. In parallel, the Creditor Insurance Digital Claims Portal provides customers with a direct-to-carrier experience, enabling online claim submission and real-time status tracking through a personalized, secure portal.
Controlled transition and implementation of large portfolios
Securian Canada is uniquely positioned to transition CPI portfolios through a scalable approach grounded in real-world experience. Our controlled, low-disruption implementation model reduces the complexity and compliance risk typically associated with large-scale transitions while ensuring consistency in customer service and retention levels, with a longer-term goal of enhancing them over time.
Results of the creditor insurance transformation
The following outcomes illustrate how Securian Canada transitioned and transformed operations for a tier-one Canadian bank as the chosen administrator of its nationwide CPI business.
Program scale
- More than $200 million in gross written premium.
- 700,000 active lending products protected by credit protection insurance.
Customer impact
- Two new digital assets being rolled out to accelerate transformation and enhance customer experience.
- Customer service call centre retains an average of 30 per cent of customers who contact us to cancel their coverage, preserving customer relationships while exceeding targets.
People and operational continuity
- Successfully onboarded 60+ employees to support the new operating model.
- Achieved a 97 per cent offer acceptance rate, demonstrating strong talent retention and ensuring business continuity.
Transition timelines
- 12-18 months to transition existing business block, employees and systems, using a phased approach, ensuring business continuity and confidence.
A trusted insurance partner for financial institutions
Securian Canada’s experience working together with tier-one and tier-two banks, credit unions and alternative lenders demonstrates our role as a trusted partner for financial institutions looking to modernize their CPI programs.
This case study highlights how we collaborated with our client to deliver an innovative solution that provided specialized expertise and support, enabling the client to stay focused on their core business.