Securian Canada launches Creditor Insurance Digital Discovery Tool

TORONTO--(BUSINESS WIRE)--Securian Canada is pleased to announce the launch of the Creditor Insurance Digital Discovery Tool, a user-friendly digital resource that allows lenders to compile customer information such as income, expenses, and liabilities into one platform to help discover their true insurance needs.

According to the Canadian Association of Financial Institutions Insurance (CAFII), 80 per cent of Canadian homeowners are underinsured or uninsured. CAFII also reports that approximately 60 per cent of Canadians homeowners say their families would have trouble covering living expenses in a few months or less if the primary wage earner passed away tomorrow.¹ This signifies just how important it is for Canadians to understand the full range of insurance solutions available to them to prepare for the unexpected.

Officially launched earlier this year in collaboration with a leading Canadian bank, the tool has been rolled out to approximately 3,000 lenders in 900 branches across Canada, with the potential to reach more than 150,000 customers. With a modernized and accessible user-interface, the tool is an innovative step in enabling lenders to better help customers make informed insurance purchase decisions.

“The Creditor Insurance Digital Discovery Tool is designed to help customers understand the need for creditor insurance and prepare for a range of potential scenarios that could significantly impact their financial situation, such as job loss, critical illness and other unexpected life events,” said Sharla Postic, Chief Administrative Officer of Securian Canada. “We plan to continue creating more digital tools like this to support Canadians and help them progress toward a more secure financial future.”

The educational tool is available for lenders in both English and French and comes bundled with a fully interactive demo to help with onboarding. It also provides analytics and an educational calculator to demonstrate the importance of looking at the full financial picture of each customer.

“Creditor insurance is an important aspect of financial security and an important product line for lenders,” said Postic. “We are confident that a modern, sophisticated approach will support lenders through the customer journey.”

This tool reinforces Securian Canada’s strategic objective to work with and enable leading organizations to offer innovative, user-friendly, digital tools that help create secure tomorrows for Canadians.

Learn more about the Creditor Insurance Digital Discovery Tool.

About Securian Canada

We’re here for all Canadians and their families — however they define family. Our practical, life-ready insurance and protection solutions are designed to help provide financial security, so that Canadians can spend more time making every moment count.

For over 65 years, we’ve been giving Canadians the confidence to face life’s uncertainties. Today, Securian Canada brings together strong local roots and expertise, a North American footprint, and a global perspective — all while innovating at the speed the markets we serve expect.

Together with our U.S. parent company — Securian Financial — we offer insurance solutions and build them with genuine care, providing specialized experiences to those we serve.

For more information, please visit securiancanada.ca.

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1} https://www.newswire.ca/news-releases/new-report-cafii-study-reveals-critical-gap-in-creditor-life-insurance-coverage-among-canadian-homeowners-832168208.html#:~:text=Uninsured%20or%20Underinsured%20Homeowners%3A%20The,CPI%20or%20traditional%20life%20insurance.