By Éric Manseau, RCCAQ Executive Director
In the run-up to the 2019-2020 provincial budget, the RCCAQ submitted four recommendations to Quebec's finance department designed to address the digital revolution, online insurance sales and the provincial labour shortage while balancing consumer protection and industry growth.
During the 2019-2020 pre-budget consultations earlier this year, the RCCAQ submitted a position paper on the topic of economic drivers and consumer protection, including four recommendations geared towards Quebec's finance department (MFQ).
The position paper outlines our commitment to constructive collaboration with the provincial government and the AMF with a view to boosting Quebec's economic potential, growing the insurance sector and creating and maintaining a supply of well-paid jobs.
Effective oversight for online insurance products
Our first recommendation touches on the availability of online insurance. Next June, the new regulatory framework for online insurance products will take effect. Once again, the RCCAQ would like to emphasize the need to implement effective oversight and monitoring measures in this regard.
These measures will make possible to swiftly identify issues relating to the protection of consumers' personal data, in addition to identifying and rectifying deficiencies in online distribution mechanisms.
At this point, we would like to reiterate the position put forward by the RCCAQ since the new legislative framework was adopted. In our view, consumers deserve the same level of information, advice and professional protection with online insurance sales as they currently receive from certified representatives.
Supporting the digital revolution
Our second recommendation concerns support for brokerage firms' transition to digital. To that end, tax measures should be put in place to support and accelerate investments in high-tech transformation, in addition to encouraging the use of French on new platforms.
Since the provincial government is seeking to support and accelerate investments, brokerage firms will be poised to take on this challenge while evaluating opportunities generated by this new technological environment.
Addressing the labour shortage
Our third recommendation concerns the labour shortage currently affecting the insurance brokerage industry. All government measures aimed at bringing fresh blood into the labour market, particularly in remote regions, will be looked on favourably as they should help to boost the supply of well-paid jobs.
It is worth noting that brokerage firms account for 50% of sector jobs; many of these positions are based in regions outside of Montreal, Quebec City and Montérégie.
Safeguarding family and business assets
Our fourth and final recommendation is aimed at safeguarding family and business assets. To ensure equity between the generations, the RCCAQ hopes to pursue its collaborative work with the AMF and the government while balancing consumer protection and industry growth. In our view, this is essential in view of the fact that economic, technological and climate risks continue to evolve simultaneously.
The RCCAQ is also calling for the implementation of a permanent discussion forum between the regulator and the government in which various stakeholders will be able to discuss future prospects and industry changes, as well as addressing current issues and benefiting consumers.
2019 regional tour
This year, the RCCAQ will be undertaking a regional tour, during which the above recommendations will be discussed. This will give us a chance to go over the issues we have been promoting and to hear what you have to say about the industry outlook and related matters.
We should all be focusing our efforts on building more prosperous regions and communities. Regardless of their size or business model, the firms and companies that make up Quebec's brokerage sector are drivers of economic growth for the entire province.
