(October 3 – 14:45 ET) – Canada Life Europe, the Dublin based subsidiary of the Canada Life Financial Corp., has won a top award for product innovation in Germany. The company, which only established its German branch in July, achieved second place overall in Capital magazine’s award competition for product innovation in life and general insurance. It achieved first place among life insurance products.
Commenting on the award, John Lyons, managing director of Canada Life Europe said: “The achievement of this award shows that Irish based insurance companies can compete in Europe and have something new to offer there. Capital magazine is Germany’s biggest selling business magazine with an estimated readership of 1.5 million people. The publicity surrounding the award will be of enormous help in getting us known in the market and having our products accepted.”
The new product is aimed at the rapidly growing disability insurance market in Germany. Canada Life says it is more economical than traditional disability insurance. It pays out on inability to perform physical tasks, rather than inability to work.
-IE Staff