Canada’s financial services industry should look outward to global markets for growth and profitability—especially with the Canadian dollar near record highs, according to Joseph Iannicelli, president and chief executive officer of the Standard Life Assurance Company of Canada.
“We have the talent, the technology, the capital and the confidence to succeed globally”, he said . “This is not about protecting ourselves from the rest of the world. Going global is about playing to our strengths and making our values, our culture and our expertise more relevant in a world that is increasingly global.”
Addressing the members of the Board of Trade of Metropolitan Montreal on Friday, Iannicelli noted that global financial services companies are already in the Canadian market in a big way, bringing with them a welcome global perspective, global experience and competition.
“Competition from global players is a driver of innovation and growth for the Canadian financial services industry,” he added. “The strategic imperative is for Canadian financial services companies to level the playing field by executing our strengths globally, both in mature markets and emerging markets. We need to proactively seek out opportunities beyond Canada’s borders.”
During his address, Iannicelli cited extraordinary growth opportunities for the insurance industry, particularly in Asian countries such as China and India, He also emphasized the necessity of looking closely at profitable niche markets in mature economies such as the United States and Europe.
“The Canadian financial services industry includes among its competitive strengths an educated, diverse, bilingual and multi-lingual population, superior customer relationship management technology and a strong capital base,” Iannicelli said.
At the end of its speech, he insisted on Canada’s excellent positioning as a centre for doing business globally. “Standard Life in Canada is headquartered in Montreal, and has offices across the country, from which we provide global services for Standard Life worldwide,” he said. “With our 2,000 employees in this country, we are here to stay.”
Alexandre Daudelin is the editor-in-chief of Avantages, Benefits Canada’s sister publication. To comment on this story, email alexandre.daudelin@rci.rogers.com.