Joseph Iannicelli, the president and CEO of Standard Life Assurance Co. of Canada, marked the firm’s 175th anniversary as the first insurance company in Canada by telling the Board of Trade of Metropolitan Montreal today that Canada’s financial services industry should look outward to global markets for growth and profitability.

“We have the talent, the technology, the capital and the confidence to succeed globally,” said Iannicelli. “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.”

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.”

Citing extraordinary growth opportunities for the insurance industry, particularly in China and India, Iannicelli 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,” he said.

Moreover, he emphasized Canada’s excellent positioning as a centre for doing business globally.