RBC Insurance has been selected as the winner of the 2006 Large Institution Program of the Year Award by the Bank Insurance and Securities Association (BISA).

RBC Insurance won award for innovation and leadership in providing 13 million Canadian RBC customers with insurance advice, choice and solutions.

“RBC Insurance is proud to achieve this recognition, which is a testament to our bank insurance leadership and innovation,” said Neil Skelding, president and CEO, RBC Insurance. “We are focused on providing Canadians with greater choice in terms of where and how they can access insurance products and services, by opening new retail insurance branches, increasing our online and telephone options and offering general insurance advice through bank branches.”

Authorized insurance products, such as mortgage, loan and travel insurance, are offered in over 1,100 RBC bank branches. Due to Canadian Bank Act restrictions, RBC Insurance cannot distribute a full range of insurance products through the RBC bank branch network. Instead, the company has utilized new distribution channels to offer clients greater access to insurance choices.

“This client-centred approach provides RBC clients and other consumers with innovative insurance distribution options for getting insurance advice, reviewing their individual insurance needs and buying insurance products in the way that is most convenient for them,” said Louise Mitchell, head, bank insurance distribution, RBC Insurance.

The annual BISA awards celebrate program achievements based on an institution’s market, size and mission. Winners are chosen on the basis of excellence and leadership within the bank insurance and securities industry. RBC Insurance was chosen from over 15 North American institutions that made it to the final round of the awards process.

RBC Insurance received its award at the BISA Annual Convention on March 12.

BISA is North America’s leading trade association dedicated to serving the needs of those responsible for marketing securities, insurance and other investment and risk management products through commercial banks, trust companies, savings institutions and credit unions.