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Empire Life Insurance Company, together with Symbility Health, announced that it has signed an agreement for the former to offer stop loss insurance to the latter’s third party administrator partners.
The new arrangement takes effect April 01, 2017.
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Stop loss insurance allows employers who self-fund their employee benefit health plans to protect themselves from assuming full liability for claims.
“We are pleased to have entered into a relationship with Empire Life, a prominent Canadian insurer with proven expertise in a wide range of insurance and investment areas,” said Symbility Health president Shannon McShane-Reed. “With their comprehensive stop-loss protection solution, Empire Life will help ensure the long-term viability and sustainability of our clients’ benefit plans by balancing employee needs with plans’ financial security. This is especially important in today’s reality of escalating drug costs.”
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“We’re excited to work with Symbility,” commented Empire Life senior vice-president of Group Solutions Steve Pong. “They’re an innovative, world-class Canadian software company, and this partnership will help us grow our business outside of our regular channels. We look forward to expanding our partnership in 2017 and beyond.”
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