Wawanesa Life Insurance’s group insurance division has significantly transformed. Led by Mike Aiken’s efforts, the company has launched two notable products for small businesses and niche markets. Aiken joined the company as vice president of group benefits and insurance, according to Benefits and Pension Monitor.
Last September, the company launched a redesigned Essentials product for businesses that have a small team comprising three to 15 employees.
The product allows employers to customize the life, health and disability benefits they will offer their employees, while having the ability to add healthcare or personal spending accounts. The product also included a two-year rate guarantee and pools small businesses together to provide rate stability.
Another product developed is a hybrid long-term disability offering for niche markets, especially for businesses struggling with traditional disability plans. The product, made to be affordable but have meaningful coverage, guarantees two years of disability coverage before transitioning to critical sickness benefits if necessary.
Aiken said that Wawanesa is committed to providing its clients with products and services that they will need.
“Our focus is on building something new – being a viable growing group insurance carrier with the right product for today’s market,” Aiken said. “I came to Wawanesa because I was looking for something different. I wanted to get back to what I thought the real value of being in the insurance space was about – providing a great service and a great product to meet the needs of the general population.”
The company’s group insurance division previously had a secondary role to the business, but now, it has been redefined as a standalone and innovative part of the company that prioritizes member-first policies.
Lauren Mazurkewich, director of group insurance product and pricing at Wawanesa, also expressed her excitement over the changes, adding that it is empowering to be able to do something new and different.
“It’s exciting to be in a smaller mutual organization where we can build and create something in our own vision,” she said.
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