TORONTO, March 21, 2017 /PRNewswire/ - Symbility Health Inc., a division of Symbility Solutions Inc., (TSX.V: SY) and The Empire Life Insurance Company (Empire Life) (TSX: EML.PR.A) today announced they have signed an agreement for Empire Life to provide stop loss insurance to Symbility third party administrator partners, effective April 1, 2017.
Stop loss insurance is purchased by employers who self-fund their employee benefit health plans and do not want to assume 100% of the liability for plan's claims. The agreement took effect February 1, 2017.
"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 Shannon McShane-Reed, President Symbility Health. "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."
"We're excited to work with Symbility," said Steve Pong, Senior Vice-President, Group Solutions, Empire Life. "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."
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. Our mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of September 30, 2016 Empire Life had total assets under management of $15.9 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.
Symbility (TSX.V: SY) believes in creating world-class experiences that simplify business and improve lives. With a history in modernizing insurance claims solutions for the property and health industries, Symbility has established itself as a partner that puts security, efficiency and customer experience first. Symbility PROPERTY™ brings smarter thinking to property insurance. Symbility HEALTH™ helps benefits professionals build their brands and businesses. Our strategic services team, Symbility INTERSECT™ empowers a variety of businesses with smarter mobile and IoT product development strategy, design thinking and engineering excellence. With our three segments pushing industries forward, Symbility proves that change for the better is entirely possible. symbilitysolutions.com
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SOURCE Symbility Solutions Inc.