TORONTO, Dec. 5, 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) announced today they have launched a pilot program, with a select group of Symbility's Third-Party Administrator partners, to provide a fully insured drug product through Empire Life.
Group benefit plans are under enormous pressure from escalating drug costs that increase exposure while rates continue to rise, customer expectations continue to grow and employers demand more from their providers. Third Party Payers are looking for ways to protect and differentiate their business in today's marketplace. With the introduction of this pilot program, Empire Life is providing a new insured solution to Symbility Health customers to assist with cost containment and plan sustainability.
"We are excited to have entered into this pilot program with Empire Life and our partners," said Shannon McShane-Reed, President Symbility Health. "With the consistent trend of rising drug costs and introductions of biologics into the market, this program will help ensure our customers have insured options such as drug, life and long-term disability, while retaining the flexibility that Administrative Services Only or Health Care Spending Accounts can bring for extended health and dental benefits."
"We're excited to work with Symbility," said Steve Pong, Senior Vice-President, Group Solutions, Empire Life. "They're an innovative, Canadian software company, and the capabilities of their systems have allowed us to bring this product to the pilot stage quickly and efficiently. We look forward to expanding our partnership in 2018 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, 2017 Empire Life had total assets under management of $16.8 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.