Comprehensive List of Canadian Benefits Providers – Part 1: Insurers
By Cindy Danielson
August 16, 2022
This is the first of a two-part blog series -Part 1 lists traditional Canadian Group Health Insurers and Specialty Health Insurers.Part 2 lists Third-Party Payors (TPPs) and Third-Party Administrators (TPAs). These lists are provided to help employers understand the multitude and variety of Group Health Benefit Providers.
Finding a benefits provider that is good fit for your organization is important to ensure they can accommodate the unique needs of your industry, demographics, plan designs, corporate values, and budget. A Benefits Advisor can help you navigate the growing marketplace of insurers and products.
Three Types of Benefits Providers
In Canada, there are three types of benefit providers. In Part 1 of this Blog, we list traditional group health insurers and specialty carriers.
1. Traditional Group Health Insurers
These are the main insurance players in Canada which are noted below as Part 1. They sell and underwrite their benefits products meaning they take on the insurance risk.
TPAs and TPPs were created to fill a gap in the insurance industry as the complexity of employer-sponsored benefits plans continues to grow. Today, plans need to accommodate multiple different plan designs, classes and divisions and employers wanted more administrative support and resources to take the burden off them. TPAs and TPPs were born to help employers with benefit plan administration.
TPAs and TPPs sell benefits products but don’t underwrite them so they don’t hold the risk unlike traditional insurers. They work with various insurers behind the scenes to package and price different benefits products from different insurers to offer more flexibility and the best coverage.
Insider Tip:Simply Benefits is Canada’s newest digital TPP.
3. Specialty Carriers
These are insurers that specialize in select benefits, niche and/or specialty benefits products.
Group Benefits is the Norm
Before we jump into the list, it’s helpful to know that group benefits are commonplace in today’s workforce. If you’re an employer that doesn’t already offer a plan, then you’re a minority. According to a recent survey, 94% of small to medium-sized Canadian employers offer a benefits plan to employees with 42% of employers paying for the full cost of premiums. The competition for top talent is high and benefits are an essential part of total compensation to attract and retain staff.
Seek Advice of a Benefits Expert
Group health insurance is complex so seeking the guidance of an Insurance Advisor or Consultant that specializes in group benefits is an invaluable resource. They can help with plan design, benchmark your plan against comparable organizations in your industry and/or geography, shop your plan to Canadian providers and then consolidate and evaluate quotes, make recommendations and negotiate final pricing on your behalf.
Once you choose a provider (it’s the employer’s final decision – not the Advisors), then the Advisor will guide you through the contracting, implementation, and employee onboarding process with the new provider. If you aren’t working with an Advisor already, contact us and we’ll introduce you to one of our Advisors partners.
List of Group Health Insurers in Canada
Here’s a list of traditional health insurers that provide a comprehensive and diverse mix of all traditional group benefits products including: Life Insurance, Dependent Life Insurance, Accidental Death & Dismemberment, Dental, Extended Health Care (including Prescription Drugs, Paramedical Coverage and Vision), Out of Province/Country Medical Insurance, Short Term Disability, Long Term Disability, Critical Illness and Spending Accounts. To learn more about each, read Employee Health Benefits Coverage Types Explained in 5 Minutes.
Sorted alphabetically with direct links to their Group Benefits product webpages.
A knowledgeable Benefits Advisor can help you navigate the busy provider marketplace and will help you shop the market and find the right provider for your organization. Don't have an Advisor? Contact us and we'll introduce you to one of our Advisor partners.
List of Canadian Specialty Health Insurers
Here’s a list of health insurers that provide specific, niche and/or specialty benefits products.
Sorted alphabetically with direct links to relevant Benefits-specific web pages.
Specialty Insurance Products: Architects and Engineers, Construction, Environmental, Executive Liability, Healthcare, Life Sciences, Professional Liability, Technology
Accident, Health & Travel Products: AD&D, Group Emergency Travel Medical, Hospital Cash, Group Critical Illness, Excess Claims Insurance (Stop Loss), Visitors to Canada, International Students to Canada, Individual Travel Medical, All-Inclusive Plans, Non-Medical Plans
Group Critical Illness Insurance, AD&D / Personal Accident, High Limit Disability, Inpatriate Benefits
Expatriate Medical Benefits, Kidnap, Ransom & Extortion Coverage, War Risk & Terrorism Coverage
As you can see, there are many Benefits Providers in Canada. It can be overwhelming so if you need help navigating the marketplace, we recommend seeking the guidance of an experienced Benefits Advisor who can help you understand each provider's strengths and competitive advantage. Click Find Me an Advisor and we will introduce you to one of our knowledgeable Advisors partners.
Not on Our List?
If you are a Canadian health insurer not on this list, or if you wish to provide feedback about this blog or listing, please contact firstname.lastname@example.org and we'll review your request promptly. We appreciate your feedback and helping us to make our list as accurate and comprehensive as possible for Canadian employers.
Simply Benefits is a Third Party Payor (TPP) that provides Employee Health Benefits 100% digitally through our Canadian Advisor partners. Our all-in-one digital solution provides three portals that enableBenefits Advisorsto digitally manage all client plans online,Employersto efficiently administer employee coverage, andEmployeesto view, update and use their benefits 24/7 via desktop or smartphone app.
We helpENGAGEEmployees Anytime, Anywhere,SIMPLIFYthe Benefits Experience, andEVOLVEan Advisors’ Benefits Business.