TORONTO, March 21, 2017 /CNW/ - 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.
About Symbility
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.