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TheStreet Open House

Canada's Small To Medium-sized Businesses Get A New Option For Employee Group Benefit Plans - The First New Offering Of Its Kind In Decades

Stocks in this article: RY

TORONTO, Aug. 1, 2013 /CNW/ - Starting today, RBC Insurance is offering small to medium-sized Canadian businesses a full range of benefits for groups with as few as two employees. The new Group Benefit Solutions product, which includes health and dental insurance, delivers flexible coverage supported by an intuitive and comprehensive online portal for plan administrators and employees. It is designed to allow small businesses to offer employees the same range of value-added benefit programs that larger employers provide.

"There are more than one million small to medium-sized businesses in Canada and our research indicates that as many as 75 per cent lack group benefit plans," said John Carinci, head, Group and Business Markets, RBC Insurance. "Of those with plans, rising costs are a significant area of concern, yet nearly half are unaware that their plans can be customized to manage rising costs."

RBC Insurance's Group Benefits Solutions specifically address the needs of small and medium-sized businesses by allowing those business owners to offer benefit plans that are flexible and comprehensive, all with the added convenience of partnering with one carrier for all benefits. The Group Benefit Solutions product provides:

  • Unique disability insurance features, including options for spousal coverage and coverage allowing partly disabled employees to continue working in a reduced capacity while still qualifying for disability benefits;
  • One system with real-time processing and integrated service for health and dental that maximizes accuracy, streamlines fraud management, and accelerates plan set up, enrolment and claims payments;
  • A "rules-based" plan administration system that allows clients to customize plans to their business' needs;
  • Superior client service with simpler processes, fast turnaround times and increased local support;
  • Robust employee support, including a work-life employee assistance program and enhanced 'Best Doctors' coverage, allowing plan members to access the best medical minds in the world;
  • Unique and customized tools for both advisors and clients, including economic data and forecasts, industry trends and human resources support for small businesses, all at no additional cost.




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