Symbility Health announced March 21 that it has signed an agreement for Empire Life to provide stop loss insurance to Symbility’s third party administrator partners beginning April 1.
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.
Escalating drug costs
"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,” said Shannon McShane-Reed, President, Symbility Health in an announcement. “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."