SSQ Insurance announced July 19 that it has formed a partnership with Allianz Global Benefits. The agreement with Allianz is “an important step” in SSQ's pan-Canadian development plan, says the insurer.
In particular, through this partnership SSQ believes it is positioned to become “a major contender” to provide group insurance for the Canadian employees of multinationals with Canadian subsidiaries.
International risk pooling
"We are very proud to have concluded this agreement. This type of collaboration is a first for SSQ Insurance. By adding the expertise and global reach of Allianz Global Benefits to our service offer, we will be giving our current and future clients the advantages of international risk pooling," said Geneviève Fortier, SSQ Insurance's Senior Vice-President – Distribution.
SSQ explains that international risk pooling enables an employer who has operations in several countries to pool the financial results of its various regional group insurance plans. “By putting risk management on an international scale, it contributes to mitigating cost fluctuations among plans in different countries and providing better overall cost control of group insurance plans,” says the company.
Aligns with growth strategy
"Being where our clients are is of key importance for us and is in alignment with our growth strategy in this important business segment of employee benefits,” said Dirk Hellmuth, CEO of Allianz Global Benefits. “We are very proud to count a group insurance provider with growth ambition as well as excellence in service like SSQ Insurance as our new partner in Canada and welcome them warmly."