Finding simple, efficient, and personalized insurance based on one's status is the goal set by Emma and Segic. The two companies have joined forces to allow members of group benefits programs, self-employed workers and associations to choose insurance coverage that suits their needs.
The two technology companies have distinct but complementary activities. Emma offers simplified and personalized life insurance solutions through an online platform, while Segic focuses on developing a platform dedicated to employers wishing to offer personalized social benefits to their employees.
The companies share a common objective to make collective and individual benefits more comprehensive and tailored for each employee. In an interview with the Insurance Portal, the companies further say the new collaboration marks an important milestone in their becoming the first fully virtual platform in Canada.
Insurance tailored to current needs
Beyond being a 100 per cent online service, the partners offer collective and individual insurance that reflects current needs: Self-employed workers, employees without access to group insurance and associations can subscribe to the personalized insurance offering.
"Younger generations increasingly demand benefits, while others want to be able to choose the benefits that suit them, even if they have to pay a portion. We believe it is important to provide employees with mandatory and voluntary group insurance options that are tailored to individual needs, taking into account provincial specificities. By offering these basic benefits, we can then propose optional voluntary benefits with advantageous choices and rates," says Danny Boulanger, CEO of Segic.
One-click subscription
The ability to subscribe with just one click is one of the modern features resulting from the new collaboration. Subscription is done entirely virtually. They say this allows requests to be answered quickly and efficiently.
Felix Deschâtelets, CEO and co-founder of Emma, emphasizes the importance of being able to subscribe online. "Before, it could take several weeks to obtain insurance coverage. On the Emma website, it only takes a few minutes, just enough time to answer eligibility questions and assess life insurance needs. The consumer then receives a personalized recommendation based on their profile. Once the proposal is completed online and the first payment is made, the client is instantly protected," he says.
Although the Emma website is an online subscription platform, Deschâtelets says the company remains a broker whose goal is to provide a variety of offerings from different insurance companies to ensure optimal protection for clients, depending on their needs.
The interest of the partnership
Segic and Emma also have another common interest. The collaboration allows them to expand their services and, consequently, their visibility.
"For us, this represents an interesting positioning within a platform that already raises awareness,” says the Emma founder. “As they (clients) manage their group, they become aware of their other needs. With a few clicks, the consumer has access to our platform, recommended by Segic, to shop for insurance. They are then free to make their choice while benefiting from the expert advice of our team. This way, they quickly obtain insurance advice without having to search elsewhere.”
For Segic, this collaboration allows the firm to strengthen its service offering in the health and well-being field by providing innovative and accessible solutions to both employees without group insurance and self-employed workers.
"In the Canadian market, there is a growing demand for individual insurance solutions. Our platform now allows us to meet these needs by offering individual benefits programs with options such as dental care, paramedical services, etc. Currently, this segment represents approximately $20-billion in group insurance premiums that are not covered,” Boulanger explains. ”"It is important to emphasize that the choice of insurance remains an individual decision."
The objectives
Currently, the majority of Emma's clients are located in Quebec. However, the company also attracts a significant portion of its clientele from outside the province. Deschâtelets' goal is to continue expanding throughout the rest of Canada. The CEO adds that 60% of Canadians are not adequately protected by life insurance.
Segic also aims to expand its services to other countries that have limited access to group insurance.
"Our main goal is to grow our marketplace over the next two years. Once deployed this fall, we plan to add more features. Ultimately, we will be ready to expand our presence in Europe and the United States, as the need for collective benefits for employees is universal. We have a solid platform to enter international markets, but for now, we prefer to focus step-by-step on the Canadian market," Boulanger says.
