Highlights:
- Small business employers (those with fewer than 100 employees) make up 97.9 per cent of all employers in Canada, of which firms with fewer than 20 employees make up 86.4 per cent**
- Fewer than half (45 per cent) of small businesses are estimated to offer employee benefits, which can leave many Canadians without protection from routine and unexpected health costs
- Employee health benefits can therefore be a significant competitive advantage for those employers seeking to attract and retain talent and support well-being in their workplaces
Winnipeg, MB (Feb. 20, 2019) – Great-West Life is pleased to announce the launch of Flexbox™, a unique group benefits solution for small business employers developed to help increase access to employee health benefits for a broader spectrum of previously underserved customers, as part of the insurer’s investment in the physical, mental and financial well-being of Canadians.
“Small businesses are the largest private employer group in Canada, yet many do not offer employee health benefits, whether due to cost, lack of flexibility in plan design or difficulty researching provider options,” says Roger Maguet, Senior Vice-President, Plan Sponsor Services for Great-West Life. “Not only can that make it more difficult for these small business employers to attract and retain employees, but it can leave a large segment of Canadians vulnerable to routine and unexpected health costs. With Flexbox, we’re looking to change that by helping small business employers provide their employees with additional financial security and support at a time when they need it most.”
Flexbox is a self-serve digital benefits platform where small business employers can learn about group benefits at their convenience, design and get pricing for an entry-level plan tailored to their budget and make their purchase either on the spot or through an advisor. Technical support during the application process is also at the ready.
Flexbox includes access to GroupNet™ for plan members and administrators, as well as other leading products and services. It is currently available in Ontario, Manitoba and Saskatchewan to small businesses with two to 20 employees that do not already have, or have not had, a group benefits plan in place over the last two years. It is expected to expand nationally in the future.
Small Businesses that do and don’t offer benefits (source: 2012 Fraser Group estimates*)
For more information, please visit www.greatwestlife.com/flexbox.
Notes
* Estimates based on data sets from Statistics Canada’s Canadian Business Patterns and Survey of Labour Income Dynamics.
** Statistics Canada, Key Small Business Statistics – January 2019.
About The Great-West Life Assurance Company
Great-West Life is a leading Canadian insurer, focused on improving the financial, physical and mental well-being of Canadians. For more than 125 years, our customers across Canada have trusted us to provide for their financial security needs and deliver on the promises we have made. Together with our subsidiaries London Life and Canada Life, we serve the financial security needs of 13 million people across Canada. To learn more, visit GreatWestLife.com.
Source: The Great-West Life Assurance Company
Tags: benefits, Great-West Life, small business, solution
