Beneva Employee Benefits – Company Review 2024
Beneva Employee Benefits is one of Canada’s top employee benefits providers. Formed in 2020 through a merger of SSQ Insurance and La Capitale, Beneva leverages the strengths of both companies to offer a wide range of benefits with a focus on prevention and overall well-being.
Beneva Employee Benefits originates in SSQ Insurance, founded in Quebec City in 1944 by Dr. Jacques Tremblay. In 2020, SSQ Insurance announced a merger with La Capitale to form a new mutualist insurance company, Beneva. This merger was completed in early 2023.
By combining forces, Beneva became Canada’s one of the largest group insurance providers, serving over 3.5 million members nationwide. The merger’s goal was to create enhanced products and services while upholding the mutualist values of both founding companies.
Company Values and Mission
As a mutualist company, Beneva Employee Benefits emphasizes collective well-being, community, and quality service to members. Its caring approach embraces diversity and aims to build strong partnerships.
Specifically, their mission focuses on contributing to the communities ‘ well-being while providing simple, accessible products and services. Beneva contributes to sustainable development and supports social and charitable organizations that align with their core values of mutualism, accessibility, expertise, social commitment, integrity, and respect.
Financial Strength and Stability
Beneva has a financial strength rating of A from AM Best Company, indicating excellent financial health. As a merged entity, Beneva now manages over $25 billion in assets with capital reserves that allow them to weather fluctuations in the market and claims.
This provides security for organizations choosing Beneva Employee Benefits, knowing they will have a stable partner even in periods of uncertainty.
Awards and Recognition
SSQ Insurance received awards for best customer experience in the life and health insurance sector before the Beneva merger. They were also recognized for their HealthWise workplace health and wellness program and received Elite certification as a Healthy Enterprise for expertise in workplace health and wellness.
These achievements speak to their focus on service, prevention, and workplace culture that aims to improve overall well-being.