Considerations that can create value for the organization, particularly in terms of recruitment, retention, and employee well-being.

Leverage your group insurance to attract talent and enhance your employees' chances of success, rather than spending your time chasing new hires to replace your top performers.

A solution that expands possibilities, enhances experience and quality, and reduces administrative burden.

It enables individual enrollment in certain coverages.

Finally, it simplifies renewal and switching insurers when needed.

Customization elements of the plan, tailored to organizational needs to maximize return on investment.

A good advisor should help you find complementary solutions beyond insurance products.

Definition of insurance

"[...] undertaking by one person to indemnify another person against loss or liability [...]" (Insurance Act)

And for Group Insurance?

It confers certain advantages over the individual kind: 

1. Insurability: Ensuring basic coverage for everyone, regardless of their specific risk.

2. Pooling: Distributing risk across all members.

3. Volume: Leveraging the strength of numbers to achieve cost savings.

Evolution

Initially, Group Insurance only covered 

Over time, insurers have expanded their offerings to cover additional needs:

1. Dental care

2. Paramedical services

3. Travel insurance

4. Psychological health (e.g., Employee Assistance Program / EAP)

5. Virtual health services (e.g., Telemedicine)

6. Administrative needs of policyholders and technology

7. Etc.

The expansion of insurers' offerings brings certain challenges for policyholders:

1. Rigidity in the service offerings

2. High costs to bundle these services

3. Overinsurance

4. Service-related issues

The traditional solution is to determine which insurer offers the best deal and move all services to the new insurer.

While it can deliver savings on paper, this approach brings additional challenges:

1. A heavy workload reducing ROI

2. Unnecessary changes (e.g., EAP, telemedicine)

3. Significant change management

4. A superficial evaluation of the new provider, often disproportionately based on price, which often leads to new issues.