By Anne Servidad, Communications Intern
Insurables Canada isn’t just any insurance company… at least not just yet.
The world of insurance has challenges addressing the needs of Canadian small business with 67% of startups and small business having no employee health benefits at all, according to a survey by the Canadian Institutional Investment Network. Costs associated with writing traditional policies for smaller companies are disproportionately higher than for large companies, which have many employees to absorb overhead costs.
But Insurables Canada will change that.
They are ending unfair health benefit premiums for start-ups and small businesses with easy and unbundled plans through an online, scalable platform. Smaller firms have many of the same needs as large organizations, but many are forced to pay more for having fewer employees. 70% of Canadians now work at small businesses, which calls for customised health benefit plans that focus on local, sprouting companies.
Traditional premiums are growing faster than inflation. One of the costs causing this are the overhead costs of having a sales team. For every sales agent in the force, there are costs for training, licensing, and commissions – all of which are incorporated into the premiums. Insurables Canada completely removes these and other overhead costs traditional providers face. They offer employers a 30% in savings on premiums for equivalent plans. Insurables clients receive free payroll, human resources, and other services for small business as they grow and become a more established company.
“Our target is the small business owner who wants to provide an excellent place to work,” says Michael Shepard, CEO of Insurables Canada. “They need great health benefits to attract and retain talented top employees,”
As a graduate of the Founder Institute, it was only natural that after constructing the idea and working out business plans, it was time to put it into action. And so, their journey of disrupting the industry led them to the RIC Centre where they’ve recently joined the sixth cohort of the Incubator, which is set to start August 2016.
“There’s great interest for the RIC Centre in the entrepreneurial community. After hearing about what they do and the resources they provide for companies like ours, we decided to apply,” says Michael. “After a competitive application process, I’m very pleased to become part of the great companies at the RIC Centre. The next six months are going to be exciting for us.”
Learn more about Insurables Canada and their journey of disrupting the industry, click here to visit the company website.
Think you’re at the right stage to join the RIC Centre Incubator? Our next cohort will start in February 2017. Find out more here.