Real-time quoting for group benefits now available
Today we announced a real-time quoting service for employee benefits. Working with Empire Life and other leading insurers, PaymentEvolution’s quoting tool now makes obtaining health and dental plans feasible for employers. Providing benefit coverage is a competitive advantage for Canada’s small businesses allowing them to attract the best talent.
A leading small business described the process of getting insurance before the tool as “painful”. The process is time consuming, “… calling up all the providers and getting the broker to come out. They ask different questions, and how do you compare in the end. It is like comparing apples and oranges and PaymentEvolution is presenting the plans as apples and apples.”
In 2018, PaymentEvolution conducted a small business survey, and found that 79% of Canadian small businesses do not provide any health, dental or other types of insurance benefits to their staff. When asked why, the majority cited the lengthy and confusing buying process. To simplify and streamline the process of purchasing employee benefits, PaymentEvolution worked with leading insurers to create one of Canada’s first real-time group benefits quoting services.
Until now, business owners needed to go through several pages of forms, wait days to weeks for quotes to refine the coverage options for their organization. An Ontario based business owner who used the tool, said “if people have tried to get benefits before, they know the experience. I’ve had to go through this process manually and it is a lot of work, especially if you are trying to optimize your benefits. This is a lot easier.” The lengthy process of purchasing employee benefits is confusing and deterring for many small businesses from providing benefits to their staff. With the help of Canada’s top insurance companies, PaymentEvolution’s application works with brokers and business owners to get quotes out quickly.
“Real-time benefits quoting was born out of our own frustration getting benefits for our staff. No more multi-page forms, no week-long waits for quotes – it’s all digital and instant. By making benefits more accessible, we are empowering Canadian small businesses to create amazing employee experiences” said Sam Vassa, CEO and Co-founder of PaymentEvolution.
“Canadians have been online comparison shopping for years, and they expect to get answers quickly,” said Michael Perry, Senior Vice-President, Group Solutions at Empire Life. “With PaymentEvolution, we make it simple, fast and easy for business owners to shop group benefits in the same way they already shop for a holiday or hotel. Empire Life focuses on small to medium sized business—we’re highly attuned to their needs and get that convenience is key. We’re excited to be with working with PaymentEvolution to offer this outstanding service.”
The real-time quoting service is available to small businesses using PaymentEvolution’s payroll and payment service. The integration ensures accurate quoting without unnecessary data entry. Most firms receive an instant digital quote without needing to enter additional data. This is the first time instant quoting and configuration for employee benefits is available from multiple insurers in Canada.
“Now businesses can self-quote, learn about their benefit options and configure plans. Our conversations with clients are now more strategic and our advice is more tailored for the organization. Real-time quoting saves us time, so we can focus on the client” said John Enright Jr, McDougall Insurance & Financial, one of Ontario’s largest insurance brokerages.
Real-time quoting for benefits is now available from PaymentEvolution for small and mid-sized Canadian businesses.