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Focused on providing group benefits to companies as well as a full array of standard insurance plans to individuals, Industrial Alliance (iA) Financial Group has become a major player in the Canadian insurance market since its beginnings in 1892, serving over 3 million customers throughout the country.
Industrial Alliance was a mutual company after it was born of the merger, but demutualized shortly after entering the financial services market in 1999.
IA Financial Group
||Quebec City, Quebec
|Canadian Mkt. Share*
||Life, Car, RV, Homeowners, Mortgage, Critical illness and disability, Personal accident, & Group insurance
||AB, BC, MB, NB, NL, NWT, NS, NU, ON, PEI, QC, SK, YT
|*Of all private P&C in Canada by net premiums written, excluding life and purely A&S companies (For Industrial Alliance Auto and Home Insurance Inc.)
Although the company was founded and is currently headquartered in Quebec, it provides insurance policies to individuals and businesses across Canada. Specializing in personal life, health, home, auto, mortgage and personal injury & accident coverage as well as group benefits packages, iA is an insurer that can cover a wide range of risks for different types of customers.
People who have Industrial Alliance insurance plans have to come to rely on it for the following features:
- A company that can handle group benefit allocation for large companies
- A wide range of personal coverage options
- An insurer that can also offer financial advising and other financial services
Since iA Insurance is such a large company, serving Ontario as well as the other Canadian provinces, the company relies on a network of brokers to make its products available and easy to understand to prospective customers all over the region.
Advantages of Industrial Alliance Insurance
There are some advantages to having iA Insurance policies that make this particular company a solid option for insurance in the Canadian market. They are:
- The company can help manage more aspects of a client’s life than most: Unlike many companies which only offer insurance, Industrial Alliance is also a financial services company.
- iA offers a variety of options for personal insurance shoppers: One thing that stands out about Industrial Alliance’s personal policy options is the sheer number of coverage areas. It’s unlikely that clients of iA would need to piece together coverage from more than one company as a result.
- A user-friendly website that helps clients and insurance buyers to understand what they’re buying: If a prospective policyholder goes onto iA’s website to shop for insurance, it will be very easy for them to understand what coverage they need to fit their unique circumstances and risk profile. The company’s online presence even has a section for “life events” where they give clients advice on what to do from an insurance standpoint when something major happens like the birth of a child, a serious illness or a new marriage.
Industrial Alliance Products
As mentioned, iA’s insurance products range from personal policies to benefit package for large companies and organizations.
Industrial Alliance offers insurance in the following areas: home, auto, life, health, RV/specialty vehicle, mortgage, critical illness, and personal accident.
iA offers the following discounts on their home insurance policies:
- Multi-line discount when a client bundles multiple iA policies
- A discount for a working alarm in the home
- A discount for bundling home and auto policies
- A discount for owning or renting the same property for more than 5 years
iA car insurance policies carry standard risk protections: civic liability, collision and other perils.
They also offer options for additional coverage such as: rental vehicle coverage, full value replacement, roadside assistance and more.
Unlike some companies, iA chooses to offer coverage for RVs and leisure vehicles under its own category, The following vehicles can be coverage by Industrial Alliance policies:
- Motorhomes and RVs
iA offers term life and whole life policies as well as a plan that they call “universal life” which is a permanent policy that also allows the policyholder the opportunity to save money for an inheritance.
Industrial Alliance offers clients the options to build a mortgage insurance policy with a variable term that allows them to be protected in case of injury or death.
Illness and Disability Insurance
iA offers two different policies to protect against the risk of critical illness:
- Critical illness insurance: allows a person to take time off work for a critical illness by paying them a lump sum.
- Disability income insurance: if a person were to have a prolonged absence from work due to injury or illness, their insurance policy would pay them a monthly income to meet their standard of living and honour financial responsibilities.
Personal Accident Insurance
iA offers full reimbursement or a lump sum payment to help policyholders in serious accidents recover without having to change their standard of living.
For companies and large organizations, iA Insurance’s group benefits packages are a good fit. The company’s website specifies packages directed at small-to-medium-sized businesses (SMBs) and packages directed at large businesses and organizations. The options for group insurance through Industrial Alliance are:
- Medical and Paramedical Care (Health)
- Vision and Dental
- Life Insurance and Accidental Death & Dismemberment (AD&D)
- Short- and long-term disability
iA Financial Group and Subsidiaries
- iA Financial Group: Est. 1892 – Life and health insurance company, and financial service provider for Canada and the US – https://ia.ca.
- The Excellence Life Insurance Company: Founded 1963, acquired 2008 – Life and health insurance company for Canadians – iaexcellence.com.
- Michel Rhéaume et associés ltée (MRA): Founded 2003, acquired 2008 – Insurance brokerage providing group disability and life insurance, serving Quebec – http://www.cabinetmra.com.
- Industrial Alliance Auto and Home Insurance Inc.: Founded in 1973 – General insurance company, serving Quebec with property, casualty, auto, and home insurance.
- Industrial Alliance Pacific General Insurance Corporation: Founded 1981, acquired 2001 – General insurance company serving Canada with creditor insurance, extended warranties, and replacement insurance.
- IA American Life Insurance Company: Founded 1980, acquired 2008 – Accident, life and health insurance company serving the US – http://www.iaamerican.com.
- American-Amicable Life Insurance Company of Texas: Founded 1910, acquired 2010 – Life insurance company serving the US – http://www.americanamicable.com.
- iA Clarington Investments Inc.: Founded 1999, acquired 2005 – Investment fund and portfolio manager company serving Canada – http://www.iaclarington.com.
- T.E. Investment Counsel (A division of iA Investment Counsel inc.): Founded 2009, acquired 2013 -Investment fund manager company serving Canada – http://www.teic.com.
- T.E. Financial Consultants Ltd.: Founded 1972, acquired 2013 – Financial consultant company serving Canada – http://www.tewealth.com
- Leon Frazer & Associates (A division of iA Investment Counsel inc.): Founded 1939, acquired 2013 – Portfolio manager company serving Canada – http://www.leonfrazer.com–
- Forstrong Global Asset Management Inc.: Founded 2001, acquired 2013 – Portfolio manager company serving Canada – http://www.hahninvest.com.
- Industrial Alliance Investment Management Inc.: Founded 2004 – Investment fund manager and advisor company serving Canada – https://ia.ca/individuals.
- Industrial Alliance Trust Inc.: Founded in 1999 – Trust company and deposit taking company serving Canada – http://www.iatrust.ca.
- Industrial Alliance Securities Inc.: Founded 1970, acquired 2002 – Securities dealer company serving Canada – http://www.iasecurities.com.
- FundEX Investments Inc.: Founded 1995, acquired 2004 – Mutual fund brokerage company serving Canada – http://www.fundex.com.
- Investia Financial Services inc.: Founded 1999 – Mutual fund brokerage company serving Canada – http://www.investia.ca.
- Hollis Insurance Inc.: Founded 1984, acquired 2008 – Life insurance brokerage company serving Canada – http://www.nfia.ca.
- Solicour Inc.: Founded 1985, acquired 1995 – Life insurance brokerage company serving Canada – http://www.solicour.com/en/.
- iA Auto Finance Inc.: Founded 2010, acquired 2015 – Deposit taking company serving Canada – http://iaautofinance.ca/home.
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