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.
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IA Financial Group
| Founded | 1892 |
|---|---|
| Headquarters | Quebec City, Quebec |
| Employees | 5,700 (2017) |
| Canadian Mkt. Share* | 0.63% (2017) |
| Insurance Products | Life, Car, RV, Homeowners, Mortgage, Critical illness and disability, Personal accident, & Group insurance |
| Provinces Licensed | AB, BC, MB, NB, NL, NWT, NS, NU, ON, PEI, QC, SK, YT |
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Company Overview
Industrial Alliance is made up of two historic Canadian insurance companies, which merged in 1987: Alliance Nationale, a small mutual aid society formed in a church that grew into Canada’s first mutual insurance company, and Industrial Life Insurance Company, which before the merger had acquired the companies that now make up iA’s home and auto insurance policy options.
Industrial Alliance was a mutual company after it was born of the merger, but demutualized shortly after entering the financial services market in 1999.
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.
Personal Insurance
Industrial Alliance offers insurance in the following areas: home, auto, life, health, RV/specialty vehicle, mortgage, critical illness, and personal accident.
Home Insurance
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
Auto Insurance
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.
RV Insurance
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:
- Motorcycles
- Scooters
- ATVs
- Snowmobiles
- Trailers
- Motorhomes and RVs
- Boats
Life Insurance
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.
Mortgage Insurance
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.
Group Insurance
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)
- Homecare
- Vision and Dental
- Life Insurance and Accidental Death & Dismemberment (AD&D)
- Short- and long-term disability
- Travel
- Transit
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 – https://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 – https://www.iaamerican-waco.com/v3/.
- American-Amicable Life Insurance Company of Texas: Founded 1910, acquired 2010 – Life insurance company serving the US – https://www.americanamicable.com/v3/.
- iA Clarington Investments Inc.: Founded 1999, acquired 2005 – Investment fund and portfolio manager company serving Canada – https://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 – https://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 – https://www.forstrong.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 – https://www.iasecurities.ca.
- FundEX Investments Inc.: Founded 1995, acquired 2004 – Mutual fund brokerage company serving Canada – https://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 – https://www.holliswealth.com/global/whoweare.
- iA Auto Finance Inc.: Founded 2010, acquired 2015 – Deposit taking company serving Canada – http://iaautofinance.ca/home.
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Industrial Alliance Reviews
Rating: .5
.5 /5 stars
Don’t invest RESP for your kids
It took me 2 weeks tonprocess and withdraw our kids RESP Just to find out the half of the value of our kids investment through RESP is gone, they penalize us by withdrawing our kids money. This company Industrial Alliance is horrible and tricky when it comes to get your money back.
Rating: 1.5
1.5 /5 stars
Horrible disability deposit dates, whenever it’s convenient
Well well well!! Where should i even start with the review for Industrial Alliance??. I guess getting right to the point. Industrial alliance has absolutely ZERO respect towards people that had a major change in their health impact them. Individuals pays for insurance to protect themselves. It's not just companies and big organizations paying Industrial alliance for employees coverage…there are single Industrials paying you or paying our employer to have themselves perfected. I just wanted to point this out before getting to the part that I am writing about. To the attention of thes president or COE of Industrial alliance. When a disability claim starts with Industrial alliance and the payout is 2 twice a month. The 1st and the 15th. These are the days the money should be in the bank. Not whenever you feel like releasing the money. This is totally disgusting that you don't care that people are out of work for several reasons, ranging from something not so serious to a Industrial that is on their deathbed. When some is on employment sick benefits the payment is released 2 weeks like clock work. The payment goes into the Individuals account the same day every 2nd weeks EVERY TIME. BUT Industrial alliance HOLDS the money that was supposed to be in the client's on the 1st of month until the 7th or the 8th. And the payment that is supposed be in the account on the 15th of the month goes into the account on the 22nd or 23rd. And the most recent payment that was due to be received May 15th didn't go into the bank unit Tuesday after the long weekend. But when you look into my Industrial alliance account online, it's says the payment was released on the Friday. This is totally unacceptable that you are out right abusing your client that are expecting payments on the 1st and the 15th.
I don't want to hear that it takes Industrial alliance time to process the payments as this is BS. You know this isn't that case at all. If payment should be paid on the 1st and the 15th of each month….then that's when the payment should be deposited in our account. We have not chosen be off of work due to a injury or severe illness…why is Industrial alliance making us feel that we have done something wrong???. Pay your disabled clients ON TIME and stop with making BS excuses that it's a processing period. Employment Insurance don't have processing period and the payment is in out account when the claim start…not when they feel like it.
Message to the president of Industrial alliance. You must look into making some changes to make sure individuals that are out of work gets their payments in the bank on time every time. We have done nothing wrong to deserve being our claim when ever Industrial alliance feels its convenient for them. Please look after your clients that are sick and out of work. Thank you.
Rating: .5
.5 /5 stars
Worst customer service ever….
I’m giving a really bad review. No customer service at all. I asked to be called back 22 times and no one gave me news, no email, no call, and they said I never called. Second they are fast to take your money but when you want to take out your money ohh be patient been over one month in my case and it’s still not fixed. Their employees don’t know what they are talking about honestly in 2022 I didn’t know there were still companies like this. Worst but worst customer service ever I don’t recommend this company to anyone.
Rating: .5
.5 /5 stars
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Rating: .5
.5 /5 stars
Do not insure your vehicle with this company!!!
After being with IA for over 15 yrs I made my first claim this year 2022. What an experience, IA charges you top rate for replacement cost insurance based on the purchase price. However, when it’s time to pay out on the policy they refuse to pay even the purchase price of the vehicle. They say that they can get the vehicle at a lower price as they are paying it cash. They lied!!!!!! I paid the vehicle cost price. They could not purchase the vehicle cheaper than I did.
Customer impact:
I lost $10,000.00 (10k less than what I paid for the vehicle).
Months of making payments on a vehicle you no longer own or have
No vehicle post 30 days of the theft.
This company steals your money!!! I would NEVER insure anything with this company again. BUYER BEWARE!!!! GO TO ANY OTHER COMPANY!!!!
Rating: .5
.5 /5 stars
Don’t buy from Insurance from Industrial Alliance!!
No way you’ll be paid after making your honest monthly payment. If you have a problem and can’t work because of an accident on anything, they will find any possible reason not to give you what you have paid for. Please, if you have the chance to read this, this insurance company is a scam
Rating:
/5 stars
Worse STD & LTD
Worse experience, money was late up to 3 weeks not once but 4 times. Their customer services has no idea and their main comment is “your case manager should receive it within 48-72 hours, and call you,” And no they don’t call you, then start all over with the 48-72 hours – ridiculous. Ratings is in the negatives not even a positive 1.
Rating: .5
.5 /5 stars
This company does not pay when you have a claim. It takes 9 years delay, and still no payments for coverage.
Rating: 1
1 /5 stars
They did a mistake a blamed me for it
they badly analysed my demand, and later blamed me for it when i asked them to admit it.. typical insurance mantality.. very bad
Rating: 1
1 /5 stars
Submitted claims…they told me 24 hours will be deposited I am still waiting 27 days later.
They told me they would call me in a couple days they were waiting to hear back from there accounting department and that it would take 3 business days…omg these people are horrible…get a different answer every time I call
Rating: 2
2 /5 stars
Worst Group Benefits
Off on Short Term…excuse they have 5 to 8 days to look at the claim…waited..SOMEONE called on the 7th day…NOT THE CASE MANAGER…called told my claim was received on ANOTHER DATE…sooo they now have more time to look at my claim…STILL NO ONE CALLS BACK …..NO MONEY … I pay into this service and they take forever to do anything….we had Manulife and they were AWESOME!!! not sure WHY WE EVEN WENT TO THIS COMPANY….HORRIBLE SERVICE!!!!
Rating: 1
1 /5 stars
Not worth your money
This company doesn’t deserve to call themselves a Insurance company for Group benefits. Better change the name to Blood Suckers!
Rating: 1
1 /5 stars
Avoid IA critical insurance
been diagnosed with a critical disease in june 2020, its been 5 months this company didnt pay the claim. they have the excuse is Covid. also they purposefully delay claim, by asking unrelated documents, even before the periods of their requirements. they may trying to avoid not pay you the claim. Also staff in telephone not much helpful. they dont know whats happening, where the documents are. how long it will take.
Rating: 1
1 /5 stars
Worst customer service with associates who have no clue what coverage entails
Have to constantly follow up to ensure they do their work competently and on time
Never provide reasoning for why claims have been rejected; up to the customer/client to call and follow up
Dated website
Rating: 1
1 /5 stars
Don’t deal with IA
waste of money, unacceptable customer service!
Rating: 1
1 /5 stars
Dont expect any satisfaction when applying for a claim
Disgruntled. Non existent help and company claims they have no idea what an ombudsman is
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