Canada Life acquires ClaimSecure
The Canada Life Assurance Company (Canada Life), a subsidiary of Great-West Lifeco, has reached an agreement to acquire ClaimSecure , a healthcare management firm that provides health and dental claim management services to private and public businesses in Canada. This transaction is subject to customary closing conditions, including receipt of regulatory approvals, and is expected to close in the third quarter of 2021.
Through this transaction, Canada Life is further investing in workplace capabilities in Canada, a core strategic focus for Great-West Lifeco. This acquisition increases the number of plan members served by Canada Life by 1.25 million individuals, including plan members and their dependents, with annual claims payments of more than CAD$1.2 billion.
“The acquisition of ClaimSecure enhances our ability to provide leading workplace benefits solutions by extending our presence in a growing segment of the market. This transaction aligns with our priority of building lifetime customer relationships with the workplace plan members we serve.” – Jeff Macoun, President and Chief Operating Officer, Canada, Canada Life.
“This transaction is a great strategic fit and aligns two like-minded companies with complementary areas of expertise. We’re excited to bring ClaimSecure into the fold and create an additional channel to provide products, plans and technology solutions to even more customers in Canada. Over the past two years, we’ve been strategically evolving our participation in the TPA and TPP business in Canada by creating a dedicated team. Acquiring ClaimSecure is the next step in this evolution. ClaimSecure offers advanced technology, plan designs and approaches not previously employed by Canada Life. For both Canada Life and ClaimSecure, this acquisition provides new options to create innovative approaches in the TPA/TPP business.” – Brad Fedorchuk, Executive Vice-President, Group Customer, Canada Life.
In addition to an expanded presence in providing TPA and TPP services, Canada Life will become the first major Canadian insurer to own and operate a pharmacy benefits manager with national claims-paying technology capabilities. ClaimSecure’s main operations centre will remain in Sudbury, Ontario and its head office will remain in Mississauga, Ontario. Following the close of this transaction, ClaimSecure’s products and services are expected to be expanded to fuel further growth of the company.
