SSQ Insurance explained

SSQ Insurance
Native Name:SSQ Assurance
Type:Mutual insurance
Industry:Insurance, investment, real estate
Predecessors:-->
Successor:Beneva
Founded:1944 in Quebec City, Canada
Founder:Jacques Tremblay
Areas Served:-->
Key People:Jean-François Chalifoux, CEO
René Hamel, Chairman of the Boards
Products:Group insurance, individual insurance, general insurance, investment, real estate
Revenue:Nearly 3 billion CAD
Profit:-->
Profit Year:-->
Assets:12 billion CAD
Owners:-->
Num Employees:2,000 employees
Parent:SSQ, Life Insurance Company Inc.
Subsid:SSQ Insurance Company Inc.
SSQ Realty Inc.

SSQ Insurance (French: SSQ Assurance), was a mutual diversified financial institution founded in 1944 in Quebec, Canada, which offers insurance and investment products.

Beneva is headquartered in Quebec City, with offices in Longueuil, Calgary, Halifax, Vancouver and Toronto.[1]

The organization, which serves over three million customers and employs 2,000 employees, is one of the major insurance companies in Canada. SSQ Insurance is also one of the 500 largest companies in Quebec, ranking 79th in 2018.[2]

With a business volume approaching $3 billion and $11 billion in assets under management,[3] [4] Beneva is one of the 10 Canadian co-operatives present in the ranking of the most prominent coops worldwide.[5]

SSQ Insurance merged with La Capitale Insurance in January 2020,[6] to become Beneva. The announcement was made on December 3, 2020.[7]

History

1940-1948: putting down roots

At the beginning of the 1940s, Dr. Jacques Tremblay out of concern for social justice took up the cause of Quebec City's working class, who could not afford adequate medical care.[8] There was no public medical plan. On May 9, 1944, Dr. Tremblay founded the Coopérative de santé du Québec, which provided needed medical care to members. In 1945, the cooperative changed its name to Les Services de Santé du Québec, hence inspiration for the later SSQ.

1949-1960: a new vocation

Starting in the 1950s, the cooperative shifted its focus towards business development and customer service. Contributions would be based on each group's risk profile, and sales agents positioned themselves as advisors. As early as 1955, to diversify its products and pursue its growth objectives, the cooperative changed status to become a mutual aid company specialized in group insurance. The company expanded its customer and geographical base at the start of the 1950s, offering new products such as life insurance and disability insurance.

1961-1973: Quebec society undergoing change

In 1961, further to the implementation of the public hospital insurance plan, SSQ adjusted by offering services not covered by the plan and innovated by providing coverage for private and semi-private hospital rooms, surgery fees and extended coverage for doctor's visits. SSQ added disability insurance in 1963. At the end of the 1960s, its products and services were diversified to meet the public's needs: additional annuity plans; dental, vision and chiropractic care; and prescription drug insurance. In 1969, SSQ moved its head office to Boulevard Laurier in Quebec City. The introduction of health insurance in 1970 represented both a significant advance for society and a new challenge for SSQ.

1974-1985: growth and democracy

In 1974, the Act Respecting Insurance changed SSQ's status, turning it into a mutual life insurance company. At the end of the 1970s, regional assemblies were set up, and regional delegates were elected to represent their groups at the annual general meeting. The company's assets topped the $100 million mark in 1979. In addition to launching mortgage loans, SSQ also created a real estate subsidiary in 1982.

1986-1995: general insurance and restructuring

By member request, a general insurance subsidiary was created in 1986. In 1991, SSQ Mutual was split in two to create SSQ, Mutual Management Corporation and SSQ, Life Insurance Company Inc. In 1992, following the global real estate crisis and significant losses, the Fonds de solidarité FTQ became SSQ's principal shareholder, helping the company to quickly get back on its feet.

1996-2002: prescription drug insurance and Canadian debut

The introduction of the mixed public and private plan in 1997 profoundly changed this sector of the insurance market. In 2000, SSQ signed an agreement with its first panCanadian group. To reflect its sustained growth and broadening scope, the company changed its name to SSQ Financial Group in 2001, and the Canadian venture continued with new offices opening in Toronto in 2002.

2003 to today: growth and expansion

In 2003, SSQ Financial Group was named among the 50 best managed companies in Canada. SSQ also launched its Health InSight program in a bid to be actively involved in the health and wellbeing of its customers, and received authorization to offer individual savings plans in Ontario and to organizations with a federal jurisdiction. In 2012, SSQ and the Fonds de solidarité FTQ jointly acquired AXA Life Insurance,[9] and renamed it SSQ Insurance.[10] The transaction added products and services to SSQ's offering, in addition to rebalancing the company's internal organization and positioning it within the Canadian market. SSQ Financial Group has acquired several other companies in recent years, including Finance & Indemnisation and assurancevoyages.ca.

SSQ Tower, located in Longueuil, was inaugurated in 2016.[11]

In 2017 a decision by SSQ Insurance came under criticism by medical professionals and popular newspapers. It involves the denial of the claim of paralysis through injuries sustained in a 7 meters fall. At the time, the patient was covered under against paralysis under his mothers' insurance policy. SSQ Insurance has since been sued in connection with this decision.[12]

In 2018, SSQ Financial Group changes its name and becomes SSQ Insurance.  This change reflects the primary purpose of SSQ and ensures a positioning of the company in Canada.[13]

Products and services

SSQ Insurance offers financial products and services across Canada:

Company structure

SSQ Insurance is made up of three companies: the parent company SSQ, Life Insurance Company Inc. and its two affiliates:[18]

On January 1, 2017, SSQ General Insurance Company Inc. (SSQ's previous P&C insurance arm) was merged into SSQ Insurance Company Inc.

Donations and sponsorships

SSQ Insurance is the title sponsor of the SSQ Quebec City Marathon[19] and presenter of the SSQ Health 5K.[20] This activity raises funds for organizations in the health sector.

SSQ partners with the SSQ Longueuil Marathon[21] as the title sponsor of the event.

See also

Notes and References

  1. News: fr. Six grandes coopératives et mutuelles québécoises. 20 May 2015. La Presse. 6 October 2014.
  2. News: Fiche entreprise SSQ Groupe financier. 20 May 2015. La Presse. fr.
  3. Web site: 2017 Annual Report. SSQ insurance. 20 May 2015.
  4. Web site: SSQ Insurance unveils solid financial results at its "communities make us"-themed Annual Meeting. SSQ insurance. 20 May 2015.
  5. News: Six grandes coopératives et mutuelles québécoises. 6 October 2014. 20 May 2015. La Presse. fr.
  6. Web site: Moorcraft. Bethan. La Capitale and SSQ Insurance to combine operations. 2021-02-22. www.insurancebusinessmag.com. en.
  7. Web site: Moorcraft. Bethan. Combined La Capitale and SSQ Insurance goes to market as Beneva. 2021-02-22. www.insurancebusinessmag.com. en.
  8. Book: Line. Ouellet. Marc. Vallières. Jacques. Saint-Pierre. A collective success story, 1944-2014. SSQ Financial Group. 20 May 2015.
  9. News: SSQ buys AXA Life to expand its reach. 20 May 2015. Investment Executive. October 2011.
  10. News: SSQ Financial buys Intact unit. 30 August 2015. The Globe and Mail. 6 September 2012.
  11. News: SSQ Groupe financier inaugure sa tour à Longueuil. TVA Nouvelles. 2017-09-11. fr-CA.
  12. [Edmonton Journal]
  13. News: SSQ Financial changes name to SSQ Insurance Investment Executive. 2018-01-02. Investment Executive. 2018-08-29. en-US.
  14. Web site: SSQ launches compassion insurance. Benefits Canada. 30 August 2015.
  15. News: SSQ to introduce comprehensive critical illness coverage. 20 May 2015. Investment Executive. 17 February 2015.
  16. News: Quebec City insurer SSQ first to develop autoimmune coverage. Financial Post. 17 February 2015 . 30 August 2015.
  17. News: SSQ mise sur la vie universelle. 15 November 2014. 11 September 2017. Finance et investissement. fr.
  18. Web site: Company structure. SSQ Financial Group. 11 September 2017.
  19. News: SSQ Quebec City Marathon Partner - SSQ Financial Group collects $106,423 for the Seinbiose project of the Fondation du CHU de Québec. 20 May 2015. CNW Telbec. 26 September 2014.
  20. Web site: Donations and sponsorships. SSQ Financial Group. 21 May 2015.
  21. News: Longueuil est fière de mettre sur pied l'un des premiers marathons du printemps 2016. 30 November 2015. Ville de Longueuil. 30 November 2015. fr.