Wawanesa is a leading insurance company in Canada that offers a wide range of insurance products and services for individuals and businesses. In this comprehensive review, we’ll examine Wawanesa Insurance employee benefits offerings in depth and see how they compare to competitors.

We’ll cover Wawanesa’s history and background, details on its various benefits, pros and cons, pricing and value comparisons, and more. Whether you’re an individual looking for benefits or a business researching options for group plans, this review will provide key insights into Wawanesa’s employee benefits.

What is Wawanesa Insurance?

Wawanesa Insurance is a Canadian insurance company that has been in business since 1896. It is headquartered in Winnipeg, Manitoba, and provides property, casualty, life, and financial services across Canada and the United States.

Wawanesa Insurance offers insurance for individuals, including home, auto, and life insurance. It also has extensive offerings for businesses, including commercial property, liability, specialty, and group benefits coverages. The company employs more 3600 people, has $10 billion (CAD) in assets and over $3.5 billion in annual revenue.

Wawanesa is a mutual insurance company owned by policyholders rather than shareholders. This structure helps align the company’s interests with those of its customers. Wawanesa is known for its quality products, great customer service, and competitive pricing.

Source: https://jobs.wawanesa.com/content/About-Wawanesa/?locale=en_US

The company has an A rating from A.M. Best, indicating excellent financial strength and stability. Although it is not accredited by the Better Business Bureau (BBB), it does have an overall A+ rating on the BBB website based on customer reviews.

Types of Insurance and Employee Benefits Offered at Wawanesa Insurance

Wawanesa provides a comprehensive suite of insurance and employee benefits, including:

• Health insurance
• Dental Insurance
• Life insurance
• Accidental death & dismemberment insurance
• Disability insurance
• Critical illness insurance
• Vision care
• Employee assistance programs
• Best doctors programs
• Retirement planning services
• Group RRSPs and pensions
• Health and wellness programs

The company focuses on providing customizable plans to meet the needs of all types of Canadian businesses and their employees. They have in-house experts who can advise on benefits plan design, compliance and more.

Wawanesa Insurance Employee Benefits Review

Wawanesa offers a robust menu of employee benefits that covers all the critical insurance and financial security needs for workers and their families. Here is an overview of the main benefits available and how Wawanesa’s offerings compare to those of other leading providers.

Wawanesa Health Insurance

Wawanesa Insurance provides comprehensive health insurance plans that complement provincial healthcare coverage. The plans are customizable with options for deductibles, co-pays, prescription drug coverage, paramedical practitioner coverage, medical supplies and equipment, and more.

They offer health spending accounts that allow employees to allocate benefit dollars to the services they need most. Wawanesa also has wellness programs, access to Best Doctor services, medical second opinion services, preferred pharmacy networks, and other value-added healthcare support.

Compared to competitors like Sun Life, Canada Life, and Manulife, Wawanesa’s health plans are competitively priced. They offer all the standard options plus some unique advantages, like health spending accounts. The insurer is powerful in health benefits for smaller businesses.

Wawanesa Dental Insurance

Wawanesa Insurance gives employers the flexibility to design dental plans that meet their budgets. Dental coverage can include basic and major services, orthodontics, accident coverage, denture benefits, and more.

Unique features of their dental plans include implant coverage and access to the Dental Care Savings Plan network, which provides discounts on treatments. Wawanesa’s dental benefits costs are pretty competitive, particularly for basic and primary services. The company offers many customization options, making dental insurance appealing to all types of employers.

Wawanesa Group Life Insurance

Wawanesa Insurance’s employee life insurance plans provide affordable financial protection for workers and their families. Employers can choose plans with flat coverage amounts or ones based on a multiple of earnings.

Life insurance options include standard life insurance plans paid by the employer or optional plans paid by employees. Wawanesa also offers robust living benefits that accelerate life coverage when a person is diagnosed with a terminal illness or critical condition.

Wawanesa Insurance is among Canada’s most affordable options for employee life insurance. Even large amounts of coverage can fit into modest benefits budgets. Their life insurance stands out in terms of price, making it an intelligent choice for employers.

Wawanesa Disability Insurance

Protecting income in case of illness or injury is critical. Wawanesa Insurance provides short-term and long-term disability coverage to replace lost wages when an employee can’t work.

Short-term disability plans can cover illnesses right away or after an elimination period. Benefits are taxable and paid weekly. For long-term disability, benefits kick in after 119 days of disability and can continue to age 65. Plans can be customized with different waiting periods, benefit amounts and durations.

For disability coverage, Wawanesa offers all the standard features employers expect. Their pricing is very competitive, particularly for long-term disability insurance. Overall, their disability benefits can cost-effectively meet the income protection needs of most workforces.

Retirement Plans

Wawanesa Insurance partners with leading financial institutions to make saving for retirement easy. They offer group registered retirement savings plans (Group RRSPs) and defined contribution pension plans.

These plans allow tax-deferred investing through payroll deductions. Wawanesa Insurance and its partners provide investment options, tools to monitor accounts, retirement planning advice, and more. Retirement plan costs are on par with or lower than competitors’.

Read more : Canada Individual Retirement Accounts

FSA and HSA Accounts

Wawanesa Insurance offers health spending accounts (HSAs) and flexible spending accounts (FSAs) for additional financial benefits. These accounts allow employees to set aside pre-tax dollars for health or other costs.

HSA funds can be used for medical expenses like prescriptions, vision care, and dental treatment. FSAs provide tax-free reimbursement for childcare, eldercare, and other eligible expenses.

Wawanesa’s spending accounts are easy to use and available at very competitive pricing. The accounts are an affordable way for employers to enhance their benefits.

Wellness Programs

Wawanesa Insurance has resources to engage workforces in health and wellness. Their BUILD wellness program encourages exercise, nutrition, mental health and preventative care.

Other wellness options include seminars, workshops, fitness challenges, health risk assessments, smoking cessation plans, EAP services and more. These programs aim to reduce healthcare costs through employee health and work-life balance.

Pros of Wawanesa Insurance Employee Benefits

There are many advantages to choosing Wawanesa Insurance for employee benefits:

• Competitive pricing – Wawanesa Insurance offers very affordable rates across all lines of coverage. Bundling multiple benefits with them can yield excellent value.
• Customization – Employers can mix and match benefits options to meet their precise needs and budget. Wawanesa’s flexibility is a significant perk.
• Strong plans—The company’s benefits offer the standard protections and options employees expect.
• Range of choices – From retirement plans to HSAs to wellness programs, Wawanesa Insurance has extensive choices for creating a total rewards program.
• Customer service – Experts can consult on benefits design, claims support and ongoing service needs.
• Focus on small business – Wawanesa Insurance caters to organizations of all sizes but shines with small group benefits.
• Experience – With over 120 years in business, Wawanesa Insurance brings expertise and commitment to benefits delivery.

Cons of Wawanesa Employee Benefits

There are a few potential drawbacks to consider with Wawanesa’s employee benefits:

• Limited national presence – Wawanesa has less brand recognition outside Western Canada. For a national workforce, larger insurers may be preferable.
• Fewer value-adds – Some big employee benefits companies in Canada offer more robust wellness platforms, health concierge services and digital benefits apps example : Manitoba Blue Cross Employee Benefits, Sun Life employee benefits, IA Financial Group Employee Benefits,…
• Administration challenges – Wawanesa’s group benefits portal lags behind competitors regarding user experience and self-serve options.
• Smaller provider network – While extensive, Wawanesa’s provider network is smaller than the most significant national insurers.

For some employers, these factors may necessitate complementing Wawanesa with another benefits provider. However, for most, the advantages of affordable, customized benefits outweigh these considerations.

Wawanesa Insurance Group Benefits for Businesses

In addition to individual plans, Wawanesa offers comprehensive employee benefits packages to companies of all sizes. Here are some of the critical group insurance options from Wawanesa:

Wawanesa Group Life Insurance

Businesses can provide low-cost life insurance to employees through Wawanesa’s group plans. Coverage amounts can be fixed or linked to salaries. Plans with standard underwriting or guaranteed issues up to $25,000 per employee are available.

Wawanesa Group Health Insurance

Wawanesa group health plans have no lifetime maximums and provide emergency medical coverage while travelling. Prescription drugs, dental accident coverage, vision care, medical equipment, paramedical practitioners and more are included.

Wawanesa Dental Insurance

Employers can craft group dental plans with Wawanesa that include primary and significant services, orthodontics, accident coverage and other options. Dental fees guide up to the current year, and 90% of benefit reimbursement levels provide excellent value.

Wawanesa Disability Insurance

Short-term and long-term disability benefits protect employee incomes in case of illness or injury. Wawanesa group disability plans have various wait times and benefit payment options to suit different workforces.

Wawanesa Critical Illness Insurance

To help employees offset costs from severe conditions, group critical illness insurance from Wawanesa provides lump sum payouts upon diagnosis of covered conditions. Guaranteed issue amounts up to $25,000 are available.

Why Choose Wawanesa Insurance for Group Benefits?

There are many good reasons for employers to select Wawanesa for their workplace benefits program:

• Cost Savings – Wawanesa group plans are competitively priced to stretch benefits budgets. Bundling multiple lines of coverage increases savings.
• Focus on Small Business – Wawanesa provides an excellent benefits experience for smaller companies under 500 employees.
• Robust Service Model – Local advisors backed by experienced support teams provide high-touch, personalized service.
• Benefits Expertise – With group benefits as a core offering, Wawanesa knows small businesses need.
• Customization – Employers can mix and match benefits options and tailor plans to their workforce demographics.
• Range of Plan Designs—From HSA-style plans to PPOs, Wawanesa offers group benefit designs to suit all employer needs and preferences.
• Value-Added Programs – Special wellness, health advocacy and risk management programs come with group plans.

For any organization prioritizing an optimal blend of benefits value and service, Wawanesa is a go-to source for employee benefits programs.

Working at Wawanesa Insurance

Let’s take a brief look at Wawanesa as a workplace and employer:

Employee Satisfaction

Current and former Wawanesa employees give the company solid ratings at leading job websites like Glassdoor and Indeed. Wawanesa earns a 3.3 out of 5 star approval rating on Glassdoor. Employees praise the positive work culture, opportunity to learn and develop skills, and work/life balance. Challenges raised include average pay and limited advancement.

Salaries and Benefits

Wawanesa employees earn competitive wages for the insurance industry. Average salaries range from around $35,000 for customer service roles to $90,000 for senior executive positions. Wawanesa employees give the company benefits an average rating of 4 out of 5 stars on Glassdoor. Perks like health, dental, life insurance, paid time off, RRSP matching and tuition reimbursement are offered.

Culture and Environment

The work atmosphere at Wawanesa gets positive marks for being collaborative, ethical and focused on customer service. There is an emphasis on community with charitable efforts to support local causes. Employees say management is approachable and helpful. Work can be fast at times, particularly at period ends. Overall, Wawanesa is seen as a solid, stable employer.

Growth Opportunities

Developing skills and leadership capabilities is encouraged at Wawanesa. Employees can build careers through lateral moves across departments or by promotion. There is a significant opportunity to take on projects and advance over time. Some employees find promotion speed can be slow in certain areas. However, the depth of knowledge gained is valuable.

Conclusion – Are Wawanesa Benefits Worth It?

After reviewing Wawanesa’s offerings, performance and reputation, I would recommend them as a leading source of employee benefits for Canadian individuals and businesses.

The company has an outstanding track record of over 120 years in the insurance industry. They receive financial solid ratings, signaling stability. Wawanesa’s group and individual plans provide great value with customized features across all the “must-have” benefits categories.

While not perfect – no insurer is – their pros far outweigh any downsides for most employers. The few drawbacks should not deter small and mid-sized businesses. Wawanesa checks all the boxes with affordable pricing, excellent service, and benefits expertise.

For individuals seeking personal health, life or disability insurance, Wawanesa is competitive. Their pricing, features and options match other major insurance providers well.

In summary, Wawanesa delivers quality employee benefits tailored to the Canadian market. Both group plan sponsors and individuals can expect excellent coverage, support and value from partnering with Wawanesa for benefits – making them an easy company to recommend.

Finding the right employee benefits provider is an important decision for any business in Canada. With a range of options to choose from, it’s helpful to understand the landscape of top providers across the country. Some of the leading employee benefits providers in Canada include:

• Assumption Life Employee Benefits in Canada
• Medavie Blue Cross Employee Benefits
• Pacific Blue Cross Employee Benefits
• Equitable Life of Canada Employee Benefits
• RBC Insurance Employee Benefits
• Beneva Employee Benefits

Visit Ebsource for more employee benefits news.

Article Sources

At Ebsource, we recognize that navigating employee benefits and HR strategies can be complex for Canadians. That’s why our mission is to empower readers by equipping them with insider knowledge and guidance. We provide comprehensive yet understandable information so Canadians can make educated benefits and HR decisions tailored to their specific needs. Our insights come from veteran finance experts, reflecting current industry best practices. We also exclusively use accurate data from reputable sources like Statistics Canada.

To ensure our advice is relevant, we thoroughly research all the major benefits providers across Canada from an unbiased lens. This allows us to offer customized recommendations based on individuals’ unique budgets and priorities. Ebsource adheres to high editorial standards, citing reputable sources and reporting transparently. We aim to simplify a complex landscape so readers feel confident choosing the optimal benefits and HR solutions for their situation. Our goal is to be Canada’s most trusted educational resource for employee benefits and HR navigation.

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