Wawanesa's Essentials product offers tailored options for small business coverage plans
According to Benefits and Pension Monitor, Wawanesa Life Insurance Co. has undergone a significant transformation in its group insurance offerings under the leadership of Mike Aiken, vice-president, Group Insurance.
Aiken joined Wawanesa two years ago, drawn by the mutual carrier’s member-focused model.
He stated, “I came to Wawanesa because I was looking for something different. I wanted to get back to what I thought the real value of being in the insurance space was about—providing a great service and a great product to meet the needs of the general population.”
Historically, Wawanesa’s group insurance division played a secondary role to its property and casualty business.
However, Aiken’s leadership has redefined the division as a standalone, innovative entity prioritizing member-first principles.
He highlighted, “Our focus is on building something new—being a viable and growing group insurance carrier with the right product for today’s market.”
Lauren Mazurkewich, director of Group Insurance Product and Pricing, echoed Aiken’s sentiments. “It’s exciting to be in a smaller mutual organization where we can build and create something in our own vision,” she said.
“It’s empowering not just for me but for my team. We’re doing something new, something different.”
In September 2024, Wawanesa launched its revamped Essentials product tailored to businesses with 3–15 employees.
This product offers significant flexibility, enabling employers to customize life, health, and disability benefits while adding healthcare or personal spending accounts.
The quoting process, which traditionally takes hours, has been streamlined to just five minutes.
Aiken noted, “This new offering allows employers to tailor their plans at both the benefit and employee segment levels. They’re not locked into one plan for the entire group.”
The Essentials product also includes a two-year rate guarantee and pools small businesses together to provide rate stability. During its first month, over 800 quotes were generated by brokers using the platform.
Wawanesa has also developed a hybrid long-term disability (LTD) product aimed at niche markets, especially businesses struggling with traditional disability plans.
This product balances affordability and meaningful coverage, guaranteeing two years of disability coverage before transitioning to critical sickness benefits if needed.
Mazurkewich explained, “Hybrid gives employers an option to still offer disability coverage to their plan members. It may not be a standard LTD plan, but it provides some protection and keeps coverage affordable.”
The hybrid product complements Wawanesa’s top-tier disability case management services, which help ensure high return-to-work rates.
Aiken remarked, “We see 75 to 80 percent of employees on disability return to work within the first 18 months. That’s a testament to the strength of our approach and our focus on client outcomes.”
Through tailored solutions like hybrid LTD, small business offerings, and investments in technology, Wawanesa aims to address the evolving needs of its members.
Aiken concluded, “If you haven’t checked out Wawanesa Group lately, take a look – we have what you need!”
