RIMOUSKI, QC, Nov. 5, 2019 /CNW Telbec/ - Magik-Net and The Empire Life Insurance Company (Empire Life), a leading Canadian life insurer, have established a collaboration to develop an application program interface (API) that enables third party administrators (TPAs) to complete tasks associated with the administration of their customers' benefit plans. Magik-Net and Empire Life are pioneering the ground-breaking technology in the group benefits industry to make it easier and faster for third party administrators to transfer data and provide real-time connectivity to administer benefit plans.
"We're thrilled to collaborate with Empire Life and look forward to expanding our relationship," said Marc Giguère, General Manager of Magik-Net. "We think this will bring a whole new level of business opportunity for Empire Life, Magik-Net and our mutual clients. "
Real-time connectivity has the benefit of helping third-party administrators raise standards and meet customer requirements more efficiently, accurately and securely. This allows carriers like Empire Life to better serve their customers, since they no longer have to spend time and effort processing files – and confirming successful transactions.
"Empire Life is on a mission to make group benefits simple, fast and easy for Canadians," said Christine Wyatt, Director Group Digital Channels at Empire Life. "Working with Magik-Net to securely transfer data directly to Empire Life back-end systems will greatly enhance the experience for TPAs in our mutual network."
Magik-Net has been designing and providing technological solutions for all players involved in the group insurance industry for nearly 20 years. The company plays an important role in the advancement of insurtech through its expertise in managing data centers and technology outsourcing. Our vision: To be recognized as both an effective and agile partner able to contribute to the business objectives of our clients and as a trusted third party across Canada in the management and security of sensitive and personal information.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The company's mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income, and achieve financial security. As of September 30, 2019 Empire Life had total assets under management of $17.8 billion. Follow Empire Life on Twitter @EmpireLife or visit www.empire.ca for more information.
For more information:
General Manager, Magik-Net
1 844 323-8196, ext. 200
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Well done! This is a game-changer for TPA’s.