Focused on providing group benefits to companies as well as a full array of standard insurance plans to individuals, Industrial Alliance (iA) Financial Group has become a major player in the Canadian insurance market since its beginnings in 1892, serving over 3 million customers throughout the country.
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IA Financial Group
| Founded | 1892 |
|---|---|
| Headquarters | Quebec City, Quebec |
| Employees | 5,700 (2017) |
| Canadian Mkt. Share (As Industrial Alliance Auto and Home Insurance Inc.)* | 0.65% (2022) |
| Insurance Products | Life, Car, RV, Homeowners, Mortgage, Critical illness and disability, Personal accident, & Group insurance |
| Provinces Licensed | AB, BC, MB, NB, NL, NWT, NS, NU, ON, PEI, QC, SK, YT |
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Company Overview
Industrial Alliance is made up of two historic Canadian insurance companies, which merged in 1987: Alliance Nationale, a small mutual aid society formed in a church that grew into Canada’s first mutual insurance company, and Industrial Life Insurance Company, which before the merger had acquired the companies that now make up iA’s home and auto insurance policy options.
Industrial Alliance was a mutual company after it was born of the merger, but demutualized shortly after entering the financial services market in 1999.
Although the company was founded and is currently headquartered in Quebec, it provides insurance policies to individuals and businesses across Canada. Specializing in personal life, health, home, auto, mortgage and personal injury & accident coverage as well as group benefits packages, iA is an insurer that can cover a wide range of risks for different types of customers.
People who have Industrial Alliance insurance plans have to come to rely on it for the following features:
- A company that can handle group benefit allocation for large companies
- A wide range of personal coverage options
- An insurer that can also offer financial advising and other financial services
Since iA Insurance is such a large company, serving Ontario as well as the other Canadian provinces, the company relies on a network of brokers to make its products available and easy to understand to prospective customers all over the region.
Advantages of Industrial Alliance Insurance
There are some advantages to having iA Insurance policies that make this particular company a solid option for insurance in the Canadian market. They are:
- The company can help manage more aspects of a client’s life than most: Unlike many companies which only offer insurance, Industrial Alliance is also a financial services company.
- iA offers a variety of options for personal insurance shoppers: One thing that stands out about Industrial Alliance’s personal policy options is the sheer number of coverage areas. It’s unlikely that clients of iA would need to piece together coverage from more than one company as a result.
- A user-friendly website that helps clients and insurance buyers to understand what they’re buying: If a prospective policyholder goes onto iA’s website to shop for insurance, it will be very easy for them to understand what coverage they need to fit their unique circumstances and risk profile. The company’s online presence even has a section for “life events” where they give clients advice on what to do from an insurance standpoint when something major happens like the birth of a child, a serious illness or a new marriage.
Industrial Alliance Products
As mentioned, iA’s insurance products range from personal policies to benefit package for large companies and organizations.
Personal Insurance
Industrial Alliance offers insurance in the following areas: home, auto, life, health, RV/specialty vehicle, mortgage, critical illness, and personal accident.
Home Insurance
iA offers the following discounts on their home insurance policies:
- Multi-line discount when a client bundles multiple iA policies
- A discount for a working alarm in the home
- A discount for bundling home and auto policies
- A discount for owning or renting the same property for more than 5 years
Auto Insurance
iA car insurance policies carry standard risk protections: civic liability, collision and other perils.
They also offer options for additional coverage such as: rental vehicle coverage, full value replacement, roadside assistance and more.
RV Insurance
Unlike some companies, iA chooses to offer coverage for RVs and leisure vehicles under its own category, The following vehicles can be coverage by Industrial Alliance policies:
- Motorcycles
- Scooters
- ATVs
- Snowmobiles
- Trailers
- Motorhomes and RVs
- Boats
Life Insurance
iA offers term life and whole life policies as well as a plan that they call “universal life” which is a permanent policy that also allows the policyholder the opportunity to save money for an inheritance.
Mortgage Insurance
Industrial Alliance offers clients the options to build a mortgage insurance policy with a variable term that allows them to be protected in case of injury or death.
Illness and Disability Insurance
iA offers two different policies to protect against the risk of critical illness:
- Critical illness insurance: allows a person to take time off work for a critical illness by paying them a lump sum.
- Disability income insurance: if a person were to have a prolonged absence from work due to injury or illness, their insurance policy would pay them a monthly income to meet their standard of living and honour financial responsibilities.
Personal Accident Insurance
iA offers full reimbursement or a lump sum payment to help policyholders in serious accidents recover without having to change their standard of living.
Group Insurance
For companies and large organizations, iA Insurance’s group benefits packages are a good fit. The company’s website specifies packages directed at small-to-medium-sized businesses (SMBs) and packages directed at large businesses and organizations. The options for group insurance through Industrial Alliance are:
- Medical and Paramedical Care (Health)
- Homecare
- Vision and Dental
- Life Insurance and Accidental Death & Dismemberment (AD&D)
- Short- and long-term disability
- Travel
- Transit
iA Financial Group and Subsidiaries
- iA Financial Group: Est. 1892 – Life and health insurance company, and financial service provider for Canada and the US – https://ia.ca.
- The Excellence Life Insurance Company: Founded 1963, acquired 2008 – Life and health insurance company for Canadians – iaexcellence.com.
- Michel Rhéaume et associés ltée (MRA): Founded 2003, acquired 2008 – Insurance brokerage providing group disability and life insurance, serving Quebec – https://www.cabinetmra.com.
- Industrial Alliance Auto and Home Insurance Inc.: Founded in 1973 – General insurance company, serving Quebec with property, casualty, auto, and home insurance.
- Industrial Alliance Pacific General Insurance Corporation: Founded 1981, acquired 2001 – General insurance company serving Canada with creditor insurance, extended warranties, and replacement insurance.
- IA American Life Insurance Company: Founded 1980, acquired 2008 – Accident, life and health insurance company serving the US – https://www.iaamerican-waco.com/v3/.
- American-Amicable Life Insurance Company of Texas: Founded 1910, acquired 2010 – Life insurance company serving the US – https://www.americanamicable.com/v3/.
- iA Clarington Investments Inc.: Founded 1999, acquired 2005 – Investment fund and portfolio manager company serving Canada – https://www.iaclarington.com.
- T.E. Investment Counsel (A division of iA Investment Counsel inc.): Founded 2009, acquired 2013 -Investment fund manager company serving Canada – http://www.teic.com.
- T.E. Financial Consultants Ltd.: Founded 1972, acquired 2013 – Financial consultant company serving Canada – https://www.tewealth.com
- Leon Frazer & Associates (A division of iA Investment Counsel inc.): Founded 1939, acquired 2013 – Portfolio manager company serving Canada – http://www.leonfrazer.com–
- Forstrong Global Asset Management Inc.: Founded 2001, acquired 2013 – Portfolio manager company serving Canada – https://www.forstrong.com.
- Industrial Alliance Investment Management Inc.: Founded 2004 – Investment fund manager and advisor company serving Canada – https://ia.ca/individuals.
- Industrial Alliance Trust Inc.: Founded in 1999 – Trust company and deposit taking company serving Canada – http://www.iatrust.ca.
- Industrial Alliance Securities Inc.: Founded 1970, acquired 2002 – Securities dealer company serving Canada – https://www.iasecurities.ca.
- FundEX Investments Inc.: Founded 1995, acquired 2004 – Mutual fund brokerage company serving Canada – https://www.fundex.com.
- Investia Financial Services inc.: Founded 1999 – Mutual fund brokerage company serving Canada – http://www.investia.ca.
- iA Auto Finance Inc.: Founded 2010, acquired 2015 – Deposit taking company serving Canada – http://iaautofinance.ca/home.
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Get a Quote nowLet Mitch Insurance Brokers do the comparison shopping for you – with quotes from over 40 insurance companies in Ontario. Speak with a broker today: 1-800-731-2228
Rating: .5
.5 /5 stars
Don’t waste your time
Nothing but a hassle a waste of time 3 months to file a claim and horrible customer service
Rating: .5
.5 /5 stars
Worst experience after 5 years
Financed my car worth $20,000 5 years ago and always made payments on time. With interest this car cost me almost $40,000. When I had to go on strike and then take time off, all they wanted was to repossess my car with only 6k left to pay instead of letting me catch up on payments, terrible, rude, disgusting customer service, not worth any ones time to deal with the mental stress and anguish these people put on you. Paying the rest of my car off and telling these *** to pound sand.
Rating: 0.5
0.5 /5 stars
Do not trust this company!
I have spent 4 days trying to call IA for my policy modification because i am buying new car. I failed to speak to anyone! stayed over one hour waiting on answering machine but it seems no one care. I wonder what kind of management this company has that ignoring thousand of customers’ calls !!! I tried also emails but no one respond. For sure i will cancel my relationship with this company and will never recommend them for any one.
Rating: .5
.5 /5 stars
Don’t buy from this complany
Been paying for short term disability for 10 years through the company I work for and when I took 3 weeks off due to mental stress they denied my claim. All they do is take your money and when you need help they turn their backs on you. Buyer beware.
Rating: 1.5
1.5 /5 stars
Due to Unusually High Volumes Avoid IA Insurance
IA takes an inordinate amount of time to process claims. Phone wait times are bad, If you get through in a timely fashion it will due to an inexperienced customer service representative who is not empowered help you.
My impression is that it offers competitive rates and products and employers make the switch to their regret.
It is reputable enough but employs delay tactics, with an understaffed/ or unskilled front line. So what’s the point?
Save a little money and risk dying of stress in the process.
Rating: .5
.5 /5 stars
An insurance company that offers no meaningful coverage
Recently submitted an expense claim for gum grafts for $3,390.00 in BC, got $313.00 covered (not even 10%). I decided to call in and ask how that’s possible, apparently the provincial fee guideline is the only thing they go by. So, my wife’s coverage provided approximately $1,100.00 and they felt because their guide sheet says the procedure “should” cost $600.00 that this payout is appropriate and even reasonable and it’s not their problem that prices are different from the provincial guidelines.
If you’re looking at these guys for group benefits, run. You’ll get stiffed. I’m surprised their able to operate like this, total scam company.
Rating: 5
5 /5 stars
Best Insurance company
Great company, providing value for your money. you can create wealth with IA UL.
Rating: .5
.5 /5 stars
Industrial Alliance, terrible
I purchased a very large joint policy in 2008 with premiums of $4000.00/month. The policy had a savings component attached that is tied to the investment marketplace performance. We cancelled the policy in April of 2022 and received confirmation that it was cancelled. The timing of the cancelation was based on the expected drop in the market. IA continued to take the following months payment after the policy was confirmed cancelled as of April 19, 2022. After numerous attempts to get my payout IA decided to use the date of June 2022 for the value of my payout some $15,000.00 less than the cancelation value plus an additional$4000.00 premium. It has taken 6 months and I am still not paid in full and the advisor who is very incompetent negotiated my settlement down because he was to blame for numerous errors. IA collected some $700,000.00 in premiums from me that they received on time and in full yet denied my full payout due to their negligence. My advice is find a better company and a better advisor than I had.
Rating: .5
.5 /5 stars
I have 2 life insurance with iA , is always hidden lines they agents never say the true, he ask me to put money like saving to used any time if I stop working,
Or to continue to pay my insurance with this’s saving money.
Unfortunately I’m not able to take this’s money back or I used to pay my monthly payment , and I call customer service a few times to solve this’s problems. Answer back this’s will go to the beneficiary, I saving money for the beneficiaries!!!!!!!!!
Do not trust this’s company or that agency
Rating: 1
1 /5 stars
How can they continue taking money from my account if I cancelled my car n home insurance?
Warning! Go wherever necessary to insure elsewhere, as I write this review I’m once again on hold over 1 hour, last time it was 21/2 hrs wait but I had no choice( I purchased a new vehicle and wanted to cancel my old policy). After finally cancelling with them and received a confirmation letter of both cancellations, I noticed in my on line banking they took the funds for the following month. I no longer owned the old car and had new insurance for car and home, yet they took my money. I had to go to the bank to put a stop on the following 3 months, The bank charged $25 per file per month. I sent them an email a week ago and still nothing. They are thieves and this should be illegal. I will be calling the Better Business bureau, and Consumer protection. These ppl are taking advantage of the consumer, they take our money and penalize us if we make a claim. Stay away from Industrial Alliance Go anywhere but. I’m still on hold ppl. The worst company.
Rating: 1
1 /5 stars
They did a mistake a blamed me for it
they badly analysed my demand, and later blamed me for it when i asked them to admit it.. typical insurance mantality.. very bad
Rating: 1
1 /5 stars
Submitted claims…they told me 24 hours will be deposited I am still waiting 27 days later.
They told me they would call me in a couple days they were waiting to hear back from there accounting department and that it would take 3 business days…omg these people are horrible…get a different answer every time I call
Rating: 2
2 /5 stars
Worst Group Benefits
Off on Short Term…excuse they have 5 to 8 days to look at the claim…waited..SOMEONE called on the 7th day…NOT THE CASE MANAGER…called told my claim was received on ANOTHER DATE…sooo they now have more time to look at my claim…STILL NO ONE CALLS BACK …..NO MONEY … I pay into this service and they take forever to do anything….we had Manulife and they were AWESOME!!! not sure WHY WE EVEN WENT TO THIS COMPANY….HORRIBLE SERVICE!!!!
Rating: 1
1 /5 stars
Not worth your money
This company doesn’t deserve to call themselves a Insurance company for Group benefits. Better change the name to Blood Suckers!
Rating: 1
1 /5 stars
Avoid IA critical insurance
been diagnosed with a critical disease in june 2020, its been 5 months this company didnt pay the claim. they have the excuse is Covid. also they purposefully delay claim, by asking unrelated documents, even before the periods of their requirements. they may trying to avoid not pay you the claim. Also staff in telephone not much helpful. they dont know whats happening, where the documents are. how long it will take.
Rating: 1
1 /5 stars
Worst customer service with associates who have no clue what coverage entails
Have to constantly follow up to ensure they do their work competently and on time
Never provide reasoning for why claims have been rejected; up to the customer/client to call and follow up
Dated website
Rating: 1
1 /5 stars
Don’t deal with IA
waste of money, unacceptable customer service!
Rating: 1
1 /5 stars
Dont expect any satisfaction when applying for a claim
Disgruntled. Non existent help and company claims they have no idea what an ombudsman is
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