January 10th, 2019 – Toronto, ON – Life Sciences Ontario (“LSO”) and BioBenefits are pleased to announce that on December 12th, 2018, they have entered into a partnership agreement to offer affordable and flexible employee benefit plans and advice as part of LSO’s benefits of membership and available resources.
Employee benefits are an essential component of an employer’s total compensation/rewards strategy; and as the Canadian bio-economy competes for talent on a global scale, bio-startups and small-to-medium size employers (“SMEs”) must overcome the challenge of providing an affordable and attractive benefits package. The BioBenefits Program is a response to this industry “pain point.” Through its national “risk pool,” the Program spreads employee health risk granting better access to benefit plan economies of scale and scope, traditionally unavailable to the SME marketplace.
Ontario represents a key economic region for the life sciences industry in Canada; it is home to nearly half of the Canadian bio-workforce with approximately 83,000 highly skilled workers across 5,600 establishments and contributing almost $38.5 billion to Ontario’s GDP.
The initial term of the partnership is for 3-years with an option to renew for each subsequent year thereafter. The deal endorses BioBenefits as the exclusive provider of group benefits to LSO’s membership during that time, and where LSO will act as the Program’s primary marketing partner for the Ontario region. In addition, the deal offers LSO the opportunity to participate in a marketing allowance to support joint-marketing initiatives aimed at growing the Program both provincially and nationally. During the partnership, LSO’s President & CEO, Jason Field, will serve as a member of the BioBenefits’ Advisory Board, providing guidance to ensure the Program continuously aligns with the needs and objectives of the life sciences’ community.
Madison McKimm, President & CEO of BioBenefits, states, “We are very excited about this partnership. To be endorsed by a leading organization like LSO, is a tremendous vote of confidence for our Program. We believe that this partnership model combined with their nearly 30-years experience and network will help us not only deliver exceptional benefit-services but also drive meaningful change for the bio-community in Canada. It is a very exciting time to be in the insurance business; the innovation and technology is changing rapidly on our end, so to be able to serve an industry that is driven by innovation, it makes the opportunity even more exciting.”
Jason Field, President & CEO of LSO, states, “This is an important opportunity for small-to-medium size employers (SME’s) in the life sciences ecosystem, in overcoming the challenge of providing affordable and attractive benefits plans to their employees. BioBenefit offers a unique risk model that will allow employers the ability to provide a more comprehensive and flexible benefits plan that is designed specifically for the Canadian bioeconomy. Attracting and retaining talent in Ontario’s life sciences sector is a key priority for Life Sciences Ontario (LSO) and I am confident that this partnership will deliver value to our members.”
Established October 2017 with support from BioTalent Canada and headquartered in Mississauga, Ontario, BioBenefits specializes in employee benefits for the life sciences community across Canada. The BioBenefits Program offers bio and related-employers the opportunity to participate in a national “risk pool” made up of similar employee groups. The “pooled” arrangement helps bio-employers to spread their employee health risk beyond their own demographic, granting access to preferred funding and underwriting methods. In addition to its unique risk model, the Program delivers on top benefits’ trends such as, virtual medical clinics, voluntary (portable) insurance products and digital administration. The pool is underwritten by Equitable Life of Canada (“Equitable Life”). For more information, please visit www.biobenefits.ca.
About Life Sciences Ontario:
Life Sciences Ontario (LSO) is a member-driven organization that represents and promotes the province’s vibrant and diverse life sciences sector. LSO collaborates with governments, academia, industry, and other life science organizations in Ontario and across Canada to promote and encourage commercial success throughout the sector. Membership in Life Sciences Ontario includes individuals, students, emerging companies, investors, service providers, and companies with marketed products. The organization provides a wide range of networking and educational events, and operates a mentorship program that is helping to develop highly-skilled talent and build new business opportunities for the life sciences sector. LSO is an effective conduit for delivering policy options to governments, and is dedicated to promoting Ontario’s life sciences sector internationally.
President & CEO
Life Sciences Ontario
President & CEO