Ontario, Canada (CU)_ According to Canada Life’s parent company, Great-West Lifeco, ClaimSecure has been purchased by Canada Life Assurance Company. The purchase brings the total number of Canada Life plan members to 1.25 million individuals, including plan members and their dependents, with annual claims payouts of more than $1.2 billion.
The purchase of ClaimSecure expands Canada Life’s position in the third-party administrator (TPA) and third-party payor (TPP) business areas, in addition to boosting the number of plan members. As a result of the agreement, Canada Life became the first large Canadian insurer to own and run a pharmacy benefits manager with the technological power to pay claims throughout the country.
When the acquisition is completed, ClaimSecure will continue to…
