OMA Insurance Inc.

What OMA Insurance Inc. does

OMA Insurance Inc. is a wholly-owned subsidiary of the Ontario Medical Association, operating since 1956 as a not-for-profit insurance distribution agency headquartered in Toronto. The company provides insurance and retirement solutions exclusively to physicians, medical learners, and their families, with a customer base of 38,000+ Ontario physicians representing more than half of the province's physician workforce. Its platform spans the full lifecycle of a medical career, from medical student coverage through to retirement, delivered through licensed, salaried, non-commissioned advisors and supported by digital tools including a mobile app and the Advantages Retirement Plan online portal.

The product suite is comprehensive and includes group and individual life insurance (Term Life Plus 75, Flex Term Life, Permanent Life launched in 2024), disability income insurance up to $25,000 per month, critical illness insurance with tax-free lump sums up to $250,000, health and dental coverage, accidental death and dismemberment, travel insurance, home and auto insurance, professional overhead expense coverage, cyber liability, and clinic staff benefits. The Advantages Retirement Plan provides RRSP, TFSA, and RRIF accounts with target-date funds from BlackRock and guaranteed lifetime income annuities from Brookfield Annuity, holding $54M in investable assets. Distribution relies on strategic partnerships with Manulife (group insurance), The Personal (home and auto), Hub International (business insurance), and Common Wealth (retirement plan administration).

The business model is commission-based insurance distribution operating on a not-for-profit basis, with earnings reinvested into programs and excess returned to policyholders via a premium refund program ($235.9M distributed since 2014). Geographic reach spans Ontario and Atlantic Canada (New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island), with explicit exclusion of Quebec and the Northern Territories. The go-to-market combines affinity marketing through the OMA membership, community-led outreach via the AIM Leadership Program for medical students, and content marketing through the Knowledge Centre. OMA Insurance holds PIPEDA and GDPR compliance for data handling and maintains 60 staff supporting member needs.

Name

OMA Insurance Inc.

Legal name

OMA Insurance Inc.

Website

https://omainsurance.com

Company type

Private

Founded year

1956

Operating status

Operating

Short description

OMA Insurance Inc. is a not-for-profit insurance distribution agency and wholly-owned subsidiary of the Ontario Medical Association, providing life, disability, health, business, and retirement solutions exclusively to Ontario and Atlantic Canada physicians and their families since 1956.

Ownership category

akta.pro rank

Product category

Affinity Insurance Distribution for Healthcare Professionals

NAICS

Other Insurance Related Activities (52429), Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114)

SIC

Insurance Agents, Brokers & Service (6411), Life Insurance (6311)

akta.pro primary industry

Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI)

akta.pro secondary industries

Association & PEO Group Health Plans (AHP/PEO-Sponsored) (FSAIAFAH), Universal Life (UL) Insurance (FSAIABAB), Annuity + LTC / Long-Term Care Riders (FSAIAJAC)

Keywords

• Physician insurance solutions
• Group insurance distribution
• Affinity insurance programs
• Retirement savings plans
• Health and dental coverage

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Insurance Distribution / Agency Commissions: OMA Insurance operates as an insurance distribution agency. It earns commissions from insurance carriers for placing group and individual insurance products with OMA members. The company operates on a not-for-profit basis, reinvesting earnings into programs and distributing excess to policyholders through a premium refund program.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

OMA Insurance Inc. is a not-for-profit insurance distribution agency and wholly owned subsidiary of the Ontario Medical Association, providing group and individual insurance, retirement savings, and financial planning solutions exclusively to physicians, medical learners, and their families across Ontario and Atlantic Canada. It distributes life, disability, health, dental, critical illness, accidental death and dismemberment, travel, home and auto, and business protection products through partnerships with carriers such as Manulife, The Personal, and Hub International, and operates the Advantages Retirement Plan with BlackRock and Brookfield Annuity.

Product overview

OMA Insurance Inc. is a wholly owned subsidiary of the Ontario Medical Association operating as a not-for-profit insurance distribution agency since 1956. The company offers a comprehensive platform of insurance and financial solutions exclusively for physicians, including group and individual life insurance products (Term Life Plus 75, Flex Term Life, Permanent Life), disability income insurance (up to $25,000/month), health and dental coverage (Health & Health Plus, Dental & Dental Plus), critical illness insurance, accidental death and dismemberment coverage, travel insurance, home and auto insurance, and business protection products (Professional Overhead Expense, Office/Clinic, Cyber Liability, Clinic Staff Benefits). The portfolio also includes specialized offerings like the OMA Priority Insurance Program (OPIP), Essentials Offer for students and residents, MyDignity Home Care Assistance, and the Advantages Retirement Plan with RRSP/TFSA/RRIF accounts. The platform leverages strategic partnerships with Manulife, The Personal, Hub International, BlackRock, and Brookfield Annuity to deliver comprehensive coverage across every stage of a physician's career.

Differentiator

Problem solved

Functional benefit

Brands

• OMA Priority Insurance Program (OPIP): Comprehensive health and health plus coverage program for eligible OMA members
• Essentials Offer
• Atlantic Benefits Program
• AIM Leadership Program
• Advantages Retirement Plan

Products and services

• Disability Insurance Income protection insurance providing up to $25,000 in monthly benefits for OMA or Atlantic medical association members under age 65 actively practising in Canada (excluding Quebec), with flexible coverage options and optional riders.
• Professional Overhead Expense Insurance Covers fixed business costs up to $30,000 per month if illness or injury prevents a physician from working, available for active OMA or Atlantic medical association members under age 65 practising at least 30 hours/week in Canada (excluding Quebec).
• Health and Health Plus Health coverage for services not covered by provincial health insurance, including prescription drugs, hospitalization, and paramedical services, with pay-direct drug card convenience for physicians and their families.
• Dental and Dental Plus Dental coverage for basic and preventative care including exams, x-rays, scaling, and major services through Dental Plus for physicians and their families.
• Life Insurance (Term Life Plus 75)
• Flex Term Life Insurance
• Permanent Life and Individual Insurance Whole life and universal life insurance products for estate planning, tax efficiency, and legacy creation for physicians.
• Critical Illness Insurance Living benefit providing a tax-free lump sum of up to $250,000 after surviving a covered critical illness condition, available for OMA or Atlantic medical association members and spouses under age 65 residing in Canada (excluding Quebec).
• Accidental Death and Dismemberment Insurance Coverage from $100,000 to $1,000,000 for accidental death or serious injury, available for physicians, spouses, and eligible dependent children under age 70 actively practising in Canada (excluding Quebec).
• Travel Insurance
• MyDignity Home Care Assistance
• Home Insurance
• Auto Insurance
• Office / Clinic Insurance
• Cyber Liability Insurance
• Clinic Staff Benefits
• Advantages Retirement Plan
• OMA Priority Insurance Program (OPIP)
• Essentials Offer
• Atlantic Benefits Program

Quantifiable outcome

• 80%+ of OMA members trust OMA Insurance with one or more products
• +3 more outcomes

Named customers2 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

15 partnerships are on record, tiered core and minor.

• ManulifecoreChannel Partner/ Reseller/ Distributor · 1 January 2023Manulife is OMA Insurance's current partner for group life, living benefits (disability, critical illness), and health and dental insurance products, following Sun Life's 2023 exit from the affinity business. Manulife offers a dedicated call centre (1-888-596-8881) and online platform for OMA members. Group life insurance is underwritten by New York Life.
• Black Physicians Association of Ontario (BPAO)coreGTM or Marketing Partner · 2 June 2021OMA Insurance is the exclusive insurance provider for BPAO under a multi-year agreement. The partnership provides tailored education, advice, and insurance solutions to BPAO's 600+ medical students, residents, and physician members. The partnership supports BPAO's professional development and well-being initiatives for Black physicians.
• New York LifecoreChannel Partner/ Reseller/ DistributorNew York Life underwrites the group life insurance products offered through OMA Insurance's partnership with Manulife.
• Common Wealth Pension Services Inc.coreStrategic or Co-development PartnerCommon Wealth administers the Advantages Retirement Plan for OMA Insurance, providing online platform access, plan management tools, and retirement planning services. Common Wealth is subject to applicable federal and provincial privacy legislation.
• BlackRockcoreTechnology or IntegrationBlackRock is the investment partner for the Advantages Retirement Plan, providing target-date funds for plan members. BlackRock is the largest target-date fund manager globally. The plan's investment committee selected BlackRock to manage plan assets.
• Brookfield Annuity (Blumont)coreTechnology or IntegrationBrookfield Annuity (formerly Blumont Annuity Company) provides guaranteed lifetime annuity products within the Advantages Retirement Plan, offering members the option to convert accumulated savings into guaranteed monthly income for life.
• The Personal (The Personal Insurance Company / The Personal General Insurance Inc.)coreChannel Partner/ Reseller/ DistributorThe Personal is the exclusive provider of OMA Home and Auto Insurance, offering customized coverage at exclusive group rates for OMA members. Underwritten by The Personal Insurance Company in all provinces except Quebec (The Personal General Insurance Inc. in Quebec).
• Hub InternationalcoreChannel Partner/ Reseller/ DistributorHub International is the broker for OMA Insurance's office/clinic, cyber liability, and clinic staff benefits products. The partnership has spanned over 10 years. Products are underwritten by Novex Insurance (Intact), CFC Insurance, Beneplan, Greenshield, and Cooperators.
• Beneplan Inc. / The Beneplan Co-operativecoreImplementation/ SI/ Consulting PartnerBeneplan administers the Clinic Staff Benefits group plan through a not-for-profit buying group that distributes 100% of income generated from benefit plan surpluses to members. OMA Insurance is a member of The Beneplan Co-operative.
• RBC InsuranceminorChannel Partner/ Reseller/ DistributorRBC Insurance provides individual insurance products to OMA members through the OMA Insurance platform, complementing group insurance offerings.
• Canada LifeminorChannel Partner/ Reseller/ DistributorCanada Life is one of the insurance carriers offering individual insurance products accessible to OMA members through OMA Insurance.
• Industrial Alliance (iA Financial Group)minorChannel Partner/ Reseller/ DistributorIndustrial Alliance offers individual insurance products to OMA members through the OMA Insurance platform.
• Canada Protection PlanminorChannel Partner/ Reseller/ DistributorCanada Protection Plan provides individual insurance products accessible to OMA members through OMA Insurance.
• Sun Life FinancialminorChannel Partner/ Reseller/ DistributorSun Life Financial provides individual insurance products accessible to OMA members through OMA Insurance. (Sun Life previously served as the group insurance partner until 2023.)
• MyDignitycoreStrategic or Co-development PartnerOMA Insurance partnered with MyDignity (established 2009) to offer Home Care Assistance plans to members. MyDignity plans cover home care costs for cognitively or physically dependent individuals, complementing disability and critical illness coverage. Plans are insurance-backed PHSP recognized by CRA. OMA Insurance advisors assist with quotes and applications.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Others

• Hub International: Hub International is OMA Insurance's 10+ year business insurance brokerage partner (office/clinic, cyber liability, clinic staff benefits) and also a major North American insurance brokerage. It is both a strategic channel partner and a comparable insurance intermediary in the broader professional services market.

Regional players

• Beneva: Beneva is a Quebec-based mutual insurer (formed from the merger of La Capitale and SSQ Insurance) offering life, health, and property/casualty coverage. It serves the Quebec market that OMA Insurance cannot, making it a complementary rather than directly competing regional peer.

Emerging players

• GreenShield Canada: GreenShield is a Canadian not-for-profit health and dental benefits provider that administers group benefits for various organizations, including as one of OMA Insurance's clinic staff benefits underwriters. Its not-for-profit, health-focused structure mirrors OMA Insurance's mission alignment, and it competes in the group health/dental space.

Broad incumbents

• Canada Life: Canada Life offers individual insurance products accessible to OMA members through the OMA Insurance platform and is a major Canadian life, health, and wealth insurer. It competes broadly for the same professional and group benefits market across Canada.
• Manulife Financial: Manulife is OMA Insurance's primary group insurance partner (life, health, dental, disability, critical illness, travel) since 2023, and also a major Canadian life and health insurer competing for the same physician customers. It represents both a strategic channel partner and a potential competitive threat through direct sales.
• IA Financial Group (Industrial Alliance): IA Financial Group offers individual insurance products to OMA members and is a major Canadian insurer with deep presence in Quebec — directly relevant to the geographic gap OMA Insurance cannot serve. It competes on life insurance, group benefits, and wealth management.
• Foresters Financial: Foresters Financial is a fraternal/mutual life insurer with a member-aligned structure and community-based mission. While broader in scope than OMA Insurance, its mutual model and focus on member outcomes make it a structural analog and adjacent competitor in the Canadian life insurance market.
• Sun Life Financial: Sun Life was OMA Insurance's prior group insurance partner until its 2023 affinity business exit, and continues to offer individual insurance products through the OMA Insurance platform. As one of Canada's largest insurers, it overlaps materially on life, health, and wealth products targeted at professionals.

Direct peers

• CDSPI (Canadian Dental Services Plans Inc.): CDSPI is a wholly owned subsidiary of the Canadian Dental Association, providing insurance, investment, and financial planning services exclusively for Canadian dentists — structurally the closest analog to OMA Insurance's physician-affinity model. Both are professional-association-owned distribution agencies operating on a member-aligned basis with multi-line insurance and retirement offerings.
• MD Financial Management (Canadian Medical Association): MD Financial Management serves Canadian physicians nationally through the Canadian Medical Association, offering wealth management, insurance, and financial planning. It is the most direct competitor for Canadian physician wallet share, particularly outside Ontario where OMA Insurance's reach is limited.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/OntariosDoctors
• YouTubeyoutube.com/user/OntMedAssociation
• Facebookfacebook.com/Ontariosdoctors
• LinkedInlinkedin.com/company/42904
• Instagraminstagram.com/ontariosdoctors

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OMA Insurance Inc.