A personal and home care provider wanted to simplify the voluntary benefits registration process and bring better coverage to their employees. BeneRe delivered a captive solution that everyone could feel good about.
Key Takeaways
- The company offered supplemental benefits to their employees for over 10 years but it proved to be a challenging experience.
- Signing up for the benefits required employees to contact an enrollment center outside of their benefits administration system.
- A high broker commission rate plus lack of transparency on transactions and claims proved frustrating for the company and its employees.
- BeneRe implemented a captive model that offered employees better coverage with an estimated 12% annual savings.
- The company received annual captive dividends to offset employer-paid supplemental benefits premiums – an estimated 20% of the premium, or approximately $46,000.
In the realm of employee benefits, providing comprehensive coverage that truly resonates with employees can be a difficult task. For a leading personal and home care provider with a workforce of 3,100 individuals, the journey towards offering valuable supplemental benefits was fraught with challenges.
A voluntary benefits challenge.
For over a decade, the company had offered supplemental benefits to its employees. However, the process was far from seamless. The programs were individually underwritten, making it arduous to convey their true value to employees. Signing up for these benefits involved navigating through external enrollment centers, detached from the company’s benefits administration system. Moreover, a significant portion of the premium paid towards claims went towards broker commissions, leaving employees with less than 20 cents for every dollar paid.
Frustration mounted on both ends. Low employee enrollment coupled with minimal transparency on plan performance left the company grappling with dissatisfaction. It was evident that a transformative solution was needed to breathe new life into their benefits offering.
BeneRe delivers a healthy solution.
Enter BeneRe. Implementing an innovative captive model, the company witnessed a paradigm shift in their benefits landscape. By offering both employee- and employer-paid supplemental benefits, they were able to revolutionize their approach, fostering substantial benefits for all parties involved.
Through the group captive model, both the employer and their employees enjoyed substantial benefits. Employee costs were slashed by an estimated 12% annually, while plan designs underwent a metamorphosis, ensuring fair compensation for brokers. Registration for the plans was seamlessly integrated into the company’s existing core enrollment process making it fast and easy for employees.
The benefits didn’t stop there. With BeneRe, the company gained unparalleled transparency, gaining insights into all claims and transactions. Additionally, the potential for annual captive dividends provided additional advantages, offering an estimated 20% of premiums, equating to approximately $46,000. These dividends served as a testament to the efficacy of the new approach, further fueling the organization’s commitment to employee well-being.
The BeneRe difference.
With major plan upgrades including Accident, Critical Illness, and Hospital Indemnity coverage, employees found themselves better equipped for unexpected medical expenses.
BeneRe is different in these important ways:
- We offer a much better value proposition for employees
- Total transparency in how all the financials are working in the plan, which is crucial in today’s benefits market
- Whatever isn’t used to pay claims goes back in the form of a dividend be reinvested in employee wellness
For this health and home care company, the benefits of BeneRe far exceeded dollar savings. The organization helped to ensure that all of their employees were protected from unexpected medical expenses and felt valued by their employer.
When you’re ready to see results like these, get in touch with the team at BeneRe and learn more about our first-of-its-kind group captive solution.
Reach out today for a complimentary financial analysis of in-force programs .