Breaking The Status Quo
Needing additional resources to invest in your employee benefits programs?
Laser focused on reducing costs and increasing protection for your employees?
We thought so, which is why we established BeneRe.
Average Employee Cost Decrease
Average Annual Member Distribution
Employees Receiving Benefit Improvements
These supplemental benefits deliver far greater financial protection than dental & vision insurance...
- Provides lump-sum payment directly to the employee for injuries resulting from a covered accident.
- Covers items such as: broken bones, concussions, ambulance, stitches, burns, and more.
- Helps employees pay for their out-of-pocket expenses likes deductibles and copays.
- Provides lump-sum payment directly to the employee upon diagnosis of a covered illness.
- Covers items such as: heart attack, stroke, cancer, Alzheimer's, loss of sight, and more.
- Helps provide employees financial security and extra money to pay for items such as: mortgage, lawn care, childcare, and more.
- Provides cash benefits directly to the employee upon admittance into the hospital for a covered stay.
- Covers hospital stays for labor and delivery, surgery, accidents, and more.
- Helps employees meet the unforeseen costs associated with a hospital stay.
...but supplemental benefits have rewarded the insurance industry more than employees for far too long.
This. Really. Happens.
The traditional model is complicated by compensation
For employers who are laser-focused on fiduciary stewardship, sometimes they don’t get the full picture:
1) Pay to Play Platforms
Some platforms crowd out competition and create profits for large brokers (like supermarket “slotting fees”)
2) Incentive Misalignment
Incentive compensation plans that only pay 1st year misalign commissions with the extended period of service delivery.
3) Heaped Compensation
This leads brokers to opt for “heaped” vs. level compensation, which can run as high as 75% for certain products.
4) Low Claims Ratios
Heaped compensation in year 1 also forces insurance companies to seek low loss ratios for future years to earn their target ROI.
5) Contingent Income
Further exacerbating the problem, many brokers also accept additional contingent bonuses based upon program profitability.
6) Suppress Transparency
All of this leads to reluctance by the insurance industry to transparently report claims and compensation due to poor optics.
7) Consulting Bank
Excessive Comp in year 1 creates a “bank” for services controlled by the broker; eventually bank balances run low…
8) Enrollment Flywheel
So face-to-face enrollment firms, often owned by the broker, are engaged to periodically re-enroll your employees with new carriers.
9) Carrier Hopping
…and then brokers recommend changing carriers every three years to chase heaped compensation once again – it’s a vicious cycle.
Compensation Erodes Employee Value.
BeneRe’s model disrupts the status quo.
In the traditional model, commissions are high and the lower the claims, the higher the profits for the insurance industry.
BeneRe’s model fundamentally changes the way the game is played. Commissions come down, transparency goes up and the lower the claims, the higher the dividend for reinvestment for employees.
Typically employees receive a 10% cost reduction, strong enhancements to plan designs and employers receive dividends for benefits reinvestment. Employees are the biggest winners in the BeneRe model.
* Represents the average 10% Cost reduction for employees
**Pre-Tax; Insurance Company Tax Rate was 21% for the period ended 12/31/19
Putting Distributions to Work
We believe that value and transparency are what everyone deserves.
Benefits of Participating Members include:
Three important things to keep in mind:
1. Employees win first via better plans at better prices or we don’t proceed.
2. Employers get quarterly reports that allow them to track BeneRe’s performance.
3. All underwriting gains go back to the employer’s plans for reinvestment in programs.
“We had been frustrated by a total lack of transparency. Not anymore.”
– Fortune 200 CHRO
“What am I missing here… why wouldn’t everyone do this?”
– Fortune 500 CFO
“Our employees received much better plans at much better prices.”
– Large Healthcare Head of Benefits
Get In Touch
Senior Vice President
Bill Gallagher is an Executive Vice President and the Market Leader within the Employee Benefits Practice of HUB International, located in Pittsburgh, Pennsylvania and serving Pennsylvania, Ohio, West Virginia, and western New York.
In his role, Bill directs HUB’s Employee Benefits practice by developing strategic plans for growth and retention. Bill’s role is to provide strategic leadership for each local practice by collaborating with respective Practice Leaders and functional subject matter experts to monitor marketplace trends, opportunities, and risks. In addition to this management role, Bill proactively advises clients regarding HUB’s focus on strategic planning, tactical execution, and operational delivery. Within these roles, Bill has been an active trainer and mentor while also serving as a guest speaker and advisory member to several national benefits organizations and insurance carriers.
Prior to joining HUB, Bill held various Employee Benefits roles including Principal at Gateway Benefits as well as a Practice Leader for a national consulting and brokerage operation. He joined the HUB team in 2016 and now has over 25 years of experience in the insurance industry.
Bill earned a Bachelor of Science in Business Administration and Marketing from the University of Dayton. He has his Pennsylvania Life/Accident/Health and Life/Fixed Annuity licenses.
Bill is a candidate for the Certified Employee Benefits Specialist (CEBS) designation from the International Foundation of Employee Benefits Plans and the Wharton School of the University of Pennsylvania. Bill is an active member of the National Association of Health Underwriters and numerous community-based youth athletic associations.