Employees First, a women-owned business, has unveiled its innovative Benefits-Captive-as-a-Service solution for voluntary benefits. This groundbreaking approach leverages a captive financial model to transform the legacy voluntary benefit industry by offering employers unprecedented transparency and control, akin to self-funded health and welfare benefits.n
1. Transparent Financial Model
- Captive Financial Model: Disrupts traditional voluntary benefits by redirecting industry profits back into employee benefits or lowering costs.
- Increased Value: Allows employers to enhance benefits or reduce costs with the savings previously retained as industry profits.
2. Addressing Rising Healthcare Costs
- Supplemental Health Plans: Focuses on Critical Illness, Hospital Indemnity, and Accident/Injury benefits in response to escalating healthcare costs and cost-shifting to employees.
- Employee Contributions: Traditional plans require 100% premium payment by employees; this solution maximizes the financial benefit for employees.
3. Enhanced Transparency and Control
- Opaque Market: Traditional supplemental health plans often lack transparency in performance and compensation.
- Innovative Approach: Provides full transparency and control to employers, a significant shift from industry norms.
4. Seamless Implementation
- Minimal Disruption: Transitioning to the new program is straightforward, with minimal impact on existing plan administration and policy service.
- Flexible Adoption: Can be implemented outside of the annual enrollment season without altering plan administration or service.
5. Compliance and Validation
- ERISA Compliance: Employees First ensured compliance with statutory requirements by working with top employee benefits law firms.
- Pre-Negotiated Caps: All administrative fees come with pre-negotiated caps to further ensure transparency and cost-efficiency.
Client Feedback
A senior benefits representative from a Fortune 100 client in the transportation industry shared their positive experience: “Employees First’s innovative captive model has provided us with greater transparency and control over our supplemental health benefits. This has allowed us to invest more efficiently in our plans and employees while supporting a women-owned business, reinforcing our commitment to business diversity.”
Employees First’s Benefits-Captive-as-a-Service™ solution marks a significant evolution in voluntary benefits management. By offering a transparent, controlled, and efficient approach, this solution empowers employers to optimize their benefits programs and invest more effectively in their employees.
