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Benecon

Thursday, January 27, 2022

Benecon powers the VERIS Stop Loss Consortium, the most stable stop loss solution on the market, providing conventional stop loss and level-funding.

Transcription:

What is Benecon and VERIS?

Benecon is our company, that's physically who I work for. We're in Lancaster, Pennsylvania. We have over 200 employees, and we've been in business for over 30 years. So, we specialize in small to mid-size employer groups, self-funding. And we do that via either our consortium model or cooperative model. So, the consortium is really for our private sector programs and VERIS is kind of our flagship program. You know, it's a private sector consortium that we're marketing nationwide. And currently, there are over a thousand employer groups in the consortium. So, Benecon's the company, VERIS is one of our programs.

How is Benecon and VERIS different?

I think we're different in sheer volume that we're managing of stop-loss obviously differentiates ourselves. Under management, we're over 525 million of stop-loss that we are managing in-house here at Benecon, we have a full actuarial team. We're doing the pricing, we're doing the underwriting. And, you know, what we're doing is because of that aggregation and volume, we're able to provide protections for these small to mid-size employer groups that are so valuable for them as they enter the self-funded space. Such as, we don't laser ever future renewals, we're capping our renewals and it's guaranteed renewable. So with all of that, it's really all the positives of being self-funded without the downside risk and volatility that sometimes does occur in the traditional standalone stop-loss market.

Who's a good fit for Benecon and VERIS?

I would say this is a two-part question. And the reason why I say that is, obviously, the end-user is the employer group, and it's really good for any employer group out there that's just looking for a little bit more stability, a little bit more transparency, protection, etc. Again, this is a very safe vehicle for employers to be able to go self-funded. We distribute VERIS though, through a broker-driven model. So, you know, we're selective in nature with our consultant partners. Obviously, we're actively trying to discuss the model with broker partners, but that's kind of the answer. So VERIS, obviously, is for the end-user, the employer group, but we do distribute it in a broker-driven model. We're not retail where we're, you know, competing with brokers direct.