In 2018, a Benecon Premier Producer presented VERIS to one of their clients – a national construction company with locations across the country from New England to Florida and California. With 250 employees on their health insurance plan, the construction company’s management team had always assumed self-funding would be too much of a burden to administer. They also figured since they were receiving yearly renewals of 0-5% from their fully insured carrier, why make a switch?
With the help of their broker, the construction company’s management team realized they were only receiving such low renewal increases because they were overpaying each and every year.
With the VERIS program, the concept is straightforward. You only pay for what you use. With independent actuaries pricing the program, we’re able to gauge an appropriate amount of funding. With the surplus provisions of VERIS, groups are also able to retain and control 100% of any claim fund dollars they don’t use.
Since joining VERIS in April 2018, the construction company ran at 91% and 74% of expected for their previous two years in the program.
The result? $1.5 million in surplus that the construction company is able to completely control.