Health insurance

BeniComp launches innovative employee health insurance tool • St Pete Catalyst

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As Tampa-based BeniComp Health Solutions turns 60 this year, the company remains committed to using innovative, forward-thinking solutions, such as its recently launched QuickQuote tool, to reshape a struggling industry.

Founded in Indiana in 1962, BeniComp decided to enter the Central Florida market by opening an innovation office in Tampa in the early 2010s. The health technology insurance company is now headquartered in Tampa and is focused on pursuing its mission of reducing healthcare costs through data, prevention and technology.

The company says its new QuickQuote tool, released Monday, allows groups of employees as small as 25 people to self-fund health insurance and save hundreds of thousands of dollars. Steve Presser, president and COO of BeniComp, credited the company’s management’s adoption of fintech for the proprietary tool.

“This whole process of being able to quickly quote a self-insurance product, which normally takes multiple vendors and several weeks, is what we are packaging into something that can be done very quickly and without all the cumbersome processes. ..”, said Presseur.

“As a result, we can save a company – say, with 1,000 employees – maybe $5 million in the first year.”

Presser called CEO Doug Short a visionary who thinks years ahead. Presser said the chief executive decided to focus on preventative health and avoid claims by predicting them before they happened about 16 years ago. Presser said Short went on to create several patented products and completely revamp the company using proprietary software and technology.

This allowed the company to become more operationally efficient, he explained, and at one point BeniComp dedicated 75% of its staff to product innovation.

“One of the things we focused on at BeniComp was some fintech projects where we took processes of 137 hours per week and nine people and reduced them to one person in five minutes,” he said. . “We’ve taken all of our customer base and moved them from claims processing and paper-based payments to all-digital, saving us tons of money and time.”

Presser explained that companies sit down to renew employee health insurance plans every year, and “the options go from bad to worse.” Many companies, Presser said, create “incredible” cultures focused on employee well-being but are still stuck in a pool with other employer groups who may not share the same values.

One way to avoid this scenario is to use self-funded insurance programs, although employers then assume the health risks for employees. Presser said it’s difficult for small businesses with 25 to 100 employees to transition to self-insurance in part because of a lack of data.

Underwriters typically require three years of medical history, Presser said, and the QuickQuote tool eliminates that barrier to entry.

“Instead of having three years of history and going back and forth for weeks with Excel sheets and answering questionnaires, we can get a simple census of these brokers or groups of employers”, a- he declared. “At the start this year, it might take us a few days to get quotes from underwriters.

“Going forward, we expect the process to take place in seconds – and that is what today is a process of weeks, sometimes months.”

Presser said BeniComp mitigates risk and saves companies money through its patent-pending IncentiCare service by incentivizing and promoting a healthy workforce. According to its website, the program achieves a 96% participation rate in annual health exams by offering significant deductible incentives based on results.

IncentiCare also identifies at-risk participants through analysis of blood test data and reporting of claims, then offers health coaching to improve wellness. Presser said using technology and data to promote preventative health management saves employers and employees significant amounts of money.

“Based on their screen, they could earn anywhere from a $3,000 deductible to a $0 deductible with no medical expenses,” he said. “What you get is almost the entire population participating in these annual health checks.”

While BeniComp has focused on using fintech and hired several program developers, Presser said other industry players are “quite a long way behind.” BeniComp, he said, creates application programming interfaces (APIs) that integrate with stop loss providers to reduce quote turnaround time from days to seconds. He called this a new process for most companies in the industry.

Although Presser said it’s sometimes difficult to find vendors that work with APIs, he thinks that will change in the coming years. He explained that Americans spend more than $4 trillion annually on healthcare services, or 20% of the country’s gross domestic product – and that it is imperative to use technology to reduce costs and promote better health. health outcomes as industry advances in 21st century.

“The future of the healthcare industry as a whole will always be fintech-driven,” Presser said. “BeniComp – and the healthcare industry as a whole – has a moral obligation to reduce waste, speed up transactions and create a better member experience.”