Blow out the candles! 2022 marks a significant milestone for ICS: Ten Years of Employee Benefits (EB) Group Captives! Although ICS started property casualty group captive business in 1999, the employee benefits side of the business has been rapidly growing over the past decade. After starting our first captive, WELLth in 2012, ICS has grown to manage 14 different employee benefit group captives and continues to deliver health insurance savings, stability and enhanced employer experience to hundreds of clients around the country. We marked this milestone by helping our firstborn captive celebrate all their accomplishments and savings throughout the last decade.
Putting WELLth Back into Your Pocket
WELLth celebrated their 10th Anniversary at their 2022 Member Meeting in Banff, Alberta this past September. There was much more to celebrate than just another trip around the sun. Over the past 10 years, WELLth has seen over $33 million in claims savings. What does this mean for employers? An average of $110,000 in claims savings per year per 100 covered employees. In addition, WELLth has distributed over $6 million in captive profit back to employers. These dollars would’ve been traditional insurance carrier profits in the standard health insurance market. With results like these, it’s clear the savings were just as sweet as the cake.
The BOLD Alternative
Health insurance is something most employers offer, but historically has been a source of frustration due to higher costs, lack of transparency and little control. Despite rising historic costs, experts are projecting the medical trend will experience higher or significantly higher cost increases in the next three years. As an employer, your health insurance spend is likely one of your most expensive line items, and you’ve been conditioned to believe that it’s something you can’t control. With ICS employee benefit captives, you’re largely in control of your success.
At ICS, we partner with like-minded companies that are committed to doing insurance differently and boldly. Captive insurance provides ownership over your health insurance budget with the “better together” mentality by sharing resources with one-another to integrate best practices on health and well-being initiatives and enhance your companies collectively. Whether it’s about tweaking communication, influencing high-cost pharmacy spend or attacking high-cost claimants, captive members are incentivized to drive down cost because those dollars are their opportunity. This allows employers to maintain stability in their costs, which helps attract and retain their best employees.
Finding the Perfect Fit
A big reason why companies are successful in our health insurance captives is more than just luck. It’s about partnering with best-in-class companies, not just any company. Our members know who they are sharing risk with, which provides an opportunity to collaborate and learn from each other. There is a common desire to provide effective cost and risk management strategies that outperform the market. Our captive members are not afraid to try new and innovative ways to improve health and contain cost. The health and well-being strategies are another way of doing business boldly (and differently)!
We focus on six areas when determining if an organization is a fit for a captive:
- Leaders with an entrepreneurial spirit
- Business that desire control
- Ready to embrace a “risk for reward” philosophy
- Consistent focus and commitment to improving employees’ health
- Typically has “good” claims performance
- Fifty or more enrolled employees
Our employee benefit captive owners have a lot to celebrate, and we would love for you to be a part of that celebration. We have a decade of success to share with you! Many businesses approach their health insurance renewal in the coming months, think about doing insurance BOLDLY with Innovative Captive Strategies. Reach out today!