Beneplan administers a cooperative, and its clients become the members of this cooperative. With Beneplan’s coverage, members receive refunds on any unclaimed premiums. In other words, if a company pays more to Beneplan in premiums than its employees claim in benefits, the company will be issued a refund. On the other hand, if a company’s claims exceed its premiums, the company is not penalized, as reserves of the cooperative cover the deficit. In subsequent years, Beneplan adjusts the premiums according to the company’s results, so that rates are fair for all cooperative members.
The cooperative business model is unique, and so far, is not used for insurance anywhere else in Canada.
Beneplan has introduced an entirely new model for benefits and insurance which specifically caters to the needs of small businesses. The Beneplan cooperative ensures that small businesses pay only what is fair, covers businesses in years of higher-than-expected claims, and rewards businesses in refunds if claims are lower than expected. The model favours small businesses and provides affordable benefits so that they can grow.
Nominated by Michelle Morton