Global Insurance and Risk Management Awards 2021 6 Wealth & Finance International - 2021 Global Insurance and Risk Management Awards APR2w2 With over 15 years of experience as a benefits broker, Jeff Cox knew first-hand the good and the bad of the health insurance industry and the slow pace of adapting new technology. This aversion is partly due to the lack of good digital options but also an aging demographic in insurance that isn’t tech-savvy and/or lacks the expertise or desire to deliver digital solutions that the younger workforce wants and expects. It was time for some innovation in group health insurance. A Digital Solution for All Customers While at a conference in 2017, Jeff attended a presentation that sparked the idea of how the group health insurance industry could simplify the benefits experience for three key customers: • Employees - to help employees, and their dependents, better understand and use their employer-sponsored group benefits anytime, anywhere. Benefits are an important attraction and retention strategy for employers so if employees don’t know what they have and how to use them, the value is lost - definitely not what employers want. • Employers - to help plan administrators streamline the benefits management process for new employee enrolments and terminations while enabling employees to directly make changes online reducing their administration time and improving efficiency. • Advisors - benefits brokers play a critical part in helping employers design a plan that employees value while helping clients to find insurance partners that can effectively deliver the right mix of products, price and technology. Advisors are a valuable ally to employers to help them shop the marketplace and advocate for them and their employees. Once we fully understood the unique needs of each of these users, it was determined that any new technology had to be 100% digital and help all three customers to be a success! Advisors Are Lifeblood to Distribution With many insurance technologies, the advisor’s needs are often an afterthought. In fact, some Frustrated by the lack of digital employee benefits options, the frequent push back from insurers and long, endless paperwork, Canadian group advisor Jeff Cox decided to take action to revolutionize the BenTech space. Best Digital EmployeeHealth Insurance Platform– Canada insurers completely bypass them altogether and work directly with employers. But, as an Advisor himself, Jeff knew that good advisors give good advice and clients trust them. He didn’t think it made sense to cut Advisors out of the process because he knew group benefits are a complex buy and employers need ongoing support. New technology needed to make the advisor needs a priority - not an afterthought. Ready, Set, Launch In 2008, with a mission to simplify Canadian employee health insurance through innovative technology for a better experience, the development of a 100% digital benefits management platform began at an aggressive pace. By Fall 2020, Simply Benefits onboarded its first customers and experienced rapid growth throughout 2021. Looking forward to 2022 and beyond, Simply Benefits has aggressive revenue growth plans and a continued mission to digitize the benefits space with the addition of voluntary benefits, modular flex and cafeteria plans. Canada’s Newest Digital Benefits Provider With over a year of being fully operational, Simply Benefits is Canada’s newest 100% digital employee benefits third-party payor (TPP) that partners with leading industry providers including Beneva, Empire Life, Telus Health, AIG, HumanaCare, PocketPills and beyond - giving employers more choice. Simply Benefits’ digital platform offers three unique portals for employees, employers and advisors that can help: Simply Benefits • Engage Employees Anytime, Anywhere ○ - Employees can login 24/7 from any device or desktop to sign-up, update personal data, view coverage, access digital drug cards, and submit claims with fast reimbursement (typically within 48 hours). ○ - Administrators can communicate to one, some or all employees quickly through push notifications. ○ - Employees can view plan details and use an AIpowered keyword search to see their coverage: “I hurt my back!” - you have $500 of physiotherapy coverage. • Simplify the Benefits Experience ○ - A fully digital experience from start to finish for insured, pooled and ASO benefits plus health and lifestyle spending accounts - all in one place with real-time data. ○ - Advisors can onboard members in about 30-minutes. Plus, employees are then guided through a 5-minute paperless enrollment process and once complete, they are instantly live and ready to use their benefits immediately. ○ - Employers can pick and choose from select insurers and a growing network of third-party partners including mental health, virtual care and wellness programs. • Evolve an Advisors Benefits Business ○ - Simply Benefits provides competitive pricing and commissions and never works directly with employers. In fact, Simply refers employer leads to advisor partners to help them grow their business. ○ - White label options are available for advisors and employers looking to fully brand the platform to make it their own. ○ - Advisors eliminate the time consuming and manual process of switching employers from one carrier to another, freeing up their time so they can spend it better elsewhere. As a responsive start-up, Simply Benefits listens carefully to all customer feedback to continue to improve the platform and the overall user experience. With ambitious new development plans for the future, the team is excited to be a key player in leading the digital revolution for Canadian health insurance. Contact: [email protected] Website: