EPIC Launches Private Exchange Platform
Flexible, Next Generation Platform Reduces Employer Costs and Administrative Burden, Enhances Employee Education and Expands Employee Choice
SAN FRANCISCO, June 15, 2015 /PRNewswire/ -- EPIC Insurance Brokers and Consultants, a retail property and casualty insurance brokerage, and employee benefits consultant, this week unveiled its next generation private exchange, coined EXP (The EPIC Exchange Platform) in partnership with Atlanta-based Hodges-Mace, LLC. The integrated offering includes robust benefits administration and enrollment, advocacy through a licensed call center and actuarially-based decision support tools that empower employees to select benefit plans specifically suited to their personal needs while managing ongoing benefit program costs. EXP is available beginning this June.
OVERVIEW OF EXP:
- Delivers multi-option enrollment and online decision support tools, benefit communication and education for employees supported by state of the art professional, licensed call center.
- Flexible technology platform allows for multi-year strategy – beginning with core benefits administration and the option to migrate to full private exchange and defined contribution approach without disruption.
- Leverages proven platform with over 1500 existing employer clients.
- Ideally suited for firms looking to better control costs, streamline compliance and enhance benefit program delivery.
"Employers remain very committed to offering their employees valuable benefits. It's a key component of their attraction and retention strategies," said John Hahn, co-founder and CEO of EPIC. "And it's not a small investment. So it's increasingly important that the program fits the needs of a multi-generational and diverse workforce and is managed and delivered accurately and efficiently. The EPIC Exchange Platform is a great, flexible solution to help employers achieve these workforce strategies while reducing their costs and administrative burden."
"Employers are also looking for viable ways to stay compliant with ACA – a key trigger point for both public and private exchanges," said Chris Duncan, Chief Growth Officer and National Employee Benefits Practice Leader for EPIC. "The leading set of tools and capabilities that are offered through EXP go a long way in alleviating that burden for employers. EXP also allows for greater employee choice. So a 26 year old with a newborn baby at home can now select plans and programs that meet his/her personal risk management needs, such as added life insurance, while a 56 year old may have a stronger interest in critical illness and disability benefit options," Duncan added.
EXP "Solution Set":
EPIC's approach is to offer its customers a broad range of options, tailored to their specific needs. Through a "best of both worlds" approach, EPIC offers consulting services to help companies assess the right program design and delivery strategy based on their needs, so they can determine whether moving to a Private Exchange is the right option for them. If a Private Exchange strategy is the right choice, EPIC has created the ideal Private Exchange "solution set," incorporating benefits administration, decision support and call center services along with a host of additional compliance, ACA reporting, program management and delivery tools.
EXP includes:
- A proven and robust benefits administration system.
- A sophisticated decision support platform that uses actuarial algorithms to create a suggested profile optimized to help an individual make choices based on unique healthcare and benefit needs.
- One stop shop for benefits, offering medical, life, accident, disability and voluntary options all with a single point of enrollment.
- Enhanced employee support and advocacy via a dedicated licensed call center.
- Strong employee education and communications to help promote employee engagement and effective program use.
- Comprehensive, integrated post enrollment benefits administration, so companies don't have to sacrifice benefits management for ease of enrollment.
- Predictability of costs via a defined contribution funding approach as an additional option.
- Options include ACA eligibility tracking, eligibility management and compliance reporting services.
EPIC's platform leverages the collective purchasing power of non-medical coverage, including life, accident, disability and voluntary benefits. Benefits packages can also include different offerings or carriers for different geographical locations.
EXP Flexibility:
The EPIC Exchange Platform provides clients the option to include decision support capabilities and employee-enabled decision making within a traditional defined benefit funding approach, and then migrate over time to include additional layers such as defined contribution. With EXP, EPIC supports comprehensive and flexible benefit solutions that deliver increased predictability of costs for employers.
About EPIC's Employee Benefit Consulting Services:
EPIC Insurance Brokers and Consultants has quickly grown to become a Top 20 large group employee benefits broker/consultant nationally, according to Employee Benefit Adviser. With over 1500 employee benefits clients, EPIC is a strategic partner and advisor that offers a unique and hybrid service delivery model of local consultants supported by a national resource center. EPIC helps clients manage both their short-term cost control challenges as well as longer-term issues, with services including health program management, compliance, employee engagement, benefits technology, accountability, health and well-being, voluntary benefits, HR services and international benefits. Through comprehensive consulting services, EPIC helps set and drive the overall strategic service support that relieves much of the day-to-day program management burden and cost.
About EPIC Insurance Brokers and Consultants:
Headquartered in San Francisco, EPIC Insurance Brokers and Consultants has nationwide presence with a depth of industry expertise across key lines of insurance, including commercial property and casualty, employee benefits, unique specialty program insurance, and private client services. Since its founding in 2007, EPIC has grown revenue from $5 million to $160 million through both organic growth and strategic acquisitions, and remains a fixture on the insurance industry's "Best Places to Work" lists. Its strategic partners include private equity firms The Carlyle Group and Stone Point Capital. To learn more, visit http://www.epicbrokers.com/.
About Hodges-Mace:
Founded in 2004 by Greg Hodges and Peter Mace, Hodges-Mace is an employee benefits technology and communications firm that helps employers improve their overall delivery of benefits by implementing cutting-edge solutions coupled with proven employee engagement and decision-support services. For more information, visit http://www.hodgesmace.com/ or LinkedIn.
Press Contact:
Nicole Conley
of Tanis Communications
for EPIC
[email protected]
(650) 422-3156
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SOURCE EPIC Insurance Brokers and Consultants
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