In the benefits technology space, effective solutions start by tackling deployment challenges head-on. By blending health benefits expertise with strong engineering, top platforms offer tools that simplify every part of ICHRA, from planning and compliance to enrollment. The goal is to reshape the benefits landscape, making personalized and sustainable solutions accessible to all.
In a recent episode of the HR business marketing podcast, A Better HR Business show, Ben spoke with Brandy Burch, CEO and founder of Benefitbay, a groundbreaking company that’s revolutionizing employee health benefits.
Through a modern healthcare approach known as ICHRA (Individual Coverage Health Reimbursement Arrangements), Benefitbay allows employees to purchase individual health plans while still reaping the tax advantages typically associated with group insurance policies.
Brandy Burch’s pathway into the HR tech space came from an unconventional angle. With a robust background in accounting, she scaled the professional ladder quickly from staff accountant to controller. However, her practical involvement in the HR components of various businesses sparked an interest that couldn’t be ignored.
Upon pursuing her master’s degree, Brandy supplemented her financial expertise with formal HR training, earning SHRM certifications that cemented her skill set in both domains. This powerful combination of accounting accuracy and HR empathy provided her with unique insights into the shortcomings of traditional health benefits systems, spurring the creation of Benefitbay.
ICHRA, a healthcare model implemented since 2020, forms the backbone of Benefitbay’s offerings. This model allows employers to allocate a defined contribution towards employee health plans, ensuring fairness, compliance, and financial efficiency. The problem was that navigating the maze of individual health plans and maintaining compliance with ERISA and other regulatory mandates was a daunting challenge for many organizations. Benefitbay steps in to resolve these complexities, providing seamless integration and administration while empowering employees with choice.
One of the core advantages of ICHRA, as implemented through Benefitbay, is its ability to save both employers and employees significant sums of money. By pricing health insurance on an individual basis considering variables like age and location, rather than a general population standard, Benefitbay can offer more competitive rates. Additionally, it tackles the inherent inefficiency in traditional group plans, where one-size-fits-all solutions often result in overprice premiums without meeting individual needs.
Benefitbay operates exclusively through the broker channel, seeing brokers as essential partners rather than competition. This strategy ensures that brokers are equipped with the tools they need to efficiently quote ICRA plans, while also minimizing administrative burdens. Unlike competitors that often sideline brokers or create administrative headaches, Benefitbay offers brokers a seamless, integrated platform to better serve their clients.
In a wide-ranging discussion, Brandy and Ben talked about:
- The challenges of managing employee healthcare benefits.
- The advantages of modern, flexible healthcare solutions like ICHRA.
- What sets Benefitbay apart, including its ICHRA model, strong customer focus, and broker partnerships.
- The vital role brokers play in Benefitbay’s success by helping navigate the complexities of healthcare.
- Brandy’s strategic approach to marketing and growth, offering valuable insights for other leaders.
- The importance of customer success and service in maintaining Benefitbay’s competitive edge.
- And much more!
Thanks, Brandy!
Websites: www.benefitbay.com
LinkedIn profile: www.linkedin.com/in/brandy-burch-24389536/
Brandy Burch, CEO and Founder of Benefitbay
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About The ‘A Better HR Business’ Podcast
In my HR marketing podcast, I talk with different HR consultants and HR tech companies from around the world to learn about what they do and how they keep their businesses healthy and moving in the right direction.
If you have questions you want to ask me about growing an HR consultancy or marketing for HR tech companies, just let me know or visit the HR marketing services page.
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