1. Employee Benefit Control Accounts
Lowering cost and taking back control of
your Employee Benefit packages

2. The Advantages of the Employee Benefit
Control Account with BAF
Over the last two decades, Employee Benefit packages have grown to include Medical,
Life and Accident/Disability insurance and have become accepted as “de facto” in
employment packages, particularly where businesses are aiming to attract and retain the
best talent. In a challenging economic environment and with no end in sight of these
recessionary times, many businesses are now questioning the viability of continuing to
provide such high cost benefits; especially those costs which rise above inflation year after
year.
However, the removal of staff benefits can have a negative impact on employee loyalty as
well as making a business less attractive compared to those that do offer such benefits as
part of an overall employment package. There is also real concern about the impact of
removing benefits such as medical insurance on long term staff absence and productivity.
BAF Support and Partners
So what’s the answer?
• BAF’s insurance companies have been serving
the needs of Caribbean business since 1920 Employee Benefit Control Accounts can provide a flexible and safe alternative to
traditional insurance for medium and larger sized companies – taking care of employee
• Dedicated and knowledgeable local staff
well-being, whilst putting the control of costs and escalating premium payments back in
• Streamlined and state of the art
the hands of the employer.
administration capabilities
• Highly rated reinsurance support, including BAF is a specialist in the management of Employee Benefit Control Accounts. Together
Munich Re with our global network of partners we have designed a best in breed solution to manage
Employee Benefits, putting excellent employee service and employer cost reduction at the
• Locally managed and scalable physician
heart of everything we do.
networks
• Lowest cost claims in the US utilizing the
United Healthcare network
The advantages to the Employer
• Access to e-Doc America, a leading physician  Real, long term savings over the cost of traditional corporate premiums (between 10-
led portal for health and wellness information 25%).
available 24/7.
 Employer keeps any surplus if claims are lower than expected, rather than an insurer
• Jointly designed and customized wellness taking an extra profit.
management programs
 The employer, working with BAF, sets the rules of the scheme and what can be
covered and decides what to do with any surplus funds. i.e. cash payout, premium
holiday etc.
 The employer, working with BAF, can design a superior and tailored managed care
platform designed for their employees and not the needs of a larger insurer with a
varying client base. This allows a more flexible approach to benefit provision as well
as providing the opportunity for custom-made benefit plan designs, claims
management and administration that ultimately delivers significantly better value to
your company’s employee benefit budget.
take back control of employee benefits

3. What does BAF provide?
• Custom-made benefit schedules and policy
wording
• Service Level Agreement
• Personalized Membership documentation
• Claims administration; local and overseas
• On line administration
• Full reporting and analysis capabilities
All about control funding
• Reinsurance support at Specific and /or
Aggregate levels Employer funding of employee benefits is really straightforward. In fact about 80% is
exactly the same as commercially available insurance. For example:
Your HR department can look forward to
spending less time dealing with the
 Employees can be covered for existing and on-going medical conditions
company’s employee benefits and your
company can enjoy long term stability in cost.  Your company can choose to transfer the existing benefits into your own plan
 The claims process is the same with bills being settled directly with the medical
provider
Did you know over 80% of  The reporting of group joiners and leavers is the same
 Claim reporting and analysis is much improved as the company can see up to
companies funding employee
date picture in real time.
benefits in the USA utilize
alternative forms of funding as Insurance Protection
their key tools to control and
The good news is almost all companies that use a control account to fund employee
reduce cost?
benefits will operate at a surplus over a typical five-year period, but there will always be a
year when several catastrophic claims occur and claims exceed expectations.
For companies running a surplus balance carried forward from previous years the impact
of catastrophic claims can be absorbed. In the early years of an arrangement, an
insurance stop loss policy can be purchased to limit the liability to a known maximum.
BAF has access to stop loss facilities with some of the world’s largest reinsurers.
And with careful management, a successful year doesn’t have to mean an extra profit for
the insurer. Your company can:
• Hold surplus funds to reduce renewal costs
• Use the surplus to buy additional benefits
• Retain the surplus funds as a provision against a higher than average claims
experience in a future period
• offer a contribution holiday or use to fund additional wellness or preventative
benefits
take back control of employee benefits

4. The Advantages are:
 Custom-designed packages for your employees
 10-25% lower overall cost compared to commercial insurance
 Interest paid on surplus funds
 Company branded literature
 Highest quality service proposition for your staff
 State of the Art administration
 Web access for Group Administrators for up to the minute
claims and policy information, 24 hours per day
 Web access for employees to policy and claims information
 Integrated company specific wellness and preventative
healthcare programs
Independence Drive
PO Box N-4815
Nassau, Bahamas
Tel: 242-461-1000
Fax: 242-361-2527
Mail: jborrino@mybafsolutions.com
Web: www.mybafsolutions.com