What is a Self-Funded Group Benefits Program (SFBP)?
A Self-Funded Group Benefits Program (SFBP) is a model where the employer or group directly assumes the cost of benefits claims, rather than paying premiums to a third-party insurer. This gives organizations greater control over costs and the ability to tailor their coverage to meet the specific needs of their members.
Advantages of a Self-Funded Benefits Program (SFBP)
- Cost Control: By managing claims directly, groups gain visibility and control over spending, enabling more precise budgeting.
- Flexibility: SFBPs allow for personalized coverage based on the group’s specific needs.
- Optimized Reserves: Unused funds can be reinvested or returned to the group.
- Transparency: Groups have full visibility on fund usage, improving risk management and financial planning.
What is a Traditional Group Insurance Plan?
Traditional plans involve an employer or group signing a contract with a third-party insurer. While members benefit from coverage, the employer has no control over claim costs, and a portion of the premium typically goes toward administrative fees and insurer profits.
Cost Comparison
- SFBP: Costs are tied to actual claims and chosen coverage levels—often delivering long-term savings.
- Traditional Plan: Costs are fixed by the insurer. While simple, it can be more expensive long-term, especially with low claims.
Why Choose a Self-Funded Program with Segic?
Tailored Approach:
We adapt programs based on group needs with optimized risk management.
Long-Term Savings:
Unused funds can be reinvested—maximizing participant value.
Transparent Management:
Powerful tools for fund tracking and adjustment.
Expert Support:
Our clients and partners ensure smooth, effective program management.
The Segic Approach
Segic offers fully customized, flexible, and transparent solutions through administrative, adjudication, and technology services. Your financial partner manages financial arrangements. Together, we ensure the success of your self-funded program.
If you’re exploring a self-funded solution, Segic—together with your intermediary—is your ideal ally.
I’d like to propose a quick 30-minute meeting to introduce the platform, the available products, and how it can align with your current approach.
Click the button below to pick a time that works best for you.
Looking forward to connecting soon!
Danny Boulanger
Président e& CEO
514 880-7704
dboulanger@segic.ca
