Cork Captive
Sustainable Health Plan Solutions
Custom Benefits Plan for Mid-Size Employers
Cork Captive is a member-owned group designed to help small to mid-sized employers manage health benefits costs more effectively. By pooling resources with other employers, members can achieve greater stability, control, and savings in their health insurance expenditures.
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Strength in Numbers
Like a Captive, Cork trees prefer to group together to improve their success rate. Grouping together reduces claim and administrative costs, leverages collective purchasing power, opens the door to cost containment solutions and gains visibility into healthcare spending and industry trends.
Protection & Insulation
Cork is used in various products due to its protective and insulating properties. In the same way, Captive insurance provides protection against financial risks and insulates the parent company from market volatility and high insurance premiums.
Adaptability
Cork trees are adaptable to different environments, much like captive insurance solutions are adaptable to a wide range of risk management needs, providing tailored coverage that traditional insurance may not offer.
Renewable Resource
A cork tree is known for its bark, which can be harvested without harming the tree, making it a renewable resource. Similarly, a Captive insurance solution can be seen as a renewable financial resource. It allows a company to recapture premiums and profits that would otherwise go to an external insurer, effectively ‘renewing’ the company’s financial resources.
Growth Over Time
Just as a cork tree matures and its bark thickens over time, a Captive insurance company can grow and strengthen as it accumulates capital and claims experience, becoming more robust in its ability to cover risks.
Long-Term Investment
Harvesting cork is a long-term investment, as it takes years for the bark to regenerate. Similarly, setting up a captive insurance company is a long-term investment in risk management, with potential benefits accruing over many years.
Compare costs, benefits, stability, and control
Fully Insured
- Most expensive
Rises every year, regardless of claims incurred - Expensive Risk Management
Large claims are covered by the plan, but drive future increases - Limited Data Access
Stuck with high-level, non-granular data and limited plan designs
Level-Funded
- Very High Fixed Cost
On a good year, the carrier gets the savings. On a bad year, employers see no savings - Too Much Volatility
Costs can increase significantly based on single large claims - Limited Transparency
Varies by carrier, but typically offers little in the way of data-driven insights
Self-Insured with Stop Loss
- Vulnerable to High Claims
Somewhat stable during good claims year, but too many claims can take a toll - Too Much Risk
Large claims can cause premiums to change (increase) significantly year to year. - Data at High Cost
Complete, granular, actionable, de-identified data, but comparatively expensive
Cork Captive
- Predictable Cost Control
Employers pay only for claims incurred and can generate savings through preventative care. Surplus is carried over or distributed back to the employer. - Strategic, Mitigated Risk
Captive funds cover large ongoing claims. Lower risk with no exposure to new lasers. Simpler renewal process and long-term benefits stability - Actionable Data & Analytics
Large degree of control. Complete, granular, actionable, de-identified data. Completely flexible plan designs.
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Cork Captive’s preferred broker partners and their mid-sized clients benefit from:
Fewer surprises
A uniquely structured benefits captive program designed to make self-funding less volatile.
Less unnecessary spending
Better large claim management through medical and pharmacy cost controls.
Exclusive access and pricing
Fortune 500-level interventions to help alter the normally easy path to expensive care
Implementation made easy
Best practice benefit plan configurations, competitive pricing, and well-defined parameters for streamlined implementation
More than just a marketplace
Cost management strategies optimized by design and improved by analytics
High-performing health plans
Value achieved through transparency, quality care, and actionable data intelligence
360-degree protection
Proactive monitoring and outreach on emerging risks
Strategic Resources
- Narrow Networks and Alternative Funding Strategies: Strategic playbooks targeting specific areas of risk
- In-House Oversight on Specialty Rx Claims: $870 saved across 1,548 prescriptions reviews in 2020
- Medicare and COBRA Enrollment Support:
2-4% savings on total cost, captive-wide - Comprehensive Consulting and Legal Services Partner: Savings vary
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Integrated Solutions
Health Data Analytics
Immediate visibility and insights into various areas of saving
Rx Consortium
5-25% average savings over typical programs
1-3% savings on total cost, captive-wide
Medicare & COBRA Enrollment Support
2-4% savings on total cost, captive-wide
Oncology Management Program
2-10% savings on total cost, captive-wide
$3M total savings by members (to date)
Chat-Based Benefits Experience Platform
3.4x ROI over 100 days
Discounted Gym Membership Network
Savings vary
Care Coordination Services
5.7% first year average trend reduction
14.4% five-year cumulative average trend reduction
$300 to $1,200 savings per person, per year
30% reduction in out-of-network costs for the first two years
95% engagement rate with high-cost claimants
2x increase in point solution engagement
Direct Contract and Bundled Pricing
5-15% savings on total cost, captive-wide
45% average employer savings
$813K savings on 378 procedures done in 2020
Cork Captive Stats
97%
Renewal rate
<0.1%
Hit program maximum
2,200+
Active captive members
$1.1B+
Stop-loss premium under management
16
Average enrolled employees per employer
810,000+
Approximate number of lives covered
Like the way we think?
Schedule time to review your benefit plan with an Advisor. The Cork
Captive is just one of our unique solutions.
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