Benecaid

Benecaid is a Canadian financial services company focused on the delivery and administration of employee health benefit solutions. Benecaid has over 1,800 clients across Canada and is based in Toronto.
History
Founded in 2000, the company was created by small business owners frustrated with the group health benefits options available to Canadian employers. With a team of Chartered Accountants and Lawyers, they researched the IT bulletins released by Canada Revenue Agency (CRA), specifically those related to HSAs (IT-85R2). They have since developed a suite of financial products for small to medium sized businesses focused on cost-containment and employee appreciation. They are a strong supporter of the Consumer driven health care, where employers provide employees with greater involvement and control in their day-to-day healthcare spending - particularly through an HSA.
Third-Party Administration
The company is a third-party administrator or TPA. In recent years, the Canadian health benefits market has seen a significant increase in the number of TPAs entering the market. Today, according to a recent article in Benefits Canada, TPAs represent around 10% of the group health insurance market in Canada.
Technology
Given the company's recent entry into the market, technology has been easier to implement versus many of the traditional carriers with multiple systems. The third-party administration and insurance services industry is very manual requiring a large investment in human capital. Benecaid has built their platform using Microtrends Computing Systems TPA platform, allowing for many of the manual processes to be automated. With automation of the services to support their products, the company has promoted themselves as a lower cost alternative to other carriers.

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