The new programme provides underwriting, enrolment, administration, and claims handling of 100 percent employee paid benefits.
It will enable captive owners to add third-party premium to their captives, while also providing valuable benefits to employees.
BeneCap offers three core voluntary benefits, such as critical illness, hospital indemnity, and accident insurance.
Other programmes that can be added include, mobile device protection, electronic product warranty, home product warranty, identity theft protection, personal legal, insurance, pet insurance, and auto and home insurance.
Kirk Watkins, practice leader of MMA Trion BeneCap, commented: “Captive owners tend to think of employee benefits as limited to life and disability coverage and have tended to shy away from including them in their captives due to the potential for catastrophic claims.”
“Voluntary benefits are low risk, highly predictable, and have no catastrophic loss potential. They are a natural fit for captive owners seeking to grow their captives and attract and retain employees through additional benefit offerings.”