THE WAYMARK COLLECTIVE: UNITED IN SAVINGS AND SOLUTIONS

In 2021, HORAN launched The Waymark Collective for selfinsured employers in the middle market (100 to 1,000 employees). Employers could do everything “right” in the management of their health plan, and still, experience significant volatility and surprise at renewal based solely on unexpected large claims. Employers are willing to do the work managing risk but are still too small to bear the burden of increasingly large claims.

At its core, The Waymark Collective is a stop-loss captive that permits employers to collectively buy insurance and share the risk of large losses in their health plans. Instead of buying as a group of 200 employees, members of The Waymark Collective buy as a group of 3,500 employees. Instead of having $2 million in health plan spend, Waymark has $35 million in health plan spend. The volume of lives and premiums makes Waymark more predictable, less volatile, and more attractive to bidding reinsurers.

“A stop-loss captive is a type of insurance arrangement where a group of employers come together to share the risk associated with their self-funded health plans,” said HORAN Vice President and Waymark Collective Leader Dominic Franchini, CBC. “This allows them to access coverage for catastrophic claims that exceed a certain threshold, while also benefiting from cost savings and increased control over their health plans.”

WHY WOULD AN EMPLOYER USE THE WAYMARK COLLECTIVE?

1. COST CONTROL: One of the primary benefits of using The Waymark Collective captive is cost control. By pooling with other employers, companies benefit from economies of scale and negotiate better rates with insurance carriers. The added benefit is increased transparency and influence over how your plan is priced based on managed risk.

2. ENHANCED RISK MANAGEMENT: Employers involved in The Waymark Collective have already proven to be effective at managing risk. These employers set the standard in health care plan design, benefits structure, and risk mitigation. Members are expected to actively manage risk and have peers to help drive innovation and accountability.

3. TRANSPARENCY: Members of The Waymark Collective have access to data that drives an insurance program, including premiums, claims, and ongoing or potential risks. This permits employers to make informed decisions about their health plans.

4. DARE WE SAY FUN? Health insurance is frustrating enough. Managing it alone is almost intolerable. The Waymark Collective is a group of employers who have taken a vested interest in doing things better. The group meets throughout the year to learn, share best practices, and network. It’s a team, and a way to make health insurance more fun!