BeniPlus

BeniPlus Inc., an insurance technology firm headquartered in Toronto, Canada, was established in 2017 to address the employee benefits gap for small businesses. The company was co-founded by Stephen DeKuyper, Scott Beckett, and Robert Kearns. DeKuyper, the company's COO, has a background in the insurance industry and over two decades of experience in commercial real estate across Canada and China, where he assisted small and medium-sized companies. This experience highlighted the challenges small businesses face in providing benefits, which directly influenced the creation of BeniPlus. Kearns, leveraging his experience as the founder of an insurance corporation, contributes significant industry knowledge and connections.

The company's core offering is a digital benefits platform targeting the Canadian small and medium-sized enterprise (SME) market. It operates on a pay-as-you-go model, which contrasts with traditional insurance plans that require fixed monthly premiums regardless of usage. Revenue is generated through a 7.5% administration fee plus applicable taxes, charged only when an employee makes a claim. This structure provides cost control for employers, as they set the annual spending limit for each employee and only pay for the benefits that are actually used.

The primary product is the "BeniPlus Wallet," a flexible spending account that allows employers to allocate a specific budget for each employee. Employees can then use these funds across a variety of categories, including healthcare, wellness, retirement savings, personal insurance, and even charitable giving. The process is managed through a mobile app where employees upload a photo of a receipt for a claim. BeniPlus facilitates same-day approval and reimbursement to the employee's bank account, typically within 24 hours. For businesses requiring more traditional coverage, the platform offers a hybrid model that combines the flexible wallet with group insurance add-ons like life, long-term disability, critical illness, and out-of-country medical insurance.

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