Our Evolving Story: Delivering Employee Benefits by Design
By: Benefits by Design | Tuesday August 11, 2020Updated : Friday December 11, 2020
For over 20 years, Benefits by Design (BBD) Inc. has been a Third Party Administrator (TPA) in Canadian employee benefits.
That seems like a long time in business years, but in human years, we’ve just come out of the awkward teen years. We’re at the point where we’re looking to shape our future and carve out an identity for ourselves.
“Benefits by Design” Isn’t Just a Name
It’s an action. It is what we do.
Benefits by Design has become synonymous in the insurance industry as BBD. Like Green Shield Canada (GSC), Industrial Alliance (iA), and many of our other supplier partners, our nickname has given us credibility in the space. It also provides a sense of familiarity, and we view it as a term of endearment.
However, when you are trying to build a business that stands out and embodies what we strive for every day, BBD doesn’t tell the story of what we do.
Reintroducing: Benefits by Design
There is something very distinctive and descriptive about the name Benefits by Design. It showcases our tremendous expertise in the benefits space. It also evokes thoughts about the incredible amount of plan solutions available because of our TPA capabilities.
As a TPA, Benefits by Design works with multiple carrier partners to design employee benefit plans that help working Canadians. With us, you’re not tied to one carrier or one fixed plan. With us, you genuinely receive employee benefits by design. It’s a service we’re incredibly proud of.
When we provide employee benefit programs, we suggest that employers consider the health, wealth, and happiness of their employees.
An employee that is healthy, wealthy, and happy is far more likely to be productive and engaged and feel supported by their employer.
Promoting and Protecting the Health, Wealth, and Happiness of Employees
There are many solutions designed to promote or encourage an employee to maintain a state of health, wealth, and happiness. From the group insurance perspective, these are the highly-visible benefits, the benefits that employees and their families regularly use.
These may include services like physiotherapy or a dental check-up, an RRSP contribution, or a Personal Spending Account (PSA).
Second, there are many solutions to protect an employee when their health, wealth, or happiness has become compromised. From the group benefits perspective, these are your true insurance benefits, protecting employees from events that could be catastrophic to their health or financial security. These may include catastrophic drug coverage, disability insurance to replace income in the case of injury or illness, and employee assistance plans.
The great thing about this framework is it visually demonstrates the options available when creating a benefits plan by design.
The Next 20+ Years: Challenging the Status Quo
There’s a fundamental misconception in the group insurance industry: that your employee benefits plan should be the same as any other organization’s plan. We’re challenging that thinking by saying, your employee benefits plan should be by design, not by default.
While we can’t predict what the next 20+ years will hold for us, there is one certainty: we’re committing to promoting and protecting the health, wealth, and happiness of working Canadians by delivering employee benefits by design.
We invite you to join us on this journey. And yes, you can still call us BBD.