BHSF is planning a move into the flexible benefits market with a low-cost offering targeted specifically at the SME to mid-corporate market.
The new offering, which is set to be launched in the autumn, is called FlexSme, and comprises a platform that brings together a section of core benefits, BHSF’s own voluntary benefits and eight slots for flexed benefit provision. BHSF is not prescribing the types of benefits or the suppliers of benefits that can be introduced into each slot, allowing employers to carry forward existing benefit provisions or to pick up on recommendations from their intermediaries or key suppliers.
The provider says an employer with 1,500 staff could implement the programme fully for as little as £7,500, while entry costs for smaller companies could be £2,500. BHSF has teamed up with an as yet unnamed flex provider to offer the system.
BHSF sales and Marketing Director, Brian Hall says: “We have worked hard to find the right partner and to clearly differentiate our market proposition in order that it is a ‘win, win’ situation for all. In launching the product we have worked initially with key clients and a select number of companies interested in offering flex and will launch this autumn with a highly polished and innovative solution.
Mike Izzard, managing director of Premier Choice Group says: “It is great to see BHSF continuing to shake up the market as they did when they began offering stand-alone EAPs at market-leading prices. Their ‘not-for-profit’ status and obvious financial strength allows them to take positions that might not be possible for other providers and, of course, they have the existing distribution channels to bring their offerings to market.”