HUB International Broker Jason Bainum Recognized as a 2023 Employee Benefits Power Broker
Jason Bainum, SVP/Delaware Office Lead, HUB International
Jason Bainum focused his efforts with one large university client on a waste reduction program this year.
The client wanted to remove wasteful spending across the board, and Bainum was ready.
He began by analyzing the health care plan and found most high-dollar claims were driven by a small number of employees who were over the age of 65. Accounting for 20% of claims in 2021, which equaled $1.2 million, Bainum suggested alternatives like educating the employees about Medicare options. This resulted in a projected $400,000 in savings.
Next, he audited the pharmacy benefits manager against HUB’s internal projections and identified ways to increase rebates and discounts.
This is estimated to lead to an estimated $200,000 in annual cost savings for the client.
Finally, through a benchmarking analysis, Bainum compared the university’s offerings to others and identified ways the client could become more competitive in the market.
By introducing some different plan designs and creative solutions, such as a voluntary benefits captive, Bainum saved the client an additional $600,000 from its previous benefits solutions.
His client said, “Jason is not just another vendor … he is a true, trusted partner to me and to our organization. He provides us with detailed information from which to make decisions, sound advice and guidance, [and] thorough recommendations.”
Another client explained that Bainum suggested several creative ways to improve coverage to employees while offering overall savings for the client.
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they have delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by risk managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.