New name, bigger mission, same commitment to transparency while defying industry norms
SACRAMENTO, Calif., June 2, 2022 /PRNewswire/ — Verus Insurance Services, a full-service employee benefits consulting firm, has changed its name to SolV Independent Insurance Associates. The company’s business model aims to save its clients an average of 30 to 40 percent in health care costs compared to traditional brokerage firms.
According to a 2021 Henry J. Kaiser Family Foundation survey, the cost of healthcare has risen 47 percent over the last decade, with employers shouldering most of that burden. It remains the largest indirect expense for American companies, with virtually all large firms employing more than 1,000 people offering coverage. However, companies that continue to increase the cost to workers are less attractive in a highly competitive labor market. SolV’s transparent pricing and cost containment practices can help companies rein in health care costs and thus lure talent.
CEO Scott Kelley and President Brittney Bello originally founded SolV as Verus in 2016 to transform an industry where employers are often misinformed by brokerage firms focused on their own profitability. As a privately held firm, SolV isn‘t beholden to put profits over clients. In 2019, Verus was ranked by the Sacramento Business Journal as the fastest-growing business in the region. Kelley and Bello have advised recognizable companies such as Campbell‘s Soup, Otis Spunkmeyer, the American Film Institute, and Duraflame, among others.
“As our organization has grown, we continue our commitment to providing transparency to an industry that is plagued with secrecy, backroom deals and excessive profits,” said Kelley. “We feel the new name better embodies our mission.”
He continued: “Every client we help is as unique as the solution we bring them. Our innovative cost-containment solutions are only practiced by 2 to 3 percent of industry professionals. Bottom line, our clients save money, and those clients pass that savings on to their employees with lower contributions and improved coverage.”
As part of SolV‘s bold business model, the company maintains a low profit margin of only 10 percent. According to the most recent Reagan Consulting Growth and Profitability Survey, the median industry brokerage profit is nearly 23 percent, with some generating up to 35 percent in profit.
“Unfortunately, all of the major players (large healthcare systems, pharmaceutical companies, insurance carriers, and large insurance brokerages) are benefiting from the current broken system, so don’t look to them to bring solutions,” Kelley explained. “Many of these industries also top the list of lobbying dollars given to political candidates, so don’t expect a government solution, either. We need a grassroots effort from employers who are fed up with the current system and willing to fight back. Our company is showing clients how to do that and cut their healthcare costs in the process.”
Bello added, “The way American employers purchase health care on behalf of their employees is a problem that needs to be solved. As a company, we’re willing to forgo the additional revenue that can be generated from deceitful practices that are all too common in the typical insurance sales industry.”
Client Duraflame, a national leader in fire log products, encourages other large companies to review their current approach to providing affordable healthcare to their employees.
Joe Martucci, Duraflame‘s CFO, stated, “Prior to our work with SolV, we didn’t see significant differentiators between broker-partners. However, I can now tell you without reservation that the team at SolV is significant steps above the pack and we are thrilled to have them as a very important strategic partner.”
With offices and representatives in California, Washington, Idaho, North Carolina, Ohio, and New York, SolV consults with companies with employees in the U.S. and abroad. In 2019, the company was ranked by the Sacramento Business Journal as the fastest-growing company in the region.
Kelley is a Certified Employee Benefits Specialist, or CEBS, a distinction held by less than 2 percent of employee benefits consultants in the country. Bello is a Health Rosetta Advisor, an elite group of consultants committed to an industry-leading standard of transparency and fiduciary responsibility to clients and their employees. For more information, visit www.solvins.com. To find out if SolV is a good fit for your company click here.
SOURCE SoIV Independent Insurance Associates