Martin E. Segal founded the firm in New York
We were one of the first companies to introduce the practice of competitive bidding for group medical insurance contracts using objective, uniform, detailed specification letters.
Relative value schedules
Our study of surgical benefit claims in California formed the basis of the California Medical Association’s design of the first relative value schedule.
We were one of the first companies to recognize the value of sabbaticals in supporting attraction and retention and to offer them to our employees, helping them gain a new perspective on their work and life, and providing opportunities for others to take on more responsibility by temporarily filling the position for the person on sabbatical.
Health and financial well-being benefits
HMO development: We helped clients assess the merits of HMOs having worked with many clients on their in-house clinics over the years.
Preferred Provider Organizations (PPOs): We created the concept of the PPO.
Actuarial asset valuation method
We developed an actuarial valuation method for the Pennsylvania Municipal Retirement System that allowed the System to systematically allocate investment earnings in excess of the "regular" (actuarially assumed) level to each municipality while stabilizing the actual costs to the fund. Under this method, each municipality is credited with a minimum rate of return each year.
The Life Cycle Pension Plan
We developed a new type of DB plan that combines the advantages of a traditional DB plan with those of cash balance plans. Unlike cash balance plans, both fast-track and long-service employees obtain a fair benefit based on salary and years of service near retirement that's expressed as a lump sum, individual recordkeeping is not necessary since benefits are not pegged to an investment index, and the plan is easy to communicate to participants.
Securing non-qualified benefits
We were on the forefront of developing a risk-insurance method to secure non-qualified benefits in contrast to conventional security funding practices of corporate-owned life insurance and split-dollar plans. This approach, originally underwritten by Lloyds of London, is currently sold by at least four worldwide providers in a competitive environment.
We created MediMACS, a physician reimbursement system, as an alternative to usual, customary and reasonable (UCR) fee schedules.
To address a client’s interest in providing "work-family" benefits to employees, we designed a program that gave employees the flexibility to spend a defined amount of employer-provided funds on work-family programs, including elder care, housing assistance and dependent tuition, over the course of their careers. Money magazine recognized this life cycle assistance program, the first of its kind, as "the most spectacular new [benefits] feature of the year."
We developed a return-on-investment calculator to provide clients with reliable data demonstrating the quantitative value of non-traditional benefits like work/life and EAP programs. This tool, which computes savings in a variety of categories, including time saved, productivity, absenteeism, retention, and health and disability costs, can be customized to measure specific employee demographics and programs.
Segal Pulse: In 2016, we introduced a new web-based version of our modeling tool, which dynamically generates financial and actuarial deterministic projections.
SHAPE (Segal’s Health Analysis of Plan Experience): We developed a cost data mining technology that allows employers to create sustainable solutions to uncover and manage the root causes of rising healthcare costs and improve population health.
Ref360®: We created a user-friendly, web-based tool that allows sports leagues to track, monitor and assess officials’ performance; and customize the level of evaluation and analytics to meet their needs easily and efficiently.
New analytical tools
- COVID-19 medical plan and short-term disability cost-impact models: We developed a model to forecast the impact of COVID-19 on health plan costs, including the cost of testing and treatment.
- M&A readiness self-assessments: In 2020, we launched a pre-deal diagnostic tool to help organizations assess their readiness for M&A and prepare for the deal.
- Workforce planning model: Our workforce analytics-modeling tool can project the quantitative impact of various scenarios on your organization and people, along with the associated risks.
- Employee segmentation tools: Our workforce analytics solution merges all vital employee information into one centralized database and allows for segmenting the workforce based on key roles and talent — giving HR leaders the power to pinpoint employee needs, to design personalized benefits programs and targeted communications, as well as improve management of benefit program costs.
- Automated vendor RFP tool: This tool improves efficiency and reduces turnaround time on RFP reports from three to four weeks to one day. The time and resource savings allow our consultants to focus on in-depth analysis of client needs and developing solutions.
Developed in 2021 by Segal Benz, our seamless onboarding solution makes the onboarding experience more rewarding for new hires and painless for the organization.
Employee benefits in DEI
Launched in September 2022, this innovative solution helps organizations meet their DEI goals by reviewing their health and retirement employee benefit programs through a DEI lens. It also helps clients address the barriers some populations face preventing their full participation in employer sponsored benefits.