Employee benefits are often overlooked by business owners in the early stages, yet with rapid workforce transformation, planning should begin as soon as possible to support business growth. Vancouver-based Nu Benefits stands out as Canada’s leading low-fee, high-value employee benefits brokerage. Led by Marcus Acaster, Nu Benefits assists business owners in maximizing their team’s potential. By leveraging cutting-edge technology and a profound understanding of evolving consumer needs, the company is dedicated to providing flexible and accessible insurance solutions that empower growing businesses.
Marcus has been working with tech and software startups to implement, review, and manage employee benefit programs, offering fees and commissions up to 75% lower than other brokers in Canada. We had a chance to sit down with Marcus to discuss this further.
What was the inspiration behind Nu Benefits?
As a whole, the insurance industry hasn’t evolved at the same pace as other industries. While we do see insurance companies investing in technology and digital platforms, the pricing model hasn’t evolved. That’s why we created Nü Benefits. It’s an alternative model that allows employers to handle the day-to-day benefits administration on their own through online tools, and pay up to 75% less fees and commissions. It’s not the right fit for everyone but for tech-forward companies, it’s a great way to get the same benefit plans that you’re used to but at significantly lower costs.
How do you help clients when it comes to employee benefits?
We offer unbiased advice and consulting on how employers can attract and retain employees with budget-friendly benefit programs. We work with all major insurance companies and have options for companies with even a single owner-operator up to large multinational firms with employees across Canada.
Congrats on your new initiative with Paws Pledge program! What does this program entail?
Our Paws Pledge program was launched through our parent company Benefy Group Solutions to help support our furry friends! Through the Paws Pledge program, when we sign up a new group client we donate $10 for every employee on the plan. That means if you have 50 employees, we’ll donate $500 to the SPCA. We encourage all of our clients to match our donations as well.
What advice do you have for businesses when it comes to employee benefits?
It’s never too early, and you don’t want to be too late. There are affordable options that can be implemented early in a company’s evolution and you don’t need a large team to get started. We often see clients who say “I wish we knew about this sooner” because there are options that can help founders save taxes and protect themselves in the event of medical emergencies before they hire their first employees.
What are some of the biggest mistakes businesses should avoid?
One of the biggest mistakes we see is new companies starting with the “top-of-the-line” benefit plans. We suggest starting with a basic benefits program within your budget that evolves with the business as it grows. It’s much easier to tell employees that they’re getting more benefits than to have to take anything away!
Where do you see your industry in the next five years?
Like many industries, we expect artificial intelligence to have a significant impact on the insurance industry. There will be more self-service options for companies looking for employee benefits. More employers are going to start asking why they’re paying their brokers high fees and commissions when they’re doing the legwork.
