Würk, a human capital management (HCM) company in the cannabis industry, partnered with The Baldwin Group BWIN to introduce a first-of-its-kind Employee Benefit Captive program.
This innovative insurance collaboration aims to transform how legal cannabis companies manage and evaluate their health insurance benefits.
Comprehensive, Flexible Cannabis Insurance Solutions Introduced
Through this partnership, Würk and The Baldwin Group — formerly AHT Insurance — will provide Employee Benefit Captives, Predictive Risk Scoring, and 12-month Forward-Looking Claim Projections.
These tools will give cannabis businesses detailed insights into their health insurance premiums, helping them identify potential cost-saving opportunities while maintaining high-quality employee benefits.
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The Employee Benefit Captive program offers cannabis businesses a flexible alternative to traditional insurance. By employing artificial intelligence-driven underwriting, it provides a detailed and long-term financial analysis, determining if a company would benefit from joining a captive insurance plan.
Such plans allow multiple employers to pool resources, creating a stable risk pool managed by a captive manager who sets the premiums based on each employer’s specific risk profile.
Collaboration Elevates Cannabis HR Management Solutions
"It is often said that knowledge is power and, with that in mind, we are proud to collaborate with Würk to equip cannabis companies with the information needed to make the best decision possible when choosing an insurance plan," said Steven Uno, senior partner at The Baldwin Group. He emphasized that this new method would offer enhanced flexibility and potential cost savings, which could be redirected towards expanding a company's operations in cultivation, manufacturing and beyond.
Furthermore, this collaboration not only provides innovative insurance solutions but also reflects both companies’ commitment to addressing the unique challenges faced by cannabis businesses in managing employee benefits.
Read Also: Hiring Surge Predicted In Cannabis Sector: Top 5 High-Paying Industry Roles In 2024
Würk CEO Deborah Saneman praised Baldwin Group as the perfect partner for launching their latest human capital management solution.
"Expanding our suite of human resource solutions, our Employee Benefit Captive program, along with our ability to offer Predictive Risk Scores and 12-month Forward-Looking Claim Projections, amplifies our commitment to supplying cannabis operators with industry-specific workplace solutions and reemphasizes our position as the legal cannabis industry's premier human capital management solutions provider," Saneman stated.
Würk Leading Role In Cannabis HR Management Innovation
This partnership with Baldwin positions Würk as the first in the sector to offer such a comprehensive suite of tools. These data-driven insurance and HR management solutions are specifically designed to optimize human capital management within the cannabis industry.
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