YEC member company National Insurance Consulting Group Inc. raised $500,000 dollars from angel investors this July. Founded by YEC member Zain Hasan, NIC is an insurance and risk management firm that specializes in developing solutions and educating employers on how to drive down costs on group benefits. They hold a strong emphasis on employee benefits consulting, specifically regarding how to remain compliant with the Affordable Care Act. They also offer HR Connection (powered by Zywave) a platform that handles your employee profiles, time-off tracking and reporting. It gives you complete access to their entire benefits portfolio online or through a mobile-friendly website.
NIC secured the investment from a large real estate investment company, which allowed them to build an HR consulting division as well as a payroll consulting division. NIC is also in discussion with a well-known private equity firm about a potential mutual partnership and investment, which would allow them to offer HR services, benefits consulting and payroll consulting to the firm.
They expect the private equity firm to take a minority investment in their organization, allowing NIC to acquire their portfolio as customers. This will initiate a heightened focus on their private equity portfolio approaches to employee-benefit packages. They estimate that they will be able to successfully implement savings of 44 percent.
NIC believes in leveraging portfolios to mitigate risk by providing solutions that allow portfolio companies to keep their benefit package while insuring their health benefits within the total portfolio. This also allows claims to be paid as they come in, and for that extra cash flow to be tied into short-term interest so it can gain investment. As opposed to traditional programs that require companies to pay the full cost every month regardless of what they actually use, this cash is easy to keep liquid.
“Our goal is to set a new standard for what an 'Insurance Broker' should do for your business," says Riaz Shariff, NICs CFO.
After securing funding, NIC brought on Rosita Murray, former Head of HR for Zumba Fitness. Murray has been essential in assisting hundreds of companies develop a culture that fosters creativity and accountability. NIC believes that by providing the best HR consulting, payroll and HRIS systems, employee benefits consulting and brokerage services, and a streamlined solution to the Affordable Care Act, they will be able to provide a unique solution -- especially with the added knowledge of employee benefits consulting strategies.