BCS Financial Outlook Upgraded to Positive by AM Best
BCS Financial Corporation’s outlook was upgraded to Positive by AM Best, a nationally recognized statistical rating organization overseen by the Securities Exchange Commission.
CHICAGO Oct. 13, 2020 – BCS Financial (BCS), delivering a wide range of insurance and financial solutions for Blue Cross and Blue Shield organizations nationwide, has earned an upgraded outlook of Positive by AM Best. Several factors that influenced the revision include BCS’s sustained growth and long-term strategy, its strengthening business profile, and expanded portfolio, including its EssentialCare line featuring the first-of-its-kind mental health insurance coverage.
“Insurance is all about a guarantee and a promise,” says Peter Costello, President and CEO of BCS Financial Corporation. “Our plan is to continue to adapt with the changing marketplace while continuing to provide product solutions that customers expect from us.”
Over the past year, BCS has launched new group voluntary accident, critical illness, and hospital indemnity products to capture emerging opportunities driven by growing deductibles and out-of-pocket costs. The EssentialCare Critical Illness policy provides coverage to 35 of the most pervasive critical illnesses, plus eight childhood conditions. Additionally, it features a first-of-its-kind optional rider to provide coverage for four severe mental health crises: severe major depressive disorder, severe bipolar I disorder, obsessive-compulsive disorder and schizophrenia. In 2019, BCS’s progressive EssentialCare Group Critical Illness product was awarded both the 2019 Insurance Nexus New Product of the Year Award, as well as the North American Contribution to Society Award.
“Our EssentialCare Critical Illness product, with its mental health rider, is just one example of how BCS lives its mission to protect customers with innovative and easy-to-use insurance and financial solutions,” said Costello.
Owned by all 36 Blue Cross Blue Shield Plans and the Blue Cross Blue Shield Association, BCS continues to see momentum following the appointment of its new Chief Executive Officer in 2019, Peter Costello, who served as VP at both Blue Cross and Blue Shield of Massachusetts and Excellus Health Plan, bringing a wealth of experience and leadership to continue taking BCS forward and move the company towards its next stage of development.
About BCS Financial Corporation
BCS Financial Corporation has more than 70 years of experience delivering a wide range of insurance and financial solutions for Blue Cross and Blue Shield organizations nationwide. Through its subsidiaries, BCS Insurance Company and 4 Ever Life Insurance Company, BCS is licensed in all 50 states and is rated A- (Excellent) by AM Best. BCS Financial is headquartered in Oakbrook Terrace, Illinois. Learn more at bcsf.com.