BCS Financial Corporation was created on June 18, 1981 and this week #TeamBCS is celebrating! Read on for more Founder’s Facts.
Who were we before we were BCS?
In the 40’s, The Blue Cross Association (who would later merge with Blue Shield and become known as the Blue Cross Blue Shield Association) was created and formed the first national Blue company, Health Services, Inc. (HSI), a life insurance company. They then formed a similar national Blue entity, Medical Indemnity of America (MIA), a property and casualty insurance company. After the two organizations merged operations they became known as HSI-MIA.
HSI-MIA issued the first national Blue hospital contracts for the automotive and telecom industries, creating national account standards for Blue Plans. They also pioneered vision, dental, and chiropractic benefits for national accounts.
When did we become BCS?
BCS Financial Corporation was created on June 18, 1981 to own HSI-MIA. HSI was renamed BCS Life Insurance Company (BCSL) while MIA was renamed BCS Insurance Company (BCSI). BCSL would later become 4 Ever Life Insurance Company.
In those first few years, BCS developed and launched the BCBS Organ and Bone Marrow Transplant Pool for BCBS Plans and the Group Universal Life program for BCBS employees. BCS went on to underwrite healthcare coverage for the 1984 and 1988 U.S. Olympic Teams and began reinsuring BCBS Plan segments of members.
How did it benefit Blue Plans to create us?
Unlike our owners, we are licensed in all 50 states. This uniquely positions us to provide innovative and easy-to-use insurance solutions they cannot otherwise accomplish on their own.
Happy Founder’s Day, BCS!
