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Tag: leadership

08 Dec 2020
New Board Members

BCS Appoints Three New Members to its Board of Directors

BCS has appointed three new additions to its board of directors, effective immediately: Walter Bell, former chairman, Swiss Re America Holding Corporation; Diane Gore, CEO, BCBS of Wyoming; and Gary St. Hilaire, CEO, Horizon Blue Cross Blue Shield of New Jersey.

“Our newest board members bring a wealth of experience and expertise, and we look forward to their contributions as we work to fulfill our mission to protect customers with innovative and easy-to-use insurance and financial solutions,” said Peter Costello, president and CEO, BCS Financial. “We are very fortunate to have them join us as we execute our strategies, and provide value for our customers and shareholders.”

Bell, Gore, and St. Hilaire were appointed in November, joining Dr. Craig E. Samitt, M.D., appointed in May, as new board members in 2020.

Walter Bell is a former Chairman of Swiss Re America Holding Corporation, where he provided supervisory governance of Swiss Re’s Americas businesses and oversaw and directed regulatory and public affairs for all the North America businesses from September 2008 to October 2012. Bell served as Alabama Insurance Commissioner, leading efforts to streamline the Alabama Department of Insurance, and also served as President of the National Association of Insurance Commissioners (NAIC) and Vice Chairman of the International Association of Insurance Supervisors (IAIS) Executive Committee.

Diane Gore is President and CEO of BCBS Wyoming, Wyoming’s oldest health insurer. She began her decades-long career at BCBSWY shortly after graduating from the University of Wyoming, and has been involved in the company’s financial area since she began her employment. She was named Chief Financial Officer and Treasurer in 2002, Chief Operating Officer in 2017, Executive Vice President in 2018, and President and CEO in 2019.

Gary D. St. Hilaire is President and CEO of Horizon Blue Cross Blue Shield of New Jersey. St. Hilaire joined Horizon BCBSNJ from Capital Blue Cross in central Pennsylvania, where he served eight years as CEO. During St. Hilaire’s tenure with Capital BlueCross, he led the company’s transformation into a nationally diversified family of companies, stressing the importance of leadership and corporate citizenship, and driving innovation with patient-focused care models, growth in ancillary services, and leading-edge data analytics.

The full Board of Directors roster can be found on bcsf.com.

12 Mar 2020
BCS Financial Icon

BCS Coronavirus (COVID-19) Update

A MESSAGE TO PLAN EXECUTIVES AND PARTNERS

Like most organizations, BCS is actively monitoring the Coronavirus (COVID-19) public health emergency as it begins to affect many communities worldwide. Since this is a fluid situation with new information emerging very quickly, we have been actively reviewing and fortifying our business continuity plans to ensure that there is as little disruption as possible to our operations should the situation escalate into something more severe.

The core intent of this message is to share with you how BCS is proactively responding to this current situation and any potential impact is has on our business with you.

• We have three guiding principles in response to the Coronavirus outbreak. 1) Continue to serve BCS’s insureds and customers with highest standards possible within the terms and conditions of their policies and contracts, 2) providing our customers timely and accurate information about their available benefits under their policies and contracts, and 3) keep BCS employees safe.

• We intend to fully honor the terms of the Excess of Loss reinsurance contracts. Our Excess Reinsurance program does not contain an exclusion for pandemics or epidemics such as COVID-19. Irregular regional and global epidemics like the Coronavirus are typically anticipated by the reinsurance markets and, in almost all incidents, are covered in traditional life and health reinsurance policies.

• We are actively managing our Stop Loss and Limited Benefit lines of business. “First dollar” health insurance business could be significantly impacted from a frequency standpoint. Our Stop Loss and Limited Benefit lines of business may be affected on an aggregate claim basis if the spread of the virus in the US increases in speed and frequency. At this time, we don’t believe the cost of treatment for otherwise healthy members is a sufficient cause of concern.

• We are closely monitoring our exposures in International Healthcare and Travel Insurance lines of business. We are working closely with our partners in these industries to strategically prepare for all possible outcomes which may impact premium and/or claims activity for our organization, all the while continuing to fulfill coverage obligations for our insured customers.

• We are fully remote-work enabled so our business continuity is at minimal risk. In recent years, we’ve moved infrastructure services to the cloud, established an appropriate work-from-home policy, and have a unified communication system, allowing us to interact with each other and our customers, whether working at home or in the office. Our cyber security systems and protocols remain robust, as we have adopted two-factor authentication, VPNs, and other security measures to protect remote workers’ connections. Our IT helpdesk procedures can scale to handle sudden increases in requests for remote working and credential renewals.

As this situation continues to unfold, we will continue to share any relevant information as it pertains to our business with your organization. If you have any questions or concerns, please don’t hesitate to contact BCS at info@bcsf.com.

BCS is here for you.

06 Jan 2020
Chris Bailey

Chris Bailey Joins BCS Financial as Senior Vice President, Sales and Market Development

Bailey responsible for developing and executing growth strategies at BCS

OAKBROOK TERRACE, Ill., January 6, 2020– BCS Financial, an insurance and financial services corporation, announces that Chris Bailey has joined the company as Senior Vice President of Sales and Market Development, effective January 6. In this role, Bailey will be responsible for developing and executing growth strategies that support the revenue and margin goals for all organization’s customer segments, products, and channels.

“I am thrilled to be joining BCS at a time when its product portfolio and value proposition for its customers is growing,” said Bailey. “I look forward to providing BCS with valuable new resources for expanding its product footprint and bringing more solutions to the marketplace.”

“Chris brings great energy and experience to our sales team and will solidify our support and commitment to Blue Cross Blue Shield Plans,” said Peter Costello, President and Chief Executive Officer of BCS Financial. “With his help, we will be able to do more for our customers.”

Prior to joining BCS, Bailey served as Vice President, Revenue Office at Cambia Health Solutions, parent to Regence Blue Cross and/or Blue Shield health plans, where he led national initiatives for its health plans, and drove product enhancements, capabilities, and solutions to increase client retention and revenue growth. Chris also served on the Consortium Health Plans Board of Directors as a member of the Executive Committee and Chair of the Blue Value Committee, whose mission is to enhance its value proposition in the eyes of consultants and brokers on cost of care and discount position.

Chris earned his Bachelor of Arts in Psychology from Alfred University and is a licensed Life and Health Insurance producer in multiple states.

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 A.M. Best. BCS Financial is headquartered in Oakbrook Terrace, Ill. Learn more at bcsf.com.

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For more information, please contact Nathan Post at 630.472.7860.

26 Nov 2019

Meet the Team – President and CEO

As you may have read in our recent press release, Peter Costello has been named President & CEO of BCS, effective December 1, succeeding retiring CEO Scott Beacham.

This special edition Meet the Team serves as a more intimate introduction to Peter, where he shares what he’s learned over his two decades of experience in healthcare and technology, what he’s most excited about at BCS, and more.

Q: What have you learned that will help you guide the company throughout next year?

 A: In my 25 years in business, I’ve learned:

  • Stay close to the market and your customers – understand their problems and needs and that will point you in the right direction. Cultivating current customers is always cheaper than conquering new markets.
  • You have to know your strengths – that along with knowing your customers’ needs will give you your next vector.
  • All successful business cultures have both a sense of urgency and a sense of scarcity. Urgency is understanding that all opportunities have a window of availability, and that window is getting smaller all the time. Scarcity means you can’t do everything; our time and treasure is limited. If you build on your strengths, you’ll have a better chance of winning.
  • People are the most important resource we have – we have to hire, develop, and retain good people who want to do the right thing, want to learn, want to lead, want to tackle tough challenges, and want to win.
  • Diversity makes us stronger – different ideas, different backgrounds, different beliefs are important to making a difference.
  • Showing up every day and doing your best leads to long term success. Some days you’ll get kicked in the face, some days you’ll have big wins. Plan on, expect and accept the first, and you’ll have plenty of the second.
  • Communicating openly, honestly and frequently is important to building trust and building teamwork. Good communication liberates and empowers people.
  • We have to expect and demand excellence – in our thinking, and in our execution. Demand it in myself first, then in others.

Q: What was the path you took to get to where you are today?

 A: My parents taught me the importance of having faith, being generous, having a sense of humor, unconditional love, a strong moral compass, education and family – that’s a solid foundation to start on.

My service in the Navy taught me the importance of following a dream, of a clear mission as a unifying objective, the sense of a shared sacrifice, and the importance in working in teams and delegating responsibility and trusting others to do their job. It also taught me that you have to be accountable and hold others accountable.

My work in the not-for-profit Blue world taught me about how the health care industry works and the value of social responsibility.

My wife and my children have taught me humility – it keeps us all grounded and human.

My work as an entrepreneur taught me the value of taking calculated risks, the importance of being optimistic, persistent and resilient. Entrepreneurs are all those things. We all should be.

Endurance sports taught me the value of persistency – getting out every day, good weather and bad, and getting the miles in. It also taught me the value in using goals as a motivation. No one likes the first few miles or the pain in the late miles but getting to the finish line is made all the better by overcoming the difficulties in getting there. Setting goals and showing up every day to work towards those goals is important.

Q: What excites you about being the CEO of BCS?

A: I’m excited about working with our team at BCS to bring solutions to the problems that face our customers. There are a lot of problems to solve and I believe we’re in a unique position to solve them. I’m super excited about that. I’m excited about working together to build a culture of joy and fun and doing great things as we do it.

Q: What have been some of the biggest challenges you’ve had to overcome?

 A: Being away from family during my years in the Navy was difficult. Being away from my family while working at BCS has been difficult as well. But the bright side is that I appreciate them all the more now.

Q: Who or what has shaped who you are?

 A: My parents, my brothers and sisters, the people I have worked with and worked for, my family. More recently, Scott [Beacham, retiring BCS CEO] has been a great mentor and a great example of the value of being principled, being consistent, caring for each other and finding comfort in your own skin. I’ll miss him.

Q: What is your favorite marathon that you’ve ran, and why?

 A: The Chicago Marathon – all the people come out to cheer you on, the music and the energy is glorious. I love the Boston Marathon too, although it’s been a long time since I ran it, as you have to train during the winter. Running for three hours to train when there are only a few hours of daylight is tough but crossing the finish line in the Spring makes it all worth it.

25 Nov 2019

Scott Beacham to Retire; Peter Costello named President and Chief Executive Officer of BCS Financial Corporation

For the full release via Newswire, visit https://www.newswire.com/news/scott-beacham-to-retire-peter-costello-named-president-and-chief-21039889 

Board names Peter Costello as successor for retiring CEO Scott Beacham

OAKBROOK TERRACE, Ill., November 25, 2019 – BCS Financial, an insurance and financial services corporation, announces that Peter Costello has been promoted to President and Chief Executive Officer, effective December 1. Costello will succeed Scott Beacham, who is retiring after serving as the company’s CEO and a member of the Board since March 2008.

Said Costello, “This is an exciting time in our industry, and I am excited to continue to propel BCS forward as we adapt with the changing marketplace, and continue to provide the growth, diversification, and protection solutions Blue Plans and brokers have expected from us.”

The announcement, which expands upon a May 2019 announcement naming Costello as President and COO, was approved by the Board of Directors during the November Board meeting.

“Since Peter joined BCS in 2014, he has built an impressive track record of strategic and operational accomplishments,” said Board Chairman Daniel J. Loepp. “The Board and I are confident that Peter is the right person to build on the momentum and take BCS to its next stage of growth.”

Costello previously served as the company’s Chief Operating Officer, and brings more than 20 years of experience in healthcare and technology to his new role. Prior to joining BCS in 2014, Costello was Senior Vice President at Cogito Corp., a behavior analytics company named by Inc. Magazine as one of 2014’s fastest growing companies. Peter served as Vice President at both Blue Cross and Blue Shield of Massachusetts and Excellus Health Plan, and co-founded two technology-based startups. Peter also served as an officer in the United States Navy.

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 A.M. Best. BCS Financial is headquartered in Oakbrook Terrace, Ill. Learn more at bcsf.com.

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For more information, please contact Nathan Post at 630.472.7860.

05 Jun 2019

Peter Costello named President and Chief Operating Officer of BCS Financial Corporation

BCS Financial Corporation announces today that Peter Costello has been appointed as President and Chief Operating Officer of BCS Financial Corporation, effective May 21. Scott Beacham will remain as Chief Executive Officer through November 30.

“We’re pleased to welcome Peter Costello in his newly expanded role as President and Chief Operating Officer of BCS Financial Corporation,” said Dan Loepp, Chairman of the BCS Board of Directors. “During this time of transformation in the healthcare industry, we are confident that Peter possesses the experience, perspective, and capabilities necessary to lead and grow BCS in the coming years.”

“It’s an honor and a privilege to be asked to lead this successful team of talented and dedicated associates during this period of dramatic change in our industry,” said Costello. “I look forward to everything we can accomplish together, while continuing to provide the growth, diversification, and protection solutions our customers expect from us.”

Costello, who previously served as the company’s Chief Operating Officer, brings more than 20 years of experience in healthcare and technology to his new role. Prior to joining BCS in 2014, Costello was Senior Vice President at Cogito Corp., a behavior analytics company named by Inc. Magazine as one of 2014’s fastest growing companies. Peter served as Vice President at both Blue Cross and Blue Shield of Massachusetts and Excellus Health Plan, and co-founded two technology-based startups. Peter also served as an officer in the United States Navy and holds a Bachelor of Science in Applied Mathematics from Providence College, a Masters Certificate in Systems Engineering from University of California, Irvine, and a Master of Business Administration with an emphasis in Finance and Statistics from the University of Illinois.

Scott Beacham, who has served as the company’s President and Chief Executive Officer and a member of the Board since March 2008, will continue his role as Chief Executive Officer until November 30, 2019. Beacham possesses
40 years of experience with Blue Cross and Blue Shield Plans, previously serving as the President and Chief Operating Officer of Excellus Health Plan, Inc., and as a business advisor for Group Hospitalization and Medical Services, Inc., a Washington, D.C. affiliate of CareFirst, Inc.

“Scott Beacham is an exceptional business leader who has served the company with dedication and pride during his tenure. Over the past decade, he has transformed the culture of BCS Financial Corporation into one that supports, protects, and enhances the success of Blue Companies across the country. His vision, along with his commitment to excellence, has enabled BCS to consistently deliver for its shareholders and left a lasting mark on the organization,” said Dan Loepp. “On behalf of the Board, I’d like to thank Scott for his contributions to BCS and wish him well in his future pursuits.”

18 Dec 2018

BCS Participates in USSS CECTF Table Top Cybersecurity Simulation

As the sixth largest cybersecurity insurer according to A.M. Best1, BCS is actively involved in the cybersecurity community. Recently our very own Tammy Kocher, director, Cyber Underwriting, had the opportunity to participate in a table top simulation exercise with the United States Secret Service Chicago Electronic Crimes Task Force (USSS CECTF), West Monroe, CME Group, Argonne National Lab, and Perkins Coie.

The goal of the event, hosted by West Monroe as part of its cybersecurity community involvement efforts, was to help companies mature their cybersecurity organization by fostering communication and collaboration between industry, law enforcement, and subject matter experts.

Visit West Monroe’s blog for a recap of the event along key takeaways applicable to the cybersecurity community.

1 In 2017, BCS ranked 6th in cybersecurity direct premiums written, according to A.M. Best.

15 Oct 2018

BCS Hosts Blue Plan Partners at Fourth Annual Stop Loss Conference

BCS Financial recently hosted their fourth National Stop Loss Strategy Conference in Chicago’s historic Wrigleyville neighborhood. The annual conference, this year located at the brand new American Airlines Conference Center adjacent to Wrigley Field, brings together members of the Blue System to discuss the Stop Loss industry, strategy, and emerging trends. (more…)