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Introducing BIX

Introducing BIX, a program designed to benefit our customers.

July 28, 2020
Written bySteve LekasCEO & Cofounder
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Branch is excited to announce the arrival of the Branch Insurance Exchange. 

The Branch Insurance Exchange, or BIX, is a new insurance company powered by community.  As a reciprocal insurance exchange, BIX is owned by its members and professionally managed by Branch.  BIX was created as a method to further reduce the cost of insurance, a key element of getting our members’ backs and enabling our society to have the insurance coverage they need. 

Through BIX, Branch is able to better pair its mission with infrastructure, supporting our foundational belief that insurance is about having each others’ backs.  Branch prides itself on discovering unique methods to lower the cost of insurance.  While other insurance companies are designed to answer primarily to shareholders, Branch designed BIX to answer only to its members, which keeps costs low while maintaining a high level of operational and claims customer service.  

As a member of BIX, you are joining a community of people who pool their small resources by paying premiums, so that the few unfortunate of us can take big chunks in our times of need by filing claims.  Your community will have your back when you need it the most. 

How it Works: 

Each of us agrees to become a member of BIX when we purchase a policy and sign a Subscriber Agreement.  The Exchange takes the insurance risk and puts members’ premiums aside to pay for the community’s claims and expenses.  

Branch, as manager of the insurance operations for BIX, is the facilitator of the community’s resources and receives a small 5% payment regardless of the size or number of claims.  The Exchange creates a low cost structure where the community’s claims drive the cost of insurance and only a fair, fixed amount is set aside for the facilitator’s fee.  

Other financially strong reciprocals exist today, including PURE, Farmers, and Erie Insurance.  None of them takes as small (and fixed) of a payment as Branch.*

In addition to offering great coverage, affordable rates, and several community driven discount programs, there are many other traditional benefits available exclusively to BIX members.  

Some of the key features and benefits of BIX membership include: 

Subscriber Savings Account

One of the best things about becoming a member of BIX is that, as our community grows, we will be able to return some of the unused funds back to you in the form of a Subscriber Savings Account (SSA).  In the future, we will provide more details, including how you are able to check your SSA balance and request a distribution.  In the meantime, you can check out some of the key features and benefits here in our SSA policy.

Once Branch has achieved a certain level of growth and is able to maintain a pool of funds that exceeds what it needs to be able to pay all of the community’s claims and losses, Branch believes that the extra money should be returned to you, its members, through SSA grants.  

After Branch makes distributions, you will become fully vested in your SSA funds over the course of four years, starting in the first year a grant is made.  Unlike members in many other reciprocals who offer an SSA, you will be able to request a distribution of your vested funds while you are a current member of BIX.  This means you earn money over time, which you can save or use as needed.  

Subscriber’s Advisory Forum

While Branch is responsible for the management of BIX, as a member and owner of BIX, you deserve to have a voice in your community.  As a result, we have created a Subscriber’s Advisory Forum (SAF) in order to establish an open and transparent view into the operations of the Exchange.  A summary of how you can participate is below.  You may find a current copy of the SAF Rules here.  

Electronic Discussion Forum

Members of BIX can participate in the SAF at any time by sending an email to support@ourbranch.com with questions, comments, or general suggestions. 

Live Discussions

At least once per quarter, Branch will convene a live online event, where BIX members can pose questions and engage in discussion with Branch leadership.  Check back here for a schedule of upcoming events.  

How to Join:

The Branch team is thrilled to announce the arrival of BIX in alignment with our long-term commitment to returning insurance to its originally intended purpose, and we know you are eager to become BIX members.  Moving forward, when available, all new Branch insurance policies will be issued by BIX.  At this time, BIX is currently available in Ohio and will be expanding to other states soon.  Branch will continue to service your needs in other states as your dedicated full-service agent while we work on the BIX expansion.  Click here to get a quote. 

We will be reaching out to our existing Branch clients with more details on how you can quickly and easily convert your existing policy and become a BIX member to receive the added benefits described above.  

*Branch is neither affiliated with nor sponsored or endorsed by any of these companies.  

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