Alternative funding & captives
Self-funded, level-funded, and captive strategies that give employers ownership of their claims data — and a reason to care about it. Led James P. Bennett's first captive funding initiative.
Employee Benefits Strategy · CSFS® · Southern California
Healthcare is your second-largest expense. I help you manage it like one.
I'm Nick Severson, Director of Client Strategy at James P. Bennett & Company. For over a decade I've helped employers of 25–2,000 employees rethink how their health plans are funded, priced, and run — from self-funding and captives to pharmacy carve-outs, stop-loss strategy, and AI-enabled benefits operations.
10+
years in benefits strategy
10%+
saved in annual spend
50+
clients advised
First
captive & AI initiatives led at JPB
Where I focus
Three levers that actually move cost
PBM carve-outs & stop-loss
Pharmacy contracts and stop-loss placement are where the money hides. I evaluate, negotiate, and restructure both so renewal season stops feeling like a ransom note.
AI-enabled benefits operations
Built the firm's first AI-enablement strategy for benefits operations — using modern tooling to compress analysis, communication, and compliance work that used to take weeks.
Experience
Where I've done it
Sep 2025 — Present
Director of Client Strategy
James P. Bennett & Company
- Executive consultation and renewal strategy for 20+ employee benefits clients
- Implemented the firm's first AI-enablement strategy for benefits operations
- Led the firm's first benefits captive funding initiative
Mar 2024 — Sep 2025
Senior Client Manager
Nava Benefits
- Managed over $5M in employee benefits spend with strong retention and growth
- Delivered 5–10% ARR growth per account through cost-saving strategy
Oct 2021 — Mar 2024
Client Manager
Nava Benefits
- Built client success frameworks as the firm scaled from Series A to Series C
- Administered HRIS and benefits administration platforms
Writing
What I'm thinking about
Explainer
Trump Accounts, explained for employers
A plain-English walkthrough of the new savings vehicle and what it means for benefits strategy.
Read on LinkedIn → Cost StrategyGLP-1 coverage without blowing up the plan
How employers are structuring GLP-1 access while protecting stop-loss and pharmacy spend.
Read on LinkedIn → Plan DesignIs an ICHRA right for your company?
Where individual coverage HRAs genuinely fit — and where they're a solution looking for a problem.
Read on LinkedIn →I publish regularly on employee benefits strategy — follow along on LinkedIn.