Nexben
The only end-to-end benefits utility hub powering defined contribution and ICHRA strategies for brokers and employers.
Overview
Nexben is a financial technology company and cloud-based benefits utility hub that powers defined contribution and ICHRA (Individual Coverage Health Reimbursement Arrangement) strategies. Founded in 2015, the company has built a platform that connects the entire benefits ecosystem -- national carriers, third-party administrators, financial institutions, brokers, employers, and employees -- in a single unified environment.
Nexben positions itself as "the off-ramp for employers facing runaway medical costs," enabling employers to regain control over healthcare spend by shifting to defined contribution models. Brokers use the platform to support clients with ICHRA and defined contribution strategies while retaining their Broker of Record status. The company reports saving customers over 30% on health benefit premiums.
In 2024, Nexben achieved USD 3.5M in revenue (up from USD 2.2M in 2023), driven by growing ICHRA adoption. In October 2025, Chicago Pacific Founders -- a healthcare-focused private equity firm -- made a strategic investment in the company and appointed Mark Smith as CEO to accelerate growth.
Products & Services
ICHRA Administration Platform
End-to-end administration for Individual Coverage Health Reimbursement Arrangements. Handles quoting, enrollment, compliance reporting, and payment distribution across benefit providers.
Key Features
- Automated ICHRA enrollment and management
- Compliant reporting with patent-pending payment solutions
- One-click payment streaming and reconciliation across multiple carriers
- Broker of Record support allowing agents to retain client relationships
Target Users: Insurance brokers, employers, TPAs
Defined Contribution Benefits Platform
Digital tools and guidance for employer-sponsored defined contribution health benefit strategies. Enables employers to set fixed monthly allowances for employees to purchase individual coverage based on their personal needs.
Key Features
- Defined contribution plan design and administration
- Employee self-service enrollment tools
- Carrier integration for plan selection
- Reporting and compliance tracking
Target Users: Employers, benefits brokers
Benefits Utility Hub (Marketplace)
Cloud-based platform connecting carriers, TPAs, financial institutions, benefit administrators, brokers, employers, and employees in a unified marketplace.
Key Features
- Multi-stakeholder connectivity across the benefits ecosystem
- Integration with national and regional insurance carriers
- Streamlined onboarding for brokers and employers
- Centralized administration across product lines
Target Users: Carriers, TPAs, brokers, employers
Broker Support Services
Tools and resources to help licensed insurance agents and brokers grow their ICHRA and defined contribution business.
Key Features
- Co-branded marketing materials and campaigns
- Compliance guidance and regulatory support
- Agent onboarding tools and training programs
- Dedicated sales and marketing consulting
Target Users: Independent insurance agents and brokers
Education and Training
Educational content and training programs covering ICHRA mechanics, defined contribution strategies, compliance requirements, and market opportunities.
Key Features
- Ongoing training for licensed agents
- ICHRA certification and education
- Market insights and compliance updates
Target Users: Licensed health insurance agents
At a Glance
- Founded
- 2015
- Headquarters
- Grand Rapids, Michigan, USA
- Employees
- 51-200
- Funding
- PE-Backed
Category & Focus
- Category
- Core Administration
- Subcategories
- Benefits Administration ICHRA Administration Defined Contribution Health Plans
- Insurance Verticals
- Health Group Benefits
- Target Customers
- Brokers, Agents/Agencies, Employers, Carriers, TPAs
Customers
- Licensed health insurance brokers and agents (primary channel)
- Employers implementing ICHRA and defined contribution health plans
- Insurance carriers integrated on the platform
Links
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Last updated: 2026-06-04