No More Gambling

MiniMAX is a scheme that deals a good hand every time

How It Works

The MiniMAX scheme is a mutual pooled benefit fund where all members pay contributions into a communal “pooled fund” and request payment from it when they experience absences. The fund is not insurance, it is a discretionary membership arrangement whereby members pay their contributions to our “not for profit” mutual company (Esphera Absence Management Services Ltd) which is a company limited by guarantee for this purpose, has no shareholders to take profit and acts as the “babysitter” for the pooled fund. Each of the scheme participants are members of this company and you all have a say in the operation of it. You can constantly see the status and at the end of each period of cover you will have access to a comprehensive report for you to see how the scheme has been operated. Should this company ever cease or MiniMAX be closed then the pooled fund will be returned to the membership in appropriate and fair shares.

No more than 10% of your contributions are paid to Esphera Solutions Ltd who provide the advice, systems, administration and management of the mutual scheme. The remaining 90% is held and used to provide payments back to its members as decided by the options taken when they take up membership each year.

There is no commitment or contract, you have options for everything you might want and nothing is included for the sake of it – Esphera’s MiniMAX Mutual is here to help take stress and worry away and we are sure once you see the reality of an optimised and equalised mutual you will continue as a member for a very long time. So if at any point you decide that MiniMAX is not for you, you can lapse your membership and take a gamble elsewhere.

How It Delivers

Because 90% of contributions are held solely for reimbursement to members and for no other purpose it means that MiniMAX returns more money to its participants than any other comparable scheme. Commercial absence insurance will return less than 60% on average over the long term. Other mutual schemes whether council or privately operated will return between 75% and 85% but not necessarily equitably across all participants, some will lose out much more than others.

Most other options have a degree of variability which means that on an individual basis some participants will receive back more than they contribute (the high claimers) and some will receive as little as 0% (the low claimers). You never know for sure what will happen but there is a strong likelihood that you could end up significantly out-of-pocket (See “Before Equalisation” on the “How It Works” page). MiniMAX removes this risk by utilising our unique EQUALISER algorithm at the end of each year. We analyse all contributions to, and all repayments from the fund and rebalance the scheme so that the ratio of repayments to contributions is fair across the board. No member loses out more than any other, so there is no over-subsidisation, and as time progress everyone moves towards the overall efficiency (90%) of the scheme (See “After Equalisation” on the “How It Works” page). The unfortunate high claimers slowly move back towards 90% and the low claimers who are out of pocket move up towards the 90%. This means that the initial contribution you pay is, in fact, irrelevant and comparing our contributions to upfront premiums from others is pointless – everything is made as fair as possible in advance but is then corrected absolutely after the event. No more risk – complete certainty that you are using your money as prudently as possible is guaranteed.

Where Your Money Goes

Purple are the costs never seen again - Orange is extra costs if scheme is inefficient and Red if more inefficient still. Green is what comes back to schools.

Insurance

Regular Mutuals

MiniMAX Mutual

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The money returned to schools needs to be done so fairly otherwise individual schools can lose out. See how MiniMAX ensures this happens so that the promise is fulfilled for all members.