Inflection Point
The inflection point that is AI, like any significant technological change, brings both optimism and concern. It has the potential to amplify human effectiveness and the way we work but could also diminish human autonomy and agency. While AI will allow us to reimagine and rethink many parts of our business, it is not a replacement for the social and emotional intelligence necessary for communicating effectively, working collaboratively in groups and persevering when things get challenging.

At BETA, we act as a trusted partner and our connections are co-designed with our members, brokers and partners. We believe that by seeing things through a human lens, we're able to fully understand the challenges and requirements of our members and provide them with the best insurance solutions for their unique needs.

Connections
In 2023, we created opportunities and experiences to build human connections and expand our horizons by bringing our experiences beyond BETA into our work. Our People Operations (POPS) department introduced BETA Helping Hands, a social impact program focused on workplace giving and volunteering that builds upon the continued success of BETA Service Days. BETA employees are encouraged to contribute to and support the efforts of local, national and global initiatives that improve the overall quality of life in our communities and enhance their social and economic health. Employees now have access to the Bright Funds platform to support their charitable giving and volunteering activities and can be matched with volunteer opportunities that align with their interests and availability from over 2.5 million vetted nonprofits.

Advancing Patient and Employee Safety
On the home front, BETA forged new partnerships that will advance patient and employee safety well into the future and have implications for BETA members and beyond. As a founding member of the National Patient Safety Board Advocacy Coalition, we supported the formation of an independent federal agency, that National Patient Safety Board (NPSB). This new agency would oversee federal coordination of patient safety efforts, study the causes of errors and create recommendations and solutions using a data-driven, scalable approach, similar to how the NTSB functions for aviation/transportation.

In alignment with this work and its priorities, BETA has also worked on the federal scene in support of the President's Council of Advisors on Science and Technology (PCAST) and the efforts of its working group on patient safety which delivered a report titled "A Transformational Effort on Patient Safety" to President Biden. Part of a two-year effort helmed by leading patient safety stakeholders and federal agencies, the report draws attention to patient safety as a national public health issue and details a set of recommendations to empower existing and new efforts toward addressing medical harms and unsafe care.

At the state level, BETA partnered with Cal/OSHA to combine both our knowledge and know-how in healthcare, insurance and governmental sectors toward a common goal of improving workplace safety. By entering into an Alliance Agreement with Cal/OSHA, we will partner together in training opportunities and create safety materials that will advance employee and workplace safety in California. BETA is one of only a handful of organizations selected to participate in the Cal/OSHA Alliance Program.

Future State
Just as we form connections outside BETA to advance patient and employee safety, we are joining together internally to prepare ourselves and our data for a future in which AI augments our work, but it is as a team that we curate the data for our members to provide them with the best tools and resources. Our Data & Technology team has rolled out robust security and streamlined integration of workflows, systems and applications and we're also building new tools and capabilities that will positively impact the quality, safety and financial results of our members.

Known as a strong underwriting company in an ever-changing medical professional liability marketplace, BETA's underwriting philosophy is informed by our broker relationships and culture of collaboration, augmented by technology and strategy and enabled when our departments connect to blend human judgment with data and analytics.

In 2023, the Risk Management and Safety department began the initial work to combine patient and employee safety service planning, which will allow members to get a more complete picture of where to focus their safety efforts; Underwriting collaborated with Risk and Claims to take a deeper dive into understanding member engagement and tapped into BETA's vast risk management clinical expertise to a degree that will better inform underwriting decisions like never before; and Claims integrated metrics into dashboards to provide members with a more holistic view.

It is these connections that give BETA an edge in delivering individual datasets to members which provide them with the ability to enact proactive and effective enterprise risk management strategy and make data-informed decisions that will ultimately improve their risk profile now and into the future.

Financial Highlights
BETA's gross member contributions written were $205 million for the year ended December 31, 2023, 8.6% higher than budget, including $5.2 million in new business. Net income from operations was $2.7 million. The BETA Council authorized $7.1 million in member dividends - the 32nd consecutive year that BETA has returned dividends to its members. Total assets were $754 million as of December 31, 2023.

Expanding Our Horizons
From alliances that take us into the future in protecting patients and employees to coming together internally at BETA in ways that encourage individual growth, build team cohesion and in streamlining systems and processes for a new technological era, we are expanding our horizons to meet the future before us. While we'll be ready to make the changes necessary to meet the demands of the marketplace, we'll also remain the BETA Healthcare Group our members, brokers and partners have come to know over the years. Like healthcare, BETA is intrinsically human and we'll continue to partner with our members to address their individual risk needs with flexible solutions and lend our expertise in support of their operational and safety goals.