J. W. Terrill Inc. has launched its own private health benefits exchange, the St. Louis-based insurance and benefits broker announced on Wednesday.

The exchange, called TerrillChoice allows employers with 100 or more benefits-eligible workers to provide their employees with fixed contributions toward the cost of health insurance and other benefits, coupled with multiple benefit plan options and decision support tools designed to help individual employees select the coverage that best fits their finances and health care needs, the company said in a statement.

Within the TerrillChoice exchange, employers can select from among a group of contracted insurance companies and, in turn, are able to present their employees with a broader range of coverage options than would have been available in a traditional arrangement.

Susan Sanders, J.W. Terrill's vice president of benefits and project manager for TerrillChoice, said in an interview with Business Insurance that the exchange offers group health care coverage underwritten by four national insurers, including United Healthcare Services Inc., Anthem Blue Cross, Aetna Inc. and Cigna Corp, with effective dates as early as Jan. 1 2015.

Additionally, the exchange provides access to voluntary dental, life, vision and other benefit plans through Delta Dental Plans Association, Lincoln Financial Group, MetLife Inc., Unum Inc. and LegalShield, Ms. Sanders said.

“J.W. Terrill recognized that employers are struggling with the need to offer a robust benefits package to attract and retain talented employees, while managing the rising costs of benefits in a competitive economy,” Ms. Sanders said in a statement released on Wednesday.

The TerrillChoice exchange platform was developed primarily in-house, the company said in its release, with administration, education and enrollment services provided by Conyers, Georgia-based SmartBen Inc.

“When making the decision to offer a private benefits exchange, we knew it was important to provide our clients a customized solution,” Ms. Sanders said in the statement. “Rather than utilize an 'off the shelf' solution, J.W. Terrill built our own private benefits exchange.”