We met with a potential large employer to review their benefit package and costs ahead of their next renewal. Upon review, we discovered large increases in some lines of their coverage year after year. Broker compensation was also much higher than normal market rates. The company needed to overhaul its benefit package.
We put together a comprehensive solution that reduced premium costs through competitive quoting and ensured greater predictability with multi-year rate guarantees. Since we utilize and quote with all major carriers instead of only a few, we could secure this through our market access to help the employer drive costs down and put broker compensation in line with groups of their size. We also came up with a comprehensive strategy to assist in the management of the client’s COBRA, FMLA, and benefit administration.
Delivering a package with better contract terms, rate and renewal guarantees, lower costs, and broker compensation in line with the industry saved the client over $150,000 in premiums over the next year compared to the renewals presented by their legacy provider. We also saved them time, money, and compliance headaches by taking away their in-house COBRA administration, outsourcing their FMLA, and assisting with benefits plan administration and employee communications.