More choice. No extra cost.
The client:
A regional technology consulting firm that went through three acquisitions in as many years, with employees in four locations.
The concerns:
1) Carrier could not handle the growth through acquisition the company was experiencing in certain regions and the client was on a small group platform.
2) The benefit plan structure offered no flexibility or choice.
Strategies and solutions:
The implementation of a national network produced a more stable platform for growth. The client experienced no cost increase from transfer of platforms.
Benefit Associates restructured LTD and STD plans for maximum benefit and cost efficacy.
In year one, the fully insured renewal rate was 7 percent. In year two, it was 8.5 percent, and the net three-year cost increase to the employer was 15.5 percent.
The client's on-site wellness program was energized with participation incentives.
All employee communication was triggered by Benefit Associates' on-line Ready Enroll campaign, keeping consultants billable full-time.
Benefit Associates serves as a member of the client's mergers and acquisitions team, ensuring claim run-out issues are managed appropriately, that costs are contained, and that the pool is protected.
Results:
Selected from among seven regional and national firms, Benefit Associates' continual review of all plans and integration of new companies continues to provide value to the firm. Human resources has a lean structure and Benefit Associates' involvement as an extension of the client's management team makes high growth possible while retaining quality employee service.
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