How we define success

• Sustainable cost

• Ease of administration

• High perceived value

• First class employee experience

Identify

• Corporate objectives

• Desired corporate culture & values

• Compensation strategy

• Budget & cash flow

• Administrative resources

• Pain points

• Needs and expectations

Evaluate

• For first time buyers please see “Going to Market” below

• Status of the program for mergers or acquisition

• Demographics

• Administrative requirements

• Contractual provisions

• Underwriting agreement

• Current plan design and funding arrangement

• Plan design & utilization vs benchmarks

• Cost containment strategies

• Catastrophic claims provisions

• Cost sharing strategy

• Tax-effective premium allocation

• Communication strategy

• Viability of flexible benefits arrangement

• Viability of combining defined contribution with defined benefits

• Need for executive benefits tailored to high income earners

• Options and alternatives available in the marketplace

• Need to “Go to market”

Recommend

• Recap of identified needs, opportunities, and expectations

• Presentation of customized solution

• Receive feedback

• Refine and arrive at consensus

Implement

• Review proposed agreements

• Provide feedback on all administrative agreements and contracts

• Coordinate enrollment procedure

• Review implementation timelines

• Assess and prepare applications

• Participate in implementation meetings

• Monitor progression

• Review accuracy of plan designs, modifications, certificates and amendments

• Ensure appropriate taxation and billing on go live date

• Coordinate and execute communication strategy to employees

• Communicate cost sharing arrangements

• Host onsite, in-person & recorded employee training program

Engage

• Training of benefit administrators in plan administration & carrier software

• Educate employees on the plan financials & the importance of their role in sustainability

• Encourage employees to utilize proactive elements of the program

• Empower employees to exhibit thoughtful consumer behavior

• Provide employees with access to customized individual products

• Financial analytics & forecasting

• Advise on cost drivers and cost containment strategies

• Semi-annual claims review and discussion of financial implications

• High-cost claimant analysis

• Monitor trends and develop communication strategies

• Updates regarding plan specific legislative changes

• Compliance review

• Review of changes in the marketplace

• Monitor and manage the evolution of the plan

Support

• Manage special projects as required

• Eligibility concerns

• Plan/benefit inquiries

• Account management issues

• Insurer customer service inquiries

• Insurer performance management

• Coordination of plan amendments

• Special requests/projects

• HR department support

• Claims advocacy

• Disability claims support

• Support administrative process

• Assist with enrollments, terminations, extension of benefits etc.

• Securing severance extensions

• Secure extensions during unpaid leaves

Renew

• Leverage mid-year analytics & forecasting to create annual renewal strategy

• Detailed review of renewal

• Annual benchmarking

• Negotiation of overall funding and fee arrangements

• Proposal construction, review, and execution

• Annual review of our fulfilment of client needs and expectations

Steps in the process:

• Organize employee data

• Summarize experience by benefit

• Summarize rate history

• Define benefits

• Define selection criteria and service standards

• Defining underwriting agreement

• Review of options and alternatives

• Request for proposals forwarded to short listed carriers

• Thorough review and analysis of proposals

• Communication & negotiation with carriers

• Presentation of recommendations

Once a decision is made, we execute on our commitment to: 

• Implement

• Engage

• Support

• Renew