Every company faces its own set of challenges.
Even though you may have many competitors sharing your market space, your organization is unlike any other. And that means that a “cookie cutter” solution for your benefits plan is simply not going to do the job.
That is why we start with a clean slate and design a program that truly works for you. The benefits that are important to employees often depends on the individual employee. We start with the standard employee benefits – Medical, Dental, and Vision – as a foundation, and offer a wide variety of other benefit options, as well as Benefit Administrative Systems tailored towards the group’s needs. We help build your plan piece by piece, making sure each coverage component and provision fits into the big picture that you have in mind. Guided by your wishes regarding employee location, product preferences, employee needs, and financial limitations, and in consideration of all the above, we will make a recommendation for the benefit portfolio that will meet your unique needs.
Our agency has several proprietary ideas and strategies that we can easily and successfully implement for our clients. These changes have made significant improvements with our clients’ claims and afforded them great savings. Following a thorough review, we conduct an analysis of the historical data and current benefits. We will then utilize those findings to develop a strategic plan that fits within the parameters set forth by the client to fulfill their needs and ensure compliance.
Renewal and contract negotiations are one of the agency’s core strengths. Because of our extensive product knowledge and decades of experience in rating and underwriting, our clients have the best opportunity to secure the right product at the lowest rate. As market conditions are constantly changing, our firm evaluates all available products and services to identify comprehensive solutions for our clients’ needs. That includes interviewing prospective insurers/vendors and evaluating company data and specifications.
Working with the same historical claims experience data that the carrier’s underwriter is using to determine their rate, we analyze the numbers to determine our reasonable and justifiable rate. For a broker to effectively negotiate a fully insured rate or develop a self-insured budget rate with a carrier, he/she must have a sound understanding of the complexities of rate calculations, drawn on by years of experience in underwriting. Our knowledge coupled with our respected reputation within the carrier community gives us; and therefore, our clients, an unparalleled advantage.
While Analysis is Complex, Our Process is Simple and Effective:
- Examine the claims data and generate our own comprehensive underwriting analysis
- Review the carrier’s renewal underwriting formula and compare it to our own analysis to identify areas and/or factors that might not be in line with the market
- Review competitive proposals from other insurance companies for premium rate comparisons and evaluate the prospective carrier’s rate calculations administrative fees, trend, pooling costs, capitation expenses, and retention factors
- Perform aggressive rate negotiations to obtain the most effective rates for our clients