Here we will look at an example of how we have helped one of our corporate clients get a better employee benefit solution and save money on their group medical insurance.
The Background
The client is a leading provider of managed services, cybersecurity and business transformation for mid-market financial services organizations across the globe with a specific focus on the financial services sector.
Through their offices in the United States, Europe, the Philippines, Singapore and Hong Kong the client serves more than 1,000 customers which includes many hedge funds and asset management firms which have over USD 3 trillion of assets under management.
The Problem
The client had found that their costs for their corporate medical insurance plan were significantly increasing year after year and there was a need to manage costs. Additionally there was a need to increase benefits to bring these more in line with their peers and to attract and retain staff. Straddling both the technology and investment management sectors it meant many candidates had been used to high level covered which is typically provided in this industry.
Saving on premium and enhancing coverage had proved difficult under the existing arrangement and as a result brought in i-Brokers to advise them.
The Solution
After a detailed consultation with the client, it was clear that a range of solutions were possible. The client’s had not had a comprehensive market review for some time. The first step was to conduct a market benchmarking exercise to see which insurers could offer more competitive rates.
In the consultation we also discovered that their policy was on an “experience rated” pricing structure. This had meant that high claims usage was impacting future renewal costs. Looking at plans with a “community rated” set up would not only save on current premium but would ensure that future renewal cost would be more stable as they wouldn’t be impacted by claims performance and usage. Identifying this meant we could begin to source and negotiate on plans from a wide range of insurers.
At i-Brokers we work with over 200 insurance providers including some of the world’s largest insurance companies as well as boutique insurance providers who are specialists in the employee benefits field.
This fact has enabled us to provide quotes from 12 different insurers who were able to fit the clients’ criteria in terms of cover and premium objectives.
We were able to address the two health and benefits priorities (mental health and holistic well-being) by using our experience with similar clients and our industry knowledge to focus on the right insurers for the business.
After plan design and implementation was complete, we held a member briefing for the entire company to go over their new plan, benefits and claims process and conducted a Q and A session with the staff members, so they were clear on the how to use the plan and claim.
The Outcome
The client was able to make a 42% saving compared to their renewal premium with their previous insurer.
Benefits were upgraded in the areas which the client wanted to increase to keep them competitive with their rival companies which meant they now have a employee benefits scheme that encompasses virtual wellness services and Employee Assistance Programs (EAPs), psychiatry benefits, mental health services, telehealth, and initiatives to support work-life balance.
At i-Brokers, we pride ourselves on being transparent with our premiums. This is reflected in our health insurance premium comparison tool which allows you to receive and compare insurance quotes in seconds! 82% of customers save money on premiums when comparing insurance with i-Brokers. Can you afford not to? Learn more here.
Related articles about insurance premiums:
- How to save money on Insurance Premiums
- Why do Insurance Premiums Increase
- How are Premiums Calculated?