Process
Strategic Overview:
- Meet with an executive staff to formulate three year strategy
- Project future cost of programs
- Evaluation of plan design modifications and corresponding financial impact.
On-Going Oversight of Benefit Programs:
- Assist employer in resolving escalated administrative issues
- Guidance on legislation effecting benefit plans
- Assist with research of legal & compliance issues of interest to employer
Carrier Sourcing:
- Write RFP for distribution to prospective carriers and/or administrators
- Respond to questions during selection process
- Review proposals for compatibility to plan objectives
- Monitor process to ensure proposals are received by due date
- Prepare analysis comparing recommended plans to existing plans
- Negotiate final points with carriers and/or administrators
- Network compatibility analysis
Management Reporting:
- Identify and research large claims
- Monitor reinsurance reimbursements
- Provide monthly claims reporting and compare to expected claims
- Prepare annual reviews/surveys of competitive marketplace
Renewals:
- Obtain renewal for carriers ensuring ample time for analysis
- Verify financial renewal methodology in line with industry norms
- Negotiate rate
- Prepare renewal report/analysis and deliver to management