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Saving a company over £74,000 on Employee Benefits

Background

A company with 200 employees had been using the same employee benefits broker for several years. They had three benefits in place; private medical, group life, and group income protection. However, the company was concerned about the rising costs of these benefits and the level of service they were receiving from their broker. They decided to conduct an in-depth review of their benefits program to see if they could find a better solution.

Challenges

The company faced several challenges in their search for a better benefits solution. They needed to find a broker who could offer competitive pricing on their existing benefits while also providing a higher level of service. They also needed to ensure that any changes they made to their benefits programme would not negatively impact their employees.c

Solution

The company engaged our team to conduct a comprehensive review of their benefits programme. We conducted a thorough analysis of their existing benefits, including their pricing, coverage levels, and service levels. We also conducted a survey of the company’s employees to better understand their needs and preferences when it came to employee benefits.

Based on our analysis, we recommended several changes to the company’s benefits programme. We were able to negotiate lower premiums for their existing benefits, which resulted in a savings of over £74,000 per year. We also recommended changes to the company’s benefits plan design, which allowed them to maintain their existing level of coverage while reducing costs.

In addition to these cost savings, we were also able to enhance the company’s level of service. We provided the company with a dedicated account manager who was available to answer any questions or concerns they had about their benefits programme. We also provided the company with regular updates on their benefits programme and made recommendations for further improvements as needed.

Conclusion

By conducting an in-depth review of their benefits program, we were able to help this company save a significant amount of money on their employee benefits while also enhancing the level of service they received. Our team was able to negotiate lower premiums, make changes to the benefits plan design, and provide a higher level of service, all while ensuring that the company’s employees were well taken care of. If your company is facing similar challenges with your employee benefits program, we encourage you to contact us to see how we can help.

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