A multi-national company, with about 2,000 employees had been experiencing an increase in costs without receiving creative solutions from their current broker.
Cottingham & Butler’s in-depth analysis of benchmarking comparison, cost, communication, and compliance discovered areas of optimal improvement. It was revealed that there was room for superior service capabilities and financial opportunities that could be implemented within the current program to provide cost-reducing solutions and a streamlined transition plan.
Our Results
An Overall Plan Evaluation
We reviewed all of the company’s current offerings, coverages, and administrative practices under applicable laws and determined many areas of improvement.
A New & Better Benefit Program
We implemented a new benefits administration system, and communication plan and expanded to 10 new carriers and 20 lines of coverage to provide employees with a choice where it matters.
Taking the Steps to Reduce Cost
To reduce costs, we conducted an eligibility audit on spousal surcharges, transitioned coverages to better network discounts and services, reduced administrative spending, stepped away from a broker benefits system, and implemented an in-house benefits administration team.
Providing Value & Cost Savings Solutions
We were able to implement and execute a 3-year strategic plan that saved money and provided additional value to both the employees and the employer. Within the first year alone, they saved over $1M.