See How Our Benefits Expertise Have Worked for Businesses like Yours
CASE STUDY 1: INTERNATIONAL FOOD AND BEVERAGE MANUFACTURER
Situation: This firm wanted to ensure that their international consulting firm was providing them with value and we were asked to complete an audit study.
Result: Our review uncovered a number of areas of concern, including overall retention costs that were overstated by 26%. In addition, the insurer was holding on to a claims fluctuation reserve that was significantly higher than what we would expect in the competitive market. This translated to an additional $85,000 in funds that were being left on deposit with the insurer, instead of being put to use by the company.
CASE STUDY 2: CANADIAN INVESTMENT FUNDMANAGER
Situation: This client had been so successful in managing money for their clients that they let their benefits plan fall into financial disarray. They had an external advisor who handled renewals, but complacency and familiarity resulted in less than stellar advice.
Result: We were engaged to do an audit of the existing program and found inefficiencies in plan design and funding arrangements to the tune of $246,000 a year. We were immediately appointed and conducted a review of the plan in the competitive marketplace. We were able to find additional savings by consolidating coverage with a single carrier and in total generated $363,000 a year in sustainable savings. The company reinvested some of the savings in initiatives to help their employees and used the rest to improve the bottom line. This was a Win for the employees, a Win for the employer and a testament to the power of our audit and review process.