Feeling underserved by its broker but wary of how a change could impact service, a midsize technology firm forged a relationship with Segal that helped it secure six-figure savings in Rx pricing and life and disability insurance renewals.
A tech firm in the healthcare field determined its existing broker was failing to deliver proactive guidance and innovative solutions. The firm felt its vendor relationships, PBM pricing and other issues weren’t optimal due to the broker’s lack of responsiveness.
Still, the firm was hesitant to switch brokers for fear the change might affect service.
Engaged as the new broker, Segal conducted a thorough review of the firm’s plans, its vendors, vendor account teams, PBM pricing, benefit compliance, budgets and more to gain a full understanding of the current challenges facing the firm — and to identify key areas for improvement.
With the current service weaknesses diagnosed, our team went to work to resolve them.
Drawing on our long experience in the health benefits arena, we focused on uncovering opportunities for cost-savings, improving responsiveness, and sorting out any lingering compliance issues — all while executing a smooth and seamless transition to eliminate any disruption in service.
At the same time, our team recommended and helped implement a variety of innovative programs designed to deliver enhanced services to participants, save costs over the long-term, and lay a foundation for improved results overall and better decision-making in the future.
In the first nine months of the Segal relationship, the tech firm reaped considerable savings and enjoyed enhanced services across virtually every key business area.
We negotiated new prescription drug pricing and rebate terms, saving the firm $116,000 annually. Segal’s team also negotiated stop-loss renewal for $40,000 in savings, and life and disability renewal for $19,000 in savings.
The team also worked with the client to identify and resolve many compliance issues, including uncovering and fixing a compliance issue with the life insurance program that would have created additional imputed income for participants.
Moreover, Segal delivered custom solutions that enhanced the firm’s health benefits design and communications — from providing helpful benchmarking of parental leave and paid time off to creating a refreshed benefits guide to inform and engage employees.
Not only were additional savings uncovered in the second and third years, but Segal designed enhancements to the benefit program to help the client recruit and retain critical talent through our ongoing health and welfare, compliance and actuarial consulting advice.
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