How to Improve Your Benefits Program Without Disrupting Employees
With the significant changes and disruptions that have occurred since the COVID-19 pandemic started, it’s tempting to just stay the course this benefit renewal season. Sticking with current plans and introducing very few or no changes might seem like the safe route this year, but you may be missing out on a significant opportunity to save money!
Like any other business, insurers have sales goals and are hungry to acquire new clients. As a result, insurers are aggressively pursuing new business opportunities. Over the last six months, we’ve worked with our clients to evaluate the insurance marketplace and have witnessed insurers:
- Significantly undercutting competition on price
- Providing long term multi-year rate guarantees
- Offering substantial implementation credits
- Matching or improving plan design
The combination of these pricing strategies has resulted in considerable savings to employers that will continue to grow in value over time. Transitioning certain benefits, such as life and disability coverage for example, has minimal impact on employees and savings can be passed on directly to them.
The COVID-19 pandemic has imposed a significant cost on many businesses. Prudent HR practitioners who reject complacency will position their organization to win during renewal season.
Contact us if you’re interested in learning how to optimize your benefit programs this fall.
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