Retail

A large retail company was experiencing higher than average turnover which led to high training costs and continuous large increases on their medical insurance.

The Problem

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The high turnover and defragmented corporate structure made it a tough environment to control costs and create efficiencies in employee engagement and administrative efficiencies.

The Goal

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Reduce costs
Engage employees
Improve benefits

Our Solution

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We provided a benchmarking analysis to align the re-configured company with fewer employees to same size peers in the industry and region. We conducted a competitive bidding process to identify carriers who could provide competitive pricing and support and we identified processes that could be outsourced reliably and cost effectively. After a thorough due diligence process, carriers were chosen. We used some of the savings to implement an online paperless enrollment process. Additionally, we performed a dependent audit where we found many ineligible dependents driving up claims and costs. Finally, we implemented a wellness system that incorporated financial and health wellness to help all of the employees become more engaged in their employee benefits program

The Outcome

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We generated enough savings to offset the administrative costs of an online system.
Lowered the medical loss ratio from 120% to 78% which created a zero increase in year two.
Lowered turnover.
Allowed increased contributions to Retirement plan for key execs.


Manufacturing

A private equity client was performing due diligence on a company to purchase.

The Discovery

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The client was about to receive a large increase to their workers comp mod affecting the cash flow significantly

The Goal

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We projected the increases into the EBITDA and allowed the PE firm to reduce its offer price

Our Solution

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Post-transaction, we were able to effectively place the company into a larger self-insured program with new safety policies and procedures including loss controls.

The Outcome

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The PE firm ended up paying even less premiums than the prior owner creating an even greater yield on their cash flow.


Professional Services

The company had a large injection of cash from new investors and they wanted to see reduced costs on administrative expenses.

The Discovery

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The client had been using a PEO (Tri-Net) to handle all of HR and benefits.

The Goal

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Review all benefits and administrative expenses related to HR for the 250 employees and create cost savings without taking away benefits.

Our Solution

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Replace TRI-Net with a combination of going direct to the carriers and bringing in new payroll and online resources for benefits administration. Ultimately, the person that fought the changes the most was HR Director because she thought it would put more work on her team.

The Outcome

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In fact, we were able to implement with over $250,000 of annual savings and eliminate the need for her $200,00 salary providing $450,000 of annual savings to the 250 person company.


           


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