80% of Businesses Are Unknowingly Overspending on Benefits. We Fix This.
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The Average # of Years Clients Have Been With Us
We unlocked $16,000 a year in savings by moving from a traditional program to a hybrid plan design. This gave employees better dental and drug coverage. This was a classic case of benefit premium wastage.
When they expanded into Canada, this autonomous technology company was referred to us by a Global Total Rewards Consultant. We helped them understand the Canadian market and sourced a flexible, pooled benefits program with a built in RRSP.
Their previous plan was with the Chamber of Commerce’s pooled program for a number of years. We aligned them with a different pooled program that reduced their annual costs by $3,200 a year, plus they got better drug and dental coverage along with a meaningful mental wellbeing program that staff could access easier than their previous EAP program.
Why You Need to be Concerned About Benefit Premium Wastage
Benefit premium wastage happens THE MOMENT you design your plan. If employees are getting coverages they don’t need or want, wastage will begin to creep in, costing you thousands every year.
As an independent employee benefits consultancy firm, we’ve adopted a total rewards approach to aligning your benefits strategy with your compensation, culture and technology needs. We’re changing the game in how benefits get delivered across Canada.
Typically this happens with traditional plans. While traditional plans may have their place, the trend is moving towards modern benefits that have a hybrid approach.
First, know this. The big insurers LOVE to buy new business. Most of the big insurance companies are the big offenders here. It’s NEVER about getting the lowest cost.
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