EMPLOYEE BENEFITS
COST CONTAINMENT
82% of the businesses that connect with us, learn that they are unnecessarily overspending on their employee benefits and group health insurance programs. We fix this.
Our Video Explains
Benefits Wastage
Top 3 Causes of Wastage
1. Apathy
Apathy is the greatest threat. You may be happy with your plan, happy with your Advisor but lurking underneath could be a monster siphoning off money you’ll never get back each and every month. Regular reviews and monitoring are essential to containing costs.
Does your current Broker deliver results or just annual renewal reports?
2. Lazy Plan Designs
Wastage can also happen the moment the plan has been designed. If employees have benefits that are assigned to them that they don’t need, want or use – wastage happens. The coverage needs to be reflective of the strategic need you have for employee benefits. Templated plan designs that can’t be customised will cause rot quickly.
Did you know, after working with over 100 businesses, we can confidently broadcast that roughly 67% of plan designs being offered to employees are similar. There’s very little differentiation happening. No wonder why so many businesses are not getting an ROI!
3. Wrong Structure
We often see organisations in the wrong structure. Traditional insured programs that have a history of reasonably stable claims are often better suited for a structure with return of unused premiums. The premium refund method is the most fair structure available, yet seldom introduced by Brokers.
Typically, clients using the PREMIUM REFUND METHOD see 22% of premiums being returned back to them.
EMPLOYEE BENEFITS REVIEW
Reviewing an employee benefits plan is tricky. So many ratios to consider and business results to factor in. That’s why we created our OnPoint Benefits Wastage Analysis. It will give you an extra pair of eyes, and were experts at it!
