Case Study: Benefits So Braggable it Sped Up Recruiting in 7 Days While Reducing Premiums by 28%
We met Tyler at the AceTech Conference, and after completing a wastage analysis we learned that were unnecessarily overspending and had coverage that was not effective for attracting the talent we needed.
Since working with OnPoint we are very happy with the results. Not only have we seen significant cost savings of 28% YOY OnPoint has also provided us with improved coverage options that allow employees to be proactive in their health. This will help us attract talent faster. If an ROI is what you’re after OnPoint delivers.
Company:
Aarcomm develops innovative industrial wireless remote control solutions for remote applications. With 30 employees, they are based in Coquitlam, BC
Client Brief: Jeff Yeo, CEO Aarcomm Systems Inc.
When we met with Aarcomm they had a traditional employee benefits plan that was just processing claims, and not transforming the business. They had used a Broker tied to a large insurance Carrier, thinking that this approach would help them secure a stable plan long term. They were relying on their benefits plan to help with recruiting and retention but felt it wasn’t delivering on this promise, so they were open to exploring working with a Benefits Consultancy.
Through the OnPoint Benefits Wastage Analysis, Aarcomm was able to learn that they had been overpaying for their employee benefits by as much as 37% in some years, and scored low on the “braggability” of their plan design. A low braggability score impedes the speed at which new employees are been hired at.
Our benefits plan tune-up afforded them $30,000 a year in annual savings, which allowed us to integrate some flexible offerings like a Health Spending Account where each employee has access to $1,000 a year.
We also bolstered up their mental health support which includes direct access to specialists, virtual primary care, and even access to Headspace, the meditation app.
Previously, they had no Preferred Pharmacy Arrangement (PPN), so we introduced a solution through PocketPills, which delivers some of the lowest cost drugs directly to plan members.
The Bottom Line:
- Reduced their benefits spend by 28% annually.
- Improved the coverage and flexibility of the overall plan design without adding to the cost.
- Bolstered up the mental health support and primary care for virtual workers.
- Dramatically improved their braggability score to speed up recruiting for key roles.
- Have turnkey plan member communications which helps staff learn about their benefits.
Typical Employee Benefits Programs Process Claims, and Don’t Transform Your Business. That’s Why We Built OnPoint!
What Other’s are Saying
Very impressed! OnPoint’s marketing and delivery of benefits is unique. We’ve found it to be the perfect balance of progress but not pushy, and fast but not too brief, and what’s really great is this continues to be the trend with their service once you’re onboard.
They are unbiased and genuinely want what’s best for your company. Tyler has created a well-rounded structure that removes the friction in employee benefits. It feels like one of those situations where it’s too good to be true… but it is actually true! Highly recommended!
Tyler brings a very welcomed voice and varied solutions to the employee benefits space.
From being transparent on costs/fees/commission, to designing benefit plans that truly align to the needs of staff and the business.
I highly recommend employers who are looking to take their benefits offering to the next level (in this ever-competitive war on talent) that they speak to Tyler for a second opinion. You will be glad you did!
We reached out to Tyler at OnPoint because we we’re looking for a Thought Leader in the Benefits space that was different from your typical Broker/Brokerage. We’ve been super happy with the benefits plan he’s provided AceTech staff. Whether he’s speaking at an AceTech event or interacting with our members, we continually hear great things back. We encourage all of our members to connect with OnPoint to see how their benefits platform can help their organisation.