Issue
An organization was experiencing growing pains. Consistently high annual increases to its medical plan led the group to believe it was receiving unfair renewals from its current carrier. While the organization employed approximately 300 employees domestically, it also had more than 9,000 employees internationally and felt that scale was being overlooked during the renewal process. The group turned to CBIZ to find a solution to its challenging renewals.
Solution
To better understand the factors driving recurring renewal increases, CBIZ conducted a comprehensive review of the organization’s benefits program. The team analyzed high-cost prescription utilization, evaluated renewal and self-funding projections, and assessed potential claim risks to determine the most effective funding strategy moving forward.
Outcome
n extensive review determined that transitioning to a self-funded arrangement would be the most beneficial option for the upcoming year. This approach
would provide access to detailed claims data, enabling greater visibility into plan performance and underlying cost drivers, and insight the organization had not previously had under its fully insured model.
CBIZ developed a roadmap to support this transition and equipped the organization with the data and strategic guidance needed to make informed decisions about its benefits program moving forward.
| Company Information | |
|---|---|
| Industry | Finance |
| Geographic Footprint | Kansas City, Arkansas, International |
| Number of Employees | 356 |
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