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June 30, 2018

Pharmaceutical Company Achieves $2M in Savings with Large Deductible Program

Client Profile

Industry: Life Sciences
Geographic Footprint: International
Ownership Structure: Public
Annual Revenue: $1 Billion
Number of Employees: 5,000+

Pharmaceutical photoProblem

As an international company with subsidiaries throughout the world and clinical trials in over 50 countries, staying on top of its insurance coverage was challenging. The life sciences client needed to satisfy the requirements for each country. They were also seeking cost effective automotive and workers’ compensation insurance for a recent acquisition.

Solution

We were able to establish reporting procedures in order to make the insurance coverage in each country a smooth and simple process for each subsidiary. By controlling all insurance policies, CBIZ was able to confirm that requirements were met in all countries. For the acquisition, we suggested a large deductible plan for the automotive coverage and workers’ compensation. This allowed the company to retain a portion of each loss through a substantial deductible and transfer losses in excess of the deductible to the insurer.

Outcome

With these processes in place, the pharmaceutical company was confident that it met each country’s requirements. Additionally, with the large deductible plan the company was on target to achieve a savings of $2 million in the first year.  

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Copyright © 2018, CBIZ, Inc. All rights reserved. 

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