Salvaging a Challenging Renewal

A better approach to negotiating a more favorable renewal

We were brought in by a private equity firm to help with a challenging renewal for one of their portfolio companies. Top 10 broker presented the best renewal option at 49%. We were able to replace the current health insurance carrier with a stronger network, keep benefits the same, and saved $375,000 from the renewal.

Special care should be taken when presenting a client to the marketplace for renewal options. We must first validate the accuracy of the data and provide context around the overall financial performance of the client.
We evaluated the RFP and felt the group was not represented from a position of strength. The incumbent broker received declinations from the traditional insurance companies.
While we were on a tight timeline we developed a targeted strategy to approach a select few insurance companies.

Our Health Intelligence team modeled a renewal projection that was more in line with what we would see as medical trend.
We corrected a misleading loss-ratio report that was provided to the insurance carriers and crafted and RFP that made the group more desirable to the marketplace.

Our Health Intelligence team modeled a renewal projection that was more in line with what we would see as medical trend.
We corrected a misleading loss-ratio report that was provided to the insurance carriers and crafted and RFP that made the group more desirable to the marketplace.
We helped generate a savings of over $200 Per Employee Per Month.
We moved the program from fully insurance to a program the client shares financially in the success of the plan.
The client will have significantly more visibility of reporting and claims.

Get in contact with an advisor today to see how BKS can support you.