For group benefits to be effective, employees need smooth processes, and a subject matter expert they can depend on. Life is complicated, so is finance and health.

The administrative burden of managing an employee benefits plan has traditionally fallen on the employers who offer them. An internal staff member enrolls new employees, removes departing ones, processes pension contributions, field inquiries, and makes individual member changes.

This scenario is a problem because it weakens your position of negotiation. Changing carriers means taking on undue administration, retraining HR staff, and employees feel this which is counterproductive. Most group benefits plans are soft on pricing because of a weak position of negotiation.    

The purpose of an audit is to determine how the implementation of your group benefits can be improved to lower rates, reduce administrative burden, and improve the employee experience.  A full SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis will be performed, market comparable will be referenced, and recommendations will be made, all of which will be contractually bound, and result in a formal audit document. The result will a formal record of due diligence at very least.    

The intended outcome is to put negative pressure on costs. It drives down costs by strengthening your position of negotiation at time of renewal. You better understand industry standards, norms and will have market comparable. It serves to identify redundancy and implement technology, automation, and externalize cost where possible.

A secondary outcome is for us get the opportunity to demonstrate our expertise. We are not entitled and do not expect your organization to move it’s plans under our administration, but we are eager to quantify the additional services we perform.  

There is no charge for the audit and no obligation to put your plan under our management. That said, you would need to provide us with the information necessary to complete the job.

We would need a complete employee census, the last 3 renewal documents of you group benefits plan, and pension related statements. We would need to interview the HR/office staff responsible for plan administration for process audit.   

Rest assure that confidentiality, privacy, and protection of information will be contract bound.