Unique Approach to Benefit Communication
In the midst of a series of mergers among large healthcare organizations, TBX Benefit Partners was engaged to assist in the coordination and management of a comprehensive benefit communication strategy to ensure that employees from each organization had a full understanding of (and appreciation for) the benefits package to be offered by the new parent organization.
After several rounds of strategic planning with key stakeholders and a variety of legacy organization human resource team members, it was determined that a coordinated face-to-face benefit communication process supported by professionally designed benefit communication materials and technology would be the most effective method to ensure consistent communication of key employer messages.
In a period of 60 days, TBX Benefit Partners coordinated the process in which more than 10,000 employees met face-to-face with a salaried benefit counselor to receive important benefit updates from the employer and enroll for the coming year’s benefit program.
Proven Results in Ancillary Benefit Management
A large manufacturing organization was experiencing service challenges with their incumbent life, disability, and absence provider. Given the vendor had been selected by a project based consultant, there was limited ongoing third-party management of the relationship. TBX was engaged in an ongoing stewardship capacity as consultant/broker of record for the in-force plans. After analyzing the plan design, experience, and service processes, TBX quickly determined a variety of efficiencies could be realized through its vendor due diligence and pricing process. Within six weeks of initial engagement, TBX’s process generated a 27% employer savings opportunity with the incumbent vendor and a variety of competing vendor options. As a result, the plan design was enhanced, a variety of performance guarantees were implemented relating to vendor service, and long-term rate guarantees were secured.
Unique Approach to Benefit Communication
A large educational institution had been providing life and disability programs to its employees for years, but received very little ongoing support from their incumbent broker. Specifically, the client had been left to manage ongoing employee benefit communication efforts on its own, which created a great deal of work for the HR team. Further, employees were left with a vast array of paperwork leading to confusion regarding benefit options and an inaccurate perception that benefits were less competitive.
Following engagement with TBX, the ancillary benefit program was marketed and savings were realized for employees, and the benefits were significantly enhanced. TBX engaged with the client to oversee and coordinate the benefit communication process including print communication development and printing, benefit administration system integration, and a variety of employee enrollment support systems, including on-site, salaried benefit counselors and call-center enrollment support for those faculty and staff who preferred to discuss their benefit options over the phone.
Through the enrollment and communication process, overall employee understanding of the benefit program was enhanced and many employees migrated from their less competitive default elections to enhanced benefits that better suited their needs.
Unique Approach to Absence Management
A large publicly traded organization desired to implement outsourced Family Medical Leave Administration but they did not have a budget for the additional cost such a program would require. Realizing there were potential efficiencies to be found within the ancillary benefit programs, TBX utilized its technology resources to generate savings with the incumbent vendor, with all lines receiving multi-year rate guarantees while also securing benefit administration transition credits to fund enhancements to the employer’s benefit administration system with the goal of enhancing the efficiency of the employer’s internal administrative practices.
As a result of our process, this client was able to maintain current vendor relationships on ancillary benefits and add outsourced FMLA management at a net reduction in employer and employee cost.
Wellness Plan Strategy & Due Diligence
After many years of concentrated focus on developing a robust health and wellness platform, the client recognized the importance of incorporating a financial wellness component into their overall wellness strategy.
Following an initial Discovery Meeting during which client goals and employee needs were established, TBX performed a comprehensive market review of the Financial Wellness resources in the market.
Service functionality evaluated included:
- Workshops related to personal financial planning, budgeting, cash flow management, saving for retirement, etc.;
- On-site meeting capabilities (both group and one-on-one); and,
- Online resources to facilitate employee education and engagement.
TBX remains available to provide client support following the due diligence process to assist ongoing service needs relating to plan implementation and maintenance.
Ancillary Benefits Procurement
After having worked with a traditional consulting firm for many years, a Fortune 1000 manufacturing organization engaged TBX to assist with their life, disability, and absence management programs.
Following appointment as Broker of Record, TBX quickly leveraged its in-house underwriting expertise to analyze the client's claims experience to gauge the appropriateness of current pricing. As it turned out, the clients rates were indeed well above market and had been for some time. As such, TBX re-negotiated the clients current contract during the middle of the rate guarantee period achieving a retroactive 7% rate reduction which resulted in a $200,000 savings for the remaining contract term.