Annual Benefit Review

Group Insurance

The goal of our renewal analysis is to ensure the client understands why their rates are changing, and as well, how the insurance carrier has come up with their renewal rates.

Among some of the sections enclosed in our Annual Benefit Review are:

a) Plan Design Review

b) Review of Renewal Negotiations

• Copies of the correspondence with the insurance company are included assuming we have had to negotiate the renewal rates.

c) Pooled Benefits

• We outline why the pooled benefits are changing and explain with a review of demographic changes since the previous year's renewal.

d) Experience Rated Benefits

• We provide Rate Calculations for the EHC and Dental benefits so that clients understand how the insurance company has arrived at the proposed rate adjustment for these benefits.

e) Rate History Summary

• The objective of this component is to go back in time and using current demographics, outline to the client how much their bottom line has changed on an apples to apples basis over the years. We believe this analysis outlines to clients how we have been managing their account.

f) Summary & Recommendations

• Our primary objective here is to outline to clients whether or not we feel the renewal action is in line with industry standards, and provide options for the client depending on the renewal action taken by the incumbent insurance company.