Client
A food service distribution company with 16 employees located in the GTA.
Situation
Client’s employee benefit plan had been with a major life insurance company for the past seven years.
Their plan costs had averaged annual increases of 7 to 10%.
Their broker maintained minimal contact and had made no effort to find a better deal for the client.
Solution Steps
1. Educate the client on the need to consider, not just first year savings, but long term savings with a new insurer.
2. Test the market for savings now and going forward.
3. Secure the best pricing for the client.
4. Provide quarterly reports to client, tracking claims versus premiums thus avoiding any surprises at time of renewal.
5. Offer suggestions for managing claims and premiums.
6. Share the insurer’s pricing model, thus making JPB accountable for getting the right price.
Results
In the first four years of taking over this account the following was acheived
Initial savings were 19.1%
Savings in first four years totaled $28,273
Premiums after four years were 8.4% lower than at inception
