Problem:

Multi-state petroleum company with 100 employees had not used a
benefits broker in over 9 years. CFO felt they could negotiate as good or better rates for themselves and did not see the value in a benefits broker or the additional premium cost associated with these services. This group maintains a self-funded benefits plan.

Solution:

Braden Benefit Strategies, Inc. evaluated all lines of coverage and services, unbundled the coverage and negotiated each line item to upgrade and or update the services while reducing the costs. Company, while doing a good job, had missed the changes in the market and did not know where significant savings could be realized.

Results:

Savings that were realized include:

• $30,000 per year on the group life and long-term disability
• $15,000 per year on their Third Party Administration costs
• $30,000 annual savings in the reduction of their Stop Loss Premium

A total annual savings of $75,000 or $840 per employee was realized!

Note: Savings are calculated after broker commission.