How to Improve Your Benefits Program Without Disrupting Employees

With the significant changes and disruptions that have occurred since the COVID-19 pandemic started, it’s tempting to just stay the course this benefit renewal season. Sticking with current plans and introducing very few or no changes might seem like the safe route this year, but you may be missing out on a significant opportunity to save money!

Like any other business, insurers have sales goals and are hungry to acquire new clients. As a result, insurers are aggressively pursuing new business opportunities. Over the last six months, we’ve worked with our clients to evaluate the insurance marketplace and have witnessed insurers:

  1. Significantly undercutting competition on price
  2. Providing long term multi-year rate guarantees
  3. Offering substantial implementation credits
  4. Matching or improving plan design

The combination of these pricing strategies has resulted in considerable savings to employers that will continue to grow in value over time. Transitioning certain benefits, such as life and disability coverage for example, has minimal impact on employees and savings can be passed on directly to them. 

The COVID-19 pandemic has imposed a significant cost on many businesses. Prudent HR practitioners who reject complacency will position their organization to win during renewal season.

Contact us if you’re interested in learning how to optimize your benefit programs this fall.

Insight By
Employee Benefits Consulting
Michael LoVasco
Executive Vice President
File Number

Not applicable

Topic
Employee Benefits
Published on

September 9, 2020

updated on

September 9, 2020

Disclosure

This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.

Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a registered Broker/Dealer and Investment Advisor, member FINRA/SIPC. LoVasco Consulting Group is independently owned and operated.

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LoVasco Consulting Group and their agents are presently licensed to sell traditional life insurance in Michigan as a resident producer and numerous other states as a nonresident producer. This site is not intended as an offer to sell securities, which may be done only after proper delivery of a prospectus and a client suitability review. Proper state registration is mandatory prior to conducting business in any state. Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a registered broker dealer and Investment Advisor, member FINRA / SIPC. Check the background of this Firm and/or investment professional on FINRA's BrokerCheck. LoVasco Consulting Group is owned and operated independently from M Holdings Securities, Inc. LoVasco Consulting Group is a member of M Financial Group. Please click here for further details regarding this relationship.