Benefits Advisory

Delivering Double
the Value for Half
the Money

This large, multi-state client continued down the same comfortable path of limited change and mediocre results from their broker. Once Risk International joined their team as an independent, third-party voice of expertise and accountability, we cut the client’s broker’s fee in half.

The Problem

Is there really a difference in brokers? As a decentralized, 19-state construction company, the client had a need for a comprehensive benefits plan that met the requirements of all levels of employees while at the same time controlling their benefits spending. Their understanding of opportunities was limited. They were unclear on contract terms, scope of services, and a financial true-up promised by the broker that never occurred. Put bluntly, they weren’t sure how to analyze and understand the complexity of services rendered versus value attained.

The Risk International Solution

Risk International Benefits Advisors (RIBA) conducted an Impact Analysis (a comprehensive client needs analysis and broker assessment) to discover and identify the services that were need-to-have versus fluff. In other words, we helped identify what services they were using, what they were paying for those services, and what services they were overcharged for. As we inventoried services rendered and value attained, we helped them navigate to the appropriate set of services and fee structure. Additionally, RIBA created a matrix to assist the client’s need to better assess future broker performance.

The Results: Risk International’s advisors cut broker compensation by half while enhancing services.

Consequently, the client saved over half of what they spent on their broker ($160,000) and received tailored services and additional support such as a benefits advocacy solution for employee questions. They also freed up numerous hours for the benefits department. Without the help of Risk International’s experts, this client would not have been aware of how to most effectively structure a broker engagement and leverage the marketplace.