Getting More, Paying Less
for Employee Benefits Plan

Risk International Benefit
Advisors saves construction
company $800,000+ by
overhauling benefits system
and broker arrangement.

The Problem

Headquartered in Atlanta, a global construction company had more than 10,000 employees and a significant annual healthcare spend; yet, the current plan was failing to meet its employees’ growing needs.

Risk International Benefits Advisors (RIBA) was retained to provide a comprehensive, unbiased evaluation of the company’s antiquated benefits administration system and existing broker agreement. The goal was to determine if the client was getting the most for its investment and identify areas where costs could be trimmed and services enhanced for its employees.

The Risk International Solution

Utilizing the company’s proprietary Pathfinder product, RIBA helped the client better understand exactly what services it should be receiving and what alternative resources were available.  After overseeing the benefits administration RFP process, RIBA effectively updated the benefits administration system, saving the company $550,000, which represented 75% of the prior system’s cost, and surpassing management expectations by obtaining more services than what were thought previously available.

RIBA additionally put its Impact Analysis tool to work in order to review the existing broker agreement.  Its third-party evaluation revealed that the broker was over-charging the client twice as much as what was considered an appropriate fee at the same time that it was failing to perform on the scope of services outlined in the contract.

The Results: Risk International Benefits Advisors saves construction company $800,000+ by overhauling benefits system and broker arrangement.

RIBA renegotiated the broker fee structure, aligning it with the services actually being provided and adding employee support services not previously provided.  As a result, the client decreased its broker fee by more than 60%, effectively saving $250,000 per year, while simultaneously providing its employees with such enhancements as an employee advocacy call center and wellness program.