Benefits Advisory

National retailer
with 14,000
employees saves
more than $8 million.

The Problem

Complacency and avoidance of disruption led to the acceptance of steady escalation of costs and plan increase for this company. Risk International conducted analysis that concluded that they did not have a favorable terms for multiple benefits plans. The company and their broker had not actively directed vendors and carriers to improve their competitive position. The passive approach to insurance products and services and limited market availability led to less than favorable arrangements.

The Risk International Solution

RIBA conducted a Check 173™ analysis and identified several areas for cost improvement. Using a non-traditional approach, independent from the insurance and benefits industry, hidden opportunities were uncovered. The key to RIBA’s process was relentlessly pursuing the best deal for the company and not accepting traditional, status quo industry business relationships and partnerships, yielding achievement of the optimal result.

Additionally, advanced procurement technology was utilized to drive superior outcomes, providing a wide range of unbiased market options to exceed expected outcomes.

The Results: RIBA maximized existing financial terms while minimizing disruption.

As a result, the company saved $8 million across various plans, while simultaneously providing its employees more valuable, relevant benefits. In addition to the savings, new client service touchpoints and processes were added to ensure vendor accountability.