Benefits Plan Savings for International Company with Acquisition Growth
The International Benefits team worked with the customer to determine the benefit plan integration and broker transition timeline. This was decided based on the terms of the acquisition and annual renewal dates. Once the dates were established, the team conducted a data collection exercise for employees on the acquired company’s benefit plan. After the data was collected, the team benchmarked the customer’s existing benefits against the acquisition’s benefits and local market practice.
The customer was able to achieve cost savings of 10% across all locations by leveraging its larger group size due to the recent acquisition. The team successfully renegotiated renewals and/or remarketed the benefit plans through access to additional insurance carriers. The customer successfully enhanced its administrative processes by reducing the number of insurance carriers and local brokers. The cost savings were used to enhance employee benefits in key markets.
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