Success Stories

Case Studies

Complete Benefits Package Redesign Leads to Big Improvements

The Situation

A 120-employee company came to INSURICA looking for guidance on their employee benefits package. They not only had a history of yearly rate increases, but also low employee participation and low employee morale regarding the value of their benefits. Their current participant demographic made them less attractive to potential insurance carriers. And most recently, their current broker had given them 30 days notice on a 21% increase on medical coverage renewal.

The INSURICA Solution

After a thorough review of the company's present and prior renewals, as well as their census and plan summaries, INSURICA agents recommended that the company completely redesign their benefits package.

A main goal of the package was to increase employee participation by offering two medical insurance deductible plans that appealed to a broader range of employees. By increasing participation, the company would also experience a more diverse demographic group of participants, which would lead to an overall improvement to the company's loss ratio and position them for better renewals in the future.

The INSURICA Experience

At the urging of INSURICA agents, the company's senior management took on a visible leadership role in the implementation of the new plan. The employees were fully briefed on their new coverage options and welcomed the change.

With the implementation of the plan, the number of enrolled participants quickly went from 70 to over 100 employees and the company's loss ratio fell from 90% to 65%. The plan is now performing better than ever and employee satisfaction is at an all-time high. The company also meets with an INSURICA agent regularly to review the plan and put themselves in a better negotiating position early in the renewal cycle.