A suburban Philadelphia biotech company with 132 employees.
This was a prospect we approached last year, where the HR director expressed frustration over the lack of organization in their open enrollment process.
Options, costs and processes were poorly communicated, leaving employees confused and sometimes enrolled in the wrong plans.
They were evaluating benefits consultants who could provide effective solutions.
MBA Solution Presented
During our initial meeting with the HR team, our MBA Advisor reviewed the process, tools and resources we utilize to assure a superior open enrollment experience for both the employer and their employees. The advisor explained our planning process, including strategy development, benefit and contribution formula review, compliance check and employee communication methods.
Our Implementation Specialist then demonstrated MBA’s best-in-class tools for large group open enrollments:
- On-Demand Video…to summarize benefit options and enrollment procedures
- Benefits Guidebook…detailing all benefit options and employee contribution schedules
- Online Enrollment System…for employee self-serve, HR oversight and electronic data transfer to carriers
The MBA team was awarded the Broker of Record for this group. As a result of a newly developed strategic benefit plan, the following changes were implemented and presented to the employees at open enrollment:
- A new trio of health insurance benefit plan options were introduced
- Four new plans were added to the voluntary benefits program and two programs were removed due to lack of enrollment
- The employee contribution formula was modified
- Employees enjoyed greater productivity due to less confusion, fewer on-site meetings and a more efficient enrollment process
The implemented changes saved the employer nearly $123,000 in annual premium and reduced administrative expenses.