Global Approach:
A Client-Perspective Case Study
"We
were dealing with spiraling health care costs that exceeded our budget.
We had a long-term relationship with a local broker, whose office was
less than a block away from our office. However, as a result of our
healthcare costs, we accepted competitive proposals from other brokers
for the approaching renewal. At that time, we were looking at a 23%
increase from our incumbent relationship on the medical and dental
policy alone.
Apex was able to deliver an advantageous
proposal by maintaining the quality of our medical and dental benefits
packages, improving the life insurance benefit, and adding a vision
plan and a flexible spending account which we previously did not offer,
while simultaneously decreasing costs by $1.2 million, or 21%, from the
present year.
The renewal Apex negotiated was not a one time
fix. The subsequent years our renewal increases were 3.35% and 3.42%.
Our actual annual claims costs for declined as a result of better
network utilization and plan design. We are continuing to realize the
benefits of the program Apex implemented three years ago.
Apex
was able to create a quality package while providing savings based on
the network analysis they conducted, large claims research,
underwriting preparations, and taking time to understand what we want
to provide to our employees. With Apex's guidance, we were able to make
an informed decision and target changes that are still working for us
today and will continue in to the future."
"Apex was able to help us benchmark our benefits and employee cost against our peer group to make sure we were competitive. We were able to revamp our plan to fit our business strategy rather than react to the marketplace. Not only was Apex able to provide a competitive solution, they directed the implementation process to insure success of our plan. With our company's growth initiatives, providing a cost-effective competitive benefit program is critical to attracting and retaining employees."
Mike Stout
Chief Administrative Officer
HH Gregg
