Consulting and Brokerage | In Depth
At AP Benefit Advisors we are constantly innovating and initiating new ideas to help our clients get the most from their benefit plans. Our top-to-bottom approach ensures that we’ll explore all of your options and then develop a customized strategy that fits your objectives.
Strategic Benefit Planning
At the beginning of every client engagement we take the time to get to know you and your company. Only then can we develop the plan that’s right for you. Our strategic planning includes plan design options, competitive benchmarking and employee contribution strategies. We’ll analyze your vendors to determine if competitive bidding is appropriate and we’ll examine funding options based on your risk tolerance and cash flow objectives.
Employee Benefits Benchmarking
A critical aspect to recruiting and retaining employees is knowing how your plan compares to the marketplace. Competitive benchmarking will enable you to see just that. Utilizing a variety of surveys and other public data from our extensive benefits library, we’ll compare key components of your plan – deductibles, copays, employee contributions, and more to assess your plan. This enables you to know how your plan stacks up in the marketplace as part of the strategic planning process.
Employee Contribution Strategies
Employee contributions are an often overlooked but critical piece of strategic benefits planning. After all plan design parameters are set, we will work with you to develop a contribution strategy that matches your objectives. We will show you how contributions can motivate employee behavior and provide incentives towards better health. We’ll also demonstrate how contributions can strategically influence the selection of the plan options. Lastly, we will work with you to develop the final rates, the relative values between family tiers and incorporate all of it into a program budget.
Competitive Bidding and Vendor Management
Having the right vendor is one of, if not the single most visible aspect of your benefits plan. If claims are not paid promptly and correctly, employees will know it, and eventually you will hear it. That’s why selecting the right vendor is vitally important. We will develop the bid specifications, the evaluation criteria and manage the entire selection process. You’ll wind up with the right vendor and a high standard of performance guarantees to ensure that the all services are delivered as promised.
Benefits Renewal Analysis
Because of our strategic assessment and our claims data warehouse, Crawford is always ready and better prepared for renewal discussion than the insuring carrier. We have the claim detail already in hand and have calculated the expected renewal adjustment based on our knowledge of each carrier’s rating process.
This level of advance planning allows for a thoughtful, well-researched approach to each year’s renewal and open enrollment. Moreover, this process allows more than enough time to go to market in the event pricing becomes a key renewal issue. With our always-ready renewal process, you will be in the strongest negotiating position possible to secure rates that are fair, reasonable and competitive. For these reasons, AP Benefit Advisors stands as a benefits renewal negotiations expert.
Benefits Funding Analysis
As insurance related costs continue to rise, many employers look to self-funding as a better way to manage the cash flow of their health benefits plan. AP Benefit Advisors will continuously monitor your plan to ensure that your program is funded in the most cost effective way.
We will analyze your claims history and project that against expected norms to determine if self-funding your program or another alternative would be appropriate for your company to consider. We’ll help identify the best combination of funding alternatives and reinsurance levels based on your company’s claims experience and its risk tolerance. Lastly, we will determine the most appropriate form of stop loss coverage, the proper specific and aggregate attachment points and the most competitive reinsurance vendor for your program.
Benefits Implementation Support
AP Benefit Advisors’ account managers are available to their clients for all types of implementation support. This includes attendance at all open enrollment meetings to explain the plans and assist with employee questions and concerns. The account manager will coordinate all aspect of your open enrollment including timing of all deliverables, coordination of web set up and testing, development of communications and coordination of all outside vendor services.