Check Under the Hood
It was time for the 3,000 mile oil change and as a responsible car owner, I made my appointment at the dealer and went in. My expectations were to be in and out in an hour or under since I’m busy and have many other important things to attend to.
My service advisor, this is the person who wrote up my oil change order and was assigned to my personal satisfaction, called me to the desk and handed me a brightly colored checklist with boxes and scribbles of numbers and notes all over it. This was the formal certified multi-point inspection which (luckily) didn’t reveal any upcoming major catastrophic service issues, but did remind me of the importance of ‘looking under the hood’; something we all take for granted.
I mean, I guess it’s their job, right? But, I just came in for an oil change! I wouldn’t have thought to review every single one of those 75 items of maintenance, and clearly my attitude was to get in and get out, so I didn’t consider the value of having an expert check. As we all know, a well-maintained vehicle runs more efficiently and keeps more money in our pockets.
Similarly, a well-maintained benefits program also runs more efficiently and keeps more money in the company’s pocket and the employee’s pocket.
This got me thinking about the value we create as our client’s trusted benefit advisors. As part of the ‘A’ Team, we go the extra mile. Besides the six month and 12 month expert market check, contribution evaluation and monthly claims review, we have a team of field-specific experts (our pillars of risk services) who roll up their sleeves, get up close and personal, and along with your first mate (that’s me!), evaluate vital components of the program for optimal efficiency.
- Compliance – If the DOL walked in the door for an audit, would our benefits program stall? Fail? How do we measure up our compliance performance? Do we have access to an expert compliance team, white papers, blog posts and other resources? Access to benefits-specific attorneys?
- Communication – How does this engine sound? How are employees reacting to the program? Do they understand their benefits? Are they behaving as consumers of healthcare? When was the last survey taken?
- Financial Analytics – How does the plan stack up against other plans in the same field? Are we competitive? Are we offering the latest and greatest? How’s the plan performing and do we need to make adjustments to gear it back on track?
- Technology – Are we meeting the needs of the company and employees? Do we need to explore or offer additional technology resources? Can we save money by offering a technology solution?
- Wellness – Since early detection and keeping employees healthy is key, are we utilizing all of our resources to communicate a culture of wellness?
Assurance is dedicated and invested to keeping the program running at optimal efficiency, and as part of our annual value creation, we strive for an amount 3x the annual remuneration we receive so clients view us as their best investment. Don’t take for granted the importance of having a reliable expert partnership with your broker and regular updates on the “maintenance” of your plan!
- The Value of a Long-Term Employee Benefits Strategy
- Wanted: Better Healthcare Consumers
- Seinfeld and Your Employee Benefits
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