Schaumburg, Ill. (December 27, 2017) – Assurance is thrilled to recognize a360inc as a Minimizing Risk, Maximizing Health (MRMH) Award recipient. a360inc is the largest practice management services provider in the default legal services marketplace and is headquartered in Bannockburn, Illinois.
The MRMH Award is open to all Assurance clients that work alongside the Top 50 U.S. insurance brokerage to achieve quantifiable results in minimizing workplace risk and maximizing the health and wellbeing of employees. Clients must meet certain criteria to qualify, including a large quantifiable reduction or improvement in a variety of key areas.
a360inc’s goal was to implement a cost containment strategy to reduce high claim expenditures resulting from unchecked medical inflation. In 2014, the group turned to Assurance for cost containment strategies, as well as specific ideas for helping employees become more engaged healthcare consumers.
To start the process, Assurance worked closely with a360inc to implement and promote Health Savings Accounts (HSAs). HSA plans save money for both employees and employers. The lower premiums prevent employees from paying for coverage they rarely use, as is often the case with HMOs and PPOs. With higher deductible limits and a focus on preventive care, employees also become more engaged consumers when it comes to the true cost of healthcare.
Employees across 40 locations were educated on the advantages of HSA plans and how to be savvy healthcare consumers. This included the use of different technology platforms like a Benefits Administration system, webinars and the company intranet. With a better understanding of how HSA plans work and an employer contribution thrown in, employees began migrating from the PPO plan, resulting in a 1,100% increase in employee HSA participation. At the same time, claims were reduced saving a360inc over $2.3 million in claims spend with no increase in plan costs.
Assurance recognized a360inc’s achievements at a MRMH Award presentation on Wednesday, December 13.
Read the full a360inc case study here.
a360inc is an employee-owned company focused on acquiring and building innovative new solutions that redefine how technology and strategic outsourcing are used in the financial services, real estate and legal industries. a360’s mission is to radically change the way businesses in process-laden industries manage their operations and compliance to reduce risk and increase bottom line results.
Assurance is among the largest and most awarded independent insurance brokerages in the U.S. A “Top 50” broker and repeated national “Best Place to Work” winner, Assurance creates value by minimizing risk and maximizing health for 6,000 businesses and individuals across the country. Visit Assurance at www.assuranceagency.com.