Semblex Embraces Consumerism Saving Over $985K
Schaumburg, Ill. (May 31, 2018) – Assurance is pleased to recognize Semblex as a Minimizing Risk, Maximizing Health (MRMH) Award recipient. Semblex is an automotive fastener supplier and manufacturer in the Chicagoland area.
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.
Semblex always had a robust health insurance plan designed to attract and retain talent. With a greater than average number of dependents, rich plan designs and high utilization, Semblex saw a substantial increase in their claims expenses. The company worked together with Assurance to formulate a strategy focused on cost containment. To start, Assurance prepared a summary of losses and included benchmarking data with a detailed list of recommendations. This analysis was the foundation for the action taken to position Semblex for cost control without sacrificing a competitive benefit offering.
Through Semblex’s support and employee education, Health Savings Account (HSA) enrollment went from 24% (2016) to 59% (2017). One prevention tool utilized was biometric screenings, which increased 14% from 2016 into 2017. Semblex also focused on reducing the number of smokers through tobacco cessation programs, as smokers cost employers an additional $5,128/year/person in healthcare costs and lost productivity, according to the CDC.
“Semblex focused on healthcare consumerism and wellness through employee education and engagement, resulting in over $985K in cost savings. We’re so proud of the Semblex team’s efforts to minimize risk while maximizing health,” said Tammy Miller, vice president at Assurance.
Assurance recognized Semblex’s achievements at a MRMH Award presentation on Wednesday, May 23 at the client’s headquarters in Elmhurst, Illinois.
Read the full Semblex case study here.
Semblex is a key supplier to such industries as Automotive, Consumer Electronics, Farm Equipment, Heavy Truck, Lawn & Garden, Motorcycle and Power Sports. Since 2014, Semblex has been a subsidiary of Jinhap Co. Ltd., a privately owned South Korean fastener manufacturer. Semblex continues to invest in quality, technology, equipment and creative minds, which provides the tools needed to meet total customer satisfaction goals. Visit Semblex at www.semblex.com.
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.