A McGriff Client Case Study

The client is a manufacturer with 300 employees based in the United States and owned by a company in Germany. The parent company and local HR staff had limited understanding of benefit plans, and the previous broker provided rich but unoptimized medical plans without any additional benefits for employees.

Challenges

The local HR staff was relatively new and lacked expertise in benefit plan designs, contributions, and strategies. The client lacked a full understanding of their claims history because of a lack of reporting and did not understand the reasons for their annual cost increases. As a result, there was no clear direction on implementing contributions or offering a Health Savings Account (HSA).

Solution

To address these challenges, McGriff worked closely with the client to produce the following plan:

1. Comprehensive Analysis: We conducted a detailed analysis to understand the client's objectives regarding benefit contributions, plan design, and the potential benefits of an HSA.
2. Education and Communication: We provided educational meetings to the client's employees, focusing on benefit options and helping them make informed choices.
3. Enrollment Platform: We set up an enrollment platform to streamline the benefits enrollment process, taking into consideration their three different shifts and night shift requirements.
4. Expanded Benefits: We introduced additional voluntary products such as disability, accident, and critical illness insurance, providing employees with more choices and enhancing their overall benefit package.
5. Cost-Effective Solutions: We designed a benefit plan that improved employee morale without straining the company's financial resources.
6. Claims Reporting: We emphasized the importance of claims reporting and initiated discussions about the possibility of self-funding in the future, given the client's unique circumstances.

Results

Our collaborative efforts led to a successful transformation of the client's benefit plan. Key outcomes included:

• Enhanced Employee Morale: The expanded benefit options increased employee satisfaction and engagement.
• Strategic Planning: The client now has a clearer understanding of their benefit plan and its impact on costs.
• Future Opportunities: While self-funding was not currently feasible, the client is aware of the potential benefits and has established a foundation for future discussions.

Moving Forward

By starting from scratch and aligning the benefit plan with the client's current and future goals, McGriff has helped position them for long-term success. Our ongoing partnership allows for continued evaluation and exploration of alternative funding options when the time is right.

About McGriff - Never settle for less.

When it comes to protecting your most valuable assets, at McGriff we believe no one should settle for less than the best. We’re a get-it-done broker, rooted in relationships and driven by a passion to serve. For more than a century, we’ve relied on our experience, resources, and relationships to deliver insurance and risk management solutions focused on our clients’ priorities and what they value most.

Read our story on McGriff.com .

Business Insurance ? Risk Management ? Employee Benefits ? Personal Insurance

Information within this article is confidential and proprietary. Case studies are for illustrative purposes only, individual results may vary.

?2024 McGriff Insurance Services, LLC. All rights reserved. McGriff Insurance Services, LLC is a subsidiary of TIH Insurance Holdings, LLC.