INSURANCE PLANS FOR ACCREDITED BUSINESSES

Problem:

A construction company with 20 employees was experiencing an alarming 55% employee turnover rate. Recognizing the need for change, they approached Campbell & Co. for assistance in implementing a benefits plan to enhance employee satisfaction and reduce turnover.

Action:

We worked closely with the construction company, providing expert consultation and guidance at every step. Together, we designed a comprehensive, affordable benefits package tailored to the needs of their employees. The plan was implemented in 2020, with the goal of boosting satisfaction and reducing turnover.

Result:

The benefits plan yielded impressive results:

• 2021: 42% Turnover
• 2022: 21% Turnover
• 2023: 18% Turnover

Though the significant reduction in turnover demonstrated the plan’s success, we noticed we noticed that employee usage of the benefits was still low. We then advised the client to further educate their employees on the full scope of their benefits package and guide them through the claims process.

Since implementing these recommendations, the client has reported even higher retention and satisfaction rates, leading to substantial savings by reducing the costs associated with employee turnover.

Problem:

Our client’s employee was recently diagnosed with a serious medical condition that required a high-cost medication.

This treatment, crucial to the employee’s well-being, necessitated special authorization from the insurance company. The process involved substantial paperwork, leaving the employee feeling overwhelmed and anxious about obtaining the medication in a timely manner.

Action:

Understanding the urgency and sensitivity of the situation, our team intervened to support the client and their employee.

We worked diligently to establish direct communication with the insurance company and to streamline the authorization process.

Result:

Through our proactive and empathetic approach, we successfully secured an advance for the client before the required forms were completed. This allowed the employee to start their critical treatment without delay, offering much-needed peace of mind during a difficult time.

Problem:

Our team was approached by a business owner who sought a second opinion on their insurance plan, previously managed by a friend serving as a broker. The business owner, having relied on their friend’s services as a broker for years, decided to explore alternative options for their insurance plan. They engaged our team to conduct a comprehensive audit and review the existing plan and renewals.

Action:

We began by performing an in-depth analysis of the plan through our internal underwriting process. Our findings revealed that the friend had not been negotiating on the owner’s behalf, simply accepting the insurance carrier’s proposed rates—even when these rates were not justified. We presented our findings to the client, explaining the discrepancy between their current rates and what they should have been paying.

Result:

Armed with this information, we approached the insurance carrier on the client’s behalf, seeking to renegotiate the terms. When the carrier proved unwilling to adjust their rates, we took the plan to the market and successfully identified a more competitive option. Ultimately, we secured a plan that offered nearly 30% savings and a first-year renewal increase of just 5%.