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Group Insurance Benefits

Our Group Insurance Benefits consulting practice focuses solely on Life, Disability & Voluntary Benefits – the benefits most employers and consultants frequently overlook.

Representing

$80MM

in Life and Disability Premiums

Negotiated

$2.5MM

in Technology Credits for Clients

Covering

100,000

individual employees

As healthcare costs continue to rise, many employers and their benefit brokers are being forced to spend the majority of their time on overseeing Medical Insurance.  This often causes other “non-medical” employee benefits to be neglected, despite their vital role in attracting and retaining high-caliber employees.

By concentrating our expertise on these ancillary products and services, such as Group Disability Insurance, Group Life Insurance, Voluntary Benefits, FML Administration and Benefits Administration, we can ensure our clients maximize their ROI and overall employee satisfaction.  

What would your organization do with savings of $300,000 or $400,000 a year for the next 3 years and beyond?  Could it help offset a medical increase?  Could it be the difference in changing a co-pay on health? Could it be the difference in laying off employees or hiring additional employees?  These are the results we have repeatedly delivered to our clients.

Our Specialized Approach = Significant Value

  • Our clients average 25%-40% savings on these lines of coverage
  • Our clients receive 3- and 4-year rate guarantees compared to the industry average of 1 -2 years
  • Our clients have never received a rate increase in over 15 years
  • Our clients receive the highest technology credits available in the market from carriers, resulting in cost savings to benefits platform and increased bottom line
  • Our clients benefit from our service model; we are an extension of the HR team for these products
  • Our clients benefit from 35+ years insurance carrier insight on pricing, renewals, claims and contracts

Our large client base has grown over the years, but our approach has never changed. We are a relationship-focused consulting firm that values quality over quantity.  We target working with no more than 3-5 new groups per year in order to provide unparalleled service and results that will firmly construct a long-term, mutually beneficial relationship.  We are extremely proud to say, in an insurance marketplace that is highly competitive, our average client tenure is 11+ years!

Health System Services

As a sub-specialty of these services, Summit Group of Virginia provides Group Benefit Consulting services to numerous large health systems across the country. Over the years, we have developed a firm understanding of the unique needs, goals, and challenges that health systems face in providing benefits to their employees and executives. Consequently, we have continuously been successful in redesigning their group benefits in order to better meet the organization’s objectives while, in many cases, negotiating a reduction in overall cost.

Case Studies

When We Met:

  • Overworked and understaffed Human Resource Department
  • Facing 40% rate increase on Life Insurance coverages
  • Paper based enrollment and administration (EOI, Conversion, Claims)
  • Low participation and lack of employee engagement in Employee-Paid programs

Our Solutions:

  • Secured a 35% rate reduction on Life Insurance premiums
  • Implemented a new online enrollment platform paid for by carrier Technology Credits
  • Enhanced Disability contracts, created an Executive Class of benefits, and conducted on-site employee education meetings resulting in 75% increase in participation
  • 2021 renewal resulted in 4-year rate guarantee and an additional $100,000 per year technology credit

Total Relationship Savings: $3,780,000

When We Met:

  • Direct relationship with a carrier that had convinced the company their plans and rates were competitive
  • Using an outdated Benefit Administration System 
  • Disability and Sick Leave programs significantly below industry benchmark
  • Experiencing administrative issues with Voluntary Benefits

Our Solutions:

  • Implemented new cost share STD coordinating with Sick Leave (90% Participation)
  • Coordinated RFP and assisted in implementation for improved benefit administration platform
  • Utilized decision support tools and targeted communications to engage employees which resulted in 150% increase in participation
  • Streamlined Voluntary Benefits with new vendor which improved billing reconciliation, EOI, and claim issues
  • Negotiated $1.6 million in Technology Credits over 3-year rate guarantee 

Total Relationship Savings: $4,200,000

When We Met:

  • Self-administered STD and in-house FML administration
  • Contracts for Executive class were outdated
  • Significant rate increases across all lines of coverage due to poor experience
  • Human Resources team believed benefits and rates were competitive

Our Solutions:

  • Organized RFP to outsource FML administration and assisted with vendor selection
  • Implemented premium share STD resulting in Employer savings
  • Improved definition of disability and increased maximums for Executives 
  • Negotiated 4-year rate guarantee with FML premium “Holidays”
  • Reduced all rates 12-25% 

Total Relationship Savings: $10,200,000

Want to learn more?

Our aim is to serve our clients with their best interests at heart. If you think we might be able to help you, reach out to start a conversation.

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