Better Benefits, By Design

Benefit Plan Analysis

The benefits your organization offers need to attract and retain top talent – without breaking the bank. Using strategic planning, valuable professional services, and technology-based solutions, Risk Strategies experts will align competing interests to deliver tailored benefit solutions that meet your financial goals and keep employees satisfied.

Our comprehensive analysis of, and planning for, any changes to your employee benefits program ensures implementation success. Throughout the year, we act as a true partner by providing ongoing assistance, consultation, and best-in-class service.

These are a few ways Risk Strategies approaches benefits planning:

  • Creative, cost-effective solutions: Assistance with understanding and evaluating a wide variety of benefits program designs and funding approaches, including self-funded plans, consumer-directed plans paired with wellness programs, participating funding arrangements, innovative prescription drug plans, and more.
  • Claims and Benchmarking Analysis: A deep-dive, data-driven approach to claims and benchmarking analysis identifies your program’s key cost drivers and guides recommended changes to effect meaningful, practical changes in plan design.
  • Hearing employee concerns: Listening to the voice of employees through onsite focus groups and online surveys, we gauge their understanding and appreciation of your current benefits program.
  • Innovative perks that save time and money: Attracting and retaining talent often requires going beyond core benefits. Risk Strategies will help you identify and implement benefits and perks that support the physical, financial, and emotional needs of your employees; many of which can be introduced at a minimal – or no - cost to your organization. From onsite dental and vision screening services to vendors and perks that assist with stress management, nutrition, student loans, and more, Risk Strategies can make it easier for your program to deliver value.

Financial Modeling

Understanding the future financial implications of making a significant change to your employee benefits program can be a challenge. Risk Strategies’ approach provides you with a first class team of analysts and technology tools drive trustworthy modeling, forecasting and budget projections.

Your Risk Strategies team provides actuarial, management, and underwriting consulting services for a wide range of individual and group insurance products, as well as health & welfare actuarial and benefits consulting for both fully-insured and self-insured plans.

Our experience covers all actuarial functions including product development, pricing, rate review, experience analysis, filing development and support, valuation, compliance and financial reporting, and network development and pricing. The actuaries involved in these activities routinely manage complex and diverse projects and develop statistics, metrics, benchmarks, and models for testing rate adequacy and determining justifiable rate increases, measuring product financial performance, forecasting, and analyzing trends.

Carrier Selection & Management

At Risk Strategies, the goal is to simplify and strengthen your relationships with the carriers and vendors that support your employee benefits program.

These are a few of the ways Risk Strategies can help you:

  • Unbiased carrier recommendations and selections: Based on years of relationships and experience, we understand the field and the right fit for you and your organization.
  • A strategic approach to plan alternatives: Each plan year, we conduct strategy and planning meetings with your team to discuss the current performance of your benefits program, as well as goals and objectives that may drive future changes. If changes are desired, a timeline for action is then created to minimize disruption to your administrative staff and employees; establishing needed timeframes for analysis, stakeholder approvals, RFP distribution and review, vendor selection, new vendor implementations and the open enrollment process.
  • Active Issue Management and Performance Monitoring: Your Risk Strategies’ benefits team proactively monitors and tracks the service level being offered by your carriers, using key performance metrics data to quickly identify potential adjustments that may be needed. This includes monitoring the contractual relationship, including any financial, administrative, and plan performance service guarantees to ensure you get the service you were promised.
  • Continual Relationship Development: Insurance carriers providing employee benefits plans recognize Risk Strategies’ practitioners as technical experts and industry leaders. Our firm holds several Insurance Carrier Advisory Board and industry lobbying-group appointments and our people are sought out for input in areas such as product development and legislation. This ongoing industry engagement helps ensure our team has an inside track on carrier and vendor contracted performance guarantees and marketplace trends.
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