Benefits Brokerage Services
Argus partners with our clients to design, implement and manage custom employee benefits programs. We specialize in helping leading middle market companies increase business performance by containing healthcare costs. We develop innovative strategies surrounding the employer / employee relationship using employee benefits as a catalyst.
A Case Study: Argus Stops The Financial Bleeding
The Situation: Prior to Argus becoming the Broker of Record in 2009, this national trucking company was experiencing a volatile trend of increasing healthcare costs and eroding coverage. Both the integrity of the plan and the quality of employee benefits offerings was severely compromised. The employee health and welfare benefit plan was virtually unmarketable because of increasing claims cost, falling participation and an aging population.
The Solution: A nationally recognized turn-around consulting firm contacted the Argus team for advice on this declining situation. Argus professionals met with client executives to develop an understanding of the business landscape and specific issues impacting the trucking industry before recommending a go-forward strategy. Working in close partnership with the client, Argus implemented the following changes:
* Restructured & improved the benefit plan design to be more competitive with industry.
* Introduced an Employee Benefits Plan Corridor Strategy.
- Lengthened the waiting period required for new drivers to enroll into the core plan.
- Offered new drivers a Limited Medical Plan as a corridor to the base plan.
* Improved the client’s Risk Profile.
* Adjusted the contribution strategy.
* Strengthened communications, education and training.
The Results: The downward spiral has been successfully halted, and the client’s risk profile is improving. Plan performance trends are improving. As a result, the client’s business will be more attractive to the insurance marketplace, increasing benefit offerings and pricing options in the future.