The experts at RIS have the breadth and depth of experience to guide mid-sized companies through a strategic process that will identify the needs of all your employee groups – and then plan for them.
We start by listening.
If you choose RIS to help you provide a benefits solution to your employees, the very first thing we do is listen.
At our first meeting, we’ll ask a series of questions to help us understand the objectives your management team is trying to meet with the company's benefits plan. Maybe it’s to save money, or provide more comprehensive coverage, or perhaps to keep up with the changing industry offerings, and evolving needs of your employee groups.
What we know is that every organization is different and having your perspective is important for us to provide the right advice. So we take time to listen.
Then, we "paint a picture" of our process for building a better plan.
After we gather a preliminary understanding of your needs, we'll provide you with an introduction to our services, along with an overview of the products and plan designs that may benefit your business.
At this stage, the conversation is very 'high level' – and is designed to help you feel comfortable with the process and the steps we'll take you through as we put our recommendations together.
Next, we start our homework!
In the 'homework' stage, we collect very specific information about your existing plan, and sit with our team of actuarial, tax and accounting experts to analyze the data as it relates to your operations, your current financial picture and your future goals.
Once this process is complete, our team will prepare a preliminary, no-obligation recommendation to present and discuss our findings with your team.
When you are ready to work with us, we then move into the tactical phase.
When you are ready to work with RIS and sign us as your benefits advisor, we’ll be able to approach insurers on your behalf to get the information we need and start working on the intricate details of the plan.
We'll sit down for more meetings with your plan administrator to learn more about which benefits employees are most satisfied or dissatisfied with, what categories of claims have been submitted in the past and what administrative difficulties he/she faces currently.
We study your claims history very thoroughly.
Our team will review your plan history to gain a thorough understanding of your employees claims patterns, where you are spending your money, and where there are opportunities for savings. We'll be looking for areas where you may have been over-paying for coverage, on one hand, and where your employees may have found that the coverage isn’t adequate for their needs, on the other hand.
Then we start building your plan.
We spend the next stage working closely with our actuarial, tax and accounting experts to develop a plan that meets your needs.
This may include establishing a limit on coverage, or finding ways to make sure employees feel they have some ‘skin in the game’ so they don’t over-use benefits they don’t really need. We also suggest strategies for making sure your costs stay under control, while also ensuring you can meet sudden or catastrophic needs that may adversely affect your employees' well-being and financial stability.
We go the extra mile and consider your situation on a holistic basis, taking into account things such as your busy season, your fiscal year-end, and preferred times of the year to start the new plan to accommodate your schedule and minimize demands on your employees.
Negotiations, fine-tuning and formal recommendations come next.
Once the foundational elements are agreed upon, we then move to negotiating and fine-tuning your plan with the providers.
We prepare our formal analysis and recommendations to your management team. Again, we take the time to answer all your questions and talk through all the potential considerations that may surface with your new group benefits plan.
Followed by implementation, "onboarding" and after-care.
Once we get the go-ahead from you, we connect your team to the insurer and begin the implementation process. This includes working with you to complete the detailed paperwork, explaining implication of provisions and helping you manage through the insurance industry jargon.
Although administered by our insurance partners, we facilitate in-house informational sessions to explain the new plan to your employees. We'll help them understand how they can impact their benefits positively and guide them to appreciate benefits the company is providing.
And, after the plan is launched and in motion, we set up dedicated service 'inboxes' that your employees can use to reach us directly if they need assistance in dealing with confidential matters or if they have any questions. We also provide periodic monitoring and review of your group claims to ensure you are getting your money’s worth.
We're with you every step of the way.
When you work with the RIS team, you can rest assured that we are with you every step of the way, from the first discussion onward. Your satisfaction is our success.
We are committed to helping you not only get the best plan for your company today, but to continue managing it, so it's still the best plan 5 and 10 years down the road.