February Case Study: Elite Broker Partner Wins New BOR by Helping Illinois Manufacturing Company to Save Over $160,000 with The Difference Card!
This Difference Card broker partner was looking for a solution to help differentiate their agency in a competitive bidding process to win the business of a large manufacturing employer in the Mid-West market. After evaluating the client’s generous benefits structure and difficult renewal situation, the producer concluded that the Difference Card Monthly Budget product was the right solution for this employer. Bringing this creative solution to the client, helped the brokerage agency to win this new account!
For their February 1st healthcare renewal, the client was receiving a 23% increase from their current carrier after final negotiations. The broker engaged the Difference Card sales consulting team in Illinois for help with the renewal controlling costs for this employer. The net result for this client was a single digit renewal of only 6%, a -17% savings for the company!
The Difference Card Mid-West Team worked with the consultant to reduce the renewal cost for this employer to a level below their budget. This manufacturing group employed over 100 people and had a health insurance spend of over $1 Million. By moving to the higher deductible option that The Difference Card team recommended, the carrier premium was reduced by over $200,000. The Difference Card team of Data Analysts and Underwriters reviewed the benefits, employee demographics and came up with a conservative forecast of claims utilization. This consultant knew that this employer needed a level funded approach and utilized the Difference Card Monthly Budget solution. This version of the Difference Guarantee was able to generate savings of over $160,000 annually guaranteed!
In addition to the significant healthcare renewal savings, this manufacturing employer was also able to improve the employee benefit structure for their staff. The broker and Difference Card team designed a plan that funded the first $3,500 of the deductible for members. This results in most employees receiving a great improvement in their out of pocket spend.
“This was the first opportunity to help this agency with a case they have been trying to win. The producer qualified the key objectives that the employer was trying to solve—benefits, costs, and a few other items that were long-term strategies. We customized a solution that made sense on those aspects— which is always great to achieve and helped this broker-partner win a new client!
– Lee Bowers, Senior Consultant
The Difference Card helps employers in all industries, not just manufacturing, to save an average of over 18% on their health insurance costs, while often improving benefits and the experience for employees.
To learn how much The Difference Card can save you, find a consultant in your region or request a proposal today.