Written by Shawn Hughes, EVP, Client Retention

In the world of employee benefits, staying ahead of trends and market shifts is crucial for employers who want to provide the best possible benefits to their teams without sacrificing cost control. This is where conducting a full market review becomes essential. By regularly evaluating and re-pricing an employer’s healthcare plans, including medical, pharmacy, and ancillary programs, we can optimize benefits while ensuring they’re getting the best value for every healthcare dollar spent.

The Importance of a Full Market Review
A full market review is essential for optimizing employee benefits while managing costs. By re-evaluating all aspects of a current benefits plan, employers are reassured they’re getting the best value for every healthcare dollar spent. It allows employers to spot inefficiencies, explore cost-saving alternatives, and make improvements to the benefits package that keeps it competitive and aligned with employee needs. Regular market reviews also help identify potential premium increases and mitigate unexpected costs, ensuring that employers remain financially prepared.

“A full market review is key to getting the most out of your employee benefits. It helps employers spot ways to save, keep benefits competitive, and make sure they’re spending wisely without causing disruption for their team.”
– Heather Kowatch, Account Director

Another very important benefit of conducting a full-market review is it allows for negotiation leverage, providing employers with the knowledge to push for better rates and coverage from current carriers. While the goal is always to improve benefits and manage costs effectively, it’s also important to minimize employee disruption, especially in unionized environments. Whether recommending a new carrier or optimizing the existing plan, the review process helps employers maintain competitive, high-quality benefits.

BSI’s Full Market Evaluation Process
Our full market review, conducted annually, is a structured and thorough process that aligns with each employer’s specific benefit goals. We begin by tailoring the review to focus on what matters most to our clients. After establishing these goals, we release a full market evaluation, collect carrier responses, and conduct a detailed analysis to identify the best options available. By conducting the review six to eight months in advance, we ensure ample time to negotiate rates, secure performance guarantees, and plan for open enrollment.

Our approach also includes a detailed analysis of both prospective and retrospective costs, evaluating plan design changes, employee contributions, and alternative funding strategies to reduce costs without compromising coverage. We will also conduct a thorough review of renewal underwriting, performance guarantees and contract terms to ensure our clients are fully protected.

Maintaining Consistency Without Compromising Value
While the market review process is about finding the best benefits for employees, we also understand the importance of maintaining stability. Changes to benefits can be disruptive, so BSI works hard to balance consistency with market competitiveness. Our team’s experience, many of whom have worked directly with insurance carriers, gives us a distinct advantage in understanding the underwriting and negotiation strategies behind the proposals we receive. This insider knowledge allows us to push for the best terms, so employers can continue to offer competitive benefits while keeping costs in check.

When Carrier Changes Are Necessary
BSI knows that sometimes the market review will lead to a recommendation for changing carriers. If that happens, we don’t just make a change for the sake of change. We provide a full justification for the decision, backed by a comprehensive action plan for communicating the changes to employees and ensuring smooth implementation. We understand that clear communication is key to maintaining employee trust during transitions.

The Bottom Line
By conducting a thorough, independent market review each year, BSI helps employers keep their benefits packages competitive, cost-effective, and in line with both employee needs and their business goals. With our deep market knowledge, strategic approach, and commitment to minimizing disruption, we put employers in the best position to provide outstanding employee benefits while controlling costs for the long term.