Compass Benefit Group understands that your employee benefit program is an important aspect of your business strategy. Not only is it an important part of your ability to attract and retain quality employees, but it is also a large part of your annual budget. Therefore, we understand that the renewal process is not something that should presented at the last minute and quickly glossed over.
Our renewal process is geared to present the renewal as early as possible in order for our clients to have plenty of time to implement any changes and effectively communicate the plan to their employees. Our goal is to always be working on renewals 100 days prior to the effective so there is ample time to make any plan changes and provide effective employee communication. By adhering to this strategy, our customers are able to make well educated decisions without worrying about deadlines. In the end we want to make sure you have an employee benefit program that your company can be proud of, and at a cost that is inline with the company’s budget.
Renewal Negotiation and Analysis
Pre-Renewal Meeting, (120 days prior to the renewal)
- Establish renewal and marketing objectives
- Update on market trends with benchmarking
- Renewal trend projections
Renewal (90 days prior to renewal)
Phone call as soon as renewal is received advising of the renewal action, renewal meeting scheduled
- Renewal meeting -Present negotiated renewal or market study results
- Review renewal objectives / evaluation criteria
- Model employee contribution scenarios
- Finalize renewal decisions to carriers
- Communicate plan design changes