Benefits Renewal Audits: Another Way We Advocate for Clients
Millions of Dollars Saved
Each year, one of the largest issues employers face is the changing cost of health care. That’s where a Benefits Renewal Audit can help. For fully-insured health plans, the M3 risk management team monitors renewals across our client base.
We know the trends and market movements, and we review what a reasonable range for renewal premium might be based on a client’s experience. Through the audit process, we identify renewals that appear out of the norm based on regional benchmarks and marketplace trends. We then do a complete scrub and deconstruction of the renewal calculation, comparing individual components and completing a summary report of our findings.
As your agent and advocate, we use these findings to negotiate with the underwriter, making certain you have a reasonable and fair renewal that conforms to generally accepted industry standards. Not every renewal audit equates to savings for the client, but either way, you are assured we are performing marketplace due diligence and always working on your behalf.
We’ve helped our clients save substantial premium dollars with Benefits Renewal Audits:
From 2008 through 2014, M3 performed more than 850 renewal audits with an average of 22% of them resulting in lower recalculated premium. In that timeframe, the annualized value of premium differential averaged $2,490,891 and the average percentage value of premium differential was 3.87%.
