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Skyrocketing Costs and an Outdated Design: This Bank’s Benefits Program Needed Help

Employee Benefits, Financial Institutions

Ixonia Bank

CLIENT:

Ixonia Bank

ISSUE:

The costs for lxonia Bank’s employee benefits program had been growing well beyond industry standards for several years. Along with these rising costs was the problem of the plan’s design, which was clearly in need of updating.

IMPACT:

Healthier all-around: More than a 40% drop in program costs was just the beginning

lxonia Bank worked closely with an M3 Account Executive with a relevant background in financial services. M3 conducted a thorough review of the bank’s employee benefits program. To make a long success story short, less than a year later, the annual program costs of almost $1,000,000 were reduced by more than $400,000. The bank was also able to update the products and pricing of its program. And perhaps the best part? While Ixonia Bank managed to reduce costs at both the institutional and employee levels, the overall average health of employees improved!

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