Managing Your Risk, and Maximizing Your Return
Our teams offer a comprehensive, data-driven approach to your employee benefits program.
Solutions to Today’s Most Challenging Issues
Compliance Center of Excellence to keep you up to date and compliant
Well-being Your Way provides multiple options to help your organization build a Culture of Health
Financial and Underwriting expertise, including actuarial services and IBNR reporting
Pharmacy Practice and Prescription Drug Coalition on average saves clients 15% to 20%
ThinkHR integrated suite of HR knowledge, content and training solutions
Stop Loss Center of Excellence with several captive solutions
Digital Solutions, including MMA MarketLink, Benefit E-ssentials, and iNGAGED
Communications, writers and designers create campaigns to get and keep your employees engaged
Multi-Year Strategy using our data driven process and proprietary tools like financial models, forecasting, and opportunity models
Retirement Services provide plan consulting and investment advisory services to mitigate plan sponsor risk and improve retirement outcomes.
Voluntary Benefits Practice, including BeneCap, the captive solution for voluntary benefits
The Strategic Plan Management Process
Our commitment to our clients is total. Our teams ensure that each client receives every resource required to provide quality results across all service areas. Our team of experts supports each client through the following process:
Discovery
Understanding Your Business Your Goals, Your Culture, Your Benefits & Your Budget
Discovery
Deep Data Dive
Claims, utilization, accurate costs, market benchmarks and predictive analytics to set baselines and construct strategy. We provide benchmarking for employer-specific plan data against normative and industry-specific data.
Deep Data Dive
Insights
Proprietary tools like the Total Opportunity Matrix (TOM) Strategic Forecast Model (SFM) and Planning and Analytics for Total Health (PATH) are used to guide recommendations.
Insights
Measurement
Tracking of success targets, vendor and performance and overall plan financials presented in easy-to-understand reports and metrics.
Measurement
Actions
Change management through end-to-end support of implementation of the strategic recommendations.
Action
Optimization
Refinement of strategies to achieve optimal outcomes and engagement.
Optimization
The Challenge
Sr. HR Officer was not pleased with their reactionary planning to annual benefit cost increases. The group did not feel that they had the right tools to project future benefits costs. HR team was tasked by finance to develop a multiyear benefit budget.
Our Solution
Marsh McLennan Agency obtained the banks benefit data and loaded our Strategic Forecast Model. Marsh McLennan Agency and banking group agreed on certain trend assumptions. Marsh McLennan Agency and banking group determined the target employer annual cost change. A formal 5 year pro-forma of costs and the funding gap were developed.
The Result
The client was able to see the different cost reduction strategies available to them. Client could observe (real time) the cost impact of each potential strategic change. Based on these findings, the client developed their strategic plan and used this data to populate their long term benefits budget.
A 2500-life municipality received a claim review showing a single claim in excess of $1.2 million.
The Challenge
At time of review the employee was working for a subsidiary of the specific employer. Current stop loss contract had a $1.2 million laser on the member. Client was looking at an exposure of $850,000.
Our Solution
Utilize a data warehouse solution to analyze case details, to include the member’s clinical profile. Confirm the condition, prognosis, and risk of future claim expenses with member’s physician. Gather insight from stop loss vendor to understand methodology.
The Result
After careful analysis and through direct communication with the stop loss vendor, Marsh McLennan Agency was able to eliminate the laser and reduce the client’s exposure. How did we negotiate it? Data controllership and clinical resources support our detailed analysis making the result the clear choice.
A new client was notified by the Department of Labor (DOL) that it failed an audit that occurred the prior year. Our objective was to help provide a response to address the DOL’s concerns.
The Challenge
One of the DOL’s conclusions from the audit was that the Plan had failed to provide an ERISA-compliant summary plan description (SPD) because it failed to disclose certain information.
Our Solution
Our legal team prepared a document to supplement the carrier’s document, making it an ERISA-compliant SPD, which the client distributed to participants.
The Result
The DOL determined that since appropriate corrective action was taken with respect to the violations contained in its previous letter, it would take no further action regarding the matter.