Renewals & Open Enrollment Fulfillment
Managing the Renewal & Open Enrollment Process is absolutely the area in which a good broker can differentiate themselves.
With extensive experience handling renewals and open enrollments as a carrier and as a broker/consultant, the twentytwenty team is poised to attend to every detail, ensuring a problem-free process for its clients every time.
- Executive strategy development identifies goals, analyzes program costs and reviews both current and alternative funding arrangements.
- Management of the renewal with the current carrier is geared toward achieving lower costs.
- Renewal strategy results in a management decision on whether or not to go to market to explore alternatives to the current carrier.
- Renewal timeline covers every aspect from RFP preparation to the delivery of employee communications.
- RFP development involves tailoring the RFP to the exact desires, needs and financial directions provided by management, instead of using a generic RFP.
- Renewal analysis report, based on renewal negotiation, covers program and claims cost projections, as well as complete information on benefit designs.
- Finalizing decisions involves close collaboration with the twentytwenty team, HR management and company executives and is based on focused comparisons of costs and benefits, plus cost sharing alternatives.
- Employee communications, tailored to the client company, are developed to comply with ERISA requirements detailing plan specifics for the upcoming year, then assembled and distributed to all employees.
Assistance At Renewal Meetings
twentytwenty works closely with HR management to develop a written plan for the renewal and open enrollment process, specifically addressing concerns and providing solutions to achieve company objectives. Alongside HR department management, twentytwenty’s president and team leader is available to attend all meetings with company executives, to present the plan and answer any questions that arise. In addition, twentytwenty develops an executive summary document for these meetings.