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Actuarial Analysis

When financial controllers and CFO’s build their budgets around financial projects of employee benefit consultants, it is critical that the analysis be correct.  The nightmare scenario occurs when you reach the middle of the plan year and realize that you had an error and will now have to make changes to accommodate.

At Benefits 7 Inc. , we take seriously the necessity for accurate, timely actuarial analysis of your benefit programs.  By employing one of the most educated employee benefit consulting staffs in the country, Benefits 7 Inc.  exhibits a commitment to delivering excellent, educated advice and financial projections to our clients.

Benchmarking

When the time comes to evaluate your employee benefit levels and employee contributions, it is critical that you have access to hard data in order to make accurate decisions on potential changes. Many questions must be answered, not the least of which is “What are your competitors offering?”

At Benefits 7 Inc., we partner with our other 165+ offices throughout the country to deliver to our clients the largest, most comprehensive benefit plan design benchmarking available anywhere in the U.S. In fact, our most recent survey encompassed nearly 20,000 different plans and was 4 times the size of the nearest survey.

What this all means is that by working with Benefits 7, you are guaranteed that you will be provided the type of data necessary for you to make appropriate decisions which impact your company and employees.

Projections  The development of financial projections of your employee benefit plans is a critical skill that is only fully appreciated when it doesn’t exist. Often employers do not fully investigate the qualifications of individuals assigned to their account, and in the end they turn out to have very little experience and even less formal, industry specific education. The net result is that employers are taken by surprise and are forced to make mid-year changes.  At Benefits 7 Inc., we ensure this is not a concern for our clients. By employing one of the most educated employee benefit teams in the country, clients can rest assured that we will deliver reliable projections.
Contribution Analysis  Once employee benefit plans are agreed upon, it’s time to determine appropriate levels of employee contribution for the upcoming year.What is a fair premium? What do my competitors charge? Specifically for the plan design chosen, what level of employee contribution makes sense? Where to do we need to be to meet our budget? These are just a few of the questions employers are forced to answer, often with little to no credible data on-hand.At Benefits 7 Inc., we partner with 165+ offices throughout the country to deliver to our clients the largest, most comprehensive employee contribution benchmarking available anywhere in the U.S. In fact, our most recent survey encompassed nearly 20,000 different plans and was four times the size of the most similar survey.  Clients of Benefits 7 are guaranteed to receive the data that they need to make good business decisions.
Claims Analysis  The ability to understand the status of your employee benefit claims at any given moment is extremely important. Ultimately your claims determine your premiums. Through a proactive approach toward reporting to our clients, Benefits 7 Inc.  avoids the big surprise at renewal time.Many employers tragically are not even aware that they have access to claims information, and that this information can be used to accurately predict future benefit plan premium changes.Through our proprietary claims analysis, Benefits 7 reports to our clients their claims trends on a frequent basis depending on the needs of that particular client.  Clients are spared the surprise scenarios and allowed to effectively plan for the future.
Funding  Once you have determined the best plan to implement for your company, the next step is figuring out how to pay for these benefits. Many employers have negative experiences with ‘self funding’. It is important to understand that ‘self funded’ is only one point on a larger funding continuum.  The decision on how to fund claims of differing benefit programs is based up on the statistical viability or predictable nature of your claims. Bottom line: if armed with the proper knowledge, you are empowered to accurately predict your own claims.  At Benefits 7, we help our clients fully analyze all options on the funding continuum.

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