Evaluating current service standards and costs against the competitive market, keeping your business strategy in perspective.
Much has changed in the world of employee benefits. Insurers have developed an array of new tools and services to help you manage the benefit plans. Today, competition among Canadian insurers is fiercer than ever.
The quality of service from the insurer to the employees can make or break employee perception of the value of the benefit plans that you provide. Delivery of excellent service to employees and to management, at the right price, is the fundamental focus of marketing. Marketing creates an opportunity to review your needs and expectations. You will experience lower prices in a highly competitive market, new technology designed to improve service, and possibly off-load more administration to the insurer. Our approach to marketing builds on our recommended service standards including your own standards to ensure more consistent high service levels across the organization.
The Marketing Process from your Perspective
Your selection criteria must drive the marketing process. The level of service currently being delivered provides a benchmark test, and assists in identifying the necessary improvements.
Marketing Your Benefit Plans – the strategic perspective
- Establish service standards
- Selection criteria
- First cut of insurers
- Request for Proposal
- Report & Recommendations
- Kick the tires: finalist site visits
Working with you, we will review the measurable performance standards already established. Where appropriate, we will expand the scope of the performance standards to develop the selection criteria. To increase the efficiency of the marketing process, we propose to pre-qualify the insurance companies based on their commitment to meet or exceed the performance standards you have set.
Only those insurers who commit to meeting (or exceeding) your standards, and whose references support their ability to perform, will receive consideration.
Today, much of the data necessary for the marketing can be obtained from your current insurer. This places less demand on your time and resources, with one exception. Current employee data is usually best generated by your operating units. Michael T. Owen & Assoc. will prepare the specifications and will review the document with you prior to release to the marketplace. We will also respond to all questions from the carriers and analyze the quotations against your selection criteria.