Before we outline the services VISICOR provides as your benefits consultant and broker, we need to ask you a question that other brokers don’t want us to ask…but simply put, we don’t care. The question is this:

Do you know how much money your current broker or benefits consultant is making each month from your employee benefits?

You may be surprised! Chances are you are not fully aware how much they are making each month. Regardless of how the fees are being paid, it is your money. You invest a lot in your employee benefits and you deserve to know exactly how much your broker or consultant is being paid. The first step in the VISICOR process is to disclose this amount. Once you know how much you are paying you can make an informed decision as to whether or not you are getting a good return on your investment.

Following the fee structure analysis, we get to work in helping you design and implement a plan that exceeds your expectations. A benefits consultant process consists of the following phases:

Phase 1 – Goals and Objectives

First, we listen and we learn. Before we can help your organization achieve its goals and objectives, we must have a very clear understanding of your situation which includes:

  • Exactly where you need to be with regards to your budget
  • Short and long-term funding goals
  • Short and long-term benefits plan goals
  • What has worked in the past
  • What part of your plan has not performed up to your standards
  • Services and/or plans you have considered in the past and/or want to eliminate from the current offering
  • Existing administration functions (the who, what, when, and how)

In addition, it is critical for us to get a clear understanding of your employee population and the overall culture of the organization.

Phase 2 – Review and Analysis

Once we understand where you want to be, we will complete a very thorough analysis of your current benefits and all administrative services. During this phase, we will complete the following steps:

  • Analysis of all current plan contracts
  • Analysis of all current funding arrangements
  • Thorough examination and analysis of all claims data to uncover trends, challenges, and opportunities
  • Detailed plan benchmarking (by industry)

At the conclusion of this phase, we will have a very clear understanding about how to move forward and what potential changes can be made in order to achieve your goals and objectives.

Phase 3 – Marketing and Negotiations

Although it is not always necessary and/or wise to market your current employee benefits, the way in which you are represented within the market is critical. Whenever it is necessary to go to market, VISICOR will prepare a custom Request For Proposal (RFP) personalized for your organization and situation. Approaching the market in this professional manner makes a tremendous difference and creates a positive first impression with the different insurance underwriters that will be working on your account. Once the carrier and service provider proposals are received, VISICOR will do a thorough analysis and will handle all carrier negotiations in an effort to obtain the best and final offers. VISICOR works for you and will represent your organization accordingly during all negotiations.

Phase 4 – Custom Proposal and Detailed Analysis

All of the information obtained during the first three phases will be outlined in a customized proposal. Within this proposal, all current plans and services will be compared to the recommended plans followed by a detailed cost analysis section so you will know exactly where you stand today and where you will stand in the upcoming plan year(s). This custom proposal is an exclusive tool used by VISICOR and was created by our in-house technology team.

Phase 5 – Implementation

At this phase, we now have a thorough understanding of your goals and objectives as well as a complete and detailed review of your current benefits and services. In addition, all carrier and service provider negotiations have been completed. We have now arrived at a benefits program that meets or exceeds your short and long-term goals. Once all final decisions have been made, the VISICOR implementation team will go to work and will handle the entire benefits implementation process which will include the following:

  • Carrier and service provider communications and bid award notifications
  • Processing of all setup paperwork and carrier/provider contracts
  • Organization and setup of the VISICOR Benefits Communication services

Proceed to learn about the Benefits Communication process.