Small Business Works with Caravus to Switch Medical Insurance Carriers and Re-Negotiate Ancillary Benefits Contract, Saves $80K in Benefits Spend

The Client

Software company with 11 employees

The Challenge

This smaller client wanted to provide their employees across the country with great benefits, but because of their size, they needed to be mindful of costs.

The Solution

Our advisors and analysts performed a full market analysis on both the group’s health and ancillary benefits plans. After discovering that a different health insurance carrier could provide them with great plan at a lower cost, the Caravus team switched the group’s plan to the new carrier with limited disruption to the employees. The team also noticed that the group’s disability policy’s contract had room for improvement, so a new contract was negotiated. The group also moved their benefits administration technology over to Caravus Connect, making it easier for their employees to access their benefits and complete Open Enrollment each year.

The Outcome

After moving carriers, negotiating new ancillary contracts, and joining Caravus Connect, the group saw a 40% decrease in overall insurance costs, reducing health insurance costs by $73,000 annually, and $15,000 annually on ancillary benefits. Employees also reported their satisfaction with Caravus Connect for both open enrollment and benefits access.