Distributor - Employee Benefits, P&C, Retirement Plan

Challenge:
This client's situation was both a challenge and an opportunity to consolidate many of its business needs through BCG's various product lines and services. The partners this company had been using for employee benefits, commercial property & casualty insurance, and retirement plans were not performing at a top level and were not bringing them new strategies.

Solution:

We began with a comprehensive employee benefits strategy that addressed this client's unique needs. Our team brought local market knowledge and built a strong relationship with the client, establishing a foundation of trust and satisfaction. In addition, our Enrollment Services team provided one-on-one assistance for the client's employees to determine their needs and assist with enrollment in voluntary supplemental benefits.

Their insurance carrier was no longer willing to provide coverage due to operations in states they considered high-risk. An introduction was made to our Property & Casualty team, who listened to the challenges the client was facing and designed a program to overcome these obstacles.

With this established relationship, revisiting their 401(k) plan was a natural next step. The Director of HR recommended switching to BCG 401(k) Advisors, a suggestion the CFO welcomed, stating, "If they can help us on the retirement plan, too, I'm all in! Our team's analysis identified potential cost savings and an opportunity to enhance the education for their employees on saving for retirement.

Impact:

Employee Benefits: BCG negotiated a significant Rx credit for the client with the insurance carrier. We also introduced and implemented Garner Health, a unique program, exclusive to BCG in Arizona, that enhanced the quality of healthcare for their employees and families while reducing the cost.

Commercial Property & Casualty Insurance: Our P&C team leveraged their strong national carrier partnerships to curate the only cost-effective and comprehensive coverage solution that was presented for this critical business risk.

Retirement Plans: With our thorough review of their existing plan, we identified potential annual savings of $250,000 in participant fees.

Voluntary Benefits: Our Enrollment Services team increased the employees' understanding of their benefits and their options. This resulted in greater engagement and participation by employees to enhance their insurance coverage and their peace of mind.