Case Study
Leveraging to Increase Benefits and Decrease Expenditures
In 2008, Banyan was engaged by a large manufacturer – which maintaines operations in more than 45 nations worldwide – to inaugurate the first major benefit plan review in nine years. The scope of this project focused on more than 16,000 US based associates working among 128 locations throughout the nation.
Our team facilitated the refinement of this client’s long-term benefits strategy, managed the marketing and negotiation processes for all benefit lines and represented our client in the installation of each new vendor. Banyan leveraged its market intelligence and carrier relationships to ehnance benefit plan offerings, adjust funding scenarios to mitigate risk, and negotiate extended rate guarantees on all targeted lines.
In total, this client saved more than $3.1M in 2009 as a result of our efforts. When taking into account the rate guarantee periods, this client will realize nearly $12M in cost avoidance over the life of the contracts Banyan delivered.