/ Additional Consulting Services
Additional Consulting Services
Because Banyan is your strategic partner, our services and offerings go beyond the expected. Using the strength of many with the focus of one, we offer:
Employee Benefit Captive Programs
Value Added Services
In conjunction with our strategic partners, Banyan is creating an Employee Benefit Group Captive Program to help a certain size employers (typically 50-400 employees) join together in an effort to control costs and improve the health of their employees and their families.
Smaller employers continue to be frustrated with their limited choice of insurance providers and the random and incomprehensible rate increases handed down year after year. Therefore, groups of like-minded employers are coming together in a fully funded arrangement where they will have significantly more control over their health insurance plan then they did under a traditional insured arrangement with a commercial carrier. Those companies who are already self-insured will now have the benefit of spreading their risk over a larger group and limiting the claims volatility inherent with a smaller plan.
In addition to having greater control over their health insurance plan, captive members will enjoy the following benefits:
- More comprehensive and effective care management
- Regular interaction and idea sharing with a group of like-minded employers
- Comprehensive claims analysis and reporting
- Automated enrollment process and a web-based benefit administration system
If you are a smaller employer fed up with the traditional, large insurance carrier, take-it or leave-it health insurance arrangement, we look forward to helping you determine if an employee benefit group captive program is right for you.
Providing a comprehensive executive benefits package is critical to attracting and keeping key corporate assets. Banyan understands the importance of this and offers complete services to help you structure the right package.
- Program Review
- Vendor Selection and Performance Monitoring
- Benchmarking Studies
- Strategic Planning
- Participant Communication Strategies
Banyan experts serve as an extension of your human resources team, bringing benefits knowledge, skills, and experience to the table. We take care of all the plan management functions necessary to ensure a smooth and efficient delivery of benefits programs to participants while keeping an eye on long-term financial viability.
Our process includes:
- Setting objectives with an eye towards your organization’s corporate philosophy and long term strategic plans
- Designing competitive employee benefit plans
- Evaluating insurance vendors, determining appropriate carriers, preparing requests for proposals, and negotiating renewals
- Implementing programs, providing employee communication materials, and providing continuing administrative and compliance support
- Analyzing claim data and providing monthly financial reports
We also provide day-to-day plan management and strategic planning initiatives including:
- Customized benefit manuals and financial reports
- Assistance with federal and state regulation compliance
- Help with claims issues
- Completion of employee benefit surveys
- Educational seminars
- Additional support such as customized communications materials, end of year benefit statements, plan summaries and other educational material
We also collaborate with a select group of proven strategic partners to provide even more expertise and plan management services:
- ERISA and employment law attorneys
- Claims auditors
- Prescription drug consultants
- Employee communications experts
- COBRA and Flex administrators