Summit empowers companies to streamline benefits, safeguard the business, and boost employee satisfaction with customized solutions.
THE CHALLENGE:
A large manufacturing company in Tulsa, Oklahoma, with a rapidly growing and diverse employee base, reached out to Summit Financial Group seeking a more efficient, comprehensive approach to employee benefits and plan management. As a self- insured client, the organization endured increasing complexity in their benefits offerings and substantial financial burden due to a significant claims risk.
The company faced an impending $3 million risk exposure under its self- insured model, a risk that could have been financially devastating for a company of its size.
The existing benefits structure contained overlapping policies and lacked streamlined communication to help employees understand and use their benefits effectively.
WHAT WE DID:
Summit’s team of specialists began by thoroughly auditing the benefit plan structure. Each team member brought deep expertise to the project—covering compliance, claims, analytics, and client service—to ensure all elements of the plan were addressed and streamlined. The team eliminated duplicative coverages and unnecessary offerings, making the plan simpler and more efficient.
Summit established a clear, employee-focused communication plan, empowering employees to better understand and utilize their benefits,
resulting in greater engagement and satisfaction.
To address the $3 million risk exposure, Summit swiftly transitioned the company from a self-insured to a fully insured model. This move mitigated financial risk by transferring high-risk claims to an insurer, protecting the company from severe loss. At the same time, Summit tailored the coverage to retain essential employee benefits while optimizing costs and simplifying future plan renewals.
THE RESULT:
Summit helped the firm save an astounding $3 million in total cost savings through the implementation of new strategies that addressed their previous plan deficiencies.
Beyond these savings, Summit realigned the benefits strategy to meet employee needs, eliminating redundancies and optimizing plan features. These changes resulted in cost savings, improved resource allocation, and greater employee satisfaction, positioning the company for continued growth and success.
