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Strategic Components of Group Insurance

The greatest wealth is health."

                             - Virgil

Actuarial

Insurance companies set rates based on demographics, claims experience, mortality tables and morbidity tables. At JDIMI Consulting, our actuaries continually monitor the incumbent insurer to make certain their rates remain accurate and competitive without the requirement of a full market study.

 

Administration

Enrolling employees, reporting eligibility to carriers, managing employee life event changes and ensuring carriers are paid correct amounts, are not typically core competencies of most employers, nor do they necessarily want them to be. Employers want access to the most efficient way of monitoring plan administration. Timeliness and accuracy are critical to ensuring claims are paid correctly and only for participants who are, in fact, eligible. At JDIMI Consulting, our careful Plan Administrators manage all of the above seamlessly and take the worry and inconvenience away from you, the plan sponsor.

 

Brokerage

At JDIMI Consulting, we actively compete against other brokerages for your trust and patronage. As such, it is our mandate to remain on the leading edge of industry issues, services and best practices, while consistently delivering an unparalleled standard of service.

Compliance

At JDIMI Consulting, it is our job to ensure our clients’ contracts function and integrate effectively with one another and that all benefit offerings, policies, procedures and contracts are compliant with corporate objectives, employment standards, human rights laws, regulations and government policies. We also monitor and audit insurers to ensure they remain consistent and accurate while adjudicating claims. There’s no doubt, that with current health reform initiatives under way in so many countries worldwide, Canadian regulations will soon become more complex. All Health Care Benefit programs are currently highly regulated on both national and local levels. That’s why at JDIMI Consulting, we are committed to keeping our clients well informed about emerging legislation and regulatory changes, and we respond accordingly in order to serve you with the highest level of service possible.

Consulting Strategy and Design

Our core competency at JDIMI Consulting is consulting in plan strategy and design, and we work with management to provide a quality Health Benefits Plan within a responsible financial framework. Our role is to educate, consult, and facilitate the essential fundamentals of the entire benefits program. We also act as plan architects and provide organizations with a blueprint for ongoing and future success. There are several main advantages to employee benefits, namely to attract new employees and help maintain existing staff. It’s a cost-effective way to protect employees, who then in turn are more productive, and exert a positive influence on the work environment. There’s access to insurance without medical evidence at a reduced cost, and all premiums paid by businesses are a tax deductible expense. Whether you’re a new or existing plan sponsor, at JDIMI Consulting, we offer innovative and strategic solutions that serve your precise business requirements, meet corporate objectives, and help maintain quality benefits within a relative and responsible financial framework.

 

Employee & Plan Sponsor Communication

Helping employees fully comprehend and appreciate the value of the significant investment that you, as a plan sponsor have made in providing your employees with a benefits program is an integral part of our consulting services at JDIMI Consulting. Through our comprehensive and informative programs, employees learn how to fully understand their contract and benefits, how to manage health care risks, choose top providers, participate in care management programs, and manage their current and post-retirement benefit decisions. We provide plan sponsors with updates on legal and legislative news, information on current industry trends, industry inflationary pressures and specific trending of the plan sponsor. Communication with employers and employees is a critical component to the success of any Employee Benefits Program. It ensures that you, the plan sponsor / employer, receives the desired return on one of the most important business investments you will ever make.

 

Financial Management

Our actuaries and financial specialists are among the finest in the industry when it comes to evaluating the impact of plan design and pricing changes, projecting annual and multiple year cost trends, tracking results against budget, and setting reserves. Their knowledge helps us determine whether carriers are providing the right assumptions for renewing all benefit programs. Their experience is also helpful in identifying major cost drivers and validating the impact of new products and innovations.

 

Plan Management

At JDIMI Consulting, it is essential that we perform a series of ongoing audits to guarantee proper plan governance, competitive pricing, an up-to-date plan design, and to verify the vendor’s claims paying accuracy and ensure satisfactory vendor / customer service through performance guarantees. Some of our audits include vendor performance assessments, transactional drug audits, dependent eligibility audits, claim accuracy audits, bench marking analyses, pricing audits and analyses, and financial reports analyses and audits. We continue to educate employers and employees throughout the plan year, ensuring they have all the knowledge and tools at hand to utilize their plan effectively. Our comprehensive, hands-on approach to all aspects of Employee Benefits Plan Management ensures a quality product, delivered with the highest standard of service

 

Risk Management

Risk management entails limiting financial risk and contractual liability for clients through the utilization of effective management techniques that include the identification of problems or patterns in claims activity, developing strategies/solutions to keep them in check, and capping future exposure in order to maintain and protect the integrity of the plan design.

 

Surveys and Benchmarking

We compare plan offerings to industry competitors and/or like firms, thereby providing plan sponsors with the necessary benchmarks to ensure overall competitive compensation packages. We also conduct measurement surveys, benefit surveys, compensation surveys, employee mobility and investment surveys, and make them all available to plan sponsors.

 

Vendor Management

Assessing corporate risk is an absolute essential when it comes to vendor performance. Knowing this, smart employers are turning towards the services of a trusted consultant to evaluate and audit vendor performance on key metrics, namely claim processing accuracy and timeliness, eligibility management, customer satisfaction and compliance. Besides negotiating fees & rates, we facilitate the resolution of any problematic or escalated issue(s) that may arise between the plan sponsor and vendor, and we provide pro-active, personalized, professional and highly experienced service to our clients, ensuring vendor performance continues to meet the Plan Sponsor’sEmployer's expectations.

 

Wellness Solutions

Employee health is critical to the success of any business. Poor employee health is costly and until employers recognize the link between health and productivity, productivity will suffer and profits will decrease. Wellness Solutions can help your company reduce worker’s compensation costs, reduce health insurance premiums, reduce absenteeism, improve productivity, and attract and retain top employees.

Click on the link to contact the Strategic Employee Benefits Team at JDIMI Consulting.