Rate Negotiations
Level Playing Field
At Boston Benefit Partners, LLC (BBP), we realize the importance of aggressive competitive bidding. With our extensive underwriting background and understanding of the multiple formulas that drive the underwriting process, we have developed a fair and equitable Request for Proposal (RFP) process. We share questions and answers about the RFP with all of the quoting vendors, which enables every carrier to build its proposal using the same assumptions. By providing vendors a "level playing field" when responding to bids for our clients, we drive the competitive process. This process has been the backbone of our firm, and ultimately results in the best contract terms, rates, and provisions available for our clients.
Timely Renewals
Prior to the beginning of any renewal negotiation, each renewal is carefully dissected and analyzed by our team. Using our underwriting experience and expertise, we study target loss ratios, trend factors, utilization, and large claim activity with the goal of obtaining favorable renewal rates and options in advance. Utilizing our annual Consulting Schedule and Work Plan, we map out a methodical timetable for each renewal, giving our clients the necessary time to consider alternatives, make final decisions, and plan open enrollment/implementation.
Vendor Management
Because we recognize the benefit of developing strong professional relationships with employee benefit vendors, we encourage each of our clients to have regular face-to-face meetings with their key insurance/administrative companies in order to review utilization reports, ongoing issues and new products. This practice helps contribute to strong partnerships, reflecting the type of vendor/client relationships we have been fortunate to maintain since the inception of our firm.
For more information about the BBP RFP process, please contact Piper McNealy at info@bosben.com.