Liberty's Benefits Brokerage and Consulting Division is fueled by innovation, creativity and plain old hard work. Traditional brokerage techniques have done little to quell the ever rising tide of higher premiums and diminished service levels. A new approach is necessary. Liberty consultants are unique in that they come from diverse professional backgrounds. They come from underwriting, actuarial, legal service, accounting, and human resource disciplines. This varied blend of skill sets creates synergy and gives Liberty professionals the vantage point to address and solve systemic problems with new ideas and perspectives.
Our Benefits Brokerage and Consulting Services include:
Initial Benefits Package Analysis: The Liberty team will review the current plan design, assess premium appropriateness and confirm contract consistency. Evaluating contract consistency can uncover deficiencies in coverage and inconsistencies in policies. We will also review current policies based on industry norms and carrier service levels.
Competitive Benefits Package Analysis: Armed with the ideas and information compiled during the initial analysis, a strategy to approach the market place is formed, and bid specifications are carefully crafted. We then solicit quotes from the insurance marketplace. After a thorough examination of the prospective quotes, we recommend the appropriate plans and carriers to meet the financial and coverage objectives of our client.
Implementation Through Enrollment: Once a carrier and plan has been selected, we will facilitate the enrollment process by ordering enrollment materials, developing employee communication pieces, holding open enrollment meetings and conducting final audits of enrollment materials.
Continuous Benefits Services: Liberty seeks to be a strategic partner and resource to a company's management, employees and human resources department. We provide assistance in resolving claim payment discrepancies. These issues can be complicated, emotional and time consuming. Liberty acts on behalf of the client and its employees as the liaison between the carriers and other service providers.
Strategic Benefits Planning: Liberty will work with you to evaluate your company's benefit strategy, helping you to develop a roadmap and philosophy that highlights and communicates benefits as an integral part of the total compensation you provide your employees.
The integration of our specialty divisions allows our clients to access a wider array of services. Please contact a Liberty consultant to review the Benefits Brokerage Services Checklist. This process will give you a better understanding of the many services available to our clients.
Financial Auditing Service
Liberty's Financial Auditing Service provides a unique contingency audit of existing premium expenses. We use a proprietary set of computer modeling tools to determine the appropriate rates based on risk. We then look for discrepancies between those rates and the client's actual rates. Once the differences are identified, we negotiate with the clients existing carrier(s) to achieve unilateral price reductions.
Complex Modeling Principles: Our models are based upon the latest industry trends, underwriting criteria, area factors, reinsurance treaties and actuarial trends. By applying complex economic modeling principles to the area of insurance, we can identify the underwriting patterns that result in unnecessary overcharges.
Streamlined Process: Realizing our clients have limited resources, we have streamlined their initial investment of time to less than one hour.
Typical Savings: As one might expect, our results vary from client to client. However, real dollar savings typically range from 5-25 percent of current premium costs.
Success Rate: The audit has succeeded in achieving significant savings for our clients 95 percent of the time.
Contingency Basis: Liberty is only compensated if we save our client money. Our fee is a percentage of the savings we generate.
In the process of developing and formulating the audit service, we have uncovered significant differences in the underwriting philosophies of insurance carriers. These differences are rarely based on empirical data, but rather on subjective criteria. This leads to significantly higher profits for those insurance companies. Our model is used to determine the correct rates; not just what carriers think you will pay.
HR Consulting and Outsourcing Services
Liberty's Human Resource Consulting and Outsourcing Services Division provides a wide-range of services to meet the unique needs of small to mid-size companies. These services include interim HR support, large-scale project management and the implementation of policies and programs. The HR Consulting and Outsourcing Services Division integrates all of Liberty's specialty divisions to support the diverse needs of our clients.
We utilize a unique combination of insurance industry and human resource expertise to create an optimum extension of your HR team. Through people and technology, we provide a strategic human resource partnership offering a range of customized HR Consulting and Outsourced Services that can include the following:
Design, evaluation, and implementation of existing incentive compensation programs
Employee benefits review analysis
Human resource policies and program audits
Employee handbook review or compilation
Staff communication planning
Employee opinion surveys
Our experienced consultants can address the complex human resource related issues that face your business. Liberty consultants have the requisite skill sets and background to address business issues in a timely manner with the level of expertise you need. We don't just solve HR problems, we solve business problems. Liberty helps you determine how to take advantage of the best practices in human resources and outsourcing services. Our goal is to provide an exceptional workforce experience for you and your employees.
