How can USI help our organization lower our total spending on employee benefits without reducing coverage for participants?
USI's market-leading position provides clients with access to renewals 90 or more days prior to the renewal effective date, allowing for greater flexibility in negotiations with incumbent carriers and/or seeking better rates from elsewhere in the market.
At the beginning of the renewal period, carriers have as much as 8% to 10% flexibility to lower renewal rates on a case-by-case basis. With the early delivery of renewals, USI can often negotiate a reduction of 1% to 3% in premium costs.
We’ve estimated the financial impact for you. Feel free to update the assumptions.
- Underwriting flexibility naturally reduces as the renewal date approaches
- Early lock of stop-loss contracts provides greater stability to the renewal process
- Renewal delivery ahead of standard market timing creates an advantage for USI clients
Carriers often deliver renewals with no time for employers to change to a competing carrier or negotate a more favorable renewal.
USI's considerable market position allows us to negotiate on our clients' behalf for premium reductions of 1% to 3% as a result of early renewal delivery.
USI leverages our market position to proactively work with insurance carriers to deliver renewals at the earliest possible time, which improves negotiation position for our clients, allows more time for decision making and change implementation, and enhances communication with employees.
I’d like to explore further how USI can help our organization leverage the benefits of early renewal delivery.
To get started, we just need to know the carrier(s) you have in place today and their renewal dates by line of coverage. We can discuss the possibility of USI obtaining data from your carriers on your behalf with the proper authorization.