Saving Costs, Improving Care: A Case Study on How Oswald Helped a Manufacturer Thrive

Problem

A manufacturer provided health insurance for roughly 50 employees. The organization connected with Oswald, even though they had just made an entire plan and broker change 10 months prior.

Oswald gained deeper insights into the organization’s goals, values, and culture, while also providing a brief overview of the process Oswald takes clients through to ensure the best renewal results.

About three weeks before renewal with a large, national carrier, the organization learned it faced a 59% increase in premiums, which just wasn’t sustainable. Their broker had told them that this was their only option, and they had to absorb it.

Having now been familiar with Oswald and their Lean Process, the company asked Oswald for help.

Solution

Working with the company’s management team, Oswald took a deep dive into what was being relayed by the carriers. We learned that the 59% increase was almost exclusively the result of one covered person having large medical bills. However, that person had since overcome those health issues.

As the company’s new broker/consultant, Oswald used its longstanding relationships with other carriers to fully leverage the insights gained from taking the time to have these conversations with their client. We ensured this information was properly relayed to underwriters at the other carriers.

Result

Oswald helped the organization find a plan with a lower deductible, at a fraction of the increase that they were earlier told was their “only option.”

After working with Oswald for a full year, the manufacturer trusts Oswald’s strategic plan, which was created to align with the company’s core values. The organization received access to one of Oswald’s preferred programs with the original carrier at a DECREASE to the current cost, while still maintaining the lower deductible.

They also were able to extend this carrier proposal to align with one of their other goals, which was finding a new renewal date that best suited their business needs.

Two renewals later, they are only seeing 9% higher premiums than originally paid – much lower than the anticipated 59% increase just in the first year. The company also now has a lower deductible and improved its health plan in areas such as prescription drug benefits and wellness.

The client acknowledged they have never had a business partner take the time to sit down and understand their business and their people.

Although your story may be different, Oswald’s strategy remains the same for all their clients – understand your goals, build a plan that achieves your goals, and put the right pieces in place to reduce costs and improve the experience without causing disruption.

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