{"id":2076,"date":"2022-08-30T14:01:33","date_gmt":"2022-08-30T19:01:33","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=case_study&p=2076"},"modified":"2022-08-30T14:01:33","modified_gmt":"2022-08-30T19:01:33","slug":"review-of-long-term-disability-plan-secures-reduction-to-core-plan-rates","status":"publish","type":"case_study","link":"https:\/\/www.bbrown.com\/ie\/case-study\/review-of-long-term-disability-plan-secures-reduction-to-core-plan-rates\/","title":{"rendered":"Review of Long-Term Disability Plan Secures Reduction to Core Plan Rates"},"content":{"rendered":"

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Case Study<\/p>\n

\n Review of Long-Term Disability Plan Secures Reduction to Core Plan Rates\n <\/h1>\n\t\n <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row row_padding_bottom=”pb-2″ full_width=”stretch_row” equal_height=”yes” content_placement=”bottom”][vc_column width=”1\/4″][vc_single_image image=”791″ img_size=”full”][\/vc_column][vc_column width=”3\/4″]\n
\n \n

\n The Request\n <\/h2>\n\t\n <\/div>[vc_column_text]<\/p>\n

Review the financials and claim management of the Long-Term Disability plan to help identify opportunities for improvement<\/h3>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_padding_top=”pt-1″ equal_height=”yes” content_placement=”bottom”][vc_column][vc_column_text]Company Profile
\n<\/strong>Industry:<\/strong> Telecom
\nNumber of Employees:<\/strong> 40,000<\/p>\n

A telecom company requested that Brown & Brown review both the financials and claim management of its Long-Term Disability plan to help identify opportunities for improvement.[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_padding_bottom=”pb-2″ full_width=”stretch_row” equal_height=”yes” content_placement=”bottom” css=”.vc_custom_1638896243466{background-color: #eaeaec !important;}”][vc_column width=”1\/4″][vc_single_image image=”794″ img_size=”full”][\/vc_column][vc_column width=”3\/4″]\n

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\n The Solution\n <\/h2>\n\t\n <\/div>[vc_column_text]<\/p>\n

Released an RFP to the market to help improve claim management moving forward<\/h3>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_padding_top=”pt-1″ full_width=”stretch_row” css=”.vc_custom_1638896256859{background-color: #eaeaec !important;}”][vc_column][vc_column_text]Brown & Brown\u2019s Strategic Non-Medical Solutions team initially examined the current claim metrics to past baselines. By leveraging data across extended periods and prior carriers, it became clear that claim handling performance metrics had begun to decline. The current carrier had missed performance guarantees, and claimant complaints were rising.<\/p>\n

While still attempting to remediate the relationship, the team determined releasing an RFP to the market would achieve a comprehensive outcome. By pulling together the customer\u2019s past four years of experience prior to the incumbent carrier\u2019s involvement and current run date, the Brown & Brown team built a combined experience exhibit for bidding carriers.<\/p>\n

By providing this information, bidders understood how the experience would have performed with more aggressive claim management in the past. With this insight, the bidders determined how the plan would run under their claim administration.[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_padding_bottom=”pb-2″ equal_height=”yes” content_placement=”bottom”][vc_column width=”1\/4″][vc_single_image image=”792″ img_size=”full”][\/vc_column][vc_column width=”3\/4″]\n

\n \n

\n The Results\n <\/h2>\n\t\n <\/div>[vc_column_text]<\/p>\n

Secured a reduction to core plan rates and no increase in its renewed voluntary buy-up rates<\/h3>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row row_padding_top=”pt-2″ equal_height=”yes” content_placement=”middle”][vc_column][vc_column_text]This detailed claims comparison between prior and current carriers allowed the Brown & Brown Strategic Non-Medical Solutions team to have a dialogue with bidders, giving less weight to the most recent two plan years when case management was inadequate.<\/p>\n

As a result, the customer secured a 31% reduction to core plan rates versus the incumbent carrier\u2019s original request for a 25% increase. Additionally, they renewed voluntary buy-up rates \u201cas is\u201d versus the incumbent\u2019s requested 20% increase.[\/vc_column_text][vc_single_image image=”1423″ img_size=”medium” onclick=”custom_link” img_link_target=”_blank” link=”https:\/\/www.bbrown.com\/wp-content\/uploads\/2022\/08\/Case-Study-Review-of-Long-Term-Disability-Plan-Brown-Brown.pdf”][\/vc_column][\/vc_row][vc_row][vc_column]\n

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Ready to help minimize your risk and uncertainty?<\/p>\n

\n Contact us for more information.\n <\/h2>\n\t\n <\/div>\t
\n\t\t\t\t\t\n\t\t\t\tContact Us<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][\/vc_row][vc_row][vc_column][vc_separator][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]DISCLAIMER:<\/span>\u00a0<\/span>Brown & Brown, Inc. and all its affiliates, do not provide legal, regulatory or tax guidance, or advice. If legal advice counsel or representation is needed, the services of a legal professional should be sought. The information in this document is intended to provide a general overview of the topics and services contained herein. Brown & Brown, Inc. and all its affiliates, make no representation or warranty as to the accuracy or completeness of the document and undertakes no obligation to update or revise the document based upon new information or future changes.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

A telecom company requested that Brown & Brown review both the financials and claim management of its Long-Term Disability plan to help identify
\nopportunities for improvement. See the results.<\/p>\n","protected":false},"author":66,"featured_media":2077,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"service":[10],"industry":[64],"location":[17],"class_list":["post-2076","case_study","type-case_study","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"\nReview of Long-Term Disability Plan Secures Reduction to Core Plan Rates - Brown & Brown<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbrown.com\/ie\/case-study\/review-of-long-term-disability-plan-secures-reduction-to-core-plan-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Review of Long-Term Disability Plan Secures Reduction to Core Plan Rates\" \/>\n<meta property=\"og:description\" content=\"A telecom company requested that Brown & Brown review both the financials and claim management of its Long-Term Disability plan to help identify opportunities for improvement. 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