Benefits Cost Review & Savings advisory
Reduce cost without reducing employee value
Independent review of medical insurance and wider benefit costs, with success-linked fee options for suitable assignments.
Employee benefits can become significantly more expensive over time, particularly medical insurance, risk benefits and legacy arrangements.
Reward Associates can review existing benefit costs and identify opportunities to improve value, renegotiate arrangements or redesign the programme while protecting the employee proposition.
Areas we can review
- Private medical insurance
- Healthcare arrangements
- Life assurance
- Income protection
- Critical illness
- Dental
- Pensions
- Flexible benefits
- Allowances
- Wellbeing benefits
- Provider and broker arrangements
- Benefit administration
- Legacy benefit commitments
Medical insurance review
Private medical insurance is often one of the largest and fastest-growing employee benefit costs.
Cost and claims
Premium levels, claims experience, provider pricing and market alternatives.
Benefit design
Cover, excess levels, eligibility, dependants, underwriting and employee utilisation.
Commercial terms
Broker terms, procurement options, provider consolidation and administration cost.
Employee value
Cost-sharing options, communication and the overall employee proposition.
The objective is not simply to reduce cover. We look for ways to improve overall value while maintaining an appropriate employee proposition.
Commercial options
Success-based fee options
For suitable cost-saving assignments, part or in some cases all of our fee can be linked to verified savings achieved.
Fixed fee
An agreed price for the review and recommendations.
Fixed fee plus success fee
A lower initial fee combined with an agreed share of validated savings.
Success-linked fee
For appropriate assignments, remuneration primarily linked to savings delivered.
The basis is agreed before work begins, including the baseline cost, eligible savings, measurement period, implementation costs, percentage or cap and payment timing.
Value rather than simple cost cutting
Our objective is not to remove benefits simply to generate savings. We consider employee value, market competitiveness, recruitment and retention, employee relations, risk, cost and sustainability.
In some cases, the right recommendation may be to maintain or improve an existing benefit rather than reduce it.
Benefits Cost Review & Savings support
Benefits Cost Review & Savings works best when decisions are based on clear principles, reliable evidence and practical governance. We help organisations assess the current approach, model choices and trade-offs, agree a proportionate design and prepare stakeholders for consistent implementation. The work is tailored to the organisation’s strategy, workforce, risk profile and available budget, with clear outputs that can be maintained after the engagement.
Part of our wider Employee Benefits Strategy Consultancy services.
Discuss a benefits cost review
We can assess whether there is a realistic opportunity to improve value and discuss a fee linked partly or entirely to savings achieved.