Lumity People + Platform: Open Enrollment Made Simpleby Aaron Huang, June 23, 2017
Bitly, a 70-person technology company with offices in New York, Denver and San Francisco, was exploring an alternative to their current PEO platform. Knowing the ability to recruit and retain employees was critical to the company’s growth prospects, the company wanted a better employee benefits experience that educated and helped their employees make clear decisions while offering a cost competitive package that would fit within budget.
Lumity approached the partnership with a cost analysis based on the fully loaded PEPM Bitly was being charged. Because a PEO does not provide claims visibility, Lumity’s benefits consultants ran a proprietary risk model based off the anonymized census from Bitly’s employee roster.
When the cost forecasting came back extremely favorable, the team used the forecasting to model benchmarked rates for a benefits package that consolidated the plan selection down to three core offerings:
• A PPO
• HSA-eligible HMO
• EPO plan hybrid of HMO and PPO advantages
The team used the benchmarked rates to negotiate with the major national carriers, and ultimately secured rates at a 15% discount to the company’s renewal.
The final benefits package included ancillary lines of coverage and fit well within the team’s budget. With the package locked down, the Lumity team project-planned implementation and open enrollment dates to ensure a seamless transition onto the benefits platform, all within an 8-week PEO migration timeline.
The 8-week PEO migration process resulted in a cost savings of $1,000-$1,500 per month, a superior consolidated benefits offering, and high NPS from employees on the entire enrollment experience.
It’s rare to ever say employees thoroughly enjoyed open enrollment, but the experience with Lumity was just that – clear and concise. From the branded benefit guides to the live open enrollment presentation and the modern, data-driven enrollment software, Lumity really delivered on their promise of a superior benefit experience.
VP Human Resources
If you’re interested in how Lumity can help your company optimize benefits, schedule a free consultation with Lumity’s benefits expert now.