Why an RFP should be handled by the Professionals

July 6th, 2017 by VADA Benefits and Insurance

The Insurance world can be both complex and obscure; which is why having an experienced broker/consultant who efficiently manages your benefits is important. One of the biggest and most important pieces to managing your benefits is preparing for Open Enrollment. This can be a lengthy process as you want to ensure that as the Employer, you’re providing the best benefits package possible for your Employees. This part can also be tedious as the market has quite a bit to offer and selecting the best benefits for your company plays a crucial role in also maintaining the best employees. The first step in preparing for your company’s Open Enrollment is analyzing your existing benefits, seeing what will be changing, and going to market to see what is out there for you to offer this Plan Year. This process is better known as the “RFP Process”.

The acronym “RFP” stands for “Request for Proposal”. It’s important to have a well-put together RFP. At a minimum, this will include all of the exposure data associated with the lines of insurance to be addressed, including relevant loss history. Some RFP’s also include copies of current policies with premiums and retentions. The rationale for this approach is that when all such information is included, the competing proposal is often just a detailed criticism of existing policies. The strategy of releasing information challenges the recipient(s) of the RFP to treat this company as a blank slate and creatively define the best and most fitting Benefit Plans available in the current market. Ultimately, the goal at the end of the process is to secure the best Benefits with the most competitive coverages and costs for your Company, without all the head ache that could potentially exist in this process.

Knowing how to tell your story in the most favorable light to the underwriters can make a world of a difference in the options they offer you, and we know how to tell YOUR STORY to get the best options the carriers have to offer. VADA Benefits and Insurance has done this for their clients by bringing on a dedicated professional to assist in this process and bring the best of the best to their client’s tables. For questions on making your Open Enrollment and marketing new benefits process easier, please contact VADA to serve your needs.

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