Objective and thorough vendor evaluation is a critical component of effective employee benefit plan management. We have found, through experience, where things can go wrong, and we have designed our services to help our clients avoid common problems.
MMA Michigan will:
- Start early. Our standard practice includes a planning meeting at the latest six months prior to any coverage renewal date that includes a decision about whether a formal RFP/vendor evaluation process is needed and what is a practical timeline to accomplish it.
- Save you money by providing market clout. We enjoy solid working relationships and significant volumes of business with virtually all of the major players in the marketplace. This translates into our ability to negotiate excellent pricing for our clients.
- Have our Account Managers lead. They are highly skilled at managing the change process, and we expect them to take the lead in any vendor transition. They will ensure that vendors’ promises are kept and that all important steps are completed, including administrative efficiency.
- Deliver recommendations of vendors/administrators that have the reputation of excellent service.
Summarize options in an accurate and easy-to-understand manner so that good decisions can be made quickly.
- Review alternative funding methods to develop optimum pricing, with regard to your risk tolerance.
- Prepare a “comprehensive comparison” of all essential elements of the plans under consideration. This is done well before the scheduled implementation time.