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Insight

Insight is power. We look at your business from every perspective - strategic, cultural, operational, financial - to really understand the challenges and opportunities facing your business.

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Action

It’s about helping businesses thrive. From insights, we map out actionable steps to allow your firm to capitalize on opportunities and mitigate challenges.

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Results

In partnership with you, we transform focused action into meaningful results – enhancing your company’s ability to reach its goals. We are committed to helping your business succeed.

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Insight

Our expertise is fueled by a dedication to discovering the best way to safeguard your interests. And our experience enables us to identify risks and understand your objectives so we can customize policies and services to fit your individual needs.

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Action

We are not satisfied until you’re confident that your personal risks are understood and addressed. JMBI delivers a customized game plan, with options and opportunities tailored to your situation.

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Results

Your objectives are our objectives. So we provide unique solutions and continuous support to attain your personal and financial goals. At JMBI, we work tirelessly to deliver the results you demand.

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Client Success Story

Exceeding Our Clients Goals and Expectations

Situation

Even a favorable renewal of health care insurance can still require a review of alternatives to meet budget.  This is the situation one of our clients faced.  We had negotiated a favorable renewal from the incumbent carrier, but the annual medical plan costs were running higher than budget.  The CEO requested that the CFO cut an additional 17 percent out of the health care budget.  So, the CFO and the JMB team started to work.

Insight

JMBI was sensitive to the fact that that the client had taken a very paternalistic approach with their benefit plans and had made very little change in the benefits and contributions over the past several years.  We were able to share with them that they could still provide adequate coverage and implement a plan design that was more inline with common practices

JMBI provided the client a benchmark review of their coverage against their peers.  This helped inform and shape the plan design discussion and decisions. We marketed the benefits and the incumbent carrier continued to be the best fit financially and had the flexibility needed for our action plan.

Action

To helping the client through the review, decision-making process, and change management, we shared our insights from the benchmarking exercise:

1. How the current plan was very generous with a low out-of-pocket cost for services provided and the employer was offsetting a large percentage of the costs.

2. The cost to enroll spouses was low and claims attributed to spouses had a big impact on overall claims paid by the plan.

3. The tobacco surcharge in effect was well below the allowable amount.

4. They were meeting ACA requirements on affordability with some room for the employee to pay more out of their paychecks.

We re-designed the program to allow the employees to choose which plan they preferred based on coverage and cost.  They still had the option to keep their current “rich” benefits, but their employee contribution would increase. To balance this, the percentage of premium the employees paid for the lowest cost plan was increased; however, the contribution dollars were slightly lower than what they paid for the current plan.  We also addressed the tobacco user surcharge, the spousal surcharge for working spouses, and adjusted the renewal date to align to their fiscal year.

The client also liked the suggestion that JMBI prepare and lead the open enrollment meetings to help with the change management and communicate the value of the program.

Results

Our analysis of the open enrollment results exceeded the goal of 17 percent in savings by a substantial amount.  The plan design drove the desired behaviors.  We saw a reduction in the number of spouses’ enrolled, only a few employees dis-enrolled and we expect to see additional cost off sets from the tobacco user and applicable spousal surcharges.

In additional to surpassing the financial goal, we also effectively communicated the changes during on-site, mandatory open enrollment meetings.  To quote the client:  “Thank you for your expert positive presentation.  You were the difference in turning a negative situation into a positive one.”

The client was pleased with the good news.  The employees were satisfied that they had an option of benefit plans at costs they could afford.

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Client Success Story

Matching Coverage to Current and Future Needs

Situation

Young, successful executive with a growing family was looking for life insurance to provide income replacement and debt coverage for his family in the event of his death.  The Client has a well-developed, long-term financial plan with specific asset accumulation and debt reduction milestones. He was unsure how much coverage was needed today and how that coverage need would change as he achieves the milestones in his financial plan.

Insight

JMBI’s Private Client team has extensive experience in modeling life insurance needs and creating customized coverage portfolios.  One size does not fit all with life insurance.

Action

Working closely with the client and incorporating his plan into our modeling, we determined the current coverage need along with opportunities for future coverage reductions.

Results

JMBI developed a portfolio of term life insurance policies with death benefit amounts and durations that matched the expected coverage needs over time.

A total of three policies with varying death benefits and coverage durations were placed with favorable underwriting results. The portfolio provided a cost-effective coverage plan that works in concert with the family’s financial plan.

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