Case study | Employee benefits - consultancy and brokerage

Financial services employer reduces rising benefit costs

How we helped a US-based financial services organisation in the UK save over £140,000 while maintaining its commitment to employee wellbeing across medical and risk benefits

Client overview

Business type

Large financial services client

Locations

Employees

1,500+ global employees

Key outcomes

Benchmarked insurer charges to secure £48,000 in reduced administration fees
Achieved an additional £18,000 saving by restructuring premium payments
Introduced a sustainable risk benefit structure, reducing income protection premiums by £78,000

The challenge

The employer faced substantial increases in benefit costs driven by a long term cancer claim under its medical insurance plan. The claim had built up over several years and had reached a value of several hundred thousand pounds, triggering significant premium rises and higher administrative charges from the insurer.

As their broker, our key challenges were:

A major ongoing medical claim causing substantial premium inflation
Inability to market or switch providers due to continuity of care concerns
Rising insurer administration fees not aligned with similar clients
The need to maintain competitive income protection benefits while staying within budget

Lee Fitzgerald
Senior Employee Benefits Consultant

The solution

NFP undertook a full review of the client’s benefits spend, insurer pricing and risk structure to identify opportunities for sustainable savings.

Our process started by understanding the client’s needs and goals:

Benchmarking administrative charges across comparable employers, identifying that the insurer’s margin was above market norms
Negotiating a £48,000 reduction in the insurer’s administration fees based on the benchmark findings
Moving to a single annual premium payment schedule, securing an additional £18,000 saving
Working with the client to introduce a five year limited claim period on income protection, providing cost control while retaining core benefits

The results

For their business

£144,000 total saving across benefits

Delivered savings of approximately £144,000 across medical and risk benefits, enabling the organisation to remain within budget while maintaining its benefit offering.

More sustainable, future-proof benefit design

Implemented a structure that reduces exposure to the impact of single large claims and supports long-term cost stability.

Improved cost visibility and control

Provided greater transparency over insurer charges through detailed benchmarking and targeted negotiation.

For their people

Uninterrupted access to medical care

Ensured continued access to comprehensive medical treatment, with no disruption for employees receiving long-term care.

Income protection benefits preserved

Maintained income protection cover, safeguarding employees’ financial wellbeing during periods of ill health.

Reassurance of employer commitment

Reinforced employee confidence that the employer remains committed to delivering high-quality benefits while managing costs responsibly.

Here to help your business navigate key employee benefits challenges

With cost rises and legislation changes common, the employee benefits landscape can be especially complex and time-consuming for your team to navigate. Get in touch today to see how our support could save you time and money, all while delivering great benefits your people value.

Let's talk solutions Get in touch