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Vendor Competitive Bidding and Renewal Negotiations
Competitive Bidding
Segal conducts many competitive procurements every year to help our public sector clients select vendors for all types of benefit programs. Each of these bid processes involves surveying the available plans in the market place, comparing the benefit coverages offered by each plan and establishing relative values among the benefits, analyzing the cost of plans, and negotiating with carriers to obtain the best rates available for our clients.
Segal is available to assist public sector entities through the entire procurement process as needed, including:
- Identifying key evaluation points and developing evaluation documents for use by the source selection committee
- Developing a proposed plan design that takes into account current "best practices" among other key jurisdictions and other employers
- Preparing a detailed set of technical questions and financial elements for the request for proposal (RFP)
- Reviewing program administrators' service agreements and proposals, and determining administrators' ability to deliver quality service
- Reviewing contracts and other documents required to implement the changes to the benefit program
- Monitoring the vendor's progress toward implementation
Renewals
Segal has an experienced staff of analysts who review renewals. Our reviews include a verification of source numbers and an in-depth underwriting analysis that evaluates the level of charges for trend inflation, retention, pooling and any applicable margins.
As part of our annual work on health and benefit plan renewals, we provide a summary of how your plans compare to others in the market and the prevailing trends and best practices in the industry. Segal develops and utilizes cost models for benefit programs that allow us to test the likely impact of industry trends in plan design. Once we have analyzed the current and projected costs of the existing program, we can provide close estimates of proposed changes.