Each client and all of its' employees are given the broker’s contact information and are encouraged to use it for all levels of service. One reason for this is that the firm has always believed it is important to have the person who knows the most about the plan involved from the beginning. This prevents little problems from becoming big problems which can undermine employee confidence and satisfaction with the plan. The second reason is that it allows for continuity. A major problem in the benefits industry with the service representative model has been turnover. Many get tired of dealing with the problems or complaints that come with this position. Others use it as a stepping stone to a sales position. By allowing the broker to service the account this turnover is removed, eliminating the need to teach a new person the client’s culture every few years. The final reason is it is the only way the broker can understand a client's needs and evaluate whether or not the benefit plans are meeting expectations.
Each member on the staff and most of the brokers are paid a bonus based on customer retention and growth of our business. Why should this matter to a client? Everyone at The LaRocco Companies has a vested interest in each and every insured. This promotes teamwork eliminating any “That’s not my client” attitude. It is much easier to provide strong service and keep clients happy if everyone works together sharing responsibility and rewards. This allows immediate response to most client inquiries. Even though the broker or brokers are the point of contact the entire team gets involved in the strategic planning and situation resolution for each client.
Strategic Planning Services
Every business or organization needs to implement a strategy to achieve their goals, and this involves planning. Strategic planning is a systematic and continuous process of evaluation, decision, implementation, and measuring. The LaRocco Companies begins the client relationship with an in-depth exploration of your unique business strategy and helps you align Human Resource programs with overall corporate strategies. This deliberate process ensures that we make recommendations that are consistent with your business plans and that support, rather than conflict with, your unique company culture.
- Analyze current employee benefit programs
- Determine historical, current, and future objectives
- Assist employer in defining and setting both short term and long term strategic goals
- Develop a plan that aligns your benefit objectives with your budget
Once we’ve identified short and long term goals, we then apply our knowledge of the markets and the latest benefit programs to recommend specific strategies for your organization.
- Recommend strategies to achieve short and long term objectives
- Design and pricing
- Monitor, Evaluate, and Report on ongoing plan performance
- Inform you of legislative or product developments that can impact your program
Brokerage and Renewal Services
One of The LaRocco Companies most important jobs is marketing your benefit plans. Generally preparation is made each year to market the plan prior to receiving the renewal (approx. 100 days out). At this point we will evaluate if there are any changes desired which are not price driven. After evaluating the renewal this process can be stopped or continued. We will ask the carriers to try and submit renewals at least 90 days out (medical carriers are currently required to submit at least 60 days in advance, but new PPACA rules will probably require sooner submission).
- Market plans and negotiate with appropriate vendors
- Present new benefit plan concepts for consideration
- Evaluate costs and benefit associated with all competitive quotes
- Filter out uncompetitive proposals and meet to discuss options with client
- Make recommendations based on comparisons
- Negotiate final selections or renewals and review funding levels
- Review final policies for accuracy
Implementation & Enrollment Services
- Quarterback any carrier changes or new benefit programs
- Manage all aspects of transition and enrollment
- Participate in management and employee meetings as required
- Ensure carrier/administrator compliance with assigned deadlines, etc…
- Resolve problems as they arise
- Finalize contract and policy language and execute all change amendments
Advise employer on available enrollment options including employee meetings, web based enrollment and paper based enrollment.
- Conduct and participate in employee meetings
- 24/7 Web based “employee self-service” enrollment
- Call center support/enrollment
Benefit compliance is ever-changing and complex. Many companies do not realize that they are out of compliance.
Federal Agencies such as ERISA, DOL & the IRS are continually passing and changing benefit plan compliance requirements. State regulations are also continually changing and differ from state to state- i.e. HMO and Continuation legislation.
- QMCSO + QDRO
- Women’s Health Cancer Rights Act
- Privacy Protection
- Section 125
- Medicare Part D
- CMS - Completing Creditable Coverage Document Online
- PPACA - A host of new letters required
On behalf of our clients, The LaRocco Companies will also assist with:
- Form 5500 filing
- Preparation of Summary Plan Descriptions and Wrap Documents
- Plan Documentation & Reporting Requirements
- Discrimination Testing
- Insurance and Administrative contract review
- Provide Legislative/Compliance Manuals Online
- Provide Legislative Updates written by ERISA Attorneys
- ACA Preparation
The LaRocco Companies will help alleviate the day to day administration of your HR staff through
- Frontline claims and benefit problem resolution
- Entering new employees into the carrier systems
- Online or manual enrollment processes
- Human Resources Hotline
- Periodic Billing and Contribution Audit
- Provide third party COBRA services
- Section 125 Process Evaluation
- Provide Employee Benefit Statements and New Hire Packets
The LaRocco Companies have live operators answer the phone and uses voicemail only as a backup or requested option. With the services that are provided the firm knows it is important for your employees and benefits team to have the ability to talk to a person and begin having any problems resolved immediately.
Employees are not required to go through the HR Department and are not expected to try and resolve issues on their own. The LaRocco Companies intend to be on the frontline for employees. Your employees should feel comfortable calling with any questions, problems or complaints about the service they are receiving from any of the carriers.
Clients vary on the amount of review they desire on their plan. The LaRocco Companies recommend reviewing plans and how they are performing no less than quarterly. For larger plans and self-insured plans reviewing more often than this may be preferred. The best way to know a client's needs is to keep in touch with the client and listen. The expectation is to communicate regularly. Although some of this is handled through technology the only way to truly understand the needs is face to face time.
HR Technology Services
The benefits world is quickly changing to a high tech, system driven marketplace. There are systems available to handle many different levels of benefit enrollment, administration, and plan assessment. The LaRocco companies works with your HR department to find the products or systems that help clients meet their short and long term objectives, while balancing the tradeoff between technology and person to person interaction.
Online enrollment system and ACA tracking
Online Guides for HIPAA, COBRA, Sec 125, FMLA, Medicare Part D
Online HR Community allowing interaction with HR Professionals across the country
Online Employee Benefit and HR Website allowing employees and their families the ability to review their benefits online from anywhere with 24/7 accessthrough ZYWave
Employee Navigator and Carrier enrollments auto feed for easier setup
Intergrated Payroll Solutions
Errors & Ommissions Coverage
The LaRocco Companies carries Life & Health Insurance Agents Professional Liability
$2,000,000 in Liability Coverage