Strategy

A benefit program tailored only for you.

At Burnham, we take a consultative approach to determining the right plan design for your organization, and we continually measure your plan’s performance. We start with an assessment of your goals; we then develop your employee benefits strategy to make sense within these goals and in relation to benchmarks drawn from multiple data sources. Our ongoing Stewardship Process ensures a proactive checkpoint every three to six months.


Step 1: Client Needs Evaluation

Prior to structuring a strategy and plan design, Burnham conducts a thorough evaluation of your current corporate climate and benefits. We use various techniques such as interviews, focus groups and confidential employee surveys to get a broad overview of your current situation, including:

  • Short- and long-term goals
  • Forecasted growth
  • Current employee recruitment, satisfaction and retention levels
  • Incumbent program and broker evaluation
  • Projected benefits budget
  • Employee perspectives on the value of current benefits

This evaluation serves as the foundation for setting clear, strategic plan design goals, considering value-added programs, identifying areas of potential cost savings and maximizing employee goodwill.

Step 2: Plan Design

Based on the results of our Client Needs Evaluation, we work collaboratively with you to make informed plan design decisions with confidence. We’re there to help you stay focused on:

  • Augmenting or removing programs that are working or failing
  • Incorporating effective cost containment strategies
  • Supporting larger goals, such as motivating your workforce or encouraging wellness
  • Choosing benefits that will help attract and retain quality employees

Throughout the plan design process, we work as an extension of your HR team — with open communication, dynamic collaboration and a unified vision for maximum results.

Step 3: Market Analysis and Procurement

Based on your specific needs and plan design, we implement a customized market analysis to identify potential cost-saving opportunities before moving forward with procurement.

Our resources for this process include:

  • In-house underwriting/financial analysis tools and capabilities
  • Predictive modeling
  • Acquisition/merger analysis
  • Actuarial services for self-funded plan risk analysis and claim projections
  • Decision Master Warehouse™ software for conducting cost/benefit analyses, assessing your company’s past claims experience, and projecting outcomes based on various proposed plan scenarios
  • Industry-specific benchmarking data for showing comparative contributions, plan designs and costs — extremely useful for decision-making

By using these resources to facilitate comprehensive market analysis, organized request for proposal (RFP) services and plan renewal negotiations, Burnham helps to keep your procurement on strategy and your costs under control.

Step 4: Client Profile

To meet your ongoing reference needs and provide a sense of closure after procurement or renewal, we provide you with your own customized Client Profile, a summary of all benefits, eligibility rules, rates, vendor contact information and more.

We update your Client Profile whenever necessary so you always have current information at your fingertips. Your Client Profile also comes in handy as a tool to illustrate historical rate comparisons and carrier trends for future renewals.