SOTSQ Episode 15 - Is Your Insurance Renewal Process a Broken Record?

With the fourth quarter right around the corner, are you a bit concerned about the financial impact your upcoming health insurance renewal might have on your organization? Do you feel like the renewal process is a broken record every year? If so, here's why. You're allowing yourself to be victim of the repeating one year strategy. Your attack is the same and predictable every year. You wait until you get the big cost increase and then you scrounge together a last minute cost shifting strategy. It's rushed, it's reactive, and it's unsuccessful. Plus, you're playing the game the insurance industry wants you to play. So here's how you fix it. Develop a three year strategic plan and get it in writing. You see, a carefully crafted plan allows you to leverage your strengths, address your weaknesses and build upon the vast opportunities you have today. All the while allowing you to look ahead, gain clarity and take the right proactive step steps. Plus, it allows you to hold you and your broker accountable. All right, let this be the year that you toss aside the repeating one year strategy for a carefully crafted long term game plan. And until next time, bear down, focus on the target and strike out the status quo.