Renegotiate and Restructure

Lockton Benefits was appointed broker for a firm that employees 7,000 people just two and half months prior to their January 2008 renewal date. The employer, one of the nations largest tool and equipment catalog retailers, owns more than 315 stores nationwide. Lockton needed to market, negotiate renewals, provide superior communication for open enrollment in December and save the client 10% of projected costs.

By leveraging Lockton's position with the incumbent carrier, Lockton renegotiated and restructured the financial agreement with the current carrier. This allowed the company to reach their savings goal on time. The renegotiated agreement earned the retailer a net savings of $900,000. The new agreement is in place for the coming year with projections of similar savings.

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