How Loop helped Sarvatra’s CFO save employee health benefits costs
Sarvatra, a rapidly growing fintech company, faced some unique challenges as they expanded.This case study examines how the CFO’s decision to choose Loop had a tremendous positive impact on the company’s finances as well the wellness of its employees.
From a CFOs perspective the insurance benefits must always align with the company’s financial goals.
These include:
- Comparing plans: Evaluating insurance options to find the best fit for the company and employees.
- Negotiating terms and pricing: Negotiating with insurance providers to secure the best possible terms and pricing.
- Maintaining flexibility: It’s important to choose a provider who offers flexibility to accommodate organizational needs and changes over time.
- Staying up-to-date: Staying in touch with the latest trends in employee benefits and technological advancements to make sure the company is hitting the industry benchmarks for employee benefits.
CFOs best understand financial expectations and limitations of the organization’s budget.
- Comparing plans: With Loop, Sarvatra’s CFO could compare and evaluate different plans from India’s top insurers.
- Negotiating terms and pricing: Loop helped Sarvatra secure the best possible terms & pricing by leveraging their organization's size and buying power.
- Maintaining flexibility: Loop offers flexible options like customizable plans. This let Sarvatra accommodate changes in the organization's policy needs, over time, at no extra cost.
- Staying up-to-date: Loop is a modern health benefits provider who is always innovating and staying ahead of the market enabling our partners to do the same.
With the right insurance provider CFOs begin seeing the impact of a robust healthcare plan on employee productivity.
- Comparing plans: Loop was able to generate multiple quotes from vendors.
- Negotiating terms and pricing: Loop offered the best possible prices from Sarvatra’s preferred insurer of choice.
- Maintaining flexibility: Loop was able to get a highly customisable plan for Sarvatra’s unique requirement, even for Non-EB insurance.
- Staying up-to-date: Sarvatra became an active participant in Loop’s wellness and networking events such as Thrive.
Challenges
Sarvatra, an end-to-end solutions provider for banks, required a health benefits partner who caters to all their business and employee needs.
A lot of time and resources need to be spent on evaluating the multiple GHI options that brokers provide. Even after zeroing in on a provider, there are several rounds of negotiations to arrive at the best possible terms and price.
Sarvatra is also a rapidly growing company hence it was important for them to have a GHI policy that was customizable.
Lastly, Sarvatra needed to make sure it was aware of the latest benchmarks and trends in the healthcare and insurance domains to make sure they were choosing the right policies.
Given all these challenges Sarvatra was not in a position to choose the most viable and beneficial GHI provider. The company was struggling to close the right option within the stipulated time. This put both the employees and the business at great risk.
Solutions
CFOs have a deep understanding of an organization's financial expectations and budget constraints. So, they’re at a distinct advantage when it comes to negotiating options with benefits providers.
With the working relationships Loop has built, we are able to offer clients like Sarvatra competitive quotes from leading insurer brands. Based on the organization’s size and structure, the policy terms can be tailor-made for both employees as well as higher-level management keeping buying power in mind.
Given Sarvatra's dynamic growth and changing needs, it is crucial to partner with a flexible provider. A provider who offers Sarvatra the ability to modify its coverage.
The health insurance industry is constantly evolving, and a forward-thinking provider like Loop can help Sarvatra remain informed of market developments and implement innovative solutions.
Result
With the variety of quotes that Loop provided at competitive rates, helped Sarvatra’s CFO pick the best fit for them. Today, they have a 1+3 policy covering about 990+ lives, including dependents.
This also resulted in Loop partnering with Sarvatra for Non-EB products such as Directors & officers insurance, cyber insurance, and Errors & Omission insurance. There is already a Non-Eb claim being processed which is >100X of the premium paid.
The CFO had a choice to opt for a deferred payment plan for the company which would have aligned with Sarvatra’s financial goals for the year.
Sarvatra employees extensively use Loop’s features. There have been over 18 doctor consultations, 110 medical advisor chats saving and 27 lab tests saving them over Rs. 50,000 monthly. This further strengthened the CFO’s belief that a more holistic approach to health and wellness would benefit the company as well as its employees.
Loop is a modern health benefits provider that is always innovating and staying ahead of the market enabling our partners to do the same. Thrive, an event for HR professionals helps learn from industry experts, network with thought leaders, and grow your community. Mr. Dilip was an attendee among over 250+ other HR leaders. Robin Uthappa, the Indian ace cricketer was the keynote speaker.
Along with this, Mr. Dilip is always curious about new initiatives and keen to keep employees engaged.
Learn how Loop is changing the game.
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