How can effective vendor management drive cost savings?
First, review your benefit programs annually to see what plans are being offered and gain a fresh perspective on consolidation and cost savings opportunities. Each quarter, review reports and claims detail to enable good information flows between the company and its vendors so you can take proactive steps if experience appears to be trending poorly. Second, it may be possible to consolidate brokers within a single country or even do without a broker at all. Review the total number of brokers your company is using in each country and the total brokerage fees to see if one broker might be willing to secure all the needed coverage for a reduced fee. Or, place all the coverage with a single carrier in each country, which might enable a staff member or your multinational pooling network to manage the plans without the help of a broker. In some cases, it might be more cost effective to add a staff member in lieu of brokers for oversight purposes, or the management of global benefits plans ca
