Going to market is a process, and the order matters.
Deciding to test the market is one decision. Running it well is another. A good request for proposal gets accurate quotes from carriers that actually sell the product, without alerting your current carrier, and ends with a comparison you can defend.
From census to comparison.
Every group is different, but the sequence is the same.
Set the Baseline
We start with your current plan, rates, contributions and enrollment. That baseline is what every quote gets measured against.
Build the Request
A census with dates of birth and plan details, in the format carriers expect. Other documents help but need not hold up a quote.
Send It to the Right Carriers
Only carriers that sell the line being shopped receive it. Medical and ancillary lines go out separately. Your current carrier is not asked unless we agree to ask it.
Comparing like with like.
The comparison is where RFPs go wrong.
Same Benefits, Same Basis
We line up networks, deductibles, out-of-pocket limits and rate guarantees so that a lower rate isn’t just a leaner plan.
The Total Picture
Employer cost, employee cost, disruption and service history all count, not only the premium.
A Written Recommendation
We give you the numbers and a recommendation with reasons, whether that is to move or to stay and negotiate.
Keeping the process confidential and the comparison fair.
Two things make an RFP useful: accurate inputs and a clean process. Inputs mean the census and plan details are right before anything goes out, so every carrier prices the same group. Process means the request goes only to carriers that sell the product, with consistent instructions and deadlines, so responses can be compared.
Confidentiality matters because relationships continue after the decision. Decide in advance who will be told, when and by whom. At the end, you should have a written comparison and recommendation that explains the choice, including the option to stay. A process that can end with staying put is more credible than one that always recommends a change.
Questions for any broker who runs your RFP.
You are entitled to answers.
Who Gets the Request
Ask which carriers received it and why. A request sent to carriers that don’t offer the product wastes time and weakens your position.
How Is the Broker Paid
Group health plan brokers must disclose their direct and indirect compensation of $1,000 or more to the plan fiduciary. Ask for it in writing before you decide.
What Happens If You Stay
A real RFP can strengthen your renewal even if you don’t move. Ask how the results will be used with the current carrier.
How long does an RFP take?
It depends on the group, the lines of coverage and carrier response times. Starting several months before the renewal date leaves room for questions and follow-up.
Will the RFP affect our current carrier relationship?
That depends on how it is handled. Talk with your advisor about timing and who should be told.
From Renewals to Results: The Broker Playbook →
What employers ask about going to market.
Will our current carrier know?
Not from us. We don’t send the request to the current carrier for the line being shopped unless we agree to do it.
What do carriers need?
A census with dates of birth is the core. Prior rates, plan summaries and other documents improve the quote but aren’t required to start.
How long does it take?
Carriers turn quotes around in days to a few weeks depending on line and size. Start before your renewal notice deadlines.
Related guides.
Whether to Go to Market
The signs that say test the market.
How a Benefits Renewal Is Run
Our five-stage method.
Renewal Negotiation
What we do when you stay.
Tell us what is renewing.
We’ll tell you whether it makes sense to test the market, what carriers would need from you, and how long it would take. No cost, and no obligation.
Your renewal date
Your current carrier and rates
A census with dates of birth
The lines you want shopped
Rough answers are fine. We build the numbers from there.
A comparison is not a recommendation.
We put every proposal on one census, separate rates from volumes and tell you which option to take and what you give up.
Laws and rules referenced
29 U.S.C. § 1108 — ERISA exemptions from prohibited transactions, including the service-provider compensation disclosure rule for group health plans.
An independent employee benefits consulting firm. We look at the entire benefits program — cost, plan performance, risk and administration.
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