CUSO Reports Successful Case Studies on How Large Credit Unions Are Enhancing Their Employee Benefit Plans
InterLutions, an innovative employee benefits CUSO, recently hosted a forum exclusively for large credit unions to share their “results of collaboration.” The CUSO was formed to help lower medical insurance costs, mitigate the risk of high-cost claims and enhance employee benefit plans.
“We recognize the crucial role that employee benefits play in attracting and retaining top talent,” said Jesse Kohl, President of InterLutions. “We also know that employees are the most important asset of the credit union movement, and they deserve better. It’s time for credit unions to explore a new path to change the trajectory of rising medical insurance costs.”
The forum, held on June 6, 2023, was titled, “Results of Collaboration: How Large Credit Unions Are Enhancing Employee Benefits and Lowering Costs” and shared case studies highlighting how three large credit unions leveraged data, technology and collaboration to deliver rich and competitive benefits to their employees.
Highlights from the forum included:
- Case Study # 1: A credit union with 400 employees was facing year-over-year double-digit premium increases. By leveraging I-Care’s enhanced claims data, they lowered their pharmacy utilization expenses by over $430,000 with minimal provider and employee disruption.
- Case Study #2: A credit union with 1,000 employees had outgrown their insurance broker and looked to I-Care to put them on a long-term strategic path focused on employee growth, HR technology, network optimization and claims analytics. The new and improved strategic path saved the credit union over $900,000 in year one.
- Case Study #3: A credit union with 200 employees was experiencing rising high-cost claims activity and looked to I-Care’s collaborative insurance captive to mitigate their claims risk through proactive health management tools and cost containment measures. Lowering their healthcare claims costs allowed the credit union to reinvest in the well-being of their employees and improve overall productivity.
Read a free copy of InterLutions' “C-Suite Guide to Enhancing Benefits and Lowering Costs” white paper and download a copy of the forum’s slide deck now.
InterLutions is a wholly owned Credit Union Service Organization (CUSO) founded in 2015 to provide innovative solutions to the credit union industry and movement.
Its flagship product, I-Care, provides enhanced medical insurance benefits to credit union employees at lower costs. By pooling employees from many credit unions, volume helps reduce claims risk and volatility of premiums, lowering costs for employees and credit unions. Lower costs and multiple plan options give credit union employees the benefits they deserve.