Gaining Efficiencies by Combining Countries
How does a company improve benefits for thousands of employees across Canada and the UK? In the case of technology consultancy Invensys, the answer was to harmonize both through Asinta.
Invensys: Extending Efficiency to Employee Benefits
With headquarters in the UK, a large footprint in Canada and employee benefits run from Texas, Invensys relied upon a large international business consultancy for its Canadian employee benefits management, and upon Asinta in the UK. However, the large benefits manager was a poor fit for the smaller Canadian branch, while coordination of two benefits management firms added extra work. However, Invensys was reluctant to switch firms because the Canadian branch was very critical to the company’s success, and they did like the security of working with the larger consultancy.
Administrative Savings through the Asinta Partnership
Asinta met with Invensys to show them the administrative savings achievable by bringing the Canadian arm into the Asinta collective along with the UK group, while also improving pooling through several new providers. Asinta’s Canadian Partner, Cowan, also accomplished two goals at once: freeing cash for Invensys by moving from a refund accounting structure to fully insured, and meeting the company’s desire for extra security in the critical Canadian branch.
Immediate Savings and Strategic Partnership
Invensys realized immediate gains, solving its near term needs and receiving a $320,000 refund. The company will also see administrative savings over time. Equally important, Asinta’s UK and Canadian Partners can now advise the organization in a much more strategic capacity, with detailed knowledge of advantages and tradeoffs of programs in both countries. Meanwhile, Invensys now has full confidence that its needs are being handled with the personal attention they deserve.
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Summary:
For this international technology consultancy, Asinta harmonized employee benefit consulting across Canada and the UK, achieving several major improvements at once:
- Reduced redundancy and costs
- Improved local pooling
- A more appropriate services fit for the critical Canadian branch
- Freeing $320,000 by moving from a refund accounting structure to fully insured
The result: Invensys realised immediate savings and gained a partner that is the right fit for all their global benefit needs.