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|Business Partner Spotlight - Bulfinch Group, September 2014|
Bulfinch Benefits Group
Michael Murray, Director
How and why did you come to work with law firms?The Bulfinch Benefits Group has been working with a number of law firms for many years on employee benefit programs as well as executive benefits which would include individual disability & life insurance solutions.
Why is your service/product important to law firms?
Employee benefits are a key component in attracting and retaining employees. We understand that these benefits represent a significant cost to organizations and are sensitive to the trade-off that firms have to consider when designing solutions. Furthermore, we understand the unique nature of law firms given the partnership structure and have developed creative solutions that meet the firm’s cultural and economic objectives while maintaining a comprehensive package for the employees.
What makes your service/product unique?
While many of the underlying products are not unique, we feel it is our approach and service that are differentiating factors. Firms that we work with can be assured that a partner from our organization is involved in overseeing their account along with the assigned account team. We pride ourselves on being very responsive, negotiating firmly on behalf of our clients and providing an array of value-added services. We enjoy having fun with our clients in the process.
Share how your company solves problems
We take a consultative approach to working with clients and really roll up our sleeves to understand the firm’s objectives along with the budget allocated. Each firm is unique and we pride ourselves on designing creative solutions which are optimized for both the employer and employees. Once employee benefit decisions are made we create customized employee communication material so that everyone understands their benefits are and how to maximize them.
Share a success story your company has experienced working with a law firm
A firm we work with was faced with a significant increase in the renewal of their medical premiums – in excess of 22% - which would have resulted in an increase over $120k of cost to the firm. We aggressively marketed the renewal to numerous carriers, negotiated with a finalist and through that process were able to transition the firm to a new carrier with a comparable plan design at a minimal increase of 3.5%. We then designed and implemented an employee communication program which greatly reduced the stress normally associated with such a transition for both the firm and the employees.
Share your "WOW" factor
Our goal is really to become an extension of your team. So many organizations are stretched to the limit these days and we want to be a resource that is easily accessible. We’ve built long term relationships with the clients we work with and truly enjoy working with them. It is not unusual for us to consult with individual employees on which specific plan or benefit will work best for their individual circumstance.
We enjoy being associated with the ALA Members and have also developed close relationships with a number of the Business Partners as well.