The challenge

A global bank asked Lockton to manage its healthcare trust. Initially supporting 25,000 employees and dependents, it later expanded to 45,000 members. But the trust was complex, with outdated structures and procedures, multiple sub-groups, and a significant retiree population. Stop-loss protection hadn’t been tested for years, and there were concerns around claims control, cost management, and overall governance.

Our approach

Lockton consultants introduced several initiatives to strengthen efficiency and oversight. Starting with a claims audit, we identified errors and plan design issues negatively affecting members. Next, we took their insurance to market, conducting a full RFP process, negotiating with providers, and delivering better health screenings and retiree benefits. Finally, we analyzed historic claims data to test whether the stop-loss cover offered the necessary protection and value.

Over the past decade, we’ve continued to support the trust with regular audits, governance training for trustees, benefit design reviews and scheme expansion modeling. We’ve also carried out targeted claims analysis for conditions such as cancer and mental health to enhance member wellbeing.

The impact

• Discontinued stop-loss insurance cut their annual spend by 5%.

• Reduced fixed costs, capped claims liabilities, and improved service without changing administrators.

• Better cost controls, governance and member experience.

• Enhanced mental health and musculoskeletal treatment pathways and telemedicine services.

• A re-designed executive health screening program.

Lockton’s been their primary advisor for over a decade.