The Aon Wrap Roadmap is a comprehensive guide designed to help employers navigate the complex process of implementing and managing a wrap plan, which is a type of employee benefits package that combines multiple benefits under a single umbrella. The roadmap is designed to provide a clear and structured approach to implementing a wrap plan, ensuring that employers can offer their employees a comprehensive and competitive benefits package while also managing costs and administrative burdens.
Introduction to Aon Wrap Roadmap
The Aon Wrap Roadmap is a product of Aon’s extensive experience and expertise in the employee benefits industry. The roadmap is based on Aon’s deep understanding of the challenges and opportunities facing employers in the benefits landscape and is designed to provide a practical and effective solution for implementing and managing a wrap plan. The roadmap is divided into several key stages, each of which is designed to address a specific aspect of the wrap plan implementation process.
Key Components of the Aon Wrap Roadmap
The Aon Wrap Roadmap consists of several key components, including:
- Needs Assessment: This stage involves conducting a thorough analysis of the employer’s benefits needs and objectives, including the types of benefits to be included in the wrap plan, the level of coverage required, and the budget available for benefits.
- Plan Design: In this stage, Aon works with the employer to design a wrap plan that meets their specific needs and objectives. This includes selecting the benefits to be included, determining the level of coverage, and establishing the plan’s administrative and funding structures.
- Vendor Selection: The Aon Wrap Roadmap also involves selecting vendors to provide the various benefits included in the wrap plan. This includes evaluating the vendors’ capabilities, pricing, and service levels to ensure that they meet the employer’s requirements.
- Implementation: Once the plan design and vendor selection are complete, Aon assists the employer with implementing the wrap plan. This includes communicating the plan to employees, establishing administrative procedures, and ensuring that all necessary systems and processes are in place.
- Ongoing Administration: The final stage of the Aon Wrap Roadmap involves providing ongoing administration and support for the wrap plan. This includes managing vendor relationships, handling employee inquiries and claims, and ensuring that the plan remains compliant with relevant laws and regulations.
| Stage | Description |
|---|---|
| Needs Assessment | Conducting a thorough analysis of the employer's benefits needs and objectives |
| Plan Design | Designing a wrap plan that meets the employer's specific needs and objectives |
| Vendor Selection | Selecting vendors to provide the various benefits included in the wrap plan |
| Implementation | Implementing the wrap plan, including communicating the plan to employees and establishing administrative procedures |
| Ongoing Administration | Providing ongoing administration and support for the wrap plan, including managing vendor relationships and ensuring compliance with relevant laws and regulations |
Benefits of the Aon Wrap Roadmap
The Aon Wrap Roadmap offers several benefits to employers, including:
- Streamlined Implementation: The roadmap provides a clear and structured approach to implementing a wrap plan, reducing the risk of delays or errors.
- Cost Savings: By selecting vendors and designing a plan that meets the employer’s specific needs and objectives, the Aon Wrap Roadmap can help employers reduce their benefits costs.
- Improved Employee Satisfaction: A well-designed wrap plan can help employers attract and retain top talent, improving employee satisfaction and reducing turnover.
- Reduced Administrative Burden: The Aon Wrap Roadmap can help employers reduce their administrative burden, freeing up resources to focus on other business priorities.
Case Study: Implementing a Wrap Plan with the Aon Wrap Roadmap
A large manufacturing company with over 1,000 employees was seeking to implement a wrap plan to provide their employees with a comprehensive and competitive benefits package. The company worked with Aon to follow the Aon Wrap Roadmap, starting with a thorough needs assessment to determine the types of benefits to be included in the plan and the level of coverage required. Aon then worked with the company to design a wrap plan that met their specific needs and objectives, selecting vendors to provide the various benefits included in the plan. The plan was implemented successfully, with Aon providing ongoing administration and support to ensure that the plan remained compliant with relevant laws and regulations. As a result, the company was able to reduce its benefits costs by 15% while improving employee satisfaction and reducing turnover.
What is a wrap plan, and how does it work?
+A wrap plan is a type of employee benefits package that combines multiple benefits under a single umbrella. It typically includes a range of benefits, such as medical, dental, and vision coverage, as well as life insurance and disability benefits. The wrap plan is designed to provide employees with a comprehensive and competitive benefits package while also managing costs and administrative burdens for the employer.
How does the Aon Wrap Roadmap help employers implement a wrap plan?
+The Aon Wrap Roadmap provides a clear and structured approach to implementing a wrap plan, including conducting a needs assessment, designing the plan, selecting vendors, implementing the plan, and providing ongoing administration and support. By following the roadmap, employers can ensure that their wrap plan is designed and implemented effectively, providing their employees with a comprehensive and competitive benefits package while also managing costs and administrative burdens.
In conclusion, the Aon Wrap Roadmap is a valuable tool for employers seeking to implement and manage a wrap plan. By providing a clear and structured approach to the process, the roadmap can help employers reduce their benefits costs, improve employee satisfaction, and reduce their administrative burden. Whether you are a small business or a large corporation, the Aon Wrap Roadmap can help you navigate the complex process of implementing a wrap plan and provide your employees with a comprehensive and competitive benefits package.
