Containing Rising Costs
We understand that every business has its own unique challenges that are changing from day to day. One of these employer challenges is trying to ensure the health and wellbeing of your employees in an environment with rising healthcare and drug costs. We are here to help manage this particular challenge, by best understanding your unique situation and tailoring a comprehensive and sustainable benefit plan to suit it.
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As healthcare costs continue to rise, we are consistently striving to meet the needs of our clients, by looking for ways to save them money and making plan designs sustainable. We have a number of specialized analysis tools to deliver on this promise to clients, as well as quarterly claims reviews, extensive renewal cost analysis, and benchmarking your plan to your specific industry and region.
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Sustainable Solutions
Having healthy employees equates to productive employees. Finding the solution that best suits our clients’ needs will help with corporate productivity as well as corporate profitability, while protecting the bottom line for our clients. We want our clients maximizing the return on their investment in the benefit plans, by providing sustainability in both pricing and design.
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We use a wide array of products and services to assist employers in navigating the ever changing economic and social environment that impacts the lives of their employees. Whether it is a solution for the benefit plan or retirement plan, we will find a viable one to ensure that the plan remains sustainable moving forward, all while best serving the needs of the employees.
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Consulting Services
Employee Benefits
Building and managing a sustainable tailored plan
Group Retirement
Helping your employees save for retirement
Supplementary Benefits
Additional benefits to compliment the base plan
Financial Planning
Working with employees for personal planning
Contact Us
Contact us for a no obligation, complimentary audit of your current plan.
Employee Benefits
Attracting and retaining valuable employees is paramount for any business. We can build and manage a plan that allows clients to keep their loyal workforce healthy, happy, and productive.
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Our process would typically start with a thorough audit of the existing program, which can lead to meaningful plan enhancements or lowered costs that can be negotiated with the incumbent carrier. If we determine that the incumbent is not the best option for any number of reasons, we would then undertake an extensive market review to determine the most suitable carrier.
If a change in carrier is required, we will manage the implementation of the plan with the new carrier to ensure a seamless transition with no disruption to the employees. This includes incorporating an effective communication strategy with the employees regarding the change and ongoing communication moving forward.
Annually, we conduct an extensive review and provide a comprehensive report at the plan renewal date. This includes a review of the claims experience with supporting claims reports, a review of the financial arrangements and plan design along with design recommendations, and finally, negotiating with the carrier to ensure the most effective rate structure. This can also include benchmarking information for the industry and region, where we work with Cloud Advisors, who provide the leading benchmarking tool in Canada. We will always keep the client abreast of the claims experience with reviews quarterly, tracking plan performance, which provides early insight into any upcoming annual review.
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Group Retirement Benefits
We support our clients with our specialized annual governance process. We review all aspects of the retirement plan, including current investment management fees, fund menu with recommendations, and plan member education strategy.
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An important aspect of our process is ensuring that we are getting the most competitive investment management fees (IMF) and review with the incumbent provider based on current assets under the plan. Streamlining the fund menu is also important as to not create confusion among employees with how best to invest their hard-earned dollars.
We use our governance process to support all clients with various retirement plans, including:
- Registered Retirement Savings Plans (RRSP)
- Registered Pension Plans (RPP)
- Deferred Profit-Sharing Plans (DPSP)
- Tax Free Savings Accounts (TFSA)
We support plan members by coordinating education sessions about the current plan, including topics such as financial wellness and budgeting. As part of our offering, we also include individual retirement and financial planning advice at no additional cost to the employee.
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Supplementary Benefits
As each plan is customized and tailored to each client’s needs, the requirement for additional supplementary benefit offerings is becoming more and more prevalent. These additional benefits will provide support and added comfort to your employees.
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With respect to the employees’ mental health, we provide Employee Assistance Programs (EAP). These programs offer support and counselling to employees at times when they need it most, but also reduces absenteeism and healthcare costs. Today’s employee is looking for a better work-life balance and a less stressed employee provides increased productivity, which improves the client’s bottom line as well.
In addition to EAPs, we offer the following supplementary benefits:
- Critical Illness Plans
- Healthcare Spending Accounts
- Wellness and Personal Spending Accounts
- Disability Management Services
- Executive Medical Assessments
- Executive disability carve-outs
- Cost Plus programs
- US and International Benefits
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Personal Financial Wellness
One of the most stressful challenges for all of us, is properly managing personal finances, including saving for our future. Balancing spending, saving, investing, and insurance coverages create difficult decisions for most of us. We are here to help.
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Working with our personal and family financial advisor partners, we take a holistic approach to financial wellness. The goal is to tie all pillars of financial planning together, and depending on each client’s goals, these might include:
- Individual Life insurance
- Individual disability insurance
- Customized investment portfolios
- Will and Estate planning
- Intergenerational wealth transfer
- Debt management
- Individual health and dental plans
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About Lockwood Benefits Solutions
Lockwood Benefits Solutions was founded in 2015 and is led by Sean Ross. Sean has over 20 years’ experience working in the group benefits and retirement industry. Sean has worked with clients of all sizes across a broad range of industries. He works diligently to ensure that clients maximize the return on their investment in their benefit plans.
Sean was drawn to the financial services sector after studying Economics at Carleton University. He takes pride in helping clients understand and leverage the relationship between benefits and corporate profitability and doing his part to help make clients’ operations more successful.
Sean is a Certified Employee Benefits Specialist (CEBS), who began his career with one of Canada’s largest insurance companies, in their group benefits division. It was in this role that Sean gained the in-depth knowledge necessary to provide clients with sound advice that allows them to make informed decisions surrounding their benefit and retirement plans.
Sean resides in North Toronto with his wife and two children. He is an active member of the community. He coaches hockey and baseball, and also enjoys playing a number of sports himself.