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Achieve Optimal Vendor Performance with Our Incumbent Review

Cofi’s Incumbent ReviewSM process is designed to ensure the plans’ existing vendors are delivering high-level service and competitive and transparent pricing. From employer needs analysis to negotiation to final fiduciary opinion, we guide fiduciaries every step of the way and do all of the heavy lifting.

What is an Incumbent Review?

The Incumbent ReviewSM process evaluates current service providers' competitiveness against constantly-evolving market standards, fostering continuity, saving money and optimizing outcomes.

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Preserving Relationships

Avoids disruption by engaging existing vendors, nurturing established partnerships, and minimizing transition risks.

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Competitiveness Analysis

Solicits updated proposals from incumbent vendor, rigorously analyzing them against market trends to maintain competitive fees and service offerings.

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Fiduciary Assurance

Following our process, Cofi provides a fiduciary opinion to the Board certifying to achievement of optimal service quality, market competitive fees and adherence to best practices.

Understanding the Incumbent Review Process

Our Incumbent ReviewSM process is a comprehensive evaluation of your current vendors, enabling you to assess their performance against robust market data. It’s about achieving the most appropriate services for the most competitive fees, all with minimal internal resource consumption and without straining existing relationships.

Comprehensive Evaluation

We thoroughly assess your vendors using robust market data.

Cost-effectiveness

We ensure you get top services at competitive rates.

Efficiency

Our process minimizes resource usage for maximum productivity.

Preservation of Relationships

Our process allows you to maintain your strong vendor relationships.

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Why Run a Cofi Incumbent Review?

Leverage Cofi's expertise for an optimized Incumbent ReviewSM process that satisfies applicable fiduciary standards and ensures your vendors are delivering the best value.

Partnership Preservation

Ensures competitive pricing while maintaining existing vendor relationships in line with ERISA requirements.

We Manage the Whole Process

After the employer needs analysis, Cofi interacts directly with the candidates, minimizing internal resource consumption for the employer.

Cost Flexibility

Our fee can be paid by the incumbent, the plan or the employer.

Data-Driven, Expert-Driven Analysis

Cofi requires the incumbent to compete with the market using Cofi’s data and advocacy, ensuring the employer maintains competitive pricing in a constantly evolving market.

Independent Fiduciary Compliance

Cofi, acting as co-fiduciary, issues a fiduciary opinion of compliance with ERISA and best practices of service proposals.

Best Terms & Conditions

Cofi ensures that contractual protections to the employer are maximized.

Our Incumbent Review Process At A Glance

Download Incumbent Review Process
01/06

Needs Analysis

Conduct a thorough examination of client requirements and goals to understand their needs before proceeding.

02/06

Data-Driven Review

Utilize collected data to assess the performance of existing vendors, focusing on quantifiable metrics and analytics.

03/06

Expert-Driven Analysis

Our experienced professionals analyze the data comprehensively and provide valuable insights beyond quantitative measures.

04/06

Optimization of Vendor Relationships

Implement recommendations derived from the analysis to ensure that existing vendor relationships are operating at their best.

05/06

Independent Fiduciary Compliance

Cofi, acting as an independent co-fiduciary, ensures fiduciary standards are met through transparency and accountability.

06/06

Flexible Cost Structure Implementation

Design a cost structure that can be tailored to meet the diverse needs of clients, ensuring efficiency and cost-effectiveness.

FAQ

Frequently Asked Questions

What if my incumbent vendor fails the Incumbent ReviewSM?

If your incumbent vendor fails the Incumbent ReviewSM and is unwilling to reduce fees, you should proceed to an RFP.

Should I have a lawyer assist with an Incumbent ReviewSM?

We recommend that your ERISA attorney, if you have one, should be involved in the Incumbent ReviewSM process. We do not require the involvement of a lawyer if an employer wishes to proceed without one.

Does an Incumbent ReviewSM satisfy your fiduciary duty?

Conventional wisdom has held for many years that you must perform a request for proposal on all medical and retirement plan vendors every 3 to 5 years in order to satisfy your fiduciary responsibilities under ERISA. This is not so. As long as you document a thorough analysis of your vendors’ continued competitiveness in terms of services provided and fees charged, an RFP is not necessary. The Incumbent ReviewSM is designed to satisfy your fiduciary obligations without the cost, time and potential relationship disruption of a full-blown RFP. Our process almost always results in lower fees and more/additional services.

Are there cost-free solutions available?

Cofi can employ techniques to make our services cost-free to the employer. The incumbent provider often pays for the service. Also, because our fee is a fiduciary expense, it can also always be paid from plan assets.

What types of internal resources will an Incumbent ReviewSM require from my staff?

A Cofi Incumbent ReviewSM is designed to significantly limit your engagement throughout the process. Aside from an hour for the initial employer needs analysis and a meeting to discuss the results of the review, employer involvement is not required. Our process is completely transparent, and you may see and participate in as much of the process as you wish. However, there is virtually no employer involvement in our process. The employer may participate as much as desired, but more than this is not necessary.

How long does the Incumbent ReviewSM process take?

The length of the process varies depending on a number of factors: complexity of the plan, size of plan, etc. On average, an Incumbent ReviewSM takes 30-60 days.

How much does a Cofi Incumbent ReviewSM cost?

It depends very much on a number of factors: e.g., type of plan, number of vendors, complexity of the plan, size of plan, etc. Cofi will provide a flat fee or hourly pricing on request.

Start Your Journey Toward Effective Benefit Plan Provider Selection Today

Ready to unlock the full potential of your existing vendor relationships? Get in touch with Cofi today to start your Incumbent ReviewSM.

    Start Your Incumbent Review
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    Contact Us

    Have questions or need assistance? Get in touch with our team. Use our contact page to find our contact information, including phone number and email address. We're here to provide support and answer any inquiries you may have.

    info@teamcofi.com
    2127069292