"Self-insurance isn't just for large corporations; small and midsize businesses can also benefit from the flexibility and potential savings it offers." - Dennis Carlson Welcome to a brand new episode of the Cash Flow CFO Podcast. Join me for a second conversation with Dennis Carlson, Executive Benefits Advisor for Marsh McLennan Agency. Dennis previously played the role of entrepreneur inside the insurance industry, founding Bespoke Benefits in 2009, which was later acquired in 2017. Now, he leads the executive benefits practice for Marsh McLennan Agency in the western United States. Dennis has extensive experience advising on employee and executive benefits, helping businesses attract and retain top talent. Continue to get to know him, and learn from some of his wisdom. Join us to learn the whole story! "It's not about cutting corners—it's about customizing benefits in a way that aligns with your budget while still providing meaningful coverage to employees." - Dennis Carlson Involving Finance in Benefits Decisions Dennis Carlson highlights the critical need for involving finance teams in employee benefits decisions. Traditionally, these decisions have been the domain of HR or office management, but integrating finance professionals into the conversation ensures that budget planning and cost control are thoroughly considered. This collaboration allows businesses to explore various funding options that might be overlooked if finance isn’t part of the discussion. The Case for Alternative Funding Strategies Dennis introduces alternative funding mechanisms as a viable strategy for small and midsize businesses to manage their benefits costs more effectively. While these strategies are often associated with large companies, Dennis explains that smaller businesses can also benefit from self-insured or partially self-insured plans. These options provide greater control over healthcare expenses, offering a potential path to significant cost savings. Customizing Benefits for Cost Efficiency Dennis shares insights on how employers can customize their benefits offerings to achieve cost efficiency. He suggests considering high-deductible health plans paired with tailored funding mechanisms as a way to provide comprehensive coverage while managing costs. By working closely with brokers, employers can design benefits packages that meet their financial constraints without sacrificing quality. The Role of Communication in Benefits Success Effective communication is a key theme in Dennis’s advice. He emphasizes the importance of ensuring that employees fully understand their benefits and how to use them. Clear communication not only helps employees maximize the value of their benefits but also enhances their appreciation for what their employer provides, leading to better engagement and satisfaction. "Bringing finance into the benefits conversation early allows companies to explore funding options that may not even be on the table if finance isn’t involved." - Dennis Carlson Want to get in touch with Dennis Carlson? Email: dennis.carlson@marshmma.com LinkedIn: https://www.linkedin.com/in/denniscarlson Website: https://www.marshmma.com Want to get in touch with Andrea Jenson? Website: https://thecashflowcfo.com Podcast: https://pod.co/the-cash-flow-cfo-podcast LinkedIn: https://www.linkedin.com/company/the-cash-flow-cfo Facebook: https://www.facebook.com/thecashflowcfo Instagram: https://www.instagram.com/thecashflow.cfo YouTube: https://www.youtube.com/channel/UC0kQopRCt9TEbgYjmqA4SMQ
