Your broker shows up once a year with a renewal letter and a summary report. The renewal letter has a number. The summary report has a chart. Neither one has been audited. Neither one has been priced. Neither one has been marked to market.
That is not actuarial work. That is paperwork dressed up as analysis.
You have been paying a percentage of premium — every month, every year, for the entire history of your relationship with that broker — for a service that does not include actuarial pricing of the position you are holding. You have been billed for procurement and told it was governance.
The reason none of this work gets done is structural. The broker who renews your plan was not trained as an actuary, was not trained as an underwriter, and is not credentialed to price the position they sold you. You are paying a percentage of premium for procurement and being told it is governance. That is not a personal failure of any one broker. It is the design of the model.
A derivatives book that does not mark to market does not have a book. It has a story.
The carrier has been telling you a story. The broker has been repeating it back to you in a nicer font. The audit ends the story.
We unit-price the position against Medicare reference. We mark the realized variance against expectation. We model the catastrophic tail against actual exposure. We score the five Greeks against the position you are holding. We do this with the same math used to price a Treasury option, not a benefits plan.
When the story meets the mark, the variance is recovered. That recovery is what we hand back to you.
The data your carrier already has and is contractually required to give you.
If your carrier resists handing over any of this, that resistance is itself the diagnostic. We have never failed to extract enough to run the audit. Sometimes the resistance is the most expensive line item on your plan.
Everything moves through encrypted transfer. Minimum necessary. Never PHI.
An actuarial readout, written in language your audit committee understands, quantifying the variance compression opportunity. Typical post-audit visibility after data review is approximately $2,500 per employee per year. We do not guarantee outcomes. We guarantee the math.
Delta, Gamma, Vega, Theta, Rho scored for your current position. The first time anyone has measured these on your plan. Board-defensible. CFO-deliverable.
Monthly variance review cadence. Quarterly scorecard. Annual readout signed by a credentialed actuary. The governance regime your Treasury function has. The governance regime your FX exposure has. The governance regime your health plan has never had.
45 days from signature to a document your board can defend.
We tell your carrier what we need. They have ten business days to deliver. They will not be pleased. That is fine.
The first time your plan has been priced by someone who has priced anything.
Variance quantified. Recommendations written.
Audit committee version available on request.
Nothing out of pocket.
The audit is the gift. If you choose to engage us as your broker of record after the readout, our commission comes from the carrier — same structure your current broker uses, more transparently disclosed. If the audit surfaces nothing material — which has not happened, but is theoretically possible — you keep the report and we walk away.
That is not a sales pitch. That is the structure.