In 2014 Eric Krieg founded the industry’s first benefits advisory services practice of its kind at Risk International. Since then, the practice known as RIBA (Risk International Benefits Advisory) has grown as a result of the team’s independence from the industry and non-traditional approach to benefits management, leading to significant cost savings for clients.
Skilled in TCOR (total cost of risk) methodologies, Krieg and his colleagues advise employers on LEAN benefits management techniques. His mantra: “Investigate and understand all your options, optimize vendor performance, buy services that you need only when you need them and take control of your benefit plans.”
This independent and disruptive approach is what has helped drive significant growth for the past two years and has led Krieg to transition his role to president of the business in 2016.
In essence, RIBA has taken risk management fundamentals and applied them to the benefits industry. According to Krieg, those fundamentals include: Engaging in more effective performance management protocols; adopting true vendor management; and negotiating most favorable deal terms along with utilizing contract optimization techniques.
“We look at each client with a different lens to help them eliminate waste and find new ways to control costs while not shifting the burden to employees,” Krieg says. “It’s about changing the way benefits managers look at their costs,” he adds.
“Eric and his team have made a significant place for Risk International in the benefits industry in a very short amount of time and we see a bright future for the practice as more and more clients realize the value of our benefits advisory services,” says Michael Davis, chief executive officer of Risk International.