Welcome to our Partner Profile Series. Each month, we'll feature insights and perspectives from HR professionals and consultants working with various clients to address today's most pressing issues.
This month our spotlight is on Intrepid Benefits. Intrepid pairs state-of-the-art consulting with white-glove service to create a supreme benefit experience for your entire employee population. Its creative solutions cater to its clients’ bottom line and position them as top industry workplaces. 
I sat down with Liz Frayer, President and Employee Benefits Specialist at Intrepid Benefits, to talk about how Intrepid addresses the benefits needs of diverse workforces and how it partners with PTO Exchange to deliver even more value.
Can you tell us a little about you and Intrepid Benefits and provide an overview of your role and responsibilities?
Working in my current agency was actually my first job out of college. I never planned to be in the insurance industry (who does?), but I found that being responsive and thinking strategically were strengths that greatly applied to our industry. Seventeen years in, I bought the agency from my boss. In 2019, I became a founding partner in Patriot Growth Insurance Services (our partner company). Intrepid has 20 employees locally in Atlanta and 51 nationally. We pride ourselves on providing boutique service while having the resources of a national firm, giving our clients the best of both worlds.
How does Intrepid address the unique needs of diverse workforces, such as multigenerational or remote teams, when designing benefits?
At Intrepid, we’ve always believed that everyone learns differently. Insurance is not easy—there’s a whole directory of acronyms that someone theoretically needs to learn before understanding their benefits. We’ve always understood this challenge and developed communication strategies to help our client’s employees understand how to get the most value out of their benefits. When employees understand better, they appreciate the offerings more.
Can you provide examples of how Intrepid has helped clients optimize their benefits costs while offering attractive offerings to employees?
Most insurance brokers lower costs by lowering benefits. We have proven that we can lower costs by improving benefits. Intrepid is highly versed in different funding options, such as benefit captives. We leverage those creative plan designs to deliver a best-in-class experience to our client’s employees.
How does Intrepid assist clients in creating a benefits package that aligns with their organizational culture and values?
No one knows their employees better than the employer. Intrepid listens first to the employer to understand what’s working and what’s not. While we are part of a big, national firm, the client is never on a railroad track with no options. After taking time to understand the employer and their goals, our creative team gets to work and then measures our success through engagement and claims results.
Can you provide examples of how Intrepid has helped clients optimize their benefits costs while offering attractive offerings to employees?
Recently, we rolled out our own Rx coupon card aggregator and integrated it with SmithRx, one of the fastest growing and definitely most innovative PBMs (Pharmacy Benefit Manager) in the country. For our employees who use SmithRx, they don’t have to download a separate GoodRx (or other coupon) to compare with their benefit plan, it all works within their existing pharmacy card. Employees can know they are getting the best price and credit toward their deductible and out-of-pocket. SmithRx has since rolled out this feature to their entire block of business. We feel confident and proud that we made an impact in lowering healthcare costs for our clients and many other employers!
Can you discuss any partnerships or collaborations Intrepid has established that are unique to the benefits industry?
We are always creating and looking for fresh ideas for our clients. During the Great Recession, we had a ton of employers reaching out asking how we could help them retain employees. We made suggestions for their benefit programs, but because we are a true business partner, we also introduced PTO Exchange. Compensation is not my wheelhouse, but low-cost/high-value programs are always something our clients want to learn about. PTO Exchange allows employers to solve many employee problems (student loan debt, HSA, retirement savings, short-term advances) with one solution.
How does Intrepid assist clients in benchmarking their benefits offerings against industry standards to ensure competitiveness and attract top talent?
We provide detailed benchmarking. Employers love to know what their competitors are offering. I typically encourage employers to be aware of the information but then chart their own path. Employers can do many creative things outside of a benefits package that can move the needle for their organization. We do this at Intrepid for our employees, and we help others do the same.
Published on Jul 17, 2023 by Dave Sherman
