Monument Consulting Wins Vendor Management Role at Large Insurance Company

It’s your favorite insurance company ad slogan with the new twist:

“Give us 15 minutes and we’ll save you significantly on your contingent workforce spend!”

The Large Insurance company’s Information Technology organization has approximately 2000 individuals and at any given time, 10% of those resources are IT contractors. It seems like that is a manageable enough ratio but over the years the staffing provider list had evolved to 75 firms. Not only is that quite a few contractors to keep track of but the Client was also missing a tremendous opportunity to aggregate their contractor volume through a fewer number of providers to allow for logical volume discounts.

In September of 2009, this firm selected Monument Consulting to serve as the Managed Service Provider (MSP) to handle the full life-cycle process around their IT contracting process. The role includes requisition management, rate card development, vendor distribution, candidate screening, candidate scheduling, pre-employment and on-boarding activities. Once engaged, Monument helps run contractor administration ensuring time collection is reconciled accurately with sole responsibility for all invoicing and timely payment distribution.

Monument will manage the contracting process with the use of a VMS application automating the many elements of the program. Brad Cummings, a Principal at Monument Consulting, said “The partnership with this Client is going to deliver tremendous efficiencies and savings. Elements that were once manual and inconsistent now become automated and under a well defined process.”

In working with the Client, there is a clear goal, improve the staffing process, improve candidate quality and deliver tangible savings when possible.

Headquartered in Richmond, Virginia, Monument Consulting is a Managed Service Provider (MSP) focused on the administration of clients’ contingent labor workforces of $25 million dollar annual spend.