Traditional and Innovative

The key to driving down cost, work, and risk is to build on strong foundations while applying innovative ideas.

Explore common challenges, see how industry leaders react, and ways to reframe your approach to obtain unexpected results.

How do I reduce the costs of my benefits renewal?
How can I drive down the cost of my business insurance?
What can I do to prevent losses?

Why is aggregating disparate silos of human capital data important in managing overall risk?

Why is aggregating disparate silos of human capital data important in managing overall risk?

Businesses have a responsibility to their employees’ health and safety.

This responsibility is challenged by the rising costs of providing health care. To combat this, the insurance industry is implementing new risk management protocols. Specifically, insurers want employers to comprehensively assess how health and wellness program decisions impact employee job performance.

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Question 3

Question 3

I'm not getting the pricing relief I deserve despite working so hard to prevent losses. What can I do?

Everyone understands the concept that if you have fewer claims, insurance costs should be lower.  But despite best efforts, nothing can be more frustrating than not getting the pricing relief you think you deserve.

The trouble with insurance companies is that there is far more that drives the market than just your individual performance.  A better solution might be to reframe the way you purchase insurance. Because why purchase all of your insurance from a market you have no control over?

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Disability lawsuits: Frequent filers

Disability lawsuits: Frequent filers

Laws meant to help the disabled have had unintended consequences

For an inkling of how good intentions can go awry, consider Title III of the Americans with Disabilities Act (ADA). Passed by Congress in 1990 with the laudable aim of giving the disabled equal access to places of business, it has been supplemented with new Department of Justice standards (in 2010, for example, the DOJ said that miniature horses can qualify as service animals).

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Shopping Insurance Is Not Enough

Shopping Insurance Is Not Enough

It usually begins about 120 days before your business insurance expires. You start getting calls from brokers who want to offer a quote or proposal on your business insurance. It they can visit, gather some information, look at your policies, they will return just before your expiration with an alternative to your present program. Hopefully at a significantly lower cost...

The prices insurance companies charge are likely to vary less in the future. In the past, multiple quotes often produced a wide range of prices. In the future, it is more likely several quotes will do little to lower the cost of your coverage. This is due to three emerging trends in insurance...

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Question 1

down the cost of my business insurance

What ways can I drive down the cost of my business insurance?

The easy answer is to market your insurance.  Get a bunch of quotes and "keep the marketplace honest."  But from the point of view of the insurance companies who actually price your risk - it's not that simple.

Wage inflation, cost shifting, aging workforce, the Affordable Care Act (ACA).  These (and many other issues) impact the cost of claims, which are essentially the "Cost of Goods Sold" for an insurance company.  This in turn affects premiums.  Understand these forces and build a strategy to put yourself in the best position to drive down your cost of risk today and tomorrow.

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Question 2

Question 2

What else can I be doing to prevent losses? We're already doing everything we can.

When we ask companies “how’s your safety program”, the typical response is “it’s pretty good”.  Everyone says they're doing great, except for those few claims they can't control.

But there are companies who strive for even greater performance - and achieve it.  And it's not by luck.  How is an employer who already feels they're doing everything they can, have even better results?

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Question 5

Question 5

I feel like I'm a victim of the marketplace when it comes to my benefits renewal.

For many, every year feels like the same thing:  What plan design changes can we make before our employees revolt?  How many quotes can we get from insurance companies?  How many more times can we go through this before we finally get stuck with a renewal we can't handle?

For many, just getting a benefits renewal that keeps up with inflation is considered a victory.  But many industry leaders who look back over the last 5 or 6 years of renewals have seen flat or even decreasing health insurance pricing, while increasing employee satisfaction.  How is this possible?

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Question 6

Question 6

I get wellness is important, but how do I know what really works vs. what’s a waste of time?

Everyone understands the concept of wellness.  If employees are healthier, they are less likely to have medical claims.  But there are lots of ways to go about it.  Some strategies are really effective, some strategies make employers and employees feel good, and some strategies simply don't work.

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Question 8

Question 8

What possible budget control strategies are out there for me?

The traditional viewpoint on "consumerism" is at the point of utilization - when an individual chooses between a name brand vs. generic drug, whether they choose to use the Emergency Room vs. their family doctor, whether or not they choose to have that procedure.

Industry leaders are finding ways to get employees engaged even earlier in the process - at the point of choosing their benefit program.  This is beyond the basic choices of PPO vs. HMO, but by providing them a wider array of choices that best suits their needs.  Not only can it control costs for the employer, but it can also lead to a higher level of satisfaction for the employee who knows they got exactly the plan that best suits them.

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Question 9

Question 9

How do I keep up with all of these reporting requirements for the ACA?

Under the Affordable Care Act, applicable large employers (those with 50 or more full-time equivalent employees) – will have additional reporting requirements in 2016.   That means getting to work now on collecting information about them.

Administratively, this can be a nightmare.  For many businesses, adding another body to the Human Resources department isn't the preferred strategy - except for the HR department.  With the complexity increasing all the time, what other solutions are out there?

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