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| How we work |
| The goal at cmBenefits is to strive to separate
ourselves from others in the industry. The first thing we did is hire
a pricing actuary to manage our renewal process. Our perspective of
Employee Benefits is not purely dollar driven. We offer a unique Benefit
Checkup that is a two-phase process and detailed below.
In order to properly assess and review your benefit plan, historical
claims and a copy of the current contract and benefit outline are
required. This will enable us to review the current underwriting
and contractual provisions of the benefit plan in greater detail
and make recommendations on your behalf. This requires a two Phase
review: |
| Action 1 |
As your prospective consultant, our mandate
is to review your current renewal for the following:
From there we will present a report listing our findings and recommendations
on your behalf. |
| Action 2 |
| If Phase l has created enough interest and questions,
we will commence negotiations, as Agent of Record, with your current
insurer on your renewal and if required prepare a Marketing on your
behalf. Our intention is to negotiate the most competitive renewal
and confirm that the current Benefit plan provides you and your employees
the appropriate benefit, claim costs and contractual provisions for
your benefit dollar.
The last number of years has also seen a significant change in the industry that has resulted in changes in how business is conducted. The 90’s saw the purchase of smaller insurers by larger ones: Manulife bought North American, Great-West Life bought London Life and Prudential of America, Sun Life Financial bought Prudential of England, and Maritime bought Aetna. The high profile bankruptcy of Confederation Life and the demutualization of Maritime Life, Manulife, Great-West Life, Sun Life Financial and Canada Life have resulted in a much smaller market dominated by a few large Insurers. Even more developments that are recent have again further altered the insurance landscape. In 2002, Sun Life completed their purchase of Clarica. In 2003, Great-West Life acquired Canada Life, and Maritime Life purchasing Liberty Health shortly followed by Manulife Financial purchasing John Hancock (who owns Maritime Life), which continues the trend. In the case of specialty carriers, RBC Insurance has acquired Unum-Provident, which will affect the Disability Market (LTD & AD&D products). This has resulted in renewals that in many cases are non-negotiable. A number of cost-containment or variations to the group insurance market have been forwarded the past couple of years. Within the report we have indicated where benefit dollars are spent and measure them against the plan design, cost per employee and industry norms. Annually we review cost containment options, plan alternatives, and want to reiterate that we are available throughout the year to price changes as required. Alternate funding arrangements, Administrative Services Only (ASO), cost per claim, Association plans, Flex plans, Health Care Spending Accounts, Personal Health Services Program (PHSP), Welfare Trusts and other benefit enhancements or changes may be forwarded and we do measure their merits against your current benefit plan. |
