Dear Subscriber,
Happy Valentines Day! 💝
Where has the first 45 days of the year gone? It's never been busier for most of us. CGIB has been connecting more people through slack than ever before (we have over 80% of members on now). YOU (our great members) are answering questions better, faster and more accurately than anywhere else. All of you that are there helping out, take a bow. 🙇🏻
We are seeing events starting up again (after the holiday break), both virtual and in-person. You'll see a dozen or so events below, so between that and BCC online CE programs, there are lots of ways to get credits and keep the learning going.
I'm looking forward to the next Toronto area CGIB event on March 30th. If all goes well, we'll get back to Calgary and Vancouver in the fall if COVID allows.
We have a deal for those of you that want to purchase a paid subscription to Insurance Journal and get access to the PRO articles that are locked.
There is lots more going on so read away, and I hope to see you soon.
Dave |
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OUR EVENTS
CGIB COFFEE CHATS
Coffee chats are like a virtual breakfast. Log in, ask questions, share problems, seek solutions and talk about what's on your mind. Best done from a computer, with a camera and a microphone. No CE credits, but also no cost, just show up.
Tuesday February 15th @ 2pm (EST) Thursday March 3rd @2pm (EST) Monday March 14th @ 2pm (EST) Thursday March 31st @2pm (EST) ____________________________________________________________
BREAKFAST MEETINGS CGIB no longer runs the breakfast meetings, but supports the initiative of the volunteers that do.
Please find the details for your closest location below. Ajax, Cambridge, London, Markham, Oakville, St Catherines, Toronto, Vancouver Island, Windsor or the Virtual National Meeting
Virtual meetings through Zoom may be utilized until COVID19 passes. Please contact the event champions to be added to their lists, and receive more info.
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LOOKING FOR PEOPLE
Share your info and we'll post it here. ____________________________________________________________ Upcoming CGIB Events:
Toronto - MOVED to March 30th (awaiting word if/how we can proceed)
Due to the short planning time and the possibility of cancellation or further postponement, we are going to hold another Building and Using a Plan Administration CheckList workshop with the possibility of an employment lawyer joining us to share their perspective.
Hold the date, and watch for details HERE.
Calgary - POSTPONED to fall 2022? or TBC Vancouver - POSTPONED to fall 2022 or TBC |
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GET ON SLACK
The CGIB SLACK channel is a great place to pose questions, share info and learn a ton from your fellow members. The info and discussions that are posted there are unlike anywhere in the industry. Sadly, about 15% of CGIB members are still missing out on all the info being shared. Others have not taken a look at all the documents, videos and information available in MEMBERS ONLY to make their life easier.
NOTE TO ALL SLACK USERS: We now have 40+ channels in Slack to handle different topics. Please take a moment to add these channels to your menu. To do so, just click on the + next to Channels on the top left. Browse the channels and then click JOIN to add each of them. By doing so you won’t be missing some really great info. |
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...and now for something a little bit (not completely) different!
Watch upcoming newsletters and the website for our all new podcast.
Canadian Group insurance Brokers is pleased to work with Business Career College to produce a quarterly podcast of all things benefit related. Jason Watt and Dave Patriarche will interview benefit advisors and those that work in the space including; insurers, TPA's, PBM's, pharmaceutical companies and anyone who plays an important role in group insurance plans.
Stay tuned for details and a schedule of speakers and release dates. |
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SUGGESTED READING
We think the information contained below is of great value and encourage you to read the articles and check out the events that interest you. In most cases, these articles and events are not run by CGIB, so please contact the organizers for more information. We take no responsibility for the websites, events, organizations or their content. |
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I’m pleased to inform you that Insurance Journal Publishing Group is offering you and your team 30% discount on a one-year subscription to PRO Level. Please follow these steps to subscribe: - GO on https://insurance-portal.ca/prolevel/
- Click on “I WANT TO GO PRO”
- Enter your email address and password
- Choose the annual payment method
- Enter your credit card information and click on validate
- Enter the Promo Code : CGIB30 and confirm ( please note that you have until April 1st, 2022 to use this code)
Important : Please take note of the following before you proceed with the subscription: · The promo code will no longer be valid after April 1st, 2022. You must use it prior to this date · You must choose the annual payment option · The discount is only valid for the 1st year. At the time of the renewal, the full price will be charged. · The subscription is not refundable, you must click on the APPLY button to change the price when you enter the promo code before you CONFIRM ____________________________________________________________
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EXCESSIVE DRUG PRICE REGULATION STALLED AGAIN Regulations intended to protect Canadian consumers and plan sponsors from excessive drug prices have been further delayed, says an Eckler ‘GroupNews.’ The ‘Regulations Amending the Patented Medicines Regulations’ are now scheduled to come into force July 1. The regulations govern the steps taken by the PMPRB (Patented Medicine Prices Review Board) when assessing whether a patented medicine appears to be priced excessively in the Canadian market and the required information patent-holding companies in Canada must provide to the PMPRB in order to assess pricing. The regulations are the result of consultations with interested stakeholders that began in November 2019, with draft guidelines released in July 2020. Health Canada first postponed the regulations until July 1, 2021, to provide pharmaceutical manufacturers with additional time to make changes required by the new reporting requirements. The latest delay is intended to provide additional time for stakeholders, industry, and government to continue to engage in discussions related to the changing pharmaceutical landscape during the ongoing COVID-19 pandemic. The continued delays may prove costly for plan sponsors, especially now that discussions between the government and interested stakeholders have resulted in delays of almost two years.
BENEFITS EXAMINED FOR WORKERS WITHOUT COVERAGE The Ontario government wants to design a benefits plan for workers who change jobs. It says millions of people working in retail, the gig economy, and hospitality have limited-to-no benefits coverage. They want to provide these workers with benefits such as health, dental, and vision care. It will create an advisory panel to recommend a system. Most workers in Ontario with full-time, permanent jobs have this coverage. In comparison, less than a quarter of those who work part-time or in precarious jobs have similar benefits. Independent contractors, low-wage workers, newcomers, younger workers, and racialized people are also less likely to have workplace benefits. The advisory panel will look at how benefits could reside with the worker and will provide recommendations on how best to administer the new program. Establishing this panel was recommended in the Ontario Workforce Recovery Advisory Committee’s final report. HEALTH SPENDING RISES 2.2 PER CENT Health spending in Canada is expected to reach $308 billion for 2021 – a growth of 2.2 per cent, says an Eckler ‘GroupNews.’ It says the report on ‘National Health Expenditure Trends, 2021’ from the Canadian Institute for Health Information (CIHI) shows while growth in spending averaged four per cent per year from 2015 to 2019, total expenditure grew by almost 13 per cent in 2020 due to COVID-19 spending. Total average spending on healthcare per person in 2021 is expected to be $8,019 per person with wide regional variations from $9,585 in Newfoundland and Labrador to $7,773 in Ontario. Hospitals (25 per cent), drugs (14 per cent), and physicians (13 per cent) represented the three largest health spending categories accounting for 52 per cent of the total health spending in Canada in 2021. COVID-19 response funding is expected to account for seven per cent. Of the total health expenditures for 2021, the government pays for approximately 75 per cent while the private sector accounts for the remaining 25 per cent. However, health spending increases are expected to stabilize to be more in line with pre-pandemic levels.
SALARY INCREASES ANTICIPATED Salary increases are anticipated across all sectors and organization types, which differs from last year in which increases were more sector specific, says Darcy Clark, principal, compensation, at Normandin Beaudry. Its ‘Salary Increase Flash Survey’ shows salary freezes for 2022 are planned by less than half a percent of the polled organizations, as compared to three per cent reported by the initial survey conducted in summer 2021. This shift showcases the speed at which the market is changing. “We are now seeing that the labour shortage is impacting all sectors across Canada, thereby putting pressure on employers to increase salaries in order to retain talent,” says Clark. The inflation rate, which in 2021 reached a high not seen in a long time, is one of the elements that led 50 per cent of the organizations surveyed to revise their 2022 salary increase budgets. More specifically, the average budget in Canada rose from 2.9 per cent from the initial survey conducted in summer 2021 to 3.4 per cent by late 2021. Beyond the traditional salary increase budget, 40 per cent of respondents have earmarked 1.2 per cent in additional funds, on average. This increase varies relative to company size, for example, it is 2.9 per cent for organizations with less than 100 employees and 0.7 per cent for those with more than 5,000 employees. |
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We get a huge benefit from making a simple commitment:
Don’t miss deadlines.
The benefit is that once we agree to the deadline, we don’t have to worry about it anymore. We don’t have to negotiate, come up with excuses or even stress about it.
It won’t ship when it’s perfect.
It will ship because we said it would.
Once this is clear, the quality of what we ship goes way up. Instead of spending time and energy looking for reasons, excuses or deniability, we simply do the work.
And over time, we get better at figuring out which deadlines to promise. Because if we promise, we ship.
My Take on Seths Post
Put another way...Sometimes our best work is done under the pressure of deadlines. I like the old anecdote of the the Sword of Damocles and feel like that's what helps me to get through as much as I do.
I also feel like old adage of "under promise and over perform" fits in well here. In most cases we get to choose the deadline (think plan start dates), so why rush it, only to apologize later when you can't meet it. Instead, why not push the date out, do it right and impress the client when you're ready to launch early? |
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EDUCATIONAL EVENTS
ONLINE CE CREDITS
Looking for benefits dedicated online CE courses? Want to provide your admin and support staff with basic knowledge? Want to dig into something more detailed for your benefits/insurance business? Business Career College (BCC) has an extensive catalogue of online CE courses with a number of group benefits specific courses covering topics ranging from contractual concerns, plan designs, and underwriting requirements, to product specifics and integration with government benefits. Courses consist of narrated videos with short, online quizzes. The full catalogue includes over 60 courses, podcasts, and videos covering topics from the world of insurance, investments, financial planning, taxation, and ethics with a focus on technical content and real-world application. Courses are accredited for the maximum categories of credits and can include provincial Life and A&S credits, FP Canada, Advocis, and more! Use code CGIB on registration for your first three months free! ____________________________________________________________
The BC Insurance Council now offers online continuing education (CE) courses that are available for registration through Insurance Council’s online portal. Once courses are registered through the online portal, they can be accessed through the newly launched Learning Management System (LMS) with CE certificates ready for immediate download upon course completion.
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The Edge Benefits Inc. presents (February 16 and 17)
Workers' Compensation as well as other government benefits like EI and CPP make annual changes that can be difficult to keep track of. These benefits can help relieve the financial burden of an unexpected disability, but may leave your clients with a false sense of security about the extent of their protection. Join us as we review the annual changes to these government plans and explore how you can grow your business and provide your clients greater financial security by tapping into the expanding living benefits market. ___________________________________________________________
BEST PRACTICES FOR BENEFITS EXAMINED The Canadian Payroll Association’s ‘Best Practices of Employee Group Benefits’ will explore advanced tools of the employee benefits industry. It will provide an overview and analysis on employee benefits best practices to better equip participants with the tools to become better negotiators at renewal. Its focus is on group benefits primarily from a payroll, human resources, and financial point of view. It takes place February 17 and 18. Information is at https://www.payroll.ca/Events/Seminars/Virtual/Best-Practices-of-Employee-Group-Benefits ___________________________________________________________ The Benefits Trust presents....
Why Employee Assistance Programs (EAPs) Offer Today's Best Value for Your Benefits Dollar Special Guest Speaker: Melaine Leblanc - Life Works February 15th, 10:00 am
Improve Your Value Proposition with Effective Communications Skills Special Guest Speaker: Robert J. Crowder - The Benefits Trust February 23rd, 10:00 am
Why Online Marketing in 2022 is Critical to Build and Maintain Your Benefits Practice Special Guest Speaker: Ben Molfetta - Core Online Marketing March 2nd, 10:00 am
Full details and booking HERE... ___________________________________________________________
Tired of watching life insurance advisors fail because they were not trained to sell professionally, renowned advisor coach Jim Ruta says he has decided “to fight to bring back life insurance sales training in the industry.” His solution is the creation of SOLIS, a school of life insurance sales.
___________________________________________________________ Worker's Compensation and Government Benefits (BC) Wed, Feb 16 & 17 , 2022 *** Check link for your province***
Workers' Compensation as well as other government benefits like EI and CPP make annual changes that can be difficult to keep track of. These benefits can help relieve the financial burden of an unexpected disability, but may leave your clients with a false sense of security about the extent of their protection.
Join us as we review the annual changes to these government plans and explore how you can grow your business and provide your clients greater financial security by tapping into the expanding living benefits market.
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MENTAL HEALTH AND DISABILITY EXAMINED Mark Faiz, CEO of Personalized Prescribing Inc. will examine ‘When Does Mental Illness Lead to Disability?’ at a Benefits and Pensions Monitor Meetings Events session. He will compare two patient cases ‒ one where the patient recovers readily, while the other suffers through complications and disability ‒ and discuss the most likely reasons for the latter case. It takes place February 22. Information is at https://register.gotowebinar.com/register/1273827522061075469 ____________________________________________________________ PACE OF CHANGE EXAMINED The pace of change in the world of employee benefits will be examined in the CPBI Saskatchewan ‘Glaciers on the Move’ session. Ken Fraser, president of Fraser Group, will share his observations on the resilience of employee benefits in the face of recessions and pandemics and on the vulnerabilities that may undermine the value of benefit plans in the future. It takes place February 24.
____________________________________________________________ CHANGING LANDSCAPE EXAMINED ‘The Changing Risk Landscape: Trending Solutions for Plan Sponsors’ is the focus of a Benefits Breakfast Club session. The presenters will explore several chronic diseases and discuss their impact on patients and on benefit plans, plus what insurers, advisors, and plan sponsors can do to proactively work with patients to detect these conditions early and manage them for optimal health outcomes. It takes place March 24.
___________________________________________________________ Last year, Benefits Canada created Tech Insights as a platform for presenters to explicitly showcase the depth of their technological innovation. It’s a deeper dive into a product’s intricacies – and illustrates to attendees what makes an offering different and unique from other companies’.
Go shopping on Apr. 14 at this free event designed to show off the latest in benefits technology solutions for plan sponsors and/or their plan members. Attendees will learn about a variety of benefits products to help make the most informed decision possible.
Stay tuned for agenda announcements in the coming weeks. REGISTER NOW |
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Need help? Have questions? Looking for something?
Reach out to CGIB - Dave Patriarche - dave@cgib.ca - 905-886-9203 |
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