November 2022 CGIB News

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Dear Subscriber,

Happy Halloween.

We have the CGIB Toronto, Calgary and Vancouver events behind us and I'm starting to work on the 2023 events. What's next?

What do you want to see, as far as topics? Who do you want to see as far as speakers? Give us a call if you think you have a great speaker and/or topic.

We have some rules (https://cgib.ca/speaking-cgib-events), and there are some events that we just can't pull off (like comparisons of each companies stop-loss, travel, formularies etc.). I also try not to jump on the bandwagon of wellness, HRIS or any number of tech or add-on solutions that people are selling, preferring to stick to the technical.

I have committed to doing a repeat of the "Building and Using a Plan Administration Checklist" full-day workshop with Aleks, one of my fave employment lawyers co-presenting with me. If you are not aware or using this tool, want a refresher, or know others that could benefit, share the invitation when you see it.  

Don't forget to watch out for trick or treaters tonight.

Dave
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OUR EVENTS

I am pleased to be releasing the Canadian Group Insurance Brokers & Business Career College podcast called The Navigator.

This will be a regular event sharing and discussing on all things group benefits focussed.A huge thanks to Jason Watt (he/him) CD CLU of BCC for making this possible. 

Watch our newsletters and website for upcoming episodes and details. 
https://cgib.ca/navigator-podcast   Next issue due out Nov. 8th
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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 November 1st @2pm (EST)
Thursday November 24th @11am (EST) - moved earlier to avoid conflicts
Tuesday December 6th @2pm (EST)
Thursday December 22nd @2pm (EST) (festive seasonal get together?)

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BREAKFAST MEETINGS
CGIB supports the volunteers that runs the breakfast meetings below.

Please find the details for your closest location below.
Ajax, Cambridge, Edmonton, London, Markham, Oakville, St Catherines, Toronto, Vancouver Island, Windsor or the Virtual National Meeting

Please contact the event champions to be added to their lists, and receive more info.  https://cgib.ca/breakfast-meetings
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Upcoming CGIB Events:

We've had some of the newer and a few longer term members ask for a repeat of the "Building and Using a Plan Administration CheckList" workshop. Some are looking to up their game, as a refresher, or for their support staff and others in their firms. 

  • This seminar is a must for those who specialize in employee benefits or that want to. Hundreds of brokers have attended this seminar with many making it an integral part of their business practice.
  • We will help you create a checklist to utilize when you install new cases, train new plan administrators and conduct client renewals.
  • Information reviewed will include: taxation, privacy, administration, HR issues and other items that will help reduce both broker and client liability.
  • The content will assist you in adding more value to your client relationships and to move the discussion away from price to one of added value.
I guarantee that you will learn things to help attract new clients, maintain existing relationships and improve your practice.

I'll also be bringing back Employment Lawyer Aleksandra Pressey to do an update on Ontario law and tag team with me on the presentation.  

If there is enough demand, I'll set it up in the Greater Toronto Area.

HOLD MARCH 8TH AND APRIL 19TH AS POSSIBLE DATES

Are you interested? Drop me an e-mail.
 
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 with documents, videos and information available in MEMBERS ONLY to make your life easier. 

NOTE TO ALL SLACK USERS: We now have 70+ 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 really great info.
 
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.
Suggested Reading:










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October 14, 2022
Global Healthcare Costs Hit Record High
Widespread inflation and increasing healthcare utilization are combining to drive projected increases in global healthcare benefit costs to their highest level in nearly 15 years, says a survey of global medical insurers by WTW. The ‘2023 Global Medical Trends Survey’ found little relief in sight, with over three-fourths of insurers (78 per cent) anticipating higher or significantly higher increases over the next three years. It also reveals that the healthcare benefit cost trend rose from 8.2 per cent in 2021 to a higher-than-anticipated 8.8 per cent in 2022 and is projected to rise yet further in 2023 to a stubbornly high global average of 10 per cent. The cost trend increases will hit many regions, including Latin America (where average increases are projected to climb from 18.2 per cent to 18.9 per cent), Asia Pacific (climbing from 6.9 per cent to 10.2 per cent), and the Middle East and Africa (climbing from 10.5 per cent to 11.5 per cent). Even Europe, which has traditionally seen much smaller cost increases, is not excluded from the record levels of trend. For 2023, average increases in Europe are expected to rise to 8.6 per cent versus eight per cent in 2022. The one region with an expected decrease in medical trend is North America, where trend is projected to drop from 9.4 per cent in 2022 to 6.5 per cent in 2023, although employers are not necessarily seeing this yet. “Worldwide general inflation, overall instability in the global economy, increased healthcare utilization in the wake of the pandemic, and a dynamic labour market require employers and insurer to think and act differently to address these issues in a meaningful way,” says Eric McMurray, global head of health and benefits, WTW. “Old solutions will not work. Cost shifting is not an option. There’s a critical need for innovation, strategy, and new solutions to have any substantive impact. Those that don’t lead will fall behind in their ability to manage cost and retain key talent.” The leading driver of medical costs continues to be overuse of care (74 per cent) due to medical professionals recommending too many services or overprescribing. Over half of insurers (52 per cent) also indicate that insured members’ poor health habits are among the top factors.

October 25, 2022
Trust With Employers Decreases
One out of five Canadians believes trust between employees and their employer has decreased compared to before the pandemic, says LifeWorks. Its monthly ‘Mental Health Index’ also shows those who report a decline also have the lowest mental health score, more than eight points below the national average (56.8). The index found that Canadian workers are experiencing increasing strain with an unfavourable mental health score. The index score for September 2022 is 65.1 points, unchanged from August. This marks three months since improvement. The mental health of Canadian workers is heavily impacted by how well they trust their employer with 46 per cent of those reporting a decline in trust citing a change in workplace culture as the top reason, followed by perceived changes in the handling of employee wellbeing support and communication. The highest mental health score of 67.3 is among the 71 per cent who report no change in trust.

October 25, 2022
Trust With Employers Decreases
One out of five Canadians believes trust between employees and their employer has decreased compared to before the pandemic, says LifeWorks. Its monthly ‘Mental Health Index’ also shows those who report a decline also have the lowest mental health score, more than eight points below the national average (56.8). The index found that Canadian workers are experiencing increasing strain with an unfavourable mental health score. The index score for September 2022 is 65.1 points, unchanged from August. This marks three months since improvement. The mental health of Canadian workers is heavily impacted by how well they trust their employer with 46 per cent of those reporting a decline in trust citing a change in workplace culture as the top reason, followed by perceived changes in the handling of employee wellbeing support and communication. The highest mental health score of 67.3 is among the 71 per cent who report no change in trust.
 
SETH GODIN'S BLOG -  Handy, cheap and willing 

The industrial age prized these three attributes. We’ve all been indoctrinated into adopting them through our time in organized schooling, and it’s easy to imagine that the world still wants this. 

When work is geographically bounded and the assembly line is the dynamic of efficiency, this is precisely what’s sought. Your resume certifies that you have what it takes to check the boxes, and the hiring company adjusts its offered pay to get the folks it needs, when they need them.

But now the rules have changed, suddenly and perhaps for the long haul.
There are still companies, many of them, searching for HCW. But those aren’t jobs we actually want.

When your job is digital, when you can work from home, there is no such thing as “handy.” That means that the company is either going to hire the cheapest possible person out of perhaps a billion worldwide, or get a computer to do it, or…

Or they need to hire someone special.

Someone with significant skills.

They might be the traditional sort of skills. That you’re actually truly great at coding or design or engineering. You’ve done the reading, built a body of work and earned the respect of your peers. That you’re not saying, “you need anyone, and I’m anyone,” but instead, are demonstrably and substantially better at the craft.

Or they could be real skills, which some call soft skills. That you bring emotional labor, thoughtful analysis, care, humor, equanimity or other difficult human actions to the work. Significantly more than most people do. If you’re off the chart at this, it will be valued by the places you’d be happiest working.

The good news is that there’s a path. The hard part is digging in and becoming better than good.

Not better than good at everything, or even better than good for everyone. Simply better than good for someone.

My Take on Seths Post

Put another way...Which type of person are you? 
Are you a specialized, focussed and caring individual that has a skill set few others can compete with? 
If not, become better than good at something to someone.
 
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 Benefits Trust Educational Webinars...

You to a Few: Profitable Clients with 1 to 5 Employees (1.0 CE Credit)

A Few to a Bunch: Profitable Clients with 5 to 20 Employees (1.0 CE Credit)
 
A Bunch to A Lot: Profitable Clients with 20 to 100 Employees (1.0 CE Credit)

Knowing Your Corporate Client in the Building, Trades, and Construction Industry Zoomcast Series (1.0 CE Credit)

Zoomcast Guidelines
To ensure a lively discussion, we have a few guidelines that we’d like you to adhere to:
  • Only the first 100 registrants will get a spot for each Zoomcast.
  • Please have your CAMERA ON and be ready to interact with others.
  • Be prepared to engage in conversation. We want our Zoomcast series to be productive, insightful, and conversational, so please be ready to talk, ask questions, and converse.
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Join us as we explore many of the different Living Benefit solutions we have for small to medium sized businesses. The EDGE has been making many ground-breaking enhancements to our already wildly successful Living Benefit programs, helping you further support you clients.

Webinar topics and tools include:
  • Opportunities to increase your sales with income replacement benefits
  • How income protection completes any financial plan
  • EDGE’s multi-product discount, and how to help your clients get more coverage for less
  • How EDGE is dominating the market in benefits for small to mid-sized businesses
  • Effective strategies and turnkey digital tools for cultivating your client base and breaking into new markets
Webinars will be held on Tuesdays and Wednesdays throughout October and November. To register, please visit our event calendar. EDGE webinars are free to attend and count toward CE credits.

Evening Sessions  Tuesdays, 8-9PM EST
Nov 1: Individual Health and Dental
Nov 8: Disability Solutions for Small Business 
Nov 15: Government Benefits
Nov 22: Small Business Benefits Solutions
Nov 29: No Medical CI Solutions

Day Sessions   Wednesdays, 12-1 PM EST
Nov 2: Ideas to Help You Grow Your Business
Nov 9: Small Business Benefits Solutions
Nov 16: No Medical CI Solutions
Nov 23: Disability Solutions for Small Business
Nov 30: Natural Markets and Prospecting

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2023 Resolutions: Lower Plan Costs and Support Employee Health Needs
Tue, Nov 15, 2022 1:00 PM - 1:30 PM EST

With the new year around the corner, we are heading into a season of reflection and improvement and for Canadian companies, many of their employees will be making health-based resolutions for 2023. This period offers a great opportunity for employers to take a look at their benefits plans to identify areas where they can reduce costs while helping deliver on employee health & wellness needs

In this webinar, Jason Kennedy, registered pharmacist and general manager, Virtual Pharmacy at TELUS Health will share his expert insights on how companies can reduce costs in their benefits plans – specifically in the area of medication management – and other ways they can proactively support employees in improving their physical and mental health which can further lower plan costs in the new year.

In this webinar, Jason will speak to:
• How companies can improve medication management in benefits plans through plan design and innovative new digital services
• How new virtual health services can help employees be more proactive with their health and how this can support lower plan cost down the road
• Where we are headed with health and wellness supports provided through workplace benefits plans - what is on the horizon

Speaker: Jason Kennedy, General Manager, Virtual Pharmacy, TELUS Health
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CONFERENCE EXAMINES BENEFITS
The 2022 International Foundation of Employee Benefit Plans’ ‘55th Annual Canadian Employee Benefits Conference’ will look at topics such as putting risk analysis to good effect, funding benefit plans properly, and the aging workforce and its impact on benefit plans. Speakers include Hugh Wright, a partner at Miller Thomson; Karen DeBortoli, a principal at Buck Canada HR Services; and Judy Plotkin, vice-president of health solutions at People Corporation. It takes place November 20 to 23 in New Orleans, Louisiana.

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Thursday, November 24, 2022 - 2:00 pm to 3:00 pm EST

Group insurance is an important pillar of employee benefits programs, and it’s more than ever an essential asset for attracting and retaining employees. Organizations are also concerned about striking the right balance between sound management to slow down the increasing costs and an innovative and comprehensive product and service offering.

In this webinar, Frédéric Leblanc, Strategic Leader, Drug Programs at iA Financial Group, will address the issue of managing plan costs by presenting the latest initiatives related to the management of biosimilar drugs. He will also provide insights into various preventive measures that can be put in place to prevent health problems from turning into illness or disability.

Charles Déragon, Product Leader, Disability, Life and Critical Illness at iA Financial Group, will address the issue of prevention from the perspective of health and wellness services and programs to meet the challenges of organizations and the expectations of their workers.
Don't miss this opportunity!

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Benefits Canada’s Face to Face Drug Plan Management Forum has been running for over 17 years and is the industry’s most popular drug benefits conference.

December 6, 2022 - Sheraton Centre Toronto

This year, attendees can look forward to being back in-person and face to face! Join us to learn about fresh drug plan design insights, including a new drug launch panel and a full day of educational sessions presented by industry experts.
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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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