Dear Subscriber,
Spring is here (as evidenced by the 25C+ temps this week in Toronto?) and it's the time for growth and new beginnings. I recently had an advisor ask where I got ideas for my quarterly Mainstay news and weekly blog posts. I pointed to this newsletter as a source of many/most of my ideas.
Some of the articles can be sent "as is" to clients if we think they might be of interest. Others deserve some commentary, and still others I write based on questions from by clients and their employees, or new situations arising.
A secondary use of this newsletter is to educate yourself and those in your firm. No need to read dozens of publications and hundreds of articles, we've done it all for you and curated it down to the ones we think are worthy.
Lastly (for today at least), there are lots of great educational events in addition to our own. These can be a great source of CE credits, or may be of interest to your staff. Most do not require you to be licensed so they can provide a great employee education, often at no cost. success
Keep doing great things. Dave |
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OUR EVENTS
This is a regular event sharing and discussing all things group benefits. A huge thanks to Jason Watt (he/him) CD CLU for making this possible.
Our next episode featured a conversation with Chris Gory on "Regulator Audits and what you need to know". It will air on April 26th.
Watch our newsletter and website for upcoming episodes and details. ____________________________________________________________ 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.
Thursday April 27th @2pm (EST) Tuesday May 23rd @2pm (EST) Thursday June 8th @2pm (EST) Tuesday June 20th @2pm (EST)
CGIB Members may join the meeting at the time above by visiting... ____________________________________________________________ BREAKFAST MEETINGS CGIB supports the volunteers that runs the breakfast meetings below.
Please find the details for your closest location below. Ajax, Atlantic Canada, Cambridge, Edmonton, London, Markham, Oakville, St Catherines, Toronto, Vancouver, Vancouver Island, Windsor or the Virtual National Meeting
____________________________________________________________ Upcoming CGIB Events:
Mark Your Calendars, Book Your Spot, Invite Your Clients & Staff Ask for a discount code for staff, clients and/or associates. ____________________________________________________________
Sponsorships are now available for the November 8th Seminar.
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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 with documents, videos and information available in MEMBERS ONLY to make your life easier.
NOTE TO ALL SLACK USERS: We now have 75+ 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. |
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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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Suggested Reading:
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March 30, 2023 Workers Happy In Current Roles The primary indicator of worker happiness in the ADP Canada ‘Happiness@Work Index’ is seven out of 10, an increase from February’s 6.8 out of 10. It shows 46 per cent of working Canadians report feeling very happy with their current role and responsibilities. Work-life balance and recognition are the top secondary drivers of workers' happiness. Although opportunities for career advancement remains the lowest score among secondary indicators, March reports a higher score than the winter months. The March index also reveals Canadian workers across generations and regions do not report feeling the same about satisfaction in the workplace. Baby boomers are the happiest at 7.3 out of 10. On a regional basis, Quebec workers are happiest with a score out seven out of 10.
March 31, 2023 Drug Plans Need Cancer Future-Proofing Plan sponsors need insurers and advisor to monitor emerging threats to drug and disability plans and improve reporting on cancer and chronic disease impacts to future proof their plans, says Allan Smofsky, principal strategist for Smofsky Strategic Planning (SSP). He told the Canadian Pension & Benefits Institute (CPBI) ‘Cancer in the workplace: ‘New work and new urgency’ national webinar that action is needed now because cancer remains a high impact condition for society and workplaces. Urgent action is needed because drug claims for cancer patients are already high and are only going up. As well, COVID pandemic screening and treatment delays will likely escalate the number and severity of claims, creating a downstream burden on workplaces. Costs are likely to go up as well as new drugs and therapies reach the market. In fact, Chris Bonnett, a principal consultant at H3 Consulting, said 44 cancer drugs were in late stage trials in 2021,, as many as the next six drug classes combined. In drug spending, cancer is already in the top five. However, while it is still a fatal disease, it is increasingly chronic and episodic. The death rate has fallen 29 per cent since its peak 35 years ago and 36 per cent of new cases are preventable. Incidence rates are also lower due to better screening, test changes, and fewer people smoking. However, the number of new cases is going up in part due to the aging population and population growth. Physical activity and other lifestyle changes are being associated with lower cancer risk and delaying diagnosis by 11 years. However, drug insurance systems have fallen behind clinical advances and services are fragmented with a majority of businesses lacking chronic disease expertise, said Smofsky. Plan sponsors need their insurers and advisors to provide better information and facilitate access and accommodation to treatment. In addition, better integration with benefits plans is needed. Prevention and disease management are also still underutilized.
April 5, 2023 Healthcare System Woefully Unprepared The COVID-19 crisis that spread in the spring of 2020 has made many Canadians realize how woefully less prepared their healthcare system was than the systems of other developed countries to face the health emergency, says the Fraser Institute. In ‘Tackling the Surgery Backlog in the Canadian Provinces Some Lessons from International Experience,’ Yanick Labrie, a senior fellow of the institute and adjunct economist at HEC Montreal’s Healthcare Management Hub, says at the time of the arrival of the pandemic, the level of health resources was ‒ and still is ‒ among the lowest in the developed world, despite public spending among the highest per capita. The mobilization of staff and the reallocation of medical resources to take care of COVID cases forced provinces to cancel and postpone thousands of elective surgeries across provinces resulting in longer waiting times for patients. However, even before the pandemic, there were major problems with access to elective surgeries in the country. International data collected over the past 30 years suggests that for many years Canadians have endured some of the longest delays in the developed world while they wait for access to medically necessary care. “The COVID-19 pandemic has simply put an additional strain on our already fragile healthcare systems,” he says. Over the last few decades, provincial governments have tried to address this chronic access problem in their healthcare systems, but without much success. Most of the time, this has boiled down to targeted increases in public funding dedicated to certain types of elective treatments. Without the necessary reforms, targeted funding programs have done nothing to solve the problems at the root of the long waiting lists for care, he says.
April 12, 2023 Canadians Struggle With Health And Well-Being A sizeable portion of Canadian workers are struggling to take care of their health and well-being, resulting in a significant drop in productivity throughout the workforce, says Manulife's ‘2022 Wellness Report.’ The report says the average number of days lost to absences and presenteeism has increased by seven days compared to data from 2021 and the health of younger Canadians (18 to 24-year-old workers) shows worrying trends. The data also shows poor sleep is associated with decreased levels of physical and mental health – with work-related stress being the top contributor to poor sleep. It identifies that workplace culture, including the availability of programs and support from management, has an important influence on employee health. The report identified that employees of the top scoring participating organizations were more aware of the programs available through their employer to support their physical and mental health. "While some productivity loss due to absences and presenteeism is expected, it is concerning to see these numbers have increased year-over-year, for the past three years," says Ashesh Desai, head of group benefits at Manulife Canada. "In response to this trend, I encourage leaders and organizations to focus on the needs of their employees and design innovative, health-focused plans to support stronger, healthier cultures, and high performance."
April 13, 2023 New Medicines Approved Later In Canada The process of obtaining authorization to market a new medicine in Canada is similar to that in other industrialized countries. However, new medicines are approved in Canada later than in the United States and the European Union because drug developers submit applications later in Canada, says Dr. Nigel Rawson, a pharmacoepidemiologists and pharmaceutical policy researcher in Saskatoon, SK. In the Fraser Institute’s ‘Waiting for New Medicines: How Does Canada Compare to the United States and Europe?,’ he wonders, however, why are medicines submitted later in this country. Although it has a population similar to some European countries, Canada is an isolated, geographically huge market with a relatively small population and, therefore, a low population density. However, this is only part of a manufacturer’s decision-making. A favourable pharmaceutical environment is imperative. This includes incentives to encourage manufacturers to submit new medicines for regulatory review, strength of intellectual property rights, processes for health-technology assessment, price negotiation, and price regulation, and policies and criteria put in place by insurance providers for coverage and patients’ access to medicines. Health technology assessment processes in Canada are one major impediment to getting new medicines to patients, he says. Despite claims of independence, the Canadian Agency for Drugs and Technology in Health (CADTH) is owned, funded, and managed by the governments to whom it reports, a clear conflict of duty. Its reimbursement recommendations frequently include overly restrictive clinical criteria that patients must satisfy to obtain insurance coverage. Delays in medicines being submitted for marketing authorization in Canada place Canadians’ access to innovative medicines at risk and further delays in access or complete denials of access to innovative medicines will hurt even more Canadians with unmet or poorly met health needs that could be helped by new medicines, says Rawson. |
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There are thousands of ways to express encouragement and enthusiasm and support. Few of them require a blood oath or even much inconvenience.
“I’m thrilled that you’re contributing.”
“Can’t wait to see how this turns out.”
“I know someone who really needs to hear about this.”
“Go make a ruckus, it matters.”
If we want things to get better, it helps to encourage people who are eager to make things better.
My Take on Seths Post
Put another way... Support your fellow CGIB members. Prop them up, Lend a hand, Offer to assist, Share your great stuff,
Bonus Post
Rollcoasters are one of the safest ways to travel (they end up where they begin, but that’s a different story).
People pay to ride on them because they feel risky, even if they’re not. Air travel is really safe, and the airlines work overtime also reduce the perception of risk as well. That’s why turbulence is so jarring–it’s not actually risky, but it breaks the facade.
On the other hand, we regularly engage in activities and behaviors that are risky without perceiving the risk. The cigarette companies worked hard to make smoking feel macho, sophisticated and part of the crowd at the same time that they seduced people into feeling like they weren’t taking a risk with their health.
The most resilient path in most activities is to offer perceived risk to people who seek risk, while also creating resilient systems that aren’t actually risky. Because dancing with perceived risk creates growth, connection and emotional resonance, whereas actual risk leads to outcomes we don’t want.
Put another way... I read this with my business in mind. It made me consider how I identify the risk of benefit plans (which is really the risk of having employees), then build resiliency through plan design (mandatory), protection (PALC), and education (the PACL). People also value plans more when they realize the protection it can provide (as an example, a 35 year old making $120,000 a year that is disabled for life would have $1.8 million of income provided). |
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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! |
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We will be kicking off our April webinars with Flexible Benefits for Small Businesses! Our Small Business Benefit program was up 49% in 2022 and we expect that growth will continue in 2023 with the current market conditions where businesses have recognized they need to be implementing benefits in order to overcome attraction and retention challenges. Please be sure to register for EACH Webinar that you wish to attend: Friday, April 21st 12pm EDT 1 CE Credit Disability Sales Ideas
Friday, April 28th 12pm EDT 1 CE Credit Prospecting & Natural Markets _____________________________________________________ London Chapter breakfast seminar
April 26, 2023 8:00 AM to 11:30 AM Lamplighter Inn & Conference Center, London, Ontario
Format: In Person Exploring Responsible Coverage – Chronic Disease and Fraud
The CPBI Ontario London Chapter invites you you to attend the Breakfast Seminar hosted on April 26, 2023 from 8am to 11:30am
_____________________________________________________ TELUS Health Annual Conference The wait is over. Gain new insights and deepen your knowledge at the TELUS Health Annual Conference, April 26 and May 3, 2023.
For the past 19 years, TELUS Health Annual Conference has been a leading industry event offering an exceptional attendee experience. This year’s virtual event agenda has been thoughtfully curated with topical content and inspiring speakers. Join us to expand your expertise in employee benefits and health insurance with a fully accredited* conference program. Space is limited. Register today!
______________________________________________________ Join us for Benefits Together 2023 In person: April 26, 2023, 8:15 a.m. - 2:30 p.m. ET Islington Golf Club, 45 Riverbank Drive Toronto, ON OR Virtually via livestream: English - April 26, 2023, 9:00 a.m. - 2:30 p.m. ET French - May 3, 2023, 1:00 p.m. - 5:00 p.m. ET This year’s agenda will shine a spotlight on the most pressing issues impacting employers and their employees, with a focus on access to care, mental health and diversity and inclusion. We are thrilled to be hosting you in person this year as well as providing the option to take in the sessions virtually. So, mark your calendars for our first Benefits Together hybrid event and watch your inbox for your official invitation. _____________________________________________________ Calling all group benefits advisors! Third-party administrators (TPAs) are changing the industry – are you keeping up? Join our in-house TPA expert, Jeffrey Stinchcombe, to find out why TPAs are emerging in the Canadian benefits landscape and how to use this emerging trend to move up to the larger case market. In this engaging webinar, he’ll cover: - The psychology of consulting to the larger case market (100 to 5,000 employees)
- How TPA’s are changing the procurement dynamic for employers
- How to de-risk your client by using a TPA strategy
- How to pivot your client away from a single source provider
- How to lock in longer term rate guarantees for your client
- How to maximize client retention
- And more!
Register for our 1-hour, CE-accredited*, webinar on Tuesday May 2, 2023 at 1:00 PM CST to learn more. *In select provinces, pending approval _____________________________________________________ GIPC 2023 SPRING VIRTUAL EVENT
What’s Happening Now and What’s Next?
Join us for an update from GIPC on developments and trends impacting the group insurance and pharmaceutical industries.
Wednesday May 3rd, 2023 12:00 - 1:00pm ET ________________________________________________________ Total Rewards Certificate Offered The International Foundation of Employee Benefit Plans is offering a certificate course on total rewards prior to its ‘EVOLVE: Benefits and Workforce Strategies Summit.’ It will focus on the essentials of creating an effective and sustainable total rewards strategy. It takes place May 8 and 9 in Niagara-on-the-Lake, ON. Information is at www.ifebp.org/EVOLVE
Benefits Trends Examined The International Foundation of Employee Benefit Plans’ ‘EVOLVE: Benefits and Workforce Strategies Summit’ covers the latest trends and strategies to attract, retain and support an ever-changing workforce. Sessions will be led by industry experts on mental health, leadership, cybersecurity, inclusivity, well-being, and more. It takes place May 10 and 11 in Niagara-on-the-Lake, ON. Information is at www.ifebp.org/EVOLVE ______________________________________________________ Fenchurch Long-Term Disability Webinar
Join us on May 19th from 11am - 12pm Eastern Standard Time as Fenchurch Insurance presents and discuss how there is more than just the traditional LTD coverage in the Canadian marketplace to better serve employers and the importance of disability management in supporting employees on claim.
Fenchurch General Insurance Company is first and foremost a disability insurance specialist. They offer the traditional disability products (including STD and STD – ATP) but also a couple of great unique product options.
The webinar will be followed by a Q & A session.
A Continued Education credit will be provided to brokers who attend this webinar. ______________________________________________________ Global Benefits Examined
Managing global benefits for a diverse workforce, the changing landscape of data privacy and cybersecurity, and developing mental health programs that meet the needs of a global workforce are among the sessions at the International Foundation of Employee Benefit Plans’ ‘2023 CONNECT Global Benefits Summit.’ It takes place June 5 to 7 in Boston, MA. Information is at _____________________________________________________ Canadian Benefits Examined
The International Foundation of Employee Benefit Plans’ ‘Annual Canadian Employee Benefits Conference’ will examine the latest tools, ideas, and strategies for making effective decisions on behalf of plan members. Featured sessions include ‘Decumulation in a Low-to-Rising (Inflationary) Interest Rate Environment,’ ‘Prescribing Wellness ‒ Integrating Healthy Habits Into Virtual Care,’ and the ‘Aging Workforce and Its Impact on Benefit Plans.’
It takes place September 10 to 13 in Montreal, QC. Information is at |
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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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