May CGIB 2023 News

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Dear Subscriber,

Our PACL workshop, last week, was very well received with great interaction by the registrants. We've added a second event on May 31st and there are still a few spots open if you or someone from your firm is interested in attending. We'll be holding another in Vancouver on October 17th with registrations opening in late August. 

I've had several members ask how my renewal increases have been doing for CY 2023. Well.... It's been higher than I've seen in the 17 years I've been tracking and sharing on my website. 

With drugs trending up about 6.3%, dental fee guides (in Ontario) at 8.5%, the aging effect on pooled benefits at 8% or more, it's really no wonder. Add in the fact that many people are still playing catch up on work (dental, vision and parameds) that was delayed due to the pandemic, it's no wonder. 

What are you seeing? Are you sharing that with your clients and prospects? it can help at renewal time.

Keep doing great things.

Dave
 
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OUR EVENTS

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

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. 
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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 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... 
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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, Atlantic Canada, Cambridge, Edmonton, London, Markham, Oakville, St Catherines, Toronto, Vancouver, 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:

Mark Your Calendars, Book Your Spot, Invite Your Clients & Staff
Ask for a discount code for staff, clients and/or associates.
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Sponsorships are now available for the November 8th Seminar.

 
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.
 
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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April 14, 2023
Drug Management Experiences Turbulence
Looking at the 2022 pharmacy landscape in Canada, it’s a fair statement that the pharmacy benefit management landscape continues to experience turbulence and is adapting in real time to the changing healthcare needs of Canadians, says Dr. Dorian Lo, president of Express Scripts Canada. Its ‘2023 Drug Trend Report’ says, however, the social and economic factors that can negatively impact an individual's access to treatment must still be addressed. For example, although the World Health Organization and the Canadian Medical Association recognize obesity as a chronic disease, 65 per cent of plan members do not have prescription drug coverage for obesity medications. Overall, private drug plan spend increased by 6.3 per cent in 2022. There was also an increase in the number of members with a claim – reversing the trend seen in 2020 and 2021. In 2022, it noted increases in the number of claimants for medications used for depression and attention deficit hyperactivity disorder (ADHD) and the increased focus on mental health services continues. “The trends in medication use described in the report require effective drug plan management tools,” he says. “These include opportunities for prior authorization, step therapy, and potentially product listing agreements (PLAs). These strategies are intended to ensure long-term plan sustainability and appropriate utilization of effective medications.
 

The best way to win a short-term game is to bet it all on one strategy. Someone is going to get lucky and it might be you.

But we rarely thrive in the long run if we persist in playing a series of short-term games.

Instead, organizations, individuals and teams do better when they understand the value of resilience.

In the last year, we’ve seen well-funded and heavily hyped crypto companies hit the wall and fail. That’s because it was easy for them to get funded and grow fast by making a simple bet, and in a bull market, everyone looks like a genius.

But their less flashy competitors are still around. They understood that resilience is expensive and resilience is worth it.

My Take on Seths Post

Put another way... Too many advisors (and the insurers they work with) bet on the short game. They sell on being the cheapest with no regard for the long term cost. They definitely get their share of clients, but have to resell them every year, often changing companies over and over. The rest of us try and acquire clients for life (or a long time). It's less work and they save in the long run.
 
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!  
 
WEBINAR INVITATION: Quebec Drug Programs (RAMQ)

May 3, 2023 @11am EST
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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
 
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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
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New Solutions to Redefine Fertility and Family Building Benefits in Private Payer Plans

Mapol Inc. invites you to attend a complimentary webinar sponsored by Progyny.
The webinar will be held on Thursday, May 4, 2023 from 1:00 p.m. to 2:00 p.m., Eastern Daylight Time.

The Speakers are:

Sonia Singh
VP of Sales in Canada
Progyny
 
Learning Objectives:
To raise awareness of the fertility crisis in Canada and provide actionable solutions for how employers can make an impact. 

To provide information regarding the barriers to access and new solutions for fertility treatment and coverage in Canada.

Discuss how fertility and family building benefits can help employers promote a diverse, equitable and inclusive culture to attract and retain talent in this competitive labour market.

An application for 1 CE credit will be submitted to the Institute for Advanced Financial Education. Individual CE applications are not submitted to any other regulatory body (i.e. AIC, ICM, CSF, IIROC, etc.).
Please note, this complimentary webinar is limited to invited guests including insurers, PBMs, TPAs, benefits consultants, and employers.
 
Thursday, May 4, 2023
1:00 p.m. to 2:00 p.m. EDT
 
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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
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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.
 
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Right To Disconnect Explored

CPBI Atlantic will provide a ‘Policy & Legal Update for Atlantic Employers: TO CONNECT OR TO DISCONNECT.’ The session will explore case law and legislation focused on mental health like the right to disconnect legislation and accommodation for mental health in the workplace. There will also be a policy update from the Canadian Dental Care Plan. It takes place May 30 in Halifax, NS.

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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
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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
Need help? Have questions? Looking for something?

Reach out to CGIB - Dave Patriarche - dave@cgib.ca - 905-886-9203

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