Dear Subscriber,
Happy fall. I hope you all had a chance to enjoy the Thanksgiving weekend, and reflect on all the things we have in our life to be thankful for. CGIB has been a better source of education and support than I could ever have imagined (from my advisor standpoint), so i am most thankful for all of you and all you've shared with both myself and the group.
Our event is behind us and it was amazing and interactive, but at about 35 people attending, too small for the effort required. I may have misjudged the amount of people unvaxxed, uncomfortable attending or in some way in compromised health. As a result I will be postponing "in-person" events until we can expect a better level of attendance.
A few things to remember...
- We have the CGIB CHIP program launched and running with more quotes going out each day. There is info at https://cgib.ca/cgib-catastrophic-hybrid-insurance-plan-chip
- There are regular benefit breakfast meetings run by champions in each area of the country. Most are virtual so try why not give them a try... https://cgib.ca/breakfast-meetings
- We are going to do another webinar on Handling High Cost Health Claims. Details are below
I think that's it for now. As always, if you have questions, just reach out.
Dave |
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OUR EVENTS
CGIB COFFEE CHATS
Coffee chats are like a virtual breakfast. Log in 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 October 26th @ 2pm (EDT) Thursday November 11th @ 2pm (EDT) Tuesday November 23rd @ 2pm (EDT) ____________________________________________________________
Handling High Cost Health Claims
Thursday October 28th 1:00-2:30pm EST So you have a bad renewal due to health claims?
Join us to learn how you can… - Prevent them before they happen - The questions to ask insurers (and get answers) - Negotiating bad claims out of the renewal - Options when you think there are none
We’ll share an option very few advisors know of to help solve these problems and protect your clients. You’ll be able to ensure they are not being saddled with claims that need not be their responsibility.
No need to register, no cost, no CE credits.
Join Zoom Meeting ___________________________________________________________
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
Mary McDonald, Principal at Quad Search Associates, has a client who is seeking to hire a Group Benefits Underwriter / Benefits Analyst with 3+ years’ experience and a Group Benefits Technical Consultant with actuarial grounding. ____________________________________________________________
Penmore Benefits is looking for a Customer Care Representative/Benefits Account Coordinator The Customer Care Representative is responsible for answering client inquiries and providing information regarding products, services and policies. Provide account support/services, such as creating/handling renewal documentation and claims experience reports, and processing requests for service. The Customer Care Representative will also be required to resolve customer complaints via phone or email.
____________________________________________________________ Upcoming CGIB Events: Due to a reduced interest in "in-person" events we will postpone our upcoming events
Toronto - Wednesday November 3rd- POSTPONED Calgary - Tuesday March 29th- POSTPONED Vancouver - Thursday March 31st - POSTPONED
Watch for more more details. ____________________________________________________________
CGIB Catastrophic Hybrid Insurance Plan Webinar
Nov. 10, 2021 at 2:00 PM to 3:30 PM, GMT
Are you looking for info on the CGIB CHIP Plan? If so, please join us next Tuesday to learn more about this unique, transparent and FULLY pooled benefit solution that is exclusive to CGIB members.
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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 25% 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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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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U.S. EMPLOYERS FACE BENEFIT COST INCREASE Employers expect health benefit cost in the U.S. to rise 4.7 per cent on average in 2022 compared to 2021, says Mercer’s ‘National Survey of Employer-Sponsored Health Plans 2021.’ The increase is largely in line with the average annual cost growth in recent years except for a dip in 2020 as many people delayed or went without care in the early months of the pandemic. Employer-sponsored health plans face many unknowns in developing cost projections for 2022. Sunit Patel, Mercer’s chief actuary for health and benefits, says, “One issue is that people have been deferring or cancelling care for the past two years and, while that lowers cost in the short term, it can increase cost over the longer term when medical conditions are diagnosed later or left untreated for too long.” Last year, as disruptions in healthcare utilization held down cost growth, fewer employers than usual took cost-savings measures that shift healthcare expense to employees, such as raising deductibles or copays. That trend is continuing, despite healthcare utilization and spending beginning to return to pre-COVID levels. The percentage of employers making these types of cost-shifting changes to their plans has fallen again, with only 38 per cent making changes to shift cost in their medical plans in 2022, down from 47 per cent that chose not to shift cost in 2021.
MEDICAL BENEFIT COST GOING UP Employer-provided medical benefit costs in Canada are forecast to rise seven per cent in 2022, outpacing general inflation by five per cent, says Aon’s ‘2022 Global Medical Trend Rates Report. The increase for Canadian employer-sponsored medical plan costs expected next year is due to a combination of higher costs for prescription drugs (including biologic immunomodulators), dental care, and paramedical expenses. Joey Raheb, senior vice-president and national leader, growth and client engagement, health solutions, at Aon, says “With the assumption that no major subsequent lockdowns will occur, comfort level of members in seeing practitioners returns to normal and medical/dental office safety guidelines becoming more efficient, we expect utilization to return to pre-pandemic levels by the end of 2021 or beginning of 2022.” The seven per cent trend rate is like the anticipated trend reported in the prior year.”
RISK FACTORS PRESSURE DISABILITY BENEFITS Three risk factors ‒ GDP growth, mental health, and access to care ‒ could put pressure on disability benefits in the near future, says Ron Cashin, an account executive and member of Desjardins Insurance’s team in Atlantic Canada. Speaking at the CPBI Atlantic Annual Conference on a ‘Futuristic Vision ‒ Long Term Disability (LTD) Benefits’ with William Lindsay, a senior disability management advisor for the disability management and prevention team at Desjardins Insurance, he said the big questions are around control of the virus progress, how and when it mutates, and the support hospitals will receive from the provinces. “But, you can control your group insurance plans and some tweaks and communication efforts could be your best ally in confronting the situation and the tidal wave expected.” In terms of costs, he said it will be 2022 before the full impact of COVID-19 on plans can be measured. Lindsay said the pandemic has created its share of upheaval and trauma, but it also “made us look at life and work in new ways. In just a few weeks, it forced us to listen to employees more, take care of them, and work together differently. It also revolutionized the industry’s models, opening the door to teleworking, flexible work arrangement, and a compassionate approach to management. “This is where the solution to the future of disability lies, “ he said, “innovating how we manage.” Three-quarters of the workforce in organizations often still cling to the way Baby Boomers and Gen Xers do things. But young employees don’t really respond to this. They have more horizontal boundaries like flexibility and find power their network, their team collaboration, transparency, and short term strategies. “These are important and fundamental human values and companies that will emerge triumphant from the spiral of disability we’ve been seeing for years are the companies that are going to incorporate these new values into their management style.”
MATERNITY TOP-UPS MEET RIGHTS OBLIGATIONS Maternity top-ups continue to be the most common way for an employer to meet human rights obligations related to disability during the medical recovery portion of a female employee’s maternity leave, says Aon’s ‘Maternity and Parental Top-up Trends’ report. While the fulfillment of human rights obligations continues to be the leading influence for the establishment of maternity top-ups plans, separately defined parental top-ups are increasingly prevalent. A top-up plan supplements government income replacement benefits that may be available to an employee taking an otherwise unpaid maternity and/or parental leave. Providing a supplemental benefit gives employees a financial boost and demonstrates the commitment and value an organization places on employees with new parenting responsibilities. Additional financial support through a top-up and/or ensuring ongoing access to group benefits speak volumes for organizations focused on enhancing employee physical, mental, and financial well-being and promoting a workplace culture of equality and opportunity. Governments and employers are responding to a cultural shift that is influencing traditional gender-based childcare norms. Coupled with increased employee calls for workplace flexibility in support of work/life balance, employers are responding with programs that speak to this evolution, it says.
CANADIANS TAKE BENEFITS OVER PAY As Canadian businesses emerge from challenges of extended pandemic-related lockdowns, they now face the hurdle of attracting and keeping their workers amid record-high labour shortages. In light of this, an RBC Insurance poll shows that a majority of Canadians (68 per cent) would rather take a job with a good benefits plan over another job that pays more, but does not have a benefits plan. The pandemic has seemingly opened the door to a better understanding of individual mental health needs. Among its group plan members, for example, nearly half (49 per cent) of new group long-term disability claims for younger employees (18 to 35) are related to mental health in 2021, which is trending upward since 2019. Moreover, nearly half of younger Canadian employees surveyed indicated their benefits plan had not sufficiently addressed their health and wellness needs in the past year. The good news for businesses though is that the majority (68 per cent) of working Canadians still have positive feelings towards their employer – an increase of eight percentage points since 2019. |
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Sometimes we assume that our competitors are far smarter than we are, better informed and harder working.
And sometimes we assume that they’re clueless, lazy and hapless.
Neither is true.
My Take on Seths Post
Put another way....You shouldn't underestimate the competition, nor should you be frightened of them.
No matter what it is you’re cooking, if you put too much in the pot, it’s not going to come out as well. Very few things scale forever.
The hardest moment to stop scaling our work is the moment when it’s working the best.
And that’s precisely the moment when we need to have the guts to stop making it bigger.
My Take on Seths Post
Put another way....Know your limitations and when to stop growing. When service slips, when you are over stressed, it's likely time to stop. We have all seen consolidators that think bigger is better, but it's often the clients that suffer. This is where you can benefit by adding value and controlling growth. |
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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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“It’s not about being the smartest person in the room. It’s about being in a room where everybody is getting smarter”
We’re very excited to announce our new Zoomcast series.
Through our Zoomcast series we will be hosting engaging and beneficial discussions with experts and advisors, such as yourself! These sessions will be comprised of laser-focused topics and guest speakers. The format will be 20 minutes of expert presentation followed by 30 minutes or so of open discussion.
Zoomcast Guidelines To ensure a lively discussion, we have a few guidelines that we’re like 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.
Register now and join us for our upcoming Zoomcast sessions. We hope to see you there!
Is Your Benefits Business Just a Commission Cheque or a Real Business? October 19th at 2:00 pm
The mindset of running a business is different than case to case selling. A commission cheque is not a paycheque and treating it as such will limit you. Building a true benefits business requires that you put in place all the support structures and system required for a solid foundation. A foundation that will accommodate growth and allow you to grow an asset that can be sold later in life. But it requires discipline. Jay Nadler sold his benefits practice in Calgary and moved to Courtenay, BC, population 25,000. With no friends and contacts in his new town, Jay had to build a new benefits advisory business from scratch. Despite the challenges of growing a new business in a small community with established competitors who have strong community ties, Jay managed to build a substantial benefits business in a relatively short period of time.
Special Guest Speaker: Jay Nadler, NaviGuide Financial Service He credits a great deal of his success to following a disciplined business approach to managing his business. By putting the right infrastructure in place early on, Jay could deliver better service, explore new opportunities, and enjoy the freedom to engage differently within his new community. Join Jay Nadler and Rob Crowder, President of The Benefits Trust to discuss how the right business infrastructure and processes are critical to the success of a new business or growing a small one.
The Importance of Focus and Committing to a Target Market November 2nd at 10:00 am
Can you build a successful benefits business by focusing exclusively on a clearly defined target market? What are the advantages and disadvantages? In 2008, Chris Gory attracted his first client in the technology industry and discovered a passion for working with dynamic, fast-growing organizations. He decided to focus his efforts exclusively on this segment. Within a couple of years and few clients later, he had gained intimate knowledge about their needs and challenges and adapted his practice to address those needs. As word spread within the sector, he became the go-to trusted advisor for benefits, growing his practice to 65 fast-growing technology businesses today. Join Chris Gory and Rob Crowder, President of The Benefits Trust to discuss the advantages of focusing on a well-defined target market and becoming the go-to expert in the space.
Special Guest Speaker: Chris Gory, President, Orchard Benefits and Founder, blankit health ____________________________________________________________
The 2021 Benefits Canada Healthcare Survey (formerly the Sanofi Canada Healthcare Survey) webinars will explore trends over the past year and what plan members and plan sponsors forecast as key areas of focus looking forward.
The English webinar will take place on Oct. 20 from 1:00 – 2:30 PM ET.
We are pleased to announce our expert panel of speakers below.
Featured speakers: Andrea Frankel, lead, private payer, Sanofi Canada Justin Graham, senior manager, content research, Benefits Canada Laura Hewitt, assistant vice-president, pharmaceutical benefits and innovation, Sun Life Sherry Hnatyshyn, managing director, Carepath Alaina MacKenzie, regional vice-president, business development, Medavie Blue Cross Barb Martinez, national practice leader, drug solutions, Canada Life Bill Papadimitriou, regional vice-president, business development (Ontario), Desjardins Insurance Moderator: _ Jennifer Paterson, editor, Benefits Canada
Please note that the French webinar will take place on Oct. 20 from 10:00 – 11:30 AM ET. To register for the French webinar, please click here. ____________________________________________________________
Join us for a virtual panel discussion with Mackenzie Health’s mental health experts
The COVID-19 pandemic has impacted us all in many ways. We’ve had to manage through fear and uncertainty, adjust to working from home, pivot to virtual schooling and limit our face-to-face interactions with family and friends. While these measures have kept us safe from the COVID-19 virus, they have undoubtedly had an impact on our mental health. Sadly, we see this reflected in our hospitals. During the pandemic, Mackenzie Health saw an increase in the level of acuity of the patients who come to us for mental health support. Patients were coming in sicker and in need of more advanced levels of care.
Mackenzie Health’s team of mental health experts is here to help address the top questions and concerns from residents in western York Region and beyond.
You're invited to a free mental health virtual panel discussion on
Wednesday, October 20, 2021 at 7 p.m.
Register and submit a question to our experts today! Registration will close on Monday, October 18, 2021.
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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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