EMPLOYEE HEALTH AND DENTAL

RATE REVIEW AND EVALUATION

The competitiveness of and employee benefits program can be measured through a market survey to validate the rates currently in force or the rates of return being provided. However, the changing of carriers can be costly as a result of the re-enrollment of employees, change in administration and change in claims adjudication practices. As a result, a more effective approach is measuring the appropriateness of rates through a rate evaluation process considering:

• relationship of current claims levels to current rates and premium levels

• review historical relationship of claims to premiums

• review of current insurance company assumptions against average acceptable factors in areas such as: 

• Target Claims levels

• Retention levels

• Trend and Inflation factors

Once an appropriate level of premium and rates has been determined, they can be compared to the proposed rates, and negotiations can be undertaken with the current underwriter. The result will be that rates will be confirmed to be competitive, further reductions will be extended, or a market survey is required to be undertaken. A market survey should be conducted if negotiations with your current carrier produce unfavorable results or the servicing of your account has been less than satisfactory.

If the results of evaluating and negotiating the current rates determine that they are set at appropriate levels, the costs inherent with a marketing of the plan and subsequent change of carriers can be avoided.

SERVICES AND ADMINISTRATION

Geraci Financial Group offers the very best in service and administration to our employee benefits clients. Aside from our in-house capabilities that employ the knowledge of experienced customer service assistants, we ensure:

• prompt claims mediation and resolution

• regular statistical information regarding claims experience particular to your contract

• a commitment to semi-annual reviews to update the overall financial position of the employee benefits program

• co-ordination of employee communication services, locally or across the country, and the recommendation of which carrier is positioned to most appropriately offer these capabilities

Through key alliances, the following services are also extended:

• comprehensive corporate insurance planning

• individual financial planning – insurance, disability, retirement and investment services

We strive to be your one source for financial planning services, direct or through a qualified referral network.

THE BROKER/CONSULTANT CONCEPT

The basis of our client relationship is trust. Trust is earned by:

• understanding and meeting your needs over time

• clear and concise communication

• mutually beneficial and cost effective solutions to your needs

A "WIN/WIN" SITUATION

The broker/consultant is the focal point for co-ordination of service and communication. This minimizes contacts that often result when dealing with multiple suppliers and advisors on your insurance needs.

Geraci Financial Group Services is obligated to our clients first and foremost. Our ability to research, assess and make unbiased recommendations is the key in ensuring your satisfaction and confidence in us. This is how we will distinguish ourselves in the marketplace and build long term relationships with satisfied clients.

MARKET SURVEYS

The role of the broker/consultant when a market survey is necessary is:

• arrange and collect all the information necessary to conduct a full and comprehensive review of the employee benefits plan

The marketing of employee benefits can be handled by one broker and one broker alone. A competent broker will have multiple insurance carrier contacts in determining the competitiveness of your program. It is false to suggest the more brokers involved in marketing, the better the results! Insurance companies who underwrite benefit programs will only recognize one broker per client; therefore, multiple brokers will duplicate efforts, not results.

INSURANCE COMPANIES REPRESENTED

Geraci Financial Group is familiar with the benefits of all major insurers. Those companies that would be considered on that list are:

• Great West Life

• Sun Life

• Desjardins Financial Security

• Manufacturers Life

• Canada Life

• Transamerica Life

• Standard Life

• RBC

• Equitable Life

• Empire Life

• Green Shield

• AIG Life

In addition to the above, there are a number of specialty carriers that can be consulted to assist with unique underwriting requirements or specialty benefits, such as:

• Cigna

• Health Source Plus

Our clients have situations that require special coverage for U.S. employees or U.S. citizens working in Canada. Through our network of affiliates we can arrange for coverage to accommodate most needs in this area.

Your organization needs someone who is knowledgeable in this rapidly changing field.

Let us help you.

FOR MORE INFORMATION PLEASE CONTACT US AND WE WILL SET UP THE RIGHT PLAN FOR YOU!