BENEFITS AHOY!    Connecticut agency’s marine roots influence its benefits offerings It’s more than teamwork; it is a reflection of balanced expertise and confidence in each other. When Gowrie Group producers meet with their property/casualty insurance and employee benefit clients, they work together to respond to all of their needs, not just to their own specialties and niches, executives say. The result is a blend of insurance expertise, effective client education and personal, friendly service. Founded 40 years ago, Gowrie Group—with offices in Westbrook, Connecticut; Darien, Connecticut; and Newport, Rhode Island—began as a property/casualty insurance specialist, notes Skip Young, president of the employee benefits operations and a partner. But 20 years ago, the agency made a commitment to employee benefits, incorporating a separate benefits agency with three producers. The producers included Young, Gowrie Chairman and Chief Executive Officer Carter Gowrie, and Commercial Specialist Mike Brett to form Gowrie, Brett & Young. Click here for the complete article …

PUTTING MARKETPLACE DATA TO WORK    Sun Life’s data tool helps brokers build a tailored benefits menu for employers In the last few years,the employee benefits business has been wrenched by change: a serious recession buffeting the workplace; the installation of the ACA; and the relentless rise in medical costs. All have contributed to the need for serious examination of benefit plan provisions. Yet, for employers and plan participants, trying to make decisions in the face of these changes can be numbing. And brokers, whom they look to for help, are still making their own adjustments to the Affordable Care Act. “Brokers find themselves in a bit of a challenging position,” says Bilal Kazmi, AVP, Analytics and Innovations Marketing, for Sun Life Financial. “Employers are interested in what trends are taking place in the marketplace. What will happen five years or ten years from today, and how can I plan for that now? They are looking for the broker to be consultants to them. “It’s in brokers’ best interest to start to rely more and more on data analytics to be able to answer these questions,” says Kazmi. Click here for the complete article …

VOLUNTARY CONTINUES TO GAIN TRACTION IN EVOLVING BENEFITS ARENA    Opportunities abound for agents and brokers For the past few years, anticipation and rollout of the Patient Protection and Affordable Care Act have captured the attention and energy of voluntary benefits providers and their partners. The act and other changes in the health care arena spell opportunity for agents and brokers who want to bring voluntary products—and expertise—to their commercial clients and prospects. “The biggest issue right now is that employers continue to face rising medical care costs in the face of the Affordable Care Act,” explains Jaede Barg, senior vice president, ACE USA. “They’re concerned with raising employee deductibles and coinsurance obligations while managing major medical costs.” According to Rob Shestack, senior vice president and voluntary benefits national practice leader at AmWINS Group, “The voluntary benefits industry is growing rapidly, as brokers and agents are recommending, employers are offering, and employees are enrolling in these benefits at a record pace.” Click here for the complete article … MEDICAL STOP LOSS    As self-funding grows, stop loss becomes essential for most companies For the most part, the majority of property and casualty insurance rates have remained flat for the past 10 to 12 years. However, the same cannot be said for health insurance rates. Despite the widely heralded implementation of the Affordable Care Act (ACA), many employers have continued to see increases in annual health insurance rates. This is particularly true for middle market accounts. However, larger employers (those with 200-plus employees) have found various methods to reduce their overall employee health insurance costs. Over the years, one of the most popular methods has been self-funding the corporation’s employee health coverage. It has been estimated that the number of organizations that do some type of self-funding has grown from about 44% in 1999 to more than 66% that are currently choosing this method to finance employee health benefits, according to the Kaiser Family Foundation. Larger employers had determined the advantages of self-funding years ago; however, many middle market employers were too small to implement this cost-effective approach. Click here for the complete article …  Click here to unsubscribe This message was sent by The Rough Notes Company, Inc., 11690 Technology Drive, Carmel, Indiana, 46032 1-800-428-4384