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The National Association of Insurance Commissioners on March 3 released for comment draft legislation that would remove broker compensation from the medical loss ratio calculation. Reportedly nearly identical to upcoming legislation from Michigan Rep. Mike Rogers (R), the National Association of Health Underwriters Jessica Waltman calls the bill a significant step.
As President Barack Obama's health care reform package worked its way through Congress in 2009 and early 2010, Randy Flem kept a close eye on the proceedings. When Obama signed the Patient Protection and Affordable Care Act into law on March 23, 2010, Flem knew it was time to dive in. A veteran of the political process, "I had this belief that I could make a difference," says Flem. "So I just moved forward."
Small company, big heart It's been a tradition at The Unity Group to give clients chocolates during the holidays. But in 2009 the Bellingham, Wash., firm made the decision to discontinue the expensive (and not exactly healthy) practice in favor of a donation to the local food bank. "With the economy down, we thought that was a great place to give back," says Kari Glennon, sales manager.
Looking for a way to promote his latest venture, a website where consumers can select an agent at the same time they buy their policy online, Alan Katz decided to start his own blog both as a hobby and in hopes that linking to it would increase the search engine optimization of the insurance website.
David Marom saw a need in the benefits marketplace, and he's using two decades worth of industry experience to meet it. This quarter, Marom Tech launches its Benefits Analysis Reporting application to help benefit advisers and consultants meet client needs through five avenues:
In the voluntary benefits business for more than a decade, Nashville's Karen Quigley knows a tidal change when she sees one. With carriers increasingly entering the core voluntary market and health care reform looming large over the whole industry, Quigley knew it was time to adapt.
The employee benefits market in Southeast Michigan historically has been heavily union-oriented. As a result, the rich benefit packages had little need for voluntary coverage offerings such as hospital indemnity plans.
Despite more than two-thirds of employees' self-proclaimed ignorance of critical illness insurance, the benefit is on the rise. Imagine what improved product knowledge and an enthusiastic broker could bring.
Agent and broker organizations work behind the scenes to find the best outcome after the NAIC recommends that commissions remain administrative costs.
When the Departments of Labor and Treasury sent out an RFI on annuities as a retirement savings vehicle in 401(k) plans earlier this year, Allianz Life Financial Services was one of 800 respondents.
The employee benefits market in Southeast Michigan has historically been heavily union-oriented. As a result, the rich benefit packages had little need for voluntary coverage offerings such as hospital indemnity plans.
Following sweeping Republican gains in the 2010 midterm election, Senate Minority Leader Mitch McConnell (R-Ky.) underlined his belief that the election was a referendum against health care reform. "That means that we can and should propose and vote on straight repeal, repeatedly," McConnell said of the Patient Protection and Affordable Care Act in a Nov. 4 speech at the Heritage Foundation.
Only a tiny percentage of pet owners in the United States have insurance for their pet, but according to the American Pet Products Association, about 62% of U.S. households have a pet. Clearly, the pet insurance is a market ripe for growth. "The message there is in the opportunity to increase participation for consumers and for groups," says JoAnne Novak, VP, business development with Hartville Group, Inc., and its flagship brand ASPCA Pet Health Insurance.
When California Gov. Arnold Schwarzenegger in late September signed bills creating the nation's first state exchange under PPACA, the move was a "disappointment" and "clearly dangerous" to health insurance brokers and advisers, say those who have been following the legislation's development.