Auto insurance market in Alberta is making brokers' jobs 'much more difficult'

insurancebusinessmag | June 24, 2019

The Insurance Brokers Association of Albertas (IBAA)taskforce focused on finding sustainable solutions for the provinces auto insurance problems is well underway, with a whitepaper planned for release in early July 2019. The report will provide recommendations on changes to the current auto insurance regulations in Alberta, based on information collected from industry stakeholders on everything from exam equivalencies to the lifting of the auto premium cap.

Spotlight

More Americans are concerned about health care costs (85%) that are concerned about other common worries like retirement (73%), housing (66%), and child care (49%).1 While Republicans, Democrats, and independents are divided over many healthcare issues, everyone agrees that the top health care priority should be lowering health care costs.2 Americans know the status quo is unacceptable. They want solutions. The United States spends almost twice as much on health care, as a percentage of its economy, as other developed countries $3.3 trillion, or 17.9 percent of gross domestic product in 2016. This is the case even though Americans use about the same amount of healthcare as do citizens of other wealthy countries.3 The high cost of health care more directly touches patients now than in the past, as over the last decade, patients have borne a greater share of rising costs in the form of higher premiums, higher deductibles, and higher out-of-pocket costs.


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AUTOMOBILE INSURANCE

The Plymouth Rock Company Appoints New Chief Operating Officer

Plymouth Rock | July 27, 2022

The Plymouth Rock Company, parent company of a leading group of auto and home insurance providers in the Northeast, announced that Andrew McElwee has been named President and Chief Operating Officer, taking over responsibility for the firm’s day-to-day operations from Hal Belodoff, following Belodoff’s planned retirement. Based in Boston, McElwee will report directly to Jim Stone, Founder and Chief Executive Officer of The Plymouth Rock Company. “I have known Andy for some years now and watched him excel as President of Homesite Group,” said Stone. “I have known Andy for some years now and watched him excel as President of Homesite Group,” said Stone. “We are thrilled to have him join our Plymouth Rock Assurance leadership team. His unique background and proven technical strengths will be invaluable in driving operational excellence and continuous improvement across the company. As COO, Andy will oversee all of our group presidents in formulating and executing strategies for profitable growth. I feel very lucky he has joined us.” McElwee joins Plymouth Rock from American Family Insurance, where he was most recently the Enterprise Chief Underwriting Officer. Prior to that, he was President and Chief Operating Officer of Homesite Group, an affiliate of American Family. McElwee has more than 30 years of insurance industry experience, 25 of which were spent within the Chubb Corporation in various roles of increasing responsibility, including Executive Vice President of Chubb & Son and COO of Chubb Personal Insurance and Chubb Accident and Health. “I have long admired Jim Stone as an entrepreneur, innovator and industry leader,” said McElwee. “I’m delighted to join him by taking on the role of President and COO for The Plymouth Rock Company. In Hal, I succeed a beloved leader, and my immediate focus will be to carry on his great work for our customers, agents, and employees.” Belodoff is retiring as Plymouth Rock’s President and COO after serving the company in various roles for 31 years. He will continue to support the company as a member of Plymouth Rock’s Board of Directors and in an advisory role. “Hal has helped build and shape the culture of this company, as well as its results, for over 30 years,” added Stone. “The decision to hire Hal back then was one of the best I’ve made in my life. I am grateful for his partnership and friendship and glad he is remaining on our board and available for occasional assignments.” “I’m extremely thankful to have had such a fulfilling career working with great people at a place whose mission I believe so deeply in,” said Belodoff. “I’m looking forward to the next chapter of life, spending more time with family and enjoying a slightly slower pace. I have great confidence in Plymouth Rock’s future and believe Andy’s leadership will help the company continue to grow and advance.” About Plymouth Rock Plymouth Rock was established to offer its customers a higher level of service and a more innovative set of products and features than they would expect from an insurance company. Plymouth Rock’s innovative approach puts customers’ convenience and satisfaction first, giving them the choice to do business the way they want – online, with a mobile app, by phone, or by contacting their Plymouth Rock agent. Customers can chat, text, or email to get answers quickly and easily. Plymouth Rock Assurance® and Plymouth Rock® are brand names and service marks used by separate underwriting, managed insurance, and management companies that offer property and casualty insurance in multiple states. Taken together, the companies write and manage more than $1.7 billion in auto and home insurance premiums across Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Pennsylvania.

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INSURANCE TECHNOLOGY

Prime Insurance Company Assigned Financial Stability Ratings® from Demotech, Inc.

Prime Insurance Company | June 13, 2022

Prime Insurance Company announced today that it has been assigned a Financial Stability Rating® of A" (A Double Prime), Unsurpassed, from Demotech, Inc. Demotech, Inc., is a financial analysis firm that provides Financial Stability Ratings® (FSRs) for Property & Casualty insurance companies, Title underwriters, and other risk-bearing entities. In addition, Prime Insurance Company's affiliate Prime Property & Casualty Insurance Company Inc. has been assigned a Financial Stability Rating® of A, Exceptional, from Demotech, Inc. Regardless of the severity of a general economic downturn or deterioration in the insurance cycle, underwriters receiving an A" (A Double Prime) or an A, Exceptional rating possess unsurpassed financial stability related to maintaining positive surplus as regards policyholders." "We couldn't be more pleased, as Demotech's ratings reflect our unyielding commitment to our customers and growth." Rick J. Lindsey, President, CEO and Chairman of Prime Insurance Company. Prime Insurance Company provides innovative liability solutions for specialty risks. For over 40 years, Prime Insurance Company has been a leader in excess and surplus lines insurance, providing coverage for many who would otherwise be forced to go uninsured or self-insure their risk. Prime Property & Casualty Insurance Inc. writes commercial auto coverage on an admitted basis in the following states: Florida, Illinois, Kansas, Kentucky, Massachusetts, Minnesota, North Carolina, New Jersey, New Mexico, Nevada, and South Carolina. With more than 40 years behind us, we've handled over 70,000 claims. We look forward to continuing to serve our customers with our proven partnership approach and financial stability they can count on." Lindsey. The Prime Insurance Companies have offices in Salt Lake City, UT; Chicago, IL; Naples, FL and Exton, PA.

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HEALTH INSURANCE

HealthSmart® Launches Houston SmartCare™ Health Plan

HealthSmart | June 02, 2022

HealthSmart, one of the nation's largest third party administrators of health plans for employers and plan sponsors, announced the launch of Houston SmartCare™, a comprehensive level-funded health plan that offers market leading discounts to Houston-area small to mid-sized employers. The plan offers significant savings and protection for plan sponsors and features access to leading hospitals, facilities and providers in Greater Houston through Employers Health Network (EHN). Houston SmartCare delivers a transparent, all-inclusive model that offers predictable costs through a level-funded plan with no additional risk for employers and significantly lower premiums than mainstream fully-insured programs. The program also offers financial security with stop loss coverage to protect plans from catastrophic claims. In addition to a comprehensive health benefits plan, Houston SmartCare boasts a superior member experience through its Concierge Advisor Team who works to guide members and help them navigate their healthcare journey every step of the way. This new health plan designed especially for the Greater Houston area is another example of how HealthSmart approaches our organizational mission of reducing costs for plan sponsors and delivering premium healthcare solutions to our members, This program demonstrates an innovative approach to help plan sponsors in the Houston area control their health benefit costs by providing deeply discounted access to the area's top hospitals and providers through EHN. This is big news for small and medium employer groups and Houston SmartCare is truly a game-changer for our broker community in terms of providing quality healthcare options with deep discounts." Craig Julien, CEO for HealthSmart. Plan sponsors typically must work with several players to build their health plans, By bringing together experts in the areas of most concern to small and mid-sized plan sponsors, we have created a one-stop solution that offers a top-quality, focused provider network, critical stop loss coverage, and comprehensive third-party administration services, relieving area health plan sponsors of the burden of shopping for these services individually." Omar Haedo, president of Elan Insurance Group About HealthSmart HealthSmart is one of the largest third party administrators in the country and the premier provider of innovative, customizable and scalable healthcare solutions for employers, brokers and payers. We partner with plan sponsors to provide key services needed to reduce healthcare costs and manage members with dignity and respect. HealthSmart is the one-stop source for health plan needs, including health plan benefit administration, pharmacy benefit management, care management and wellness programs and provider networks. About EHN Employers Health Network (EHN) embraces a high-performance network model that helps employers provide exceptional quality healthcare benefits at lower cost. Our unique network model helps both employers and members save immediately and save over time through a sustainable model with our high-quality and accountable network partners. About Elan Insurance Group ELAN Insurance Group is a group of companies headquartered in Miami collaborating to bring competitive, cutting-edge health insurance products to the marketplace. From traditional comprehensive plans to self-funded plans, ELAN tailors its offering to meet the needs of employers and individuals across the Caribbean and the United States.

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HEALTH INSURANCE

HealthSmart® Launches DFW SmartCare™ Health Plan

HealthSmart | May 20, 2022

HealthSmart, one of the nation's largest third party administrators of health plans for employers and plan sponsors, announced the launch of DFW SmartCare™, a comprehensive level-funded health plan that offers market leading discounts to DFW-area small to mid-sized employers. The plan offers significant savings and protection for plan sponsors and features access to the Baylor Scott & White Quality Alliance (BSWQA), inclusive of Catalyst Health Network (CHN). BSWQA is a clinically integrated network of hospitals, facilities, and doctors that members can access through Employers Health Network (EHN). DFW SmartCare delivers a transparent, all-inclusive model that offers predictable costs through a level-funded plan with no additional risk for employers and significantly lower premiums than mainstream fully-insured programs. The program also offers financial security with stop loss coverage to protect plans from catastrophic claims. In addition to a comprehensive health benefits plan, DFW SmartCare boasts a superior member experience through its Concierge Advisor Team who works to guide members and help them navigate their healthcare journey every step of the way. This new health plan designed especially for the DFW Metroplex is a perfect example of how HealthSmart approaches our organizational mission of reducing costs for plan sponsors and delivering premium healthcare solutions to our members, This program demonstrates an innovative approach to help plan sponsors in North Texas control their health benefit costs by providing deeply discounted access to the BSWQA clinically integrated network through EHN.This is big news for DFW small and medium employer groups and DFW SmartCare is truly a game-changer for our broker community in terms of providing quality healthcare options with deep discounts." Craig Julien, CEO for HealthSmart. Plan sponsors typically must work with several players to build their health plans, By bringing together experts in the areas of most concern to small and mid-sized plan sponsors, we have created a one-stop solution that offers a top-quality, focused provider network, critical stop loss coverage, and comprehensive third-party administration services, relieving area health plan sponsors of the burden of shopping for these services individually." Omar Haedo, president of Elan Insurance Group About HealthSmart HealthSmart is one of the largest third party administrators in the country and the premier provider of innovative, customizable and scalable healthcare solutions for employers, brokers and payers. We partner with plan sponsors to provide key services needed to reduce healthcare costs and manage members with dignity and respect. HealthSmart is the one-stop source for health plan needs, including health plan benefit administration, pharmacy benefit management, care management and wellness programs and provider networks.

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Spotlight

More Americans are concerned about health care costs (85%) that are concerned about other common worries like retirement (73%), housing (66%), and child care (49%).1 While Republicans, Democrats, and independents are divided over many healthcare issues, everyone agrees that the top health care priority should be lowering health care costs.2 Americans know the status quo is unacceptable. They want solutions. The United States spends almost twice as much on health care, as a percentage of its economy, as other developed countries $3.3 trillion, or 17.9 percent of gross domestic product in 2016. This is the case even though Americans use about the same amount of healthcare as do citizens of other wealthy countries.3 The high cost of health care more directly touches patients now than in the past, as over the last decade, patients have borne a greater share of rising costs in the form of higher premiums, higher deductibles, and higher out-of-pocket costs.

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