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Our Group Benefits Survey Results are Completed

We are members of the Canadian Group Insurance Benefits (CGIB) association and have just completed our survey of member brokers. There are basically two types of Group Benefit Clients; Virgin Groups, which are groups that have never had benefits and Experienced Groups, which are groups that are in place and being requoted and/or reviewed. Surprising as it may be, both sectors have almost the same concerns.

Benefit Concerns

• Are my costs competitive for the benefits I am getting?

• Are my benefits competitive in order to attract and retain good employees?

• What share of benefits should my employees be paying?

• Are pay direct cards available for all benefits?

• What strategy should I use when reviewing costs, at one, two or three years?

• How can I control benefit costs?

• What are EAP benefits (employee assistance plans) and how do they integrate with regular benefits? Why are they so inexpensive?

• Will I get good service from the insurance company recommended?

• Do big companies have an advantage over small companies when shopping for benefits?

Trends

• The main trend showing up is the evolving use of non traditional benefit carriers other than Insurance Companies for the implementation of benefit packages. With the current technologies available, a number of companies now put special packages of benefits together. Cost controls and "flex-benefits" are being better utilized thru the implementation of Health Spending Accounts and Health and Welfare Trusts. This is definitely a growth area.

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