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Actuarial consulting firm for health and welfare benefit plans

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Actuarial consulting firm for employer sponsored plans in health and welfare benefits. Actuary-led company provides high touch, customized risk management and strategic solutions for self-insured ...

Actuarial consulting firm for employer sponsored plans in health and welfare benefits. Actuary-led company provides high touch, customized risk management and strategic solutions for self-insured plans, mid-sized employers, medium sized multinationals and other companies with employees between 100 and 5,000 http://www.EmployeeBenefitSherpa.com

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    Actuarial consulting firm for health and welfare benefit plans Actuarial consulting firm for health and welfare benefit plans Presentation Transcript

    • Advantages of Actuarial ConsultingGroup Health & Welfare Plans For Mid-Sized Companies & Organizations Brad Gauen Marsh Consulting Group www.EmployeeBenefitSherpa.com
    • Brad Gauen Multi-Perspective Industry Experience in Benefits and Insurance  Created & Priced Insurance Products  Actuarial Analyst  Benefits Brokerage Experience  Global Consulting Firms – Ernst & Young, Buck  Independent Benefits Consulting Firm  Trusted Advisor To Senior Execs & ManagersPage 1
    • Pressures Facing Mid-Sized Firms Employee Benefit Plans 1. Fundamentally Increasing Health Care Costs 2. The Health & Welfare Benefits Decisions Are Increasingly Complex 3. Added Health Reform Implementation Complexity 4. Benefit Plan Costs of International Employees 5. Insurance Provider Carousel 6. Talent Recruitment & Employee Morale Challenges 7. Expensive Cookie-Cutter Benefit Plan Solutions 8. Difficulty Finding Customized Plan SolutionsPage 2
    • Increasing Employee HealthCare Costs:What Mid-sized & Large Employers Face From 2012 to 2017
    • Projected 2012 -2017 Annual Cost Trends Medical care costs expected to rise 60% over the next five years (10% per year without mitigation) $25,000 $20,000 7% Annual Growth w/Mitigation $15,000 10% Annual Growth $10,000 $5,000 $- 2012 2013 2014 2015 2016 2017Page 4
    • Benefit Solution Provider Problem Mid-Sized Employers(100 To 5000 Benefit Plan Participants) Are Caught In The Middle
    • Underserved & OverchargedUnder-served & Under-served & Overcharged Overcharged By Global By Insurance Benefits Benefits BrokersConsulting Firms
    • Over 10,000 Employees?Global Consulting Firms Work!
    • Less Than 100 Plan Participants?Capable Insurance Brokers Work!
    • How Global Employee BenefitsConsulting Firms Under-serve Mid-Sized Organizations
    • Under-served By The Global Firms 1. The Fortune 500 Get The “A” Team Consultants, Mid-Sized Organizations Get The Rest!Page 10
    • Under-served By The Global Firms 1. The Fortune 500 Get The “A” Team Consultants, Mid-Sized Organizations Get The Rest! 2. Generic Benefit Plan Designs & Pricing Not Customized To OrganizationPage 11
    • Under-served By The Global Firms 1. The Fortune 500 Get The “A” Team, Mid-Sized Organizations Get The Rest! 2. Generic Benefit Plan Designs & Pricing Not Customized To Organization 3. Very Exorbitant Consulting FeesPage 12
    • How Benefits Brokers Under-serve Mid-Sized Organizations
    • Under-served By Brokerage Firms 1. Often Lack Actuarial Expertise & Experience For Complex Benefit Plan Design & StrategyPage 14
    • Under-served By Brokerage Firms 1. Often Lack Actuarial Expertise & Experience For Complex Benefit Plan Design & Strategy 2. Exorbitant FeesPage 15
    • Under-served By Brokerage Firms 1. Often Lack Actuarial Expertise & Experience For Complex Benefit Plan Design & Strategy 2. Exorbitant Fees 3. Conflict Of Interest Relationships With Insurers /Provider Networks (Contingent Commissions)Page 16
    • Under-served By Brokerage Firms 1. Often Lack Actuarial Expertise & Experience For Complex Benefit Plan Design & Strategy 2. Exorbitant Fees 3. Conflict Of Interest Relationships With Insurers /Provider Networks (Contingent Commissions) 4. Limited Negotiation of Plan Cost IncreasesPage 17
    • The Alternative?The Actuarial Consulting Approach
    • Between 100 to 3,000 Or More Plan Participants?Actuarial Consultants Work Better!
    • Who Are Actuarial Consultants?Mathematically-Talented Consultants With An Academic Background In The Actuarial Sciences, Or Actuaries Who Have Taken AndPassed The Professional Examinations & Meet The Experience-Based Qualifications
    • Actuarial Consulting Value Proposition The Willingness & Ability To Measure, Project, & Manage Complex Cost Scenarios
    • Actuarial Consulting Value Proposition An Average 3% Annual HealthCare Cost Mitigation From 2012 To 2017 Is Possible
    • Marsh Consulting Group (MCG) Cost MitigationOur Clients Average Annual HealthCare Cost Increases Were About ½ The National Average (2001-2011)
    • What Does This Mean ForMid-Market Employers?
    • A 500 Employee Organization Will Save At Least $2.3 Million DollarsOver The Next 4 Years Keeping WithOur Current Client Trend Of 5% Less Than The National Average In Average Annual Cost Increases
    • What Differentiates The Actuarial Consultantsof Marsh Consulting Group?
    • How Are Our Actuarial Consultants Different? (Pt 1)  Ability To Assess Complex Risks (e.g. Account for factors like employee population health variables, regional/geographic statistics)  Strategic Planning Ability (e.g. Factor in 3 to 5 year actuarial projections and make adjustments)  A Clear-Cut Fiduciary Standard & IndependencePage 27
    • How Are Our Actuarial Consultants Different? (Pt 2)  Avoid Conflict of Interest with Fee-For-Service Consulting.  Full-Service Health & Welfare Benefits Consulting (i.e. Self Insured Plan Design, Funding, Employee Communications, Advisory)  Employee HealthCare Cost Consulting (i.e.Page 28 Consolidating Risk Pools, Health Reform)
    • How Are Our Actuarial Consultants Different? (Pt 3)  Advising on Vendor Selection (Benefits Brokers, Third Party Administrators, Pharmacy Benefit Mgrs, etc)  Guiding scope of Employee Benefits Offerings By Employers.  Introducing Consumer Directed Health PlansPage 29
    • Next Steps: To discuss further, contact: Brad Gauen, CLU, ChFC, FLMI Marsh Consulting Group 303-663-5750 Email: BGauen [at] MCGTeam.com LinkedIn: http://www.linkedin.com/in/bgauen Twitter: http://www.twitter.com/#!/BradGauen www.EmployeeBenefitSherpa.comPage 30
    • Or For Health Reform Resources: www.HealthReformAudit.com