brevard public schoolseagendatoc.brevardschools.org/12-08-2015 regular school board... · brevard...

Presentation Date: November 2015

Mike Meredith

Executive Vice President

Ana Cobar Chris Woertz

Placement Account Executive

Stop Loss Renewal and Marketing Analysis

Brevard Public Schools Effective: 01/01/2016

Disclaimer Enclosed is a Renewal Analysis of the renewal terms and conditions for your current renewal policies and/or service contracts.

We looked at a number of carrier(s)/vendor(s) for the coverages and/or services you require and are attaching a Marketing Analysis to assist you with reviewing your options based on these quotes

We believe that the terms and conditions of the attached Renewal / Marketing Analysis reflect the coverages and/or services that you directed us to obtain.

We will furnish you a copy of the original renewal/recommended quotes upon your request.

Please be advised that the renewal/quotes attached may differ from your current policy. We recommend that you read the renewal/quotes specifications from the carrier in their entirety and compare them to your current policy. We have highlighted certain key areas in the attached analysis. Also, please examine the renewal/proposals from the carrier(s) and make note of any expiration dates indicated.

We are not contractually obligated to provide quotes from only these carriers. The choice of carriers is based on our knowledge and experience of the market sector and your situation.

Proposals/the renewal are based on the information that you provided to us and have been relied upon by Willis and (re)insurer and/or service provider. If the information you provided is inaccurate or incomplete, it may allow (re)insurers and/or service providers to avoid liability on a particular claim or to void a policy entirely. Therefore, if you discover that previously submitted information is inaccurate or incomplete, please advise us immediately so that we can attempt to revalidate terms with (re)insurers and/or service providers.

All premium payment terms must be met on time or the insurance carriers and/or service providers will have the right to effect notice of cancellation for non-payment of premium. We will not be responsible for any consequences that may arise from any delay or failure by you to pay the amount payable by the indicated date.

The purpose of this communication is to summarize the proposal/renewal terms and the coverage available and should not be construed as providing any final commitment by the insurer or any confirmation of actual coverage. Please provide us with your specific written instructions of the coverage selection you make.

Please review this proposal and its attachments carefully and provide us with your specific written instructions of the coverage selection you make. If you have any questions or you feel the coverage recommended is not in accordance with your instructions, please contact us.

If you have questions or concerns regarding our compensation, please contact your Client Advocate or you may also call 1-866-704-5115.

In our search for your insurance coverage we have used the (Intermediary/ sub-broker) referenced in the summary of quotes which has provided the recommended quote(s). (Sub-broker) is an affiliate of the Willis group of companies. Any compensation it receives is included in the total compensation disclosed in the summary of quotes.

This proposal is presented in conjunction with the Standard Terms and Conditions for Human Capital Accounts which is enclosed.

4211 W Boy Scout Blvd. Suite 1000 Tampa, Florida 33607

(813) 281-2095

Disclaimer

Market Summary - Brevard Public Schools

Carrier Name Line of Business Response Compensation Additional Compensation Market Security

AIG - National Union Fire Ins.

Co. Stop Loss Declined, uncompetitive; + 2x

current NA None

AIG - Not Approved

National Union Fire Ins. Co. -

Approved

Arch Stop Loss Declined, uncompetitive; +65% NA None Approved

Guardian Stop Loss

Declined, uncompetitive; +2x

currentNA None Approved

HM Insurance Group Stop Loss Declined, uncompetitive; +60% NA 3% Approved

Munich Re _ American

Alternative Stop Loss Declined, uncompetitive; +45% NA 3% Approved

Optum Stop Loss

Declined, uncompetitive; 2.8x

currentNA 4%

Use Healthcare Organization

client instruction letter

Special Contingency Risks

Limited - Partner Re Stop Loss Declined, uncompetitive; + 47% NA None Willis approved entity

SymetraStop Loss Declined, uncompetitive; +40% NA 4% Approved

Voya Stop Loss Declined, uncompetitive; +69% NA 3% Approved

Carrier Name Line of Business Response Compensation Additional Compensation Market Security

Sun Life Stop Loss Renewal Net of commission None Approved

Additional Compensation contracts are continually under negotiation and may differ from what appears above at the time of the plan effective date.

Please note that the quotes from these above noted insurers were obtained through the Willis Panel Process: HM Life, Munich Re, Sun Life, Symetra and Voya.

We have listed for you the carrier(s)/vendor(s) that we sought and their responses, our compensation and Sub-Brokers (if any) in the following Summary Table:

We have listed for you the name of the carrier/vendor that submitted the renewal including our compensation and Sub-Brokers (if any) in the following Summary Table:

Market Summary

Brevard Public Schools

2016 Stop Loss Summary

Summary Stop Loss

Deductible Level $425,000Sun Life Sun Life Sun Life

CURRENT Initial Renewal FINAL Renewal

Stop Loss Premium $502,308 $608,843 $577,979

$ Premium Variance n/a $106,536 $75,671

% Premium Variance n/a 21.2% 15.1%

Aggregating Specific Liability $387,000 $387,000 $387,000

Annual Premium and Aggregating Specific Liability $889,308 $995,843 $964,979



Summary Stop Loss


CURRENT Initial Proposal FINAL Proposal








Summary Stop Loss


CURRENT Initial Proposal FINAL Proposal


$ Premium Variance n/a $3,882 -$21,706

% Premium Variance n/a 0.8% -4.3%



$ Premium Variance n/a $3,882 -$21,706

% Premium Variance n/a 0.4% -2.4%

Actual rates will be based on final underwriting/enrollment

This proposal is not to be construed as an exact or complete analysis of the policies nor as legal evidence of insurance.

The provisions of the actual policy will prevail.

THIS INFORMATION IS PROPRIETARY AND SHOULD NOT BE DISTRIBUTED.

Stop Loss Summary


2016 Stop Loss Marketing Analysis - $425,000

Sun Life Sun Life Sun Life

ENROLLED CURRENT Initial Renewal FINAL Renewal

Reinsurance Contract Provisions:

Maximum Reimbursement

ISL - Lifetime Unlimited Unlimited Unlimited

ISL - Annual Unlimited Unlimited Unlimited

Covered Benefits

ISL - Medical, Rx Medical, Rx Medical, Rx

ISL Contract

Deductible $425,000 $425,000 $425,000

Contract Type 12/18 12/18 12/18

Rates

Single 4,112 $3.73 $4.52 $4.29

Family 2,502 $10.60 $12.85 $12.20

Estimated Annual Premium $502,308 $608,843 $577,979

Annual Increase in Premium n/a $106,536 $75,671

% Change in Premium n/a 21.2% 15.1%


Estimated Annual Premium and Aggregating

Specific Liability$889,308 $995,843 $964,979

Annual Increase in Premium and Aggregating

Specific Liabilityn/a $106,536 $75,671

% Change n/a 12.0% 8.5%

Additional Provisions

Participation Maintain current Maintain current

Run-In Limit None None

Lasers TBD No

No New Lasers at Renewal Included Included

Contingencies Apply Yes Yes

Quote is Firm? No No

Notes

Renewal rate cap of

50% AND No New

Lasers at Renewal

Renewal rate cap of

50% AND No New

Lasers at Renewal





Deductible $425k




ENROLLED CURRENT Initial Proposal FINAL Proposal





Covered Benefits


ISL Contract

Deductible $425,000 $450,000 $450,000

Contract Type 12/18 12/18 12/18

Rates

Single 4,112 $3.73 $4.12 $3.91

Family 2,502 $10.60 $11.70 $11.10

Estimated Annual Premium $502,308 $554,578 $526,201

Annual Increase in Premium n/a $52,271 $23,894

% Change in Premium n/a 10.4% 4.8%





Specific Liabilityn/a $52,271 $23,894

% Change n/a 5.9% 2.7%




Lasers TBD No




Notes

Renewal rate cap of

50% AND No New

Lasers at Renewal

Renewal rate cap of

50% AND No New

Lasers at Renewal





Deductible $450k




ENROLLED CURRENT Initial Proposal FINAL Proposal





Covered Benefits


ISL Contract

Deductible $425,000 $475,000 $475,000

Contract Type 12/18 12/18 12/18

Rates

Single 4,112 $3.73 $3.76 $3.57

Family 2,502 $10.60 $10.68 $10.14

Estimated Annual Premium$502,308 $506,190 $480,601

Annual Increase in Premium n/a $3,882 ($21,706)

% Change in Premium n/a 0.8% -4.3%





Specific Liabilityn/a $3,882 ($21,706)

% Change n/a 0.4% -2.4%




Lasers TBD No




Notes

Renewal rate cap of

50% AND No New

Lasers at Renewal

Renewal rate cap of

50% AND No New

Lasers at Renewal





Deductible $475k

brevard public schoolseagendatoc.brevardschools.org/12-08-2015 regular school board... · brevard...

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