EMPLOYEE BENEFIT CONSULTING SERVICE

The employee benefit marketplace is in a state of crisis and it is harder than ever to obtain fairly priced, consumer friendly, and reliable employee benefits with an insurance company that will be around for the next few years. Insureds are being bombarded by brokers pushing a variety of health insurance programs from different insurance companies while every day we hear news of more health insurance providers failing.

ICA's Employee Benefit Consulting Service can assist you in evaluating the insurance companies and brokers from whom you seek quotes, sifting through the difficult lingo, and assuring the pricing you obtain is understandable and competitive.  ICA’s objective counsel will help you to:

• Identify risk exposures stemming from Group Health Insurance and other Employee Benefit plans.
  
  
• Analyze current plan design and evaluate employee need to employer cost.
  
  
• Audit insurance policies, endorsements, and invoices to verify rates and premiums for existing policies; analyze policies for errors, omissions, overcharges and other deficiencies.
  
  
• Prepare specifications, obtain and analyze quotations, submit recommendations to management.
  
  
• Conduct negotiations with insurance companies, brokers and agents to effect policy language changes during purchase or renewal of insurance.
  
  
• Review and advise with reference to third party administrator agreements and assist in selection of third party administrators.
  
  
• Review and critique existing or assist in the development of new Employee Manuals, in an effort to reduce insurance premium cost in employment practices liability, fiduciary liability or directors and officers liability policies by incorporation or amendment of certain language in Manual.
  
  
• Review scope of claims utilization to develop a cost containment program.
  
  
• Analyze the potential for bringing claims administration in-house.
  
  
• Assist in pre-screening a managed care network to obtain competitive rates and pre-arranged discounted fees.
  
  
• Obtain proposals from audit firms specializing in medical claims to help audit the ongoing program as well as protect the validity of claims accumulated toward the aggregate stop loss.
  
  
• Evaluate the effect of incentive programs in conjunction with Wellness Programs in order to further reduce claims costs.
  
  
• Assist in purchasing specific and aggregate stop loss insurance.
  
  
• Recapture commissions through captive licensing.
  
  
• Review Employee Benefits Liability and Fiduciary Liability exposure arising from in-house claims administration.