Daily Insurance Report   
Walt Bernard Podgurski,  Editor,  440-773-1108, 
Walt@DailyInsuranceReport.com

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The "Daily Insurance Report" publishes the life insurance, health insurance, and employee benefits news that matters.
Editorial Mission Statement: The goal of this publication is to provide readers a broad selection of what is being written about the insurance industry and related issues. Some articles may have a “tilt” towards a particular perspective one way or another. Inclusion in this newsletter is not an endorsement of any views or content; but report the various and differing views appearing in media.



CVS addresses holistic wellness with new suite of benefits
By Kayla Webster / EBN

CVS Health added five health and wellness programs to its benefits platform to provide employers with an all-in-one solution for voluntary perks.

CVS Health’s line of voluntary benefits is called Point Solutions Management. Sleep i.o. was the first wellness program added to the platform after its inception last year. The platform’s new offerings address issues like heart health, diabetes, chronic pain, caregiving and mindfulness strategies.

Point Solutions Management vendors include Hello Heart, for managing blood pressure and other cardiac conditions; Hinge Health, a digital exercise therapy platform for addressing chronic pain; Livongo, a diabetes and weight management tool; the caregiver support center Torchlight; and Whil, a mental health app that uses videos and exercises to build resilience.

Although wellness programs can help decrease costs on employer health plans, these voluntary benefits have been declining over the past five years. Last year, just 24% of employers offered preventative programs for chronic conditions, down from 40% in 2015. CVS executives believe part of the reason for the decline is that these programs are offered separately, creating a lot of work for HR professionals looking to build a suite of voluntary offerings.

“Plan sponsors increasingly see the value in healthcare point solutions for improving workforce productivity, satisfaction and overall well-being; however, with so many options on the market, it can be challenging to identify trusted solutions that best meet the needs of their members,” Chaguturu says.

Voluntary benefits are in high demand among employees. Sixty percent say they would choose an employer based on their benefits offerings. The most in-demand benefit for employers outside of health insurance and PTO is student loan repayment and family friendly perks like caregiving services, according to the Society for Human Resource Management.



National Insurance Provider Creates Pandemic Policy for Business Enterprises to Cover Expenses, Lost Revenue
Business Wire

James Allen Insurance, a national insurance solutions provider, today announced a comprehensive pandemic policy for business enterprises to protect themselves in the event of an outbreak. The policy is designed to cover added out-of-pocket expenses, as well as lost revenue associated with the outbreak of disease.

The policy is backed Lloyd’s, formerly known as Lloyd’s of London, and other European-based insurers. James Allen Insurance is one of only 200 registered brokers for Lloyds, the world’s oldest and leading market for specialist insurance.

Over the past 25 years, James Allen Insurance has developed numerous proprietary products designed to provide businesses with protection against unpredictable events. The new pandemic policy is customized based on each entity’s specific risk and needs. For example:

Healthcare – Coverage for added expense around staffing, supplies, disinfection services, as well as loss of revenue in the event of a drop in patient percentages.
Tourism (casinos, hotels and motels, airlines, restaurants, retail shopping) – Coverage for loss of revenue due to government-issued quarantine, travel bans or event cancellations.
Education – Coverage for added expense around cleaning and disinfection services on campus, as well as loss of tuition revenue in the event of travel bans.



COVID-19: Employee Benefits Consideration
John Godsoe, Bond Schoeneck & King PLLC / JDSUPRA

The swift impact of the Coronavirus Disease 2019 (COVID-19) in New York and across the country has forced employers to evaluate the impact of the virus on their workforces. This information memo addresses some of the more important employee benefit plan issues for employers to consider in connection with COVID-19.

Coverage for COVID-19 Testing.
HIPAA.
Continued Health Coverage for Employees Who Experience a Reduction in Hours.
401(k) and 403(b) Plan Considerations.



Wells Fargo named in new 401(k) lawsuit
The company has been sued again over its use of its own products in its retirement plan
By Emile Hallez / InvestmentNews

Wells Fargo has been sued, again, over the use of the company’s own investment products in its 401(k) plan.

Plaintiff Yvonne Becker, who was a participant in Wells’ $40 billion 401(k) plan and an employee for 26 years, filed a class-action lawsuit against Wells Fargo Friday in U.S. District Court in the Northern District of California.

Ms. Becker alleges that the company, along with the 401(k) plan committee, several individuals and Galliard Capital Management, violated sections of the Employee Retirement Income Security Act.

The allegations center on the inclusion of several collective investment trusts in the plan, including Wells Fargo’s target-date series. The suit alleges that the investments were poorly chosen, as less expensive, better-performing products were available from third parties.

The target-date CIT series was created in 2016, which in itself was a problem, the plaintiff wrote.

“Despite the lack of a track record, the committee defendants ‘mapped,’ or transferred, nearly $5 billion of participant retirement savings from the plan’s previous target date option into the target date CITs,” the complaint stated. “At a minimum, prudent fiduciary process requires a three-year performance history for an investment option prior to its inclusion in a plan.”

Since the time the products were launched, the plan allegedly suffered at least $100 million in “losses” due to underperformance, the plaintiff wrote.



Integrated Specialty Coverages (ISC) Acquires Access Partners Insurance Services
PR Newswire / smart asset

Integrated Specialty Coverages ("ISC" or "The Company"), a General Agent that builds end-to-end insurance products, has acquired Access Partners Insurance Services, LLC ("Access Partners"), a multi-line wholesale broker. ISC is backed by affiliates of Two Sigma's Sightway Capital. Terms of the transaction were not disclosed.

Headquartered in Sacramento, California, Access Partners offers a broad range of classes for insurance lines of all sizes with a focus on workers' compensation. Access Partners provides customers with unique products offered by specialty carriers, combined with exclusive access to valuable insurance company and broker resources.

ISC is a technology-enabled General Agency that offers a fully integrated, end-to-end platform across multiple lines of business and industries. The Company uses sophisticated artificial intelligence (AI) technology and data analytics to deliver customized insurance programs for agents and brokers through a superior user experience, while driving low loss business for its carrier and reinsurance partners. ISC was founded by insurance industry veteran Matt Grossberg, who is supported by an experienced management team and a talented group of technology professionals with robust backgrounds in AI and data science.




Inszone Insurance Expands in California with Acquisition of Global Pro Insurance Services
Business Wire

Inszone Insurance Services, a rapidly growing national provider of personal and commercial lines insurance, has announced the acquisition of Global Pro Insurance Services, located in Pleasanton, California.

Since the early 1990’s Global Pro Insurance Services has been providing property and casualty insurance services to individual and businesses throughout the Bay Area. James Choe, President at Global Pro Insurance stated, "I am thrilled to have merged Global Pro Insurance with Norm Hudson and the Inszone Insurance Services team. Inszone has mobilized around me with new technology and a support system that I would have never thought possible before. This has been an unbelievably smooth transition and I am looking forward to what the future brings." Following the transition, Global Pro Insurance Services employees will continue operating out of the existing location in Pleasanton under the leadership of James Choe.

The acquisition marks Inszone Insurance Services twelfth acquisition on the west coast as the company continues to broaden its national footprint, and continues its steady growth trajectory. A number of important transactions will be completed and announced in the upcoming months.





  Archives

Monday - 03/16/20 - - What's in Congress' emergency coronavirus bill? Here's what you need to know.

Tuesday - 03/17/20 - - COVID-19 Strategies and Policies of the World's Largest Companies

Wednesday - 03/18/20 - - The COVID 19 Impact on Voluntary Benefits

Thursday - 03-12-20 - - "World Health Organization declares the coronavirus outbreak a global pandemic

Friday - 03-13-20 - - California accuses healthcare sharing ministry of misleading consumers


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Walt Bernard Podgurski - - Editor
440-773-1108
Walt@DailyInsuranceReport.com