Survey shows escalating costs, service top employers' concerns |
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Written by U.S. Insurance News
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Sunday, 03 August 2003 |
The number one insurance-related concern expressed by employers today is how to contend with the accelerating cost of benefit plans. ABD Insurance and Financial Services, a leading provider of global risk management and employee benefits solutions, announces the availability of an essential tool for small and mid-size California employers in assessing current benefit programs and for making effective decisions based on up to date, comprehensive data. A full year in the making, the 2003 ABD Cybersure Benefit Report provides thorough information and analysis of financing alternatives, cost shifting development and trend projections that enable employers to prepare for benefit plan cost increases and to benchmark their performance based on comparable, industry-specific statistics.
REDWOOD CITY, Calif. — The number one insurance-related concern expressed by employers today is how to contend with the accelerating cost of benefit plans. ABD Insurance and Financial Services, a leading provider of global risk management and employee benefits solutions, announces the availability of an essential tool for small and mid-size California employers in assessing current benefit programs and for making effective decisions based on up to date, comprehensive data.
A full year in the making, the 2003 ABD Cybersure Benefit Report provides thorough information and analysis of financing alternatives, cost shifting development and trend projections that enable employers to prepare for benefit plan cost increases and to benchmark their performance based on comparable, industry-specific statistics.
The report, available to qualifying employers and ABD clients, compiles data from more than 1,100 California employers, bridging all industry classifications and representing over 380,000 full-time employees covered by health and welfare benefits. The survey provides employers with region specific information as opposed to generalized national data.
Human resource professionals overwhelmingly ranked the quality of services received from insurance carriers as the second highest concern behind the escalating cost of benefit plans. Nearly half of those surveyed had changed carriers during the past 24 months based on price and service concerns. Customer service and other performance data on more than 20 major insurance carriers is included in the survey.
In-depth analysis of these essential areas of concern is also included in the report:
Overview of benefit plan designs throughout California
Funding mechanisms and preferences for HMO, medical, dental and related health coverage
Trends in cost controls, products and employer strategies
Report card on quality of carrier services
"California companies are faced with making significant changes in the way corporate insurance is financed and delivered in order to protect shareholder value," said Fred DeGrosz, CEO of ABD. "Our mission is to provide employers with leading edge support tools such as this report and to assist them individually in providing the most cost and service-effective benefit plans."
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