Insurance Brokerage and Advisory Services

The Vendor is required to provide insurance brokers to: (1) provide annual support and advisory services to city council and city staff members; (2) represent the city in acquiring insurance that meets the needs of the city and its employees; and (3) ensure access to insurance markets for obtaining and securing the most competitive qualifications and affordable options.
- Requirement:
•    Review city policies, resolutions, and ordinances to ensure conformance with negotiated insurance coverage and to ensure the timely issuance of policies and endorsements to the city. 
•    Review each insurance policy, binder, certificate, endorsement, or other insuring document issued to the city to ensure coverage conformance with specifications. 
•    Structure insurance programs to eliminate gaps and overlaps in coverage and to provide the limits and amounts requested by the city and as required by law. 
•    Act as liaison between the city and its insurers, and in doing so, provide top-quality customer service with the ability to be reached after business hours and on weekends
•    Annually market the city’s insurance policies in the open market to capture the best and most comprehensive insurance coverage at the best possible premium to the city. 
•    Annually disclose all financial contract terms with each insurance carrier to provide transparent disclosure of all commissions, rebates, reimbursements, and discounts earned by the broker, consultant, and firm for insurance coverage provided to the city. 
•    Provide the city with an early warning of pending rate, coverage, or renewal problems, including significant changes in the financial status of insurers. 
•    Inform the city of any significant changes in market conditions and significant variations with the city’s claim experience(s) that may affect the city’s insurance program and its premiums. 
•    Work in conjunction with the human resources department by assisting city employees in settling claims or grievances relating to insurance benefits issues. 
•    Assist with health benefit administration, wellness and preventive insurance management and provide advice and guidance on new laws, regulations, and, if applicable, advise on procedures in the area of health benefit administration. 
•    Provide and maintain an electronic system for employees to enroll in coverage and assist the human resources department by processing enrollments, terminations, changes, cobra notification processes and applications, and other forms for administration and claims. 
•    Provide advisory services and professional opinions on health care reform, cobra, HIPAA, plans, and other similar programs. 
•    Upon request, attend meetings with city council and city staff. 
•    Upon request, provide the city with written reports designed to assist with the development and planning of long-range insurance strategies for meeting the city’s future and forecast needs. 
•    Data analytics and reporting. 
•    Provide ongoing analytics and reporting on the city’s insurance programs, including claims trends, utilization, cost drivers, and loss history, with recommendations for cost containment and program improvement. 
•    Benchmarking and market comparison. 
•    Provide benchmarking against comparable public-sector entities to inform plan design, cost structures, and overall program performance. 
•    Renewal strategy and calendar. 
•    Develop and maintain an annual renewal calendar and provide advance renewal strategies addressing market conditions, available options, and recommended actions. 
•    Performance metrics and service standards. 
•    Demonstrate the ability to meet defined service standards, including responsiveness, timeliness, and effective claims support.