Broker of Record Services

The Vendor is required to provide agent and broker for the administration of the authority’s employee insurance needs.
- Requirement:
• Serve as the designated broker of record for the authority’s employee benefit needs
• Assist in the analysis of proposals, including opening and rating proposals according to criteria set forth by the authority, verify the reasonableness of price for the coverage provided, and present the results of such analysis to the appropriate parties.
• E all insurance renewals, including meeting directly with insurance company underwriters, performing comparative shopping, presenting options, negotiating for the best rates and providing spreadsheets with renewal rates vis a vis current and competitor rates.
• Analyze and provide claims experience for all applicable insurance coverages
• Handle cobra and retiree administration services.
• Prepare annual reports in the format requested by the authority for each line of coverage, analyzing financial developments, network utilization, insurer cost structures and make recommendations regarding changes, modifications and benefit enhancements.
• Reconcile monthly billing statements and assist with claims and billing issues.
• Act as a liaison, handling disputes and inquiries directly with the carriers.
• Review all insurance and administrative service documents for accuracy and adherence to prior agreements.
• Make recommendations regarding various insurance plans, insurance carriers and administrators
• Assist with budget projections on future costs of benefits programs.
• Review contracts with providers for accuracy in rates, and coverage definitions.
• Assist with the implementation and transitioning of carriers and administrators.
• Recommendations (appropriate types of insurance, levels of coverage, levels of deductible) to the authority on new policies to protect their interests, to mitigate risk and reduce costs.
• Provide open enrollment support, including, but not limited to, developing timelines, assisting with the development of open enrollment materials and coordinating and participating in open enrollment meetings.
• Recommend and offer the most efficient utilization of in-house risk management and risk control services.
• To service as agent and broker for obtaining and servicing competitive placements for coverage, as well as preparing new and renewal applications, administering policies and providing support services.
• As broker and consultant, to advise the authority of other risks or exposures and assistance in settling claims.
• Broker of record for a consortium.