Insurance Broker Services

The Vendor is required to provide insurance broker services for include:
- Perform a comprehensive annual review of benefits
• Review and assess employee benefit package for quality of benefits, cost effectiveness, competitiveness and effective plan administration at least annually.
• Assist with annual benefit renewals, including contract and rate negotiations.
• Recommend which benefit plans, if any, should be marketed.
- Recommend changes and enhancements to benefit package
• Evaluate and make a recommendation to the city regarding the most appropriate funding strategy for health and dental insurance (e.g., fully insured versus self-funding, etc.)
• Make recommendations for plan benefit changes and enhancements and cost-containment strategies.
- Recommend changes and enhancements to wellness program
• Evaluate and make recommendations to the city for a wellness provider
• Make recommendations for changes, enhancements and cost containment strategies.
- Market the city’s desired benefit package when appropriate
• Identify appropriate markets with input from the city; prepare and disseminate bid specifications; analyze bid packages in accordance with criteria provided by the city
• Market for the city’s desired insurance and benefit package to obtain the best premiums and fees for desired coverage or services.
• This includes assisting in the analysis of proposals, providing a written assessment of bids based on the city’s criteria and timeframe, and making a recommendation as to the selection of the best quote.
• Assist in negotiating and finalizing contracts.
• Audit benefits contracts for accuracy of coverage, terms, and conditions, and notify the city of any condition that may be detrimental to the city’s rights or best interests.
- Coordinate open enrollment, including web-based enrollment services, employee meetings, and preparation of materials
• Provide significant open enrollment support, including, but not limited to, developing a workable timeline, developing and providing open enrollment materials, conducting an appropriate number of open enrollment meetings to accommodate all benefited employees, providing enrollment counselors, and coordinating all technical aspects of online benefits enrollment and changes for open enrollment.
• Develop and provide an annual benefits booklet for all benefit-eligible employees detailing insurance and other benefit plans offered and eligibility requirements.
• These booklets should be distributed immediately preceding each open enrollment.
• Assist in ongoing employee education strategies.
- Monitor ongoing contracts, including third-party administrators, to ensure contract compliance and provide quarterly reporting for each benefit plan’s performance
• Track and report benefit plan performance quarterly, including claims analysis and benefit utilization.
• Prepare annual reports, in any reasonable format requested in advance by the city, for each line of coverage, analyzing financial developments, network utilization, insurer cost structures, etc., and make recommendations regarding changes, modifications and benefit enhancements.
• Assist with budget projections for future benefit costs
- Provide ongoing service and support to city staff
• Provide a key contact person to be available to answer questions and resolve issues that arise during the year regarding employee benefits, claims, billing and service issues and contract administration.
• Meet with city’s representatives as needed
• Alert the city of pending legislation impacting benefits and monitor plan compliance with government regulations.
• Online benefits platform services.
• HIPAA compliance.
• Advice and assistance with affordable care act planning and compliance.
• General assistance in administering the group health insurance plans, wellness programs, contracts with third-party claims administrators and other health care vendors; respond to questions from and provide information to staff, and provide any other special consulting services as listed in the contract for services or later authorized by the city of rocky mount city during the course of the plan year
• Assist the city in providing all information required by any third-party actuary engaged by the city to complete its annual OPEB and IBNR valuation reporting.
• Represent city in negotiations with providers and carriers on all issues including those relating to premiums, benefit levels, plan design, and special terms and conditions.
• Budget projections for the internal service fund financial plan.