CCW Global is able to provide extensive assistance to group health insurance customers who are renewing their coverage.
Group Health Insurance plans are normally annual contracts, running for a period of 12 months, after which they must be renewed in order for members to continue receiving coverage under the policy.
3 months before the renewal date of a group health insurance plan the renewals team at CCW Global will contact the group to notify the key stakeholders of the approaching policy renewal.
At this point, a CCW account manager will liaise with key group stakeholders to compile an updated group census with details of all newly joined members of the group, as well as deleting any members who may have left the policy during the course of the previous year. This data will then be used as the basis of the renewal quotation for the policy, and will also be used to benchmark the policy premium with alternate providers.
Once the renewal terms have been received by the holding insurance company, CCW Global will arrange for the group to receive competing coverage offers from international insurance companies who are able to offer comparable, or improved benefits to those which are available under the existing policy.
This information is then provided in a detailed report clearly outlining the available continuing insurance options for the group, and will be used to enable the group to make an informed decision about the most favourable solution for continuing health insurance protection.
Outside of receiving continuing medical insurance protection for the group following a renewal, it is important to understand that each renewal of a group health insurance plan will actually constitute a new contract between the insurance company and the customer.
At policy renewal the insurance company may introduce a change of benefits or policy conditions into the group health insurance plan –changes that can have a significant impact on the ability of the group to utilize the policy. As such, it is extremely important to understand the terms of the renewal and recognize any significant changes which are being introduced by the insurer.
If the group is unhappy with any changes being proposed by the insurer at renewal they often have the ability to negotiate with the provider to ensure continuity of coverage in line with their needs. The ultimate form of negotiation is, of course, the ability of the group to switch to an alternate insurance provider if they are unhappy with the renewal terms being offered by the current insurance company.
Because of the complexity of renewing a group health insurance policy, CCW works to ensure that all the information involved with renewing the plan is provided in a clear and consistent manner – our expert advisors and account managers will highlight all the key changes and premium updates which can impact your policy into an easy to read executive summary.
This information is also investigated in greater depth in a comprehensive report outlining CCW’s recommendations on the renewal, as well as comparing the existing coverage against alternate plans within the market – giving the group managers the information needed to make an unbiased decision about the renewal terms in light of the group’s requirements.
Because of this, we start work on a group’s renewal report well in advance of the actual renewal date to ensure that there are no gaps in the insurance coverage offered to members, and to make certain that the coverage being offered to the organization is always in line with the group’s unique needs.
If you would like to learn about the assistance which CCW Global offers to companies and businesses renewing health insurance coverage, or if you would like to receive a free no-risk no-obligation benchmarking for your group’s existing health insurance policy, please Contact Us Today.
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