Are you tired of over paying for your group benefits insurance premium yet?
If you could lower your Group Benefit premium rates by 15%, with very little effort on your part, would you do it?
Group Insurance premiums are based on two primary factors; claims experience and administration costs of the insurance company. Assuming the benefit plan designs are the same between different insurance companies, the claims will be the same.
The only difference then becomes the administration expenses built into the plan by the insurance company. These administration expenses vary widely amongst insurance companies.
For example, your law firm may be using any one of about eight insurance companies, most of whom do a fine job of paying claims. Their built in administration costs will vary between 33% and 64% for smaller firms. Meaning, for every dollar of claims reimbursed to your employees, the insurance company will keep between 33 cents and 64 cents; this is VERY expensive to your firm.
The Canadian Bar Insurance Association sponsored “Bar Group” plan provides benefits to law firms across Canada. This creates enough volume of premium and claims to allow them to offer group benefits for 11% administration. So if you are using another insurance provider, you are paying between 209% and 581% more in administration costs built into your premiums than you need to!
Lower administration costs, combined with the not-for-profit status of the Canadian Bar Insurance Association, offers significant savings to most firms.
Silverberg Group is the exclusive representative in Alberta for The Canadian Bar Insurance Association’s proprietary product arrangements. We work with all of the insurance providers and are the only Employee benefit firm that is able to provide a clear, complete and unbiased recommendation on what is best for your firm. So far, over 120 Alberta Law Firms have put their trust in us.
Interested in hearing more about how Silverberg Group can save you time & money?