The threat of a cyber attack seems to increase with each passing day. With every new technology and security measure developed, somehow hackers always seem at least a step ahead. On a personal level, it’s scary – the possibility of a stolen identity or a hacked bank account is enough to keep you awake at night. However at the corporate level, there’s even more at stake: national security, the safety and livelihood of customers and employees, etc.
We’ve all seen the headlines: Target, Yahoo!, Equifax, Verizon, and the list goes on. These companies made the news because they are large, global organizations with influence. However, it is not the size or scale of the companies that caused them to fall victim to cyber attacks. Gone are the days when tech firms were the only ones who really have to worry about hackers; the threat is very real for all kinds of organizations.
So as cyber attacks continue to grow in both frequency and impact, we wanted to ask our colleagues in Risk Management about their thoughts on cyber risk and insurance. Further, what does the commercial insurance market look like for cyber coverage? It is extensive? Are companies well protected? Are captives being utilized?
Through our proprietary survey and research, we uncovered some surprising insights on cyber risk and insurance. We can’t give it all away, but we can tell you that the commercial market for cyber insurance is new, imperfect and fluctuating, causing gaps in coverage for most organizations, some of which are questioning the validity of such a purchase. This creates an opportunity for captives in the cyber space, but you’ll have to fill out the form below to learn more.
The evolution of voluntary benefits – that is, those made available by employers but typically funded by employees – over the last five to ten years is truly significant. Once considered a burden that just wasn’t sought after enough by employees to be worth the effort, voluntary is now a critical component to many corporate benefits packages. It offers a win-win-win solution for employers, employees and vendors alike. It allows employees access to more customized products and services without the employer needing to shoulder the cost, in a time when rising healthcare costs are already keeping them up at night.
In this white paper, we’ll take a deep dive into this market shift and uncover the advantages of voluntary programs for all stakeholders. We’ll also share tips and best practices for getting started – or maintaining – your voluntary benefits program, as well as point out potential pitfalls of voluntary plans and how to avoid them. We’ll discuss things like plan design, workforce demographics, ERISA, program communications and other factors that come into play.
Whether you’re already offering voluntary benefits or are considering starting, you’ll want to read our advice and guidelines. We’ve been helping clients navigate these tricky waters for years, and have picked up quite a few tricks of the trade along the way! Fill out the form below for your copy of the white paper, “Voluntary Benefits: No Longer Voluntary for Employers.”
Healthcare reform, increasing costs, lazered coverage and leveraged trends are causing many employers to reconsider their stop-loss options. These include employers who are fully insured considering a move to self-insurance and current self-insured employers.
Healthcare reform mandates have led to many employers to review the cost of their medical insurance programs including funding alternatives and the need for additional stop-loss coverage. Deciding to insure medical stop-loss and fund it in a captive has proven to be a great way for employers who self-fund their health insurance to add a layer of protection from excessively high individual or aggregate health claims and meet ACA requirements.
Medical stop-loss insurance is not considered first dollar health insurance benefit and thus stop-loss captives are not subject to Department of Labor approval in the United States like many benefits are. Also, by funding stop-loss in a captive, an employer gains access to lower-cost reinsurance they might otherwise not be eligible for as a direct purchaser.
This white paper explains how medical stop-loss insurance captives work, the common types of medical stop-loss captives and who should consider one. We hope you find it helpful and enlightening. If you have any questions at all, please don’t hesitate to contact our captive consulting team. All of our contact information is listed on the final page or this paper.
To get your FREE copy of this white paper, please fill out the form below:
While they were once almost exclusively risk funding mechanisms for the largest of corporations, captives have evolved over the years and a suite of captive funding options have been developed to assist businesses of all sizes.
In this paper, we seek to educate you about captive insurance, the history, benefits and the options available to small and mid-sized companies. We will explain what a cell captive is and how it can be an excellent entry point for a company into captive insurance. Finally, we will explore the next steps for your business if you decide that captive funding of your company’s risk might be a good choice and would like to explore it further.
We hope you find this paper helpful and enlightening. If you have any questions at all, please don’t hesitate to contact our captive consulting team. All of our contact information is listed on the final page or this paper.
To get your FREE copy of this white paper, please fill out the form below:
Over the past two decades, the choice to fund a portion of a their risk in a captive has become a more and more popular one for business owners. Whether it be property and casualty risk or employee benefits, employers understand that this funding mechanism, once viewed as an option only for the largest of corporations, is now an option for companies of all sizes and industries.
There is much to be gained from captive risk funding. Some of the most notable and common benefits include:
- Potential short- and long-term savings
- Customized employee benefits designs and property & casualty programs
- Enterprise risk financing applications
- Potential financial efficients like cash flow and insurance
Spring’s captive insurance experts recently teamed up on a helpful new book about captive insurance. In “The Basics of Captives,” we have laid all the information an employer needs to know about captive insurance including:
- Why you would want to consider a captive
- What exactly a captive is
- What captives can cover
- What kind of captives are there and how do they work
- Where captives are domiciled
- How to know if a captive is right for your business
- How to go about establishing a captive
Spring’s award-winning captive team, lead by one of the industry’s top captive leaders, Karin Landry, have designed and built countless captives over the past 25 years including some of the world’s most innovative funding solutions. In this book, they share a little of their experience, along with some of the recent trends they are seeing, in hopes of helping even more businesses save money on and gain control of their risk programs.
To download a FREE copy of this Captive Insurance for Businesses book, just fill out the form below:
[updated November 2018]
2018 has been a busy, productive year in paid leave law changes. As of November, 11 states, 35 jurisdictions, Washington D.C. and Puerto Rico have all enacted paid sick leave laws, with others on the way to following suit. In 2017, a law was passed that enables employers who provide paid family and medical leave to benefit from a tax credit. This regulation gives even more incentive to companies to introduce varying types of paid leave types.
In our updatedwhite paper, consultants from Spring’s Integrated Disability Management team review legislative acts, across the country related to sick leave to date and discusses the implications for employers and service providers alike. Policies are broken down by state and region, so you can be sure to know what’s going on in different areas of the country.
You can get your copy of this helpful FREE paid leave white paper by filling out the form below and pressing “Submit & Download Paper.”
Photo by StockMonkeys.com
1 “New York State Paid Family Leave.” New York State, 11 Aug. 2017, www.ny.gov/programs/new-york-state-paid-family-leave. Accessed 11 Sept. 2017.
“As Human Resource (HR) and Risk Management (RM) professionals struggle to manage employee absence, the discussion quickly shifts to outcomes, return to work, savings and return on investment. While all very important topics, those measures include a very important data point that is sometimes overlooked – a sick, disabled employee.”
This powerful statement comes from the opening segment of a new article co-authored by Spring Partner Teri Weber along with Jennifer Kurtz and Jennifer Nash-Wright, both of Behavioral Medical Interventions. In the piece, titled “Behavioral Health Claims: Finding the Right Referral,” the three experts detail both peer reviews and independent medical exams (IMEs) and how to identify which referral is appropriate when.
To download this very informative piece, please click on the link below. Of course, if you have any follow-up questions to the advice offered in this piece, please do not hesitate to contact our team. And we will be happy to assist.
Download article here: Behavioral Health Claims: Finding the Right Referral
Image credit: Mark Crossfield via flickr
For many organizations, Risk Management and Human Resources (HR) operate independently with little to no interaction. Each department manages separate lines of insurance with both working towards similar goals; trying to reduce the cost of insurance while providing the greatest coverage for employees and the organization.
Companies for some time now have reduced the costs of their Property & Casualty (P&C) risks by utilizing a captive. Today, this alternative risk transfer technique is also available and utilized for funding employee benefits.
With the ongoing and constant rise in cost for employee benefits including healthcare, life insurance, disability and retiree medical benefits; captives are emerging as an attractive option to controlling those costs.
The HR department historically is the one that manages employee benefits including intricacies of plan design, regulations and mandates. With companies expanding their captive’s use to fund employee benefits, it is imperative the Risk Managers have a tool to understand how they can work with their HR colleagues to successfully fund employee benefit programs through a captive.
Spring’s Funding Employee Benefits in a Captive – A Risk Managers Guide outlines the advantages to funding employee benefits in a captive arrangement and provides guidelines on how to structure this type of program.
Companies who choose to fund their employee benefits through a captive have benefited from the following:
- Reduced and guaranteed premiums for insurance coverage
- Reduced risk and fronting changes associated with the plans
- Custom employee benefit plan designs that are not traditionally offered in the commercial marketplace
Given this environment, Risk Managers are now exploring the option of increasing their captive’s capabilities and funding their employee benefits programs.
If you wish to receive a complimentary copy of Spring’s Funding Employee Benefits in a Captive – A Risk Managers Guide, please fill out the form below and click download.