Spring Team Member Named DMEC Emerging Leader

We are delighted to announce that Lai-Sahn Hackett, Spring’s Director of Market Research, was recently recognized by the Disability Management Employer Coalition (DMEC) as one of two recipients of their Emerging Leader Award for 2021. Lai-Sahn has been a self-starter since she started with Spring as a Consulting Analyst.

Lai-Sahn continuously takes on more to proactively become an expert in her field, making real contributions to not only our company and clients, but to the industry at large. Committed to professional development, Lai-Sahn helped create educational content for DMEC’s micro credentialing courses. She also plays a pivotal role in Spring’s industry-leading benchmarking and survey capabilities. She is adept at turning data into meaningful insights, cutting through the clutter so that organizations understand the areas of their programs that need action. Last year, Lai-Sahn was instrumental in launching a COVID-19 related benefits survey, gauging different reactionary measures taken by employers. She also took the findings of our annual healthcare benchmarking survey and created an innovative, digital benchmarking dashboard so that we can filter through client data in a range of ways for different comparisons.

Lai-Sahn is certainly deserving of the DMEC Emerging Leader Award and we couldn’t be more proud and lucky to have her on our team!

Spring Launches 2nd Annual Healthcare Benchmarking Survey

Help Us Help You Benchmark Your Programs

We are excited to announce that we are in the midst of conducting our second annual healthcare benchmarking survey, and we’d love your input! The survey will yield a robust landscape of healthcare in the US and the different approaches employers are taking. Having this pulse on the market is all the more important as we continue to cope with the pandemic, and our data will help guide employers and vendors in pivoting their strategies accordingly.

The survey, which can be accessed here, will be open through August 21, 2020 and will ask detailed questions about your company’s benefits. The contents of the survey include:

Background Questions
Benefits Offered
Disability
Life
Medical Plan Details
Pharmacy/Rx Plan Details
Retiree Medical
HSA/HRA
Health and Productivity
Dental
Vision
Retirement Benefits
Firmographics

It will take about 30 minutes to complete the survey. Please note that the survey will “remember” your responses, so you do not need to complete the survey in one sitting. Please be aware that there are sub-questions programmed into the survey that will only appear based on your responses to other questions. As such, the question numbering may not always be consecutive.

The data compiled will be summarized in a report that you can use to benchmark your company against others of similar size and industry. Please note that the data will be aggregated and individual responses will be kept confidential.

As an alternative to you completing the survey online, you can send us your company’s benefit information (e.g. your open enrollment kit) and we will fill in as much of the survey as we can, and come back to you to fill in any major gaps.

Please click the link below to begin and know that you are making a valuable contribution to the industry by doing so.

https://springconsulting.iad1.qualtrics.com/jfe/form/SV_6MCy4oC2ldOd4Y5?Source=Spring

Thank you! Please get in touch with any questions: insight@springgroup.com.

State of the Industry: Cyber Risk & Captives

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.