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Consider approving a Professional Services Agreement for Insurance Broker Services with INSURICA Insurance Services, LLC.
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INITIATOR: Craig Akard, Human Resources Director
STAFF INFORMATION SOURCE: Michelle Crouse, Human Resources Benefits Coordinator
BACKGROUND: In accordance with the True North Culture Statement in that we strive to obtain services that be most efficient for the City. The broker consults with the city on the best options available for insurance. The broker would assist in the yearly open enrollment for insurance as well as act as a mediator with the insurance vendors should any issues arise. The broker assists in monitoring and managing our ancillary products such as dental, vision and other products offered to employees. INSURICA Insurance Services, LLC is the current vendor providing broker services for the city. The current professional services agreement for broker services will expire December 31, 2024. The city and Insurica Insurance Services, LLC have built a good business relationship and for continuity purposes, the recommendation is to continue with INSURICA Insurance Services, LLC for our insurance broker. The cost for broker services varies because the broker is paid commission based on percentages of employee enrollment for ancillary benefits. The commissions percentages for benefits are listed below: Aetna Employee Assistance Program, and FSA/DCA/COBRA at No Commissions, Group Health Blue Cross Blue Shield at 2%; Group Dental with Blue Cross Blue Shield, Vision with Blue Cross Blue Shield, PVCS Vision, Medical Transport with MASA are at 10%; Basic Life & AD&D with Blue Cross Blue Shield, Vol. Life with Blue Cross Blue Shield, Short Term Disability and Long Term Disability with Blue Cross Blue Shield, Group Accidental and Group Critical Illness with Blue Cross Blue Shield at 10%; Whole Life with Colonial, Term Life with Colonial, Cancer with Colonial, and Hospital with Colonial are at 15%; Legal Shield ...
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