AGA’s experienced and qualified professionals, including several actuaries, have in-depth knowledge of group insurance. They offer a full range of high-quality, tailor-made services and customized advice to businesses large and small.
360° Group Insurance Services
With AGA, businesses have a high degree of flexibility when setting up or managing their group insurance plan. For larger groups, we can design a custom plan and even make special arrangements with insurers.
Get sound advice from our team on:
- Plan design
- Plan redesign and alignment
- Financial arrangements
- Rate renewal and call for tenders
- Management of stakeholder relations
- Employees abroad and foreign employees at home
Plan design based on circumstances
As an important asset for staff recruiting and retention, your group insurance plan must meet the needs and expectations of your employees. These needs vary depending on group demographics (age and gender) and other factors.
Based on their experience serving 1,200 clients and 40,000 plan members, AGA specialists consider all these aspects to help you choose and develop the plan that is right for you:
- Standard plan
- Modular plan with gold/silver/bronze-type options.
- Full flex plan, complete with health spending account
Plan redesign and alignment
We guide you through your plan’s redesign or alignment process, which includes several steps such as:
- Comparative analysis of existing plans
- Change impact analysis
- Updating the plan design
- Financial simulation
- Enrollment and administrative support
Finding the best financial arrangements
There are three main types of financial arrangements underpinning group insurance plans:
Traditional insured planThe insurer’s commitment is simple: premiums are negotiated in advance and remain the same for the agreed time period.
Insured plan with retentionThis more complex arrangement allows the policyholder to participate financially in the group experience. Should the sum of claims paid, administration fees and reserves be less than the total premiums paid during the period, the policyholder may be entitled to part of the surplus, in the form of a rebate. Conversely, any shortfall will be recovered through a premium adjustment charged to the group.
Self-insured planThe policyholder assumes the financial risk for certain types of coverage, typically medical and dental care, while the life insurance and long-term disability coverage are maintained on an insured or retention basis. Learn more about self-insurance.
To better understand your options, our team conducts financial simulations to illustrate the anticipated results. Our professionals then help you negotiate with insurers the arrangements tailored to your situation.
Rate renewal and call for tenders
The cost of group insurance plans keeps rising quickly every year. It is therefore important to consult one of our expert advisors in order to control your costs.
Every year, we analyze your insurer’s renewal terms and conditions to determine the fair cost and then negotiate these conditions.
When negotiations fail to produce acceptable rates, it may be appropriate to call for tenders from other insurers on the market. This call for tenders must be conducted professionally in order to get the most competitive quotes. Our advisors help you select the right time to issue a call for tenders.
Management of stakeholder relations
Three types of situations are found in unionized work environments:
- The employer is the sole policyholder.
- The union is the sole policyholder.
- Both parties are joint policyholders.
Financial responsibility for the plan is shared by splitting the cost of insurance premiums. To guarantee the smooth operation of these plans, it is essential to set up communication mechanisms to ensure that all stakeholders have a common understanding of the plan’s objectives, financing and long-term management.
Your AGA Benefit Solutions consultant is an objective, credible resource to support a sound management approach that is transparent for all policy holding parties.
Employees abroad and non-resident employees in Canada
When Canadian employees are assigned abroad for a determined period, specific contracts must be set up with specialized insurers to avoid any discontinuity of coverage.
The type of coverage needed will depend on such factors as the length of the assignment, the country where the employee is deployed and the employee’s family situation (whether the family is going abroad or remaining in Canada).
Similarly, employment of a non-resident in Canada also requires special attention, because your basic group insurance contract excludes employees who are not covered by the public health care plan.
Your AGA Benefit Solutions expert can help you get a clear understanding of your needs and appropriate insurance coverage requirements.