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The Current State of Auto Coverage What you should know

Most businesses and individuals in the U.S. are experiencing considerable rate increases on auto coverage due to significant losses in the market. In 2016, carriers experienced a 13% spike in auto losses – their worst underwriting performance for the line since 2001 – and S&P projects that auto losses will increase by another nearly 7% this year, hitting a record high of approximately $154 billion. With the combined ratio at a 15-year high of 110%, it’s no surprise that carriers have been seeking rate increases into the double digits across their entire auto book.

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McConnell Pulls Plug on Latest ACA Repeal/Replacement Effort

Tuesday afternoon Senate Majority Leader Mitch McConnell announced that they would not vote on Graham-Cassidy, effectively ending the GOP’s hopes of repealing and replacing the Affordable Care Act (ACA) this year. Graham-Cassidy, which was thought to be a non-starter just a couple of months ago, picked up significant steam in the last few weeks as GOP lawmakers faced the reality of their time to repeal and replace the ACA running out. Time was short because the Senate Parliamentarian ruled that the current push to repeal and replace with a simple majority (a process called budget reconciliation) had to end with the current fiscal year on September 30. With this short window of time, Graham and Cassidy pushed hard to get their bill to the floor for a vote and GOP leadership worked with the Congressional Budget Office (CBO) to fast-track a score on the bill (a requirement under budget reconciliation). 

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Trends Driving Increased Healthcare Costs

It is no secret that healthcare costs are steadily increasing creating a significant burden for employers offering healthcare benefit plans. By analyzing claims data, we can uncover the trends that are driving these costs. Once we understand the data behind the costs, we can identify opportunities to respond and gain control.  

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Mid-Market Benefits Benchmarking

When making decisions about your employer-sponsored healthcare benefits strategy, it is critical to compare your benefit plans to those offered by other employers of a similar size. Benefits benchmarking allows you to remain competitive from a talent acquisition perspective and can uncover opportunities for improvement in the midst of the chaotic healthcare landscape.

Each year, Scott Benefit Services, alongside a leading actuarial consulting firm, conducts a Mid-Market Benefits Benchmarking Survey to help guide employers as they make decisions about their employee benefit plans for the following year. 

Results from the 2017 survey reveal several healthcare benefits trends including:  

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ACE-Navigator: Support for Your Workplace Injury Management Process

The once-popular television crime documentary 48 Hours got its name from a law-enforcement principle that the most critical time in solving a homicide case is the first 48 hours. In short, a case can go “cold” quickly, placing a premium on a swift, thorough and well-orchestrated response by investigators. A similar dynamic is present in worker’s compensation, although the critical window is often quite a bit shorter. The consequence of a delayed or incomplete response to a workplace injury or incident is routinely a sharp escalation in costs. 

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