Share

An Insurance Program That Brings Transparency and Control

April 27, 2022
Share

Insurance for yourself or your business is typically one of the last things that most individuals want to spend time or money on. However, we all know it is necessary, especially in these uncertain times.

The world of insurance continues to evolve, where emerging risks bring new challenges. These evolving risks can create uncertainty and roadblocks in daily operations as well as mitigate growth.

Here are some examples:

  1. Cyber Risk. It has become too common that we hear about cyber criminals attacking businesses with phishing schemes, malware and data theft. Cyber risk is a daily threat. How much of this risk do you want to “self-insure”? Due to recent insurance carrier marketplace shifting, submissions are receiving a significantly heightened level of scrutiny focused on the “controls,” such as multi-factor authentication (MFA). So much so that the question being raised is “Will I be able to secure terms and conditions?” if those controls haven’t been implemented. In many cases the unfortunate answer is no.
  2. Specialty Medication Costs. From a health insurance perspective, high-cost specialty medications can be crippling to a health plan. These medications, while life changing for many, can also have a price tag of hundreds of thousands of dollars or more per year in claims. Organizations have had to shift their thinking on how they pay for health insurance, and become more strategic.

The Cleveland Metropolitan Bar Association (CMBA) is proud to partner with Oswald Companies to provide innovative, unique and cost-effective insurance solutions to members, and clients of Association members. Oswald specializes in managing risk across all areas of your organization, allowing your business to thrive. The CMBA offering focuses on health insurance, property/casualty (professional liability, cyber, etc.) and life/individual insurance.

The CMBA Preferred Health Insurance Program is the foundation of the CMBA/Oswald partnership.

For members of the CMBA, firm principals, office administrators, HR and accounting departments typically have oversight of the employee benefits program, and given the large price tag (top three expense at most organizations), are under more scrutiny than ever. The CMBA Preferred Health Insurance Program was created to leverage the size of the association, bringing more transparency and control, translating to reduced cost and upside potential.

Health insurance and employee benefits continue to grow in importance as firms compete for the best and brightest talent. Over the last couple of years, many organizations kept things status quo. We’ve noticed a shift in this mentality lately to keep up with the ever-changing landscape that all employers are facing. This change in mindset has been driven by costs continuing to rise, especially for small and mid-size organizations.

Most think the goal is to find the best benefits at the lowest cost. While that’s not a bad idea, a benefits program is not “one size fits all.” This is a balancing act, where culture, goals, competition, and budget are all considerations in decisions that are made.

Life, long-term care and disability insurance are other areas that are getting some additional attention. Due to COVID-19, many are taking a closer look at their policies, whether personal or for their business. So often, life and other personal insurance policies are implemented and placed into a file cabinet, rarely reviewed. We are seeing individuals and firms take a fresh look, ensuring that their corporate programs, key-man life policies, buy-sell life policies and individual disability programs are a good value and providing the intended benefit.

CMBA has partnered with Oswald to create something different. No matter the size of your firm, our one-stop-shop solution provides unique opportunities that you will not find anywhere else.

The risk and insurance market continues to change quickly. The goal is to look at it strategically, with the intent on using it as a tool, rather than an expense. Thinking about it with that lens is a great start.


This article originally appeared on the Cleveland Metropolitan Bar Journal (page 16).


For more information, visit our Employee Benefits and Property & Casualty pages or contact me directly:

Al Rubosky
Sales Executive
440.812.6082
Email

 

Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.