A-Z: How Insurance Industry is Responding to COVID-19

The insurance industry has responded in big and small ways to the pandemic. America’s Health Insurance Plans (AHIP) now has an exhaustive list of what nearly every carrier is doing. The list is arranged in alphabetical order by organization or company name. Check out what insurers are up to here.

HEALTH

Pandemic Fallout: Lots of People Lost Insurance, Now Look to ACA

Commonwealth Fund recently conducted a survey to get an early glimpse at how COVID-19 might impact insurance coverage. Among the alarming stats, roughly one in five survey respondents said that they or a partner suffered job loss due to the pandemic. Furthermore:

One of five adults who said that they or a spouse or partner had coverage through a job affected by COVID-19 reported that at least one of them is now uninsured.

The researchers also asked survey respondents if they think people who get their health insurance through an employer should have the option of getting similar coverage, at similar cost, through government-regulated and -subsidized health plans. The vast majority (75%) of respondents said they believed people should have this option. Democrats and those leaning Democratic expressed the strongest support, yet about two-thirds of Republicans also held the view. Read more here. Meanwhile, last week the Trump administration asked the Supreme Court to strike down the Affordable Care Act, arguing that the requirement to have health insurance is invalid because the penalties for not having coverage have been dismantled.  Recent government reports say that roughly 487,000 people signed up with the ACA health exchange HealthCare.gov after losing their workplace coverage this year — an increase of 46% from the same time period last year.

Lara orders orders additional premium savings for drivers and businesses

With record numbers of positive COVID-19 cases, and some counties pausing opening local economies, California Insurance Commissioner Ricardo Lara issued a new Bulletin directing insurance companies to provide premium relief to drivers and businesses for the month of June and beyond. The Bulletin recognizes that California consumers and businesses continue to be impacted by COVID-19 and requires that insurance carriers continue to evaluate changes in risk to their policyholders and apply additional savings as warranted through the remainder of the COVID-19 pandemic.

Pet Insurance Anyone?

Those who sell travel insurance might want to know that a survey conducted by Morning Consult commissioned by the American Hotel & Lodging Association (AHLA) found that only 44 percent of Americans are planning overnight vacation or leisure travel in 2020, with high interest in road trips, family events and long weekends over the summer months. The pandemic, however, has created more interest in and bonding with pets. Producers may see an uptick in pet insurance inquiries.

Cal Broker GPS: Send Us Your Photos!

Speaking of travel, have you seen Cal Broker magazine’s new-ish column called Cal Broker GPS (yes, that’s Global Positioning System!)? That’s where we run a picture of you taking your Cal Broker magazine along with you on your travels. Lately, however, we’ve been using work-from-home photos. In our July issue, you’ll see Cindy Jones of Dickerson Insurance Services. Please send us your photos wherever you are — sheltering at home or venturing out safely! Email a shot of you with your Cal Broker to editor@calbrokermag.com.

Insurance is a Marriage Disruptor?

ValuePenguin surveyed over 500 Americans and found that not only do couples disagree about insurance, but nearly a quarter of couples have never discussed insurance with their partners.

Key findings:
  • 39% of married couples have argued or disagreed with their spouse over insurance.

  • Nearly three-quarters of married Americans have a joint auto policy, while just over half share the same health insurance policy.

  • Older Americans are more likely to share auto insurance policies with their spouse, while people under 50 are more likely to share health insurance policies.

  • Almost a quarter of married consumers have never discussed or reviewed insurance policies with their spouses.

Want to know more? Read the full report here.

EMPLOYEE BENEFITS

LIMRA: How COVID-19 Is Impacting Employers Offering Insurance Benefits

The pandemic has drawn attention to the importance of many types of financial protection, which may increase employers’ interest in offering certain benefits, according to a new LIMRA survey. The survey provides insights into recent changes to business practices, interest in modifying benefits packages, enrollment strategies and employers’ relationships with their carriers.

About 25% of employers say COVID-19 has made them more interested in making changes to their insurance benefit programs within the next 18 months. While approximately 4% of employers have already dropped an insurance benefit as a result of COVID-19 and 16% are considering doing so, 40% of employers say the coronavirus outbreak has affected their views of the importance of benefits, and these are almost universally shifts toward viewing benefits as more important now. Large companies and those most concerned about COVID-19 are the most likely to say their opinions have changed. Benefits that are directly related to healthcare — such as hospital indemnity, critical illness and major medical plans — are the most likely to have experienced a boost in perceived importance.

In addition, 70% of respondents said that some employees will be very likely or somewhat likely to continue to work remotely even after the pandemic. Read LIMRA’s whole post here.

KUDOS

Insurers Rank as Best Placea to Work in IT

Several Cal Broker friends made it to the 2020 Best Places to Work in IT list by IDG Insider Pro and Computerworld. Aflac ranked No. 17 among large organizations, making it to the list for the 20th time. Humana made the list at No. 19 and Kaiser ranked No. 24. See the whole list here.

VISION

VSP and Ease Team Up

VSP Vision Care and Ease  recently announced they’ve partnered to provide brokers and HR administrators with better access to core employee benefits. With this connection, VSP Vision Care will become Ease’s latest EaseConnect+ partner, enabling brokers to securely submit enrollment data and changes directly from Ease to VSP Vision Care. Clients now have round-the-clock access to information and an easier way of updating their benefit selections.

EVENTS

  • Don’t forget LAAHU’s Zoom Happy Hour Today 4 p.m.

Members and non-members alike are invited! Register here.

  • LAAHU Annual Sales Symposium will be Virtual in July

LAAHU’s AdapTech annual conference will be virtual on Friday, July 17, 2020. Register here. More info at LAAHU’s website.

  • IICF Foundation Women in Insurance Regional Forums Rescheduled

Insurance Industry Charitable Foundation has rescheduled the Women in Insurance Regional Forums:

Chicago: October 14
New York: October 26

Los Angeles: October 30
Dallas: November 17
More info at IICF’s website.
  • 16th Annual BenefitsPRO Broker Expo 2020 will be Virtual

BenefitsPRO Broker Expo 2020 will now be virtual in August. Preview the virtual experience here. Register for free here.

  • CAHU Women’s Leadership Summit Now Rescheduled for March 2021

CAHU’s WLS committee announced that the second Women’s Leadership Summit has been rescheduled for March 24-26, 2021, at the JW Marriott in Las Vegas. Questions should be emailed to info@cahu.org.