Health Insurers Post Record Profits in Second-Quarter 2020

We see very high potential for misinterpretation by the public in this news…AM Best says U.S. health insurers’ net underwriting income in second-quarter 2020 increased to $28.3 billion from $9.1 billion in the same prior-year period. The Best’s Market Segment Report, titled, “Despite Pandemic, Health Insurers Report Record Profits in 2Q 2020,” notes that COVID-19 restrictions resulted in a significant decline in utilization for routine, elective and non-urgent visits and procedures. AM Best notes that utilization has picked up since midyear in most states. The level of underwriting income is expected to temper in the third and fourth quarter, of course.

States Where Insurance Agents Might Not Thrive

Did you see the ThinkAdvisor post that lists the top 5 states where insurance agents might not be needed? Spoiler: California isn’t one of the states listed. If you have time to read about the Herfindahl-Hirschsprung Index — I promise, it’s fascinating!– go to Allison Bell’s post.

How Does Race, Wealth & Power Shape Public Health?

A new KCET documentary called POWER & HEALTH will have economists, sociologists, epidemiologists and experts join the discussion in examining how the intersectionality of race, wealth and power shape public health outcomes and contribute to structures of discrimination resulting in health inequities. This is worth watching!  Here’s all the info you need to watch:

  • CALIFORNIA: Premieres in Southern California on Tues., Oct. 27 at 8 p.m. PT on KCET and encores on Thurs., Oct. 29 at 9 p.m. on PBS SoCal.
  • STREAMING: The film will also be available to stream at kcet.org/PowerAndHealth
  • NATIONWIDE: Premieres Sun., Nov. 1 at 7 p.m. ET/PT on Link TV nationwide (Dish Network 9410 and DirecTV 375).

CAL BROKER

Voluntary Benefits Survey and 2021 Editorial Calendar

California Broker magazine publishes a host of surveys of carriers, GAs, industry leaders and more. Right now our survey goddess Thora Madden is compiling the Voluntary Benefits survey. If you think your company should be included (who does not like free press!?), please email Thora at thora@calbrokermag.com. She’ll be happy to send you the survey. You can see a complete list of our annual surveys by taking a look at the magazine’s editorial calendar.  Speaking of which, we’ve recently finalized the 2021 editorial calendar. If you want to find out about advertising, please contact Devon Hunter at devon@calbrokermag.com. And, lastly, if you’d like to explore sponsorship and special section opportunities, contact Linda Lalande at linda@calbrokermag.com.

BRAVO

CAHU Names Sacramento AHU ‘Chapter of the Year’

The Sacramento Association of Health Underwriters (SAHU) was recently selected as the winner of the Chapter of the Year award by the California Association of Health Underwriters (CAHU). This award recognizes the exceptional efforts of local chapters in membership growth and retention, legislative participation, PAC contributions, contributing education and charitable involvement. Congrats SAHU!

FINANCIAL PLANNING

MDRT Announces Innovative Approach to 2021 Membership Season Amid Crisis

 In the midst of a global pandemic and economic crisis, MDRT announced it has made strategic moves to  help ensure financial pros and their clients are well supported. The association announced its MDRT Productivity Action Plan, developed to help financial professionals qualify for membership in 2021 and equip them with strategies to drive their businesses and clients toward success in the current climate.. To provide its current and aspiring members with more opportunities to join, MDRT waived 2021 production requirements for 2019 and 2020 members, and announced it has no plans to increase dues in 2021. For prior-to-2019 members or first-time applicants, MDRT adjusted the 2021 production requirement, taking into account the economic impacts on the industry.

EMPLOYEE BENEFITS

PayPro Has New Digs

PayPro Administrators has been very busy during the pandemic, including moving! Here’s PayPro’s new address, just a couple of miles away from their former site.

1485 Spruce Street, Suite Q

Riverside, CA  92507

office 951-656-9273

Hey, PayPro, does suite Q have anything to do with “quarantine”? 🙂

MEDICARE

Getting a Beat on Seniors

Performance marketing company Fluent conducted a survey to determine the sentiment of senior citizens toward the open enrollment period this year. Notable takeaways include:

  • While 29% of seniors are well prepared for the upcoming Medicare open enrollment period, 24% of seniors are either worried or confused
  • 22% of seniors report that the pandemic will impact the way they approach open enrollment this year
  • 16% of seniors are waiting for the results of the upcoming election before switching their Medicare coverage, with men more likely than women to wait for the election results

EVENTS

  • LAAHU’s Zoom Happy Hour is the first Wednesday of the month from 4-5p.m. Members and nonmembers welcome. Register here.
  • NAHU Power Hour, 4th Wednesday of the month from 4-5p.m. Pacific. Members and nonmembers welcome. Register here.
  • IICF Foundation Women in Insurance Regional Forums Rescheduled

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

New York: October 26
Los Angeles: October 30
Dallas: November 17
More info at IICF’s website.

  • National African American Insurance Association, National Career Fair, Virtual, Oct. 27, 11a.m. Pacific,  register here.
  • IICF Inclusion in Insurance Forum, Virtual, October 27 – 29

The Insurance Industry Charitable Foundation will convene insurance professionals, C-Suite executives, D&I leaders and other innovators for the IICF Inclusion in Insurance Forum, an action-oriented program with a focus on the future of work in the insurance industry. Gain insights and plans for acting on inclusion, diversity and innovation initiatives from respected leaders representing the industry, academia and other areas of business. Each virtual session will run approximately 2-1/2 hours, starting at 9a.m. Pacific.Register here.

  • NAIC Fall National Meeting, Virtual, Dec 3-9

The agenda for the 2020 NAIC Fall National Meeting is now available. The schedule includes interactive sessions, as well as a special session that will be held by The Center for Insurance Policy and Research (CIPR). Meeting registration opened September 25, and the registration fee is $495. As a reminder, unused registration fee credits received from the cancelled 2020 Spring National Meeting may be applied to the registration fees for the 2020 Fall National Meeting. Register here.

  • CAHU Women’s Leadership Summit will now be April 7-9, 2021!

The latest news from CAHU’s WLS committee is that the CAHU Women’s Leadership Summit will now take place April 7 –9, 2021, at Green Valley Ranch in Las Vegas. Questions should be emailed to info@cahu.org.