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Total Cost Conversation — Navigating Client Relationship Model Phase 3 (CRM3) with clients
Discover how to navigate CRM3 conversations to build trust, clarity and stronger client relationships.
Join our May Master Class, featuring Invesco Global Consulting’s Program “Total Cost Conversation — Navigating Client Relationship Model Phase 3 (CRM3) with clients.”
Total Cost Reporting with CRM3 will become mandatory on client statements in January 2027 and now is the right time to start the conversation. This session will help you speak clearly and confidently with clients about what’s changing, using language that builds trust and understanding.
In this session, Invesco will explore:- What to say about CRM3 and how to explain it in a way clients understand.
- How trust differs across generations, including Boomers, Gen X and Millennials.
- How to clearly communicate and reinforce your value to clients.
- Learn practical ways to build trust and confidence when discussing CRM3 with clients.
- Support client conversations with greater transparency and clarity.
- Gain access to a research‑based script to open discussions about Total Cost Reporting.
Learn more - [pdf] Do you know Leona
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Insights from a pandemic: COVID-19 and group benefits plans
We’ve received numerous questions about the impact of COVID-19 and what it will mean for benefits plans in the months ahead. Below is a summary of what we’re seeing so far. In the coming weeks, we’ll explore each of these topics in greater depth.
Disability
Initially, as COVID-19 started to spread, we saw STD claims ramp up quickly. Since then, we’ve seen the number of COVID-19-related STD claims slow significantly. As for LTD, we believe both the incidence and duration of those claims will increase in both the short term and medium term due to COVID-19.
Health and Dental Claims
We saw an overall spike in the volume and paid amounts for drug claims in March as plan members rushed to stock up on their medications. This was followed by a drop in April after most provinces put 30-day refill limits in place. One exception was claims for asthma drugs which surged in March but had no drop in April. Overall, the April plunge will be short-lived; drug costs have already begun to rise in May.
While paramedical and dental claims are down, we are seeing an increase in claims for virtual treatments and emergency dental services. We expect that claims will spike once the current pandemic restrictions are lifted. We’ve already started to see claims rise in provinces that are allowing health providers to re-open.
Despite the shift to more virtual services, we haven’t seen an increase in fraudulent activity. But we continue to be vigilant. Our investigative practices – verifying with the plan member that they received the treatment and have a valid receipt, and that the practitioner has treatment notes – remain the same whether treatment is provided in person or virtually.
Technology
During this time of physical distancing, people are looking for ways to interact with their providers virtually. Fortunately, our business model is almost entirely electronic, and we have several convenient digital options available for plan members and plan sponsors. Our focus in recent weeks has been to remind clients and plan members about these tools and make it as easy as possible for them to activate and use them. And we are continually adding functionality that will allow us to serve our customers even better.
Mental Health/Wellness
Usage of i-Volve, Homewood’s online cognitive behavioural therapy tool, increased significantly in March before levelling back down in April and May. And while EFAP cases fell in April and early-May, the number of cases has begun to climb in recent weeks, particularly for anxiety. In the coming weeks and months, we expect an eventual increase in marital and family issues, as well as depression. We’ve also seen an increase in mental-health-related prescriptions.
Plan Design
It’s too early to predict how the COVID-19 pandemic will impact benefits plan design and how it will change in the coming months. We would love to get your feedback and insights about how benefit plans will evolve and what new features or provisions they should include.
Please share your thoughts and suggestions with your Group Account Executive or myFlex Marketing Manager. Or, you can email your ideas to GroupCommunications@equitable.ca.
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August 2019 Advisor eNews
Coming soon:
Tech updates for plan members
Technology doesn’t stand still, and neither does your clients' businesses. That’s why we continually invest in technology to make things easier for your clients and their employees.
Faster claims processing on Equitable EZClaim® Mobile
Equitable Life now provides real-time processing of massage therapy, physiotherapy and chiropractor claims submitted via the EZClaim Mobile app.
That means plan members are able to find out the status of their claim almost instantaneously. And, for approved claims, they will receive payment even sooner - often in as little as 24 hours.
In order to allow for instantaneous processing and faster payment, plan members will be prompted to enter some additional information including the practitioner’s name, the date of the expense, and the type and amount of the expense, when submitting their claims for these services.
Equitable Life plan members can submit all types of health and dental claims via EZClaim Mobile, including co-ordination of benefits and Health Care Spending Account claims. Currently, 43% of all claims are submitted through the user-friendly app.
AS part of our ongoing efforts to improve the mobile claims experience for plan members, we've also added biometric login functionality to allow plan members to sign in to the app using their face or fingerprint. And we've redesigned our landing page on the mobile app to make it easier for plan members to navigate the various features of the app.
We will be announcing this enhancement to plan members on EquitableHealth.ca
Introducing InpatProtect:
Health coverage for employees who are new to Canada
For a new employee starting to work in Canada, looking after basic health needs can be difficult.
There’s a waiting period for provincial health coverage, and group benefits plans don’t cover the physician, hospital or emergency services that they or their eligible dependents may need during their initial months in the country. They could end up incurring significant unexpected health expenses.
That’s why Equitable Life has launched InpatProtectTM. InpatProtect provides temporary coverage to look after the basic health needs of employees and their eligible dependents during their transition to Canada. Your clients can recruit from outside the country knowing that their employees will have some protection in the event of a medical need, including an emergency.
For up to 90 days, InpatProtect will cover employees and their eligible dependents for basic services that would normally be reimbursed under provincial health plans, such as:
- Physician services
- Prescriptions for medications
- Diagnosis and treatment for illness or injury
- Hospital services
- In-patient services
- Drugs prescribed and delivered as an inpatient in-hospital
- Out-patient services
- Emergency services
- Ambulance services
- Emergency dental services
Contact your Group Marketing Manager or myFlex Sales Manager for more information about this new product from Equitable Life.
De-listed service providers
As part of our ongoing initiative to have Group Benefits plans only reimburse eligible claims, we conduct reviews of the billing and administrative practices of service providers, including clinics, facilities and medical suppliers.
As a result of these reviews we may de-list certain providers. We will no longer accept, or process claims for services and/or supplies obtained from those providers. The plan member can still choose to obtain services or supplies from these providers, but Equitable Life will not provide reimbursement for the claims.
Review Equitable Life’s de-listed service providers
The delisted service provider list is also posted on EquitableHealth.ca for plan members to review to determine if their claim(s) are eligible for reimbursement under their Group Benefits plan.
For more information about protecting group benefits plans from abuse, check out our articles.
1 Based on Equitable Life health and dental claims submitted between January 2019 – March 2019
Google Home and Google Assistant are registered trademarks of Google LLC.
® denotes a trademark of The Equitable Life Insurance Company of Canada unless otherwise indicated. - Physician services
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EAMG market commentary
March 11, 2022
Since Russia first invaded the Ukraine, there’s been no shortage of headlines and commentaries trying to make sense of the situation. This is a tragedy that from a humanitarian standpoint that can’t be made sense of and our hearts go out to the people of Ukraine and those impacted. From a market standpoint, the common thinking is that geopolitical risks, aka war, historically haven’t been associated with significant corrections in the market. So far, the market reaction has been consistent with the historical experience, with the S&P 500 down only about 1% since the start of the conflict and the S&P/TSX Composite Index up close to 4%, despite the heightened daily volatility.
Given the obvious challenges of predicting how these types of conflicts play out, we look to financial market indicators to give us a better sense of the potential risks in the market. And in this respect, the most obvious indicator is oil. Since the start of the Russian invasion, oil has rallied roughly 18%, which is even more impressive considering it had already rallied 21% from the start of the year to the beginning of the conflict.
While we don’t know what will happen to energy markets over the coming weeks, we do know that oil shocks can result in higher inflation and sometimes lower growth. Inflation was already rising, although strategists generally viewed this as temporary on the expectation that the covid related supply chain disruptions and reopening pressures were the primary causes that would eventually self-correct. But as the Russian-Ukraine conflict intensifies, consensus views are moving towards inflation becoming more structural in nature. There are growing risks this will change consumer behaviour, causing inflation to be longer lasting than initially expected. Much of this has to do with the fact that as the world’s 3rd largest exporter of oil, Russia has taken a material amount of oil production capacity offline, resulting in significantly higher oil and gas prices. This also explains the significant outperformance of energy equities, and the broader S&P/TSX Composite Index vs US counterparts on a YTD basis.
While there are beneficiaries to higher oil prices, the consumer certainly isn’t one of them given gas prices reflect movements in the oil market. So far in 2022 prices paid at the pump have gone up 30%, one of the fastest paces on record. This, in addition to food price increases, will put strain on the consumer as higher bills divert dollars away from discretionary spending and potentially slow economic growth.
The other factor we’re closely watching is the overall health of the European economy, to which Russia supplies about 40% of Europe’s natural gas, 25% of their oil imports and 45% of their coal imports. While the European Commission has indicated plans to cuts their dependence on Russian energy well before 2030, the short-term impacts will be costly as Europe and other global markets see higher energy prices follow. As well, food prices will likely become an issue for the region given the interruption of supply out of the Black Sea which has driven grain and oilseed prices to levels not seen since 2008. Investors to date have priced in significant risk, evidenced by the performance of the Stoxx 50 which is down 17% YTD, one of the worst performing markets across the global universe.
While commodity prices are just one indicator, we are mindful that they could be telling us inflation may be more persistent than previously expected. From a long-term perspective this hasn’t changed our view of the equity market. As a result of potential near term impacts however, we have reduced our exposure to European markets in favour of the Canadian market and as well we have added inflation and risk hedges with sector allocations to energy, consumer staples and utilities, while still maintaining our overall long-term target levels to equities. There is no direct exposure to Russia in any of the three Equitable Life Active Balanced Portfolios which includes Equitable Life Active Balanced Growth Portfolio Select, Equitable Life Active Balanced Portfolio Select and Equitable Life Active Balanced Income Portfolio Select.
Downloadable CopyAny statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable Life of Canada® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.
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Equitable Life Group Benefits COVID-19 Update
The test of a great partner is one who stands tall when you and your clients need to rely on them most. As the COVID-19 pandemic continues, we thought you might find it helpful to have a summary of where we are during this crisis.
You can download this PDF version to refer to when meeting with your clients.
We are here with you and for you
We’ve taken several steps to support you, your clients and their plan members during this crisis, including:
- Providing premium refunds for insured, non-refund Health and Dental benefits;
- Waiving the waiting period for short-term disability claimants who tested positive for COVID-19;
- Extending out-of-country travel coverage for plan members who were unable to return to Canada;
- Providing increased flexibility for premium payments; and
- Keeping you and your clients informed with timely Q&As and announcements, webinars, and insights into the impact of COVID-19 on benefits plans.
As well, to commemorate our 100th Anniversary this year, we donated $4.5 million to purchase and install a new MRI for Grand River Hospital. And we donated $50,000 – $10,000 each – to five charities in British Columbia, Alberta, Manitoba, Ontario and Quebec. For more information about our celebrations, check out our website at www.equitable100.ca.
We have adjusted our business to become digital
Our business is near 100% digital, so the vast majority of our employees are now working remotely from home and are fully functional. Since the pandemic began, our IT and operations teams have digitally enhanced more than 20 different processes and services to make it easier for us to integrate with our distribution partners in this new reality.
We pride ourselves on our customer service
In 2019, our dedication to customer service was recognized with outstanding survey results.
- In a 2019 survey of customers from 15 life insurance companies,1 Equitable Life ranked #1 on the Net Promoter Score, a measure used across industries to gauge the loyalty of a firm's customer relationships; and
- A survey of Group consultants, brokers and third-party administrators 2 ranked Equitable Life in the top two insurers across all categories.
For 2020, we continue to deliver service at the same level with no disruptions during this crisis. Our Customer Care Centre remains open to support plan members and can be reached at 1.800.265.4556. And our Client Relationship Specialists are available for Plan Administrator questions and support.
We are financially strong and stable
We remain financially strong and continue to focus on meeting the needs of Canadians. At the end of the first quarter, our Life Insurance Capital Adequacy Test (LICAT) ratio is at 152.5%, well above our goal and the regulatory requirement.
As the global situation continues to evolve, rest assured that Equitable Life is unwavering in our commitments to you and the communities we serve. We are here with you and for you. Please contact your Group Account Executive or myFlex Sales Manager if you have questions or need assistance.
1 LIMRA CxP Customer Experience Benchmarking Program, Life Insurance In-Force Experience 2019
2 NMG Consulting’s Canadian Group Benefits Survey 2019
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Levelizing taxes on fixed income investments
A smart strategy to promote with clients
Many clients choose fixed income investments because they are more stable and predictable than other investment types. However, there is a downside to this approach that many don’t think about – taxes, which increase as the investment grows. As an advisor, you can help clients reduce some of the money they pay in taxes by suggesting a different approach.
In most cases, fixed income investments are taxed yearly. To pay these taxes, clients usually take out some of the interest income earned, and leave the rest invested. This in turn increases the tax that must be paid on the interest earned the next year. As a result, a large amount of the investment income earned each year goes straight to taxes with a growing amount of tax that must be paid each year. You can show clients a solution that can help lower total taxes they pay on their fixed income investments.
The tax challenge
Using participating whole life (WL) insurance as part of a financial solution, you can help clients levelize their annual tax payment. And lower the cumulative tax they must pay on their fixed income investments.
The solution: levelize the tax
Each year the client takes out the full amount of the interest earned on the fixed income investment. They leave only the principal amount. Part of the interest income withdrawn is used to pay the taxes on the fixed income investment. The remaining amount is used to pay premiums for a participating WL policy. Because the client is leaving only the principal amount invested, the tax they pay each year is a levelized amount. This reduces the cumulative taxes they pay over the life of the fixed income investment.
How it works
With this solution, the value of the fixed income investment along with the potential value provided by the participating WL policy, can mean a higher estate value. And a lower cumulative tax bill than what can be achieved through only the fixed income investment.
The participating life insurance not only provides valuable life insurance coverage, but also offers tax-advantaged growth and the potential for dividends.
To help explain this concept to individual clients, feel free to share Levelize the tax on your fixed income investments with participating whole life (1799).
This concept also works with corporate owned participating whole life policies. Feel free to share Levelize the tax on fixed income investments with corporately-owned participating whole life (1874).
This solution isn’t just about lowering taxes. It’s about helping clients grow their money, plan for their future, and protect what matters most. As an advisor, guiding clients toward solutions that address both immediate and future needs can set you apart and help build trust.
Why it matters
Contact your wholesaler to learn more.