Response to
Request for Broker Qualifications for Property / Casualty Insurance & Employee Benefit s Insurance
February 14, 2022
Presented by:
INSURANCE RISK MANAGEMENT EMPLOYEE BENEFITS SURETY BONDS 6001 River Road, Suite 406 Columbus, Georgia 31904 706.571.0093
Introductory Statement
February 14, 2022
Janet Peters Accounting Director Spring Harbor at Green Island 100 Spring Harbor Drive Columbus, Georgia 31904
Dear Janet:
We are extremely pleased to have the opportunity to discuss your insurance brokerage relationship and forward looking insurance partner needs. The combination of market uncertainty and rising insurance costs concerns has driven many companies to review their options, and in many cases change brokers. Yates Woolfolk & Turner has been extremely successful in establishing new client relationships in this turbulent environment given our unique value proposition. Our success comes from our ability to deliver the right combination of people, size, financial strength, expertise, resources, marketing and chemistry that add real value to our clients’ risk management processes. Our formula for success is straightforward: Our ownership structure, business model and culture are unique to the insurance brokerage business, which affords us a distinct and sustainable competitive advantage in our market. Consequently, we attract and retain the very best technical professionals in our business that are accountable, passionate, and committed to achieving the best results for our clients on a continuous basis. As a result, we have one of the industry’s leading client retention rates which is the ultimate measure of success in our business. Dedicated, experienced professionals who understand your business operating in a unique, healthy, and energetic environment produce extraordinary results. We would very much like the opportunity to demonstrate our commitment to Spring Harbor. Throughout this document, we will demonstrate to you the many value points and distinct differences that make Yates Woolfolk & Turner a great partner for Spring Harbor. We encourage you to contact our client references to discuss how we improve the bottom line of their risk management programs and also carefully review our compensation arrangement which is one of the most competitive in the industry.
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Describe your firm
Yates, Woolfolk & Turner Insurance's history of providing personalized and innovative service to our clients spans over 100 years. In July 2006, two of Georgia's oldest insurance agencies, The Yates Agency (established in 1949) and The Woolfolk Agency (established in 1896) merged based on a shared principle of offering custom programs managed by world-class talent. Today, our staff has grown to over 150 associates and is one of the largest privately held agencies in the Southeast. Yates, Woolfolk & Turner Insurance was founded on the basic principles of knowledge, service and tradition: We are committed to the highest standard of excellence in everything we do. We believe in fostering and respecting the relationship with each client and carrier, and we promise to make a recognizable difference to our clients' businesses through innovative insurance solutions. We believe in sustaining a highly ethical, moral and caring culture. We strive to be the premier insurance brokerage firm in the markets we serve. Our philosophy for offering first-class client service begins with recruiting, attracting, and investing in the best and brightest talent. We believe in empowering our employees with the abilities to exercise their skills, and we are committed both to being a great place to work and to offering unmatched client service. As a privately held firm, our principals and the executives handling your account have a vested interest in developing and maintaining long-term relationships with clients such as Spring Harbor. On behalf of our clients, our firm manages in excess of $200 million in property / casualty insurance premiums on an annual basis. Most of our carrier/agency agreements are preferred agent status. We have access to the top-tier wholesalers as well as an enviable position with the London markets.
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What is your approach to securing the best rates?
Program Analysis Methodology Every broker touts his or her wide-ranging array of professional services during the sales process. But Yates sits down with the client to talk about their needs; how Yates’s capabilities can address each of these needs; then Yates creates a written service plan, with the client at the table, which clearly lays out the service commitments and value added objectives. We believe that the client should depend heavily on its insurance broker for advice, counsel, and service. This requires a close relationship based on continuity of people and familiarity with your needs. Spring Harbor is extremely conscious of the cost of risk; therefore, the program should be structured in such a way to consistently achieve the best results. Yates offers the following services and capabilities to help manage your total cost of risk: Loss Forecasting
Cash Flow Analysis Retention Analysis Collateral Analysis
This will allow Yates and Spring Harbor to determine appropriate levels of Risk Retention versus Risk Transfer factoring in market conditions. Once we have a structure to work with and a preferred funding method , "collateralization" , we will use this information to determine which structures are most appropriate. Program Design The foundation for selecting an optimal program design begins with defining critical business and risk management objectives and choosing decision criteria that will aid in reaching those objectives. This is a key part of the program design process. Once these steps are taken, we will evaluate the extent to which several risk financing structures fulfill those objectives, from guaranteed cost policies purchased from a traditional insurer to capital market products provided by the financial market. Limits Carriers Retention Levels Coverages Self-insurance
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Spring Harbor’s Objectives We need to discuss and rank in order of importance the following topics: Predictability of cost Minimize earnings volatility Maximize cash flow advantages Minimize collateral Tax acceleration Carrier relationships Control of claims handling
Loss Forecasting & Analysis
An accurate prediction of future losses is the foundation upon which most risk management activities are built. Activities such as cost allocations, loss cost reduction efforts, and benchmarking projects all depend on loss information as a starting point.
Reserve Analysis Loss Development Collateral Analysis Alternative Risk Markets Financial Reviews
Exposure Analysis A survey can uncover loss exposures, including those traditionally considered non- insurable. The account management team and the appropriate individuals at Spring Harbor will work together to catalogue exposures, risk control practices and strategies toward handling risk. Our entire team will work with you to suggest, evaluate, and select effective risk control and risk financing techniques.
Retention Analysis
We will employ a variety of methods that assist you in assessing risk-bearing capacity, both for individual lines of coverage and in the aggregate. Loss costs (both insured and uninsured), insurance costs, financial benchmarks, and client- specific circumstances and appetites are key factors our model contemplates.
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Do you work with other clients in our industry? Can you provide a reference? We are proud of the service we provide and feel our clients will agree. We have identified the following clients which you may be familiar with as well as other clients with very complex risk management requirements. We encourage you to contact any of these clients to discuss our firm’s service capabilities and their experience with our staff.
Services Provided
Client
Contact
Description
Jack Hughston Memorial Hospital The Hughston Clinic
Property / Casualty Brokerage & Consulting
Mark Baker CEO 706-324-6661 mbaker@hughston.com
47 bed hospital facility plus physicians clinics 750 employees
Columbus, GA / Phenix City, AL
Shepherd Center
Property / Casualty Brokerage & Consulting
James Shepherd CEO 404-352-2020
152 bed rehabilitation center, including 10 bed ICU unit 1,735 employees
Atlanta, GA
Autumn Glenn Management Group dba Sterling Estates Retirement Community
Marshall Gill COO/Partner 678-467-7643 mgill@sterling-estates.com mgill@theagmg.com
Independent & Assisted Living Facility 175 employees
Employee Benefits Consulting (Group Medical, Group Dental, Group Life & LTD, Voluntary Benefits)
Marietta, GA
Azalea Estates
Marshall Gill COO/Partner 678-467-7643 mgill@sterling-estates.com mgill@theagmg.com
Independent & Assisted Living Facility 100+ employees
Employee Benefits Consulting (Group Medical, Group Dental, Group Life & LTD, Voluntary Benefits)
Fayetteville, GA
Columbus Consolidated Government
Anne-Marie Amiel Risk Manager 706-225-3113 aamiel@columbusga.org
Municipality Large property risk
Property Insurance Brokerage & Consulting
Columbus, GA
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Do you provide assistance with compliance and HR concerns?
Yes, our firm provides hands-on consulting and guidance for all compliance and HR matters. In addition, we provide every client direct access to our Zywave Client Cloud at no cost. The Zywave Client Cloud offers all the tools and content needed to solve unique pain points, along with the day-to-day concerns of HR and Compliance. We also have a preferred partnership with iSolved Benefit Services to integrate and simplify all the headaches associated with ERISA, COBRA, FMLA and Cafeteria Plans.
Simply put, if we don’t know the answer we can get an accurate one to you very quickly.
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How will you ensure rates are competitive in the future?
Benchmarking is the cornerstone of the consultative approach we take in providing brokerage services to our clients. We access and provide this from three primary sources: internal, carrier partners and industry publications. Typically we asses all three to determine what is most appropriate for the client. We discuss this in full with the client to assure that the recommendation is in keeping with their risk appetite. We use the following databases to provide comprehensive benchmarking for our clients: Towers Perrin D&O Report RIMS Database Advisen Database Benchmarking is one of the most challenging areas of risk management analysis. For example, the frequency and severity of medical malpractice claims vary dramatically from state to state, and healthcare organizations tend to count claims differently and reserve differently, making frequency and severity comparisons problematical at best. This is all assuming that the data is available. We are finding that larger organizations such as Spring Harbor are benchmarking against themselves. This allows an organization to focus on current and relevant risk and insurance initiatives. Benchmarking works well in other risk management areas, such as cost of insurance per million purchased, captive administration costs, brokerage expenses, limits and retentions analyses, and total cost of risk. Benchmarking also works well in the area of Directors’ and Officers’ and Employment Practices Liability. These lines have less volatility by type of industry and/or state distribution, leading to a larger comparative database. Further, Yates takes the time to get to know your organization and identify areas of concerns. The following are ways in which we utilize your historical information to create an insurance and risk management program that is tailored to the specific needs of Spring Harbor: We review all exposure data related to all lines of coverage We audit historic claims, check accuracy and the impact to underwriting decision making We evaluate liability associated with discontinued operations We benchmark current limit structures against industry and Yates clients We discuss Spring Harbor overall appetite for risk We provide updated comprehensive review of current programs and make appropriate recommendations
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How is your brokerage compensated? What is the fee structure?
Employee Benefits Broker Compensation Most of the time , agencies are compensate d by the insurance carriers based on a percentage of premium or a month ly fee based on the number of enrolled employees for medical insurance . For groups around Spring Harbors size , most carriers pay 4% of total premium or a $ 4 0 per employee per month (PEPM) fee for those enrolled in a medical plan . Because of the ever rising cost of medical premiums, a broker electing a percentage of premium will typically be compensated significantly more than a PEPM fee. All ancillary lines of coverage ; dental, vision, basic life , voluntary life and short-term disability , long-term disability and supplemental insurance are typically paid between 10% - 20 % of the premiums , per line of coverage . Some clients prefer a fee-based compensation arrangement , which is negotiated and paid directly to the agency on a monthly basis. In this scenario, all insurance p remiums are net of commission. All of our benefits compensation and fees are 100% transparent . We always let the client decide which compensation method they prefer. Property / Casualty Broker Compensation Property /C asualty insurance companies typically compensate brokers on a defined commission basis (a percentage of premium). Most property / casualty lines of coverage are paid at 10% to 15% of the total premium. For Spring Harbor’s property / casualty program, we recommend a fee arrangement rather than a commission arrangement. Our fee arrangement is approximately half of the percentage arrangement. For example, if your premium on a line of business is $100,000 , the standard commission is 15%, our fee would be $7,500 versus $15,000 in commission . U nder a fee arrangement all insurance premiums are issued net of commission.
All of our property / casualty compensation and fees are 100% transparent.
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Describe your risk management services
We provide a comprehensive in-house menu of services to our clients as
detailed in the summary below and on the following pages.
Risk Management
Risk Identification Monitoring of Overall Insurance Program Including Regular Client Stewardship & Review Meetings Monitoring Audits & Checking Accuracy Development of Insurance Specification and Plan Design Negotiating with Insurers Regarding Coverages, Costs and Payment Options Catastrophic Modeling
Risk Financing Analysis and Gathering of Loss Information Advising Regarding Risk Retention Levels Development of Retention Financing Plans Loss Measurement Implementation of Retained and Transferred Risk Programs
Claim Services
Facilitation of Loss Reporting Monitoring Losses & Reserve Integrity Problem Resolution and Intervention Litigation Management After Hours Claims Services (24 x 7) Claims Review Reporting & Consultation Services
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CLAIMS SERVICES
Customized Services
Claims Service Plan
Negotiate special claims handling instructions & procedures with the insurance carriers and client Provide enhanced claims services to include litigation management, return to work programs, and dispute resolution Provide periodical claims reviews and reporting on a schedule customized for each client’s needs Provide loss trending analysis of claims including recommendations for loss control specific to a client’s exposure and claims history
Training & Reporting Services
Develop reporting procedures and protocols specific for each client’s needs to ensure prompt and accurate reporting of losses
Provide online claims training Develop customized loss reports
Proactive Claims Communication
Serve as a single point-of-contact to the client regarding all claims issues, service questions or concerns Monitor losses, including payments made and reserve integrity, regularly using a comprehensive diary and documentation system. Ensure that clients are provided accurate and timely loss information
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LOSS CONTROL SERVICES
Our agency will conduct or coordinate various loss control services and activities with our clients and their insurance carriers. Additionally, we have relationships with third party risk management firms which can assist or provide additional services as needed.
Participate in client meetings to advise risk management strategies and insurance program impact of property acquisitions
Client Meetings
Coordinate kick off meetings with client staff
Conduct annual insurance program reviews & periodic stewardship meetings
Facilitate loss control resources from carriers and other providers Investigate, implement and manage/administer safety, loss control and OSHA compliance resources that are offered exclusively to our clients
Ongoing Client Resources
Engage in problem solving and dispute resolution
Identify industry-specific issues, formulate positions and evaluate impact on risk management/insurance program
Establish proactive relationships with loss control departments with client’s insurers Coordinate carrier loss control services and create customized services tailored to client’s operations
Carrier Partnership
Coordinate and attend all carrier requested loss control visits
Evaluate and interpret insurance carrier loss control recommendations and assist with implementation or mitigation of risk factors
Make recommendations and participate in improving the client’s overall risk management program Assist in the evaluation or creation of a workplace safety manual or other guiding materials to positively impact risk management program Create post accident or incident investigation program, procedures and processes Create driver criteria programs and assist in conducting driver safety training classes
Client Service Plan
Assist in the conducting of safety training programs
Provide resources & assist in developing drug free workplace certification programs Assist in the creation and implementation of safety incentive programs
Assist with OSHA compliance and inspection
Assist with DOT compliance issues
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LOSS CONTROL SERVICES (continued)
Perform inspections of premises, equipment and work sites to determine health and safety regulation compliance Identify and evaluate safety culture, physical facility conditions and overall practices of prospective and current operations Develop and analyze loss trends. Provide comparison reporting to industry-specific averages including providing interpretative charts & graphs with explanation and suggestions for improvements Utilize experience modification projection software to evaluate the impact of claims and future premiums Provide safety newsletters and/or industry-specific best practices reports
Inspections
Reporting
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What tools or technology will you use to collaborate with us?
For Benefits Administration, we implement Employee Navigator at no cost. This system integrates with all carriers and will automatically feed enrollments and terminations to each carrier. This creates efficiencies and accuracies for the employer, all while streamlining the process. As mentioned previously, we also implement Zywave and prefer iSolved Benefit Services to further the data integration. For Property / Casualty insurance program administration, the Zywave Risk Management Portal offers a wide range of services and we will provide this tool at no cost to Spring Harbor. Included in this package is our 24/7 Certificate Program, another online tool. Once we select the appropriate insurance carriers , there will be many carrier access options from which to choose. We conduct an installation meeting with clients when changing carriers and present the various options for your consideration.
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Who on your team will work directly with us?
Spring Harbor Account Service Team
TEAM LEADERS Bill Woolfolk Seth Knight
PROPERTY / CASUALTY ACCOUNT SERVICE Mark Yount, CPCU, ALCM, ARM Holly Born, AU Sherri Symuleski, AAI
EMPLOYEE BENEFITS ACCOUNT SERVICE
RISK MANAGEMENT Bill Woolfolk
Seth Knight Resa Carter
CLAIMS & LOSS CONTROL Kristine Taylor Lisa Hiler-Riley
MARKETING Chris Stuart, CPCU
HR & COMPLIANCE Chris Purvis
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SPRING HARBOR ACCOUNT SERVICE TEAM
Bill Woolfolk, CIC Agency Principal Property / Casualty Broker
Role Direct Contact. Serves as principal contact for client. Directs all facets of service team activities and works directly with client to ensure satisfactory results. Bill graduated from the University of Georgia in 1974 Cum Laude with a degree in business. He started his insurance career in 1974. Role Direct Contact. In 1998, Seth founded Knight–Rawls, Inc., with partner T. Sam Rawls to build a Columbus-based insurance brokerage firm that specializes in executive and employee benefits. Born and raised in Rome Georgia, Seth graduated from the University of Georgia in 1982 with a degree in business. He started his career as a Group Service Representative with Georgia International Life and became a full-time career agent with Mass Mutual in 1984. Role Direct Contact. Works with the Bill Woolfolk in coordinating the service team to insure that daily and long term service objectives are met. Mark graduated from the University of Georgia in 1977 with a degree in finance. He has worked in the insurance industry for over 30 years in both broker/agency as well as carrier underwriting roles. Mark earned the CPCU designation in 1984, the ACLM designation in 1985, and the ARM designation in 1994. Mark joined the agency in 2000. Role Direct Contact. Works with the Bill Woolfolk in coordinating the service team to insure that daily and long term service objectives are met. Holly graduated from Lycoming College with a degree in business. She has worked in the insurance industry for over 25 years in both broker/agency as well as carrier underwriting roles. Prior to joining our firm, Holly was underwriting manager at Royal Insurance Company with emphasis on D&O, EPLI and Cyber Liability. Holly joined the agency in 2000. Role Directs marketing and negotiating efforts with the various insurance carriers, brokers and service providers. Explores all risk alternatives available and makes recommendations for placement. Graduating Cum Laud from Florida State University with degrees in finance and multi-national business, Chris worked as an underwriter with national insurance carriers and a large insurance broker before joining the firm in 2005. He manages the agency’s Marketing Department and is responsible for ensuring carrier coverage and pricing negotiation as well as overseeing the efforts of the marketing department staff.
Seth L. Knight, III Agency Principal Benefits Broker
Mark Yount, CPCU, ALCM, ARM Account Executive Property / Casualty
Holly Born, AU Account Executive Property / Casualty
Chris Stuart, CPCU Marketing Manager Property /C asualty
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SPRING HARBOR ACCOUNT SERVICE TEAM (continued)
Sherri Symuleski, AAI Account Manager Property / Casualty
Role Direct Contact. Responsible for meeting the daily service needs of the client and coordinating with other service team members including Technical Coordinator and Account Technician. Sherri is licensed as a property / casualty agent. She has 13 years experience in the insurance industry & is qualified in handling commercial accounts. She earned her Accredited Advisor in Insurance designation in 1999. Sherri joined the agency in 2006. Role Direct Contact. Assist client in reporting and monitoring claims. Performs detailed loss analysis and coordinates client presentations on a scheduled basis to review losses & recommendations for loss control. Kristi has been serving in claims handling, management and client consultative roles since 1986 including experience working in claims management at a major insurance carrier. She is responsible for overseeing and managing the Claims and Loss Control Departments including designing customized claims service plans with clients. She actively manages reserve reviews, loss analysis trending and client claims reviews. Kristi joined the agency in 2003. Role Direct Contact. Responsible for day-to-day claims services including taking and filing loss reports with insurance carriers, coordinating timely response with insurance adjusters and ensuring proper follow-up and controls to assure proper claims handling and settlement. Additionally, she is responsible for negotiating special handling instructions for specific accounts and preparing claims reviews as well as loss trending analysis. Lisa is licensed as a property / casualty agent. Her professional experience includes claims consulting for large multi-state clients for internationally based insurance carriers. She has been in the insurance industry consulting on claims services for the last 12 years. Her expertise extends beyond the claims module as she has spent several years as a risk management analyst in the transportation industry. Lisa joined the agency in 2004. Role Direct Contact. Resa joined Knight-Rawls, Inc. in 2002 as a Service Representative and has since risen to Senior Account Manager. Resa works closely with our Human Resources partners at each of our employer groups and assists in all facets of benefit administration including marketing and presenting new benefits, open enrollments, benefits implementation, claims administration and all ongoing support and service-related matters.
Kristine Taylor Claims Services Manager & Loss Control Property / Casualty
Lisa Hiler-Riley Claims Services Consultant Property / Casualty
Resa Carter Senior Account Manager Employee Benefits
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