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Transcript of MarketPulse - associatedbrc.com€¦ · MarketPulse Predictive modeling PAGE 3 Data analytics PAGE...
2019 Trend Report | AssociatedBRC.com
MarketPulse
Predictive modelingPAGE 3
Data analyticsPAGE 5
Emerging trendsPAGE 8
Predictive modelingPAGE 5
Data analyticsPAGE 7
Emerging trendsPAGE 10
6000 Clearwater Drive Minnetonka, MN 55343-9437
800-258-3190 AssociatedBRC.com [email protected]
Insurance products are offered by licensed agents of Associated Financial Group, LLC (d/b/a Associated BRC Insurance Solutions in California). The financial consultants at Associated Financial Group are registered representatives with, and securities and advisory services are offered through LPL Financial “LPL”, a registered investment advisor and member FINRA/SIPC. Associated Financial Group uses Associated Benefits and Risk Consulting (“ABRC”) as a marketing name. ABRC is a wholly-owned subsidiary of Associated Bank, N.A. (“AB”). AB is a wholly-owned subsidiary of Associated Banc-Corp (“AB-C”). LPL is NOT an affiliate of either AB or AB-C. AB-C and its subsidiaries do not provide tax, legal, or accounting advice. Please consult with your tax, legal, or accounting advisors regarding your individual situation. ABRC’s standard of care and legal duty to the insured in providing insurance products and services is to follow the instructions of the insured, in good faith.
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I’m pleased to present our yearly trend report. We like to discuss what our clients and other employers are doing to manage risks, promote employee productivity and morale, reduce costs and improve their organizations as a whole. We study trends, not to follow the herd but to cultivate best practices for making a positive impact. Our hope is that you will find the practices and action steps outlined in these articles useful—and productive— as you step into 2019.
William M. BohnChairman of the Board
CONTE
NTS
MarketPulse 2019 Trend Report
1 Executive summary
1 Specialty drugs and biologics How employers are combating rising costs
2 Cyber risks Increasing reliance on third-party vendors increases exposure to risk
3 Predictive modeling Changing the way insurance carriers assess risk
4 Across the spectrum An integrated approach to workplace well-being
5 Data analytics Data analytics is helping employers control costs related to chronic health conditions
6 Target date funds What should plan sponsors know?
7 Large medical claims Self-insured employers may bear more of the cost
8 Emerging trends for employers Artificial Intelligence, paid parental leave, sustainable investing and mental health in the workplace
3 Executive summary
3 Specialty drugs and biologics How employers are combating rising costs
4 Cyber risks Increasing reliance on third-party vendors increases exposure to risk
5 Predictive modeling Changing the way insurance carriers assess risk
6 Across the spectrum An integrated approach to workplace well-being
7 Data analytics Data analytics is helping employers control costs related to chronic health conditions
8 Target date funds What should plan sponsors know?
9 Large medical claims Self-insured employers may bear more of the cost
10 Emerging trends for employers Artificial Intelligence, paid parental leave, sustainable investing and mental health in the workplace
MarketPulse 2019 Trend Report | AssociatedBRC.com2
Historically low unemployment rates and shifting expectations and opportunities in the workforce have forced organizations of all sizes to make smarter investments in their employees and resources. Employers seeking to attract, hire and retain top talent have been re-examining their tactics and embracing technology to accomplish their goals:
• Employers are using data analytics and artificial intelligence to make strategic investments in their workforce to improve productivity and employee well-being.
• Employers are offering a widening spectrum of benefits to attract and retain the best talent.
• Employers are becoming nimble adapters in the face of a recovered, yet uncertain, insurance and financial marketplace.
This year’s trend report focuses on the strategies employers have been implementing in response to the constant changes and challenges they face today.
To further explore any of these solutions, contact an ABRC consultant at 800-258-3190.
Executive summary
Specialty drugs and biologics are driving up costs
According to the 2018 Pharmacy Benefit Management Institute (PBMI) report Trends in Specialty Drug Benefits, only 1-2% of Americans use specialty drugs. However, by the year 2020, specialty drugs are expected to account for half of total U.S. drug spending. Therefore, it’s not surprising that 61% of employers in the PBMI report say that managing specialty drug costs is their number one priority when it comes to specialty drug benefits.
The use of biologics is also an increasing cost for employers. Biologics are produced from living organisms or contain components of living organisms and have become a mainstay in the treatment of cancer and autoimmune conditions. While less than 2% of Americans use biologics, they represent 40% of total spending on prescription drugs, according to a July 2018 statement by the U.S. Food and Drug Administration (FDA).
To combat rising specialty drug costs, employers are encouraging the use of biosimilars in place of biologics. Biosimilars are biologics similar in structure and function to existing FDA-approved medications, but often cost less. Employers are also implementing clinical utilization management tools, utilizing specialty pharmacies, creating specialty drug tiers that steer spending toward more economical options, and imposing limits on first-fill medications.
Biologics produced from living organisms or contain components of living organisms.
Biosimilars biologics similar in structure and function to existing FDA-approved medications.
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1 Executive summary
1 Specialty drugs and biologics How employers are combating rising costs
2 Cyber risks Increasing reliance on third-party vendors increases exposure to risk
3 Predictive modeling Changing the way insurance carriers assess risk
4 Across the spectrum An integrated approach to workplace well-being
5 Data analytics Data analytics is helping employers control costs related to chronic health conditions
6 Target date funds What should plan sponsors know?
7 Large medical claims Self-insured employers may bear more of the cost
8 Emerging trends for employers Artificial Intelligence, paid parental leave, sustainable investing and mental health in the workplace
Continued on p. 2 > >
3 Executive summary
3 Specialty drugs and biologics How employers are combating rising costs
4 Cyber risks Increasing reliance on third-party vendors increases exposure to risk
5 Predictive modeling Changing the way insurance carriers assess risk
6 Across the spectrum An integrated approach to workplace well-being
7 Data analytics Data analytics is helping employers control costs related to chronic health conditions
8 Target date funds What should plan sponsors know?
9 Large medical claims Self-insured employers may bear more of the cost
10 Emerging trends for employers Artificial Intelligence, paid parental leave, sustainable investing and mental health in the workplace
MarketPulse 2019 Trend Report | AssociatedBRC.com3
Continued on p. 4 > >
Specialty drugs and biologics
There’s a robust pipeline of specialty drugs that are either in development or are due to receive FDA approval.
By implementing a plan that offers employees alternatives to specialty and biologic medications, employers can help mitigate the impact specialty drugs have on their bottom line.
Reliance on third-party vendors increases exposure to cyber risk
The risk of business disruptions
and lost income increase as
businesses become more
dependent on third-party
vendors for data storage and
management. According to
Cloud Down—Impacts on the
U.S. Economy, a 2018 Emerging
Risk Report co-produced by
Lloyd’s and AIR Worldwide, the
disruption of a top-three cloud
service provider for 3-6 days
would cost the U.S. economy
between $6.9 and $14.7 billion.
Smaller businesses relying on
third-party or cloud data services
are also less likely to have cyber
insurance to cover lost income
from a disruption and would
suffer an estimated 63% of the
losses. In the event of an outage,
industries such as manufacturing,
as well as wholesale and retail
trade, would be hit hardest, with
estimated losses between $1.4
and $8.6 billion.
Business interruption as part of a
cyber policy covers lost income
from disruptions triggered by a
network interruption caused by
a cyber event such as a breach.
It can even be extended to
cover disruptions caused by a
cyber event at a third-party data
hosting or cloud service provider.
Some insurance programs will
also extend this coverage to
include system failure in the event
of human error or an automated
system failure.
As more businesses come to
rely on third-party digital service
providers, it’s no longer a matter
of if, but when a disruption will
occur. Make sure your business
is prepared.
Specialty drugsBiologics
ACCOUNTING FOR 40% OF TOTAL U.S. DRUG SPENDING IN 2018.
PROJECTED TO ACCOUNT FOR 50% OF TOTAL U.S. DRUG SPENDING BY 2020.
1-2% OF AMERICANS USE SPECIALTY DRUGS, BUT ARE
LESS THAN 2% OF AMERICANS USE BIOLOGICS,
40%in 2018
Source: FDA Commissioner Scott Gottlieb, M.D. (2018)
50%by 2020
Source: PBMI. 2018 Trends in Specialty Drug Benefits.
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Using sophisticated algorithms,
predictive modeling is the
application of statistics and
probabilities to variable data, such
as workers’ compensation claims,
to predict future outcomes.
Insurance carriers have used
predictive modeling to stabilize
underwriting cycles and take
preventative steps to lower the
cost of risk including initiatives to
curb opioid abuse, reduce medical
expenses and improve return-to-
work outcomes.
A 2018 benchmark report, based
on a survey of claims adjusters
conducted by Chicago-based
Rising Medical Solutions, called
predictive modeling a “best
practice,” noting that the highest
performing insurance carriers
used predictive modeling eight
times more often than less
successful carriers.
While predictive modeling has
allowed insurance carriers to
Predictive modeling changes the way insurance carriers assess risk
identify their biggest cost drivers
and flag those claims before costs
grow out of control, employers
run into trouble when insurance
carriers rely too heavily on
data analysis without tempered
experience from human adjusters.
Historically, insurance carriers
used an individual employer’s
past claims experience to assess
the likelihood of future workers’
compensation claims and credit
or debit the employer accordingly.
Employers that previously
relied on a low claims record
now run the risk of a higher
experience rating and premiums,
or nonrenewal—not based on
claims that have happened, but
claims that could. For example, a
Wisconsin employer was recently
non-renewed, despite not having
a claim in the past five years. Due
to the nature of the employer’s
industry and lack of a risk
management plan, the insurance
carrier determined this employer
was one bad year away from
disaster and decided not to take
on the risk.
Predictive modeling, when
thoughtfully applied, can add
tremendous value to employers,
but, when wielded without human
judgement, can put employers at
risk of paying higher premiums
or losing the coverage they need
to stay in business. Carefully
investing in a risk management
program can help employers
prepare for the changing tide.
“EMPLOYERS THAT PREVIOUSLY RELIED ON A LOW CLAIMS RECORD NOW RUN THE RISK OF A HIGHER EXPERIENCE RATING AND PREMIUMS, OR NONRENEWAL.”
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Across the spectrum: An integrated approach to workplace well-being
Claims are the biggest drivers of health insurance and workers’ compensation premiums, but these
areas are often viewed as separate, despite areas of overlap. A RAND Corporation study, Multiple
Chronic Conditions in the United States, reports chronic conditions such as obesity, diabetes, high
blood pressure and heart disease contribute to higher healthcare costs from more doctor visits,
prescriptions, and inpatient stays. As the National Council on Compensation Insurance (NCCI) noted in
its research brief, Comorbidities in Workers Compensation, the presence of multiple chronic conditions
also increases the cost of workers’ compensation claims 2 to 6 times the cost of all other claims. A
study conducted by Harbor Health Systems and reported in PropertyCasualty 360 also found that
chronic conditions raise the cost of workers’ compensation claims by increasing medical expenses,
significantly delaying recovery, and boosting the likelihood of surgery and even legal involvement.
Employers seeking to improve employee health and reduce injuries and illness in their workplace
should consider taking a more holistic approach that encompasses all areas of worker well-being.
The International Foundation of Employee Benefit Plans (IFEBP) notes in 2018 Workplace Wellness
Trends that more employers are shifting toward worker well-being as their primary focus for offering
wellness programs and initiatives. Employers with a greater emphasis on employee well-being also
saw a positive impact on employee engagement and satisfaction. Healthier, more engaged employees
experience fewer workers’ compensation claims and lower rates of absenteeism and utilize healthcare
less frequently.
As costs in both healthcare and workers’ compensation continue to climb, employers are starting to
understand that the first step toward driving down costs is breaking down departmental silos and
correlating the data to identify common trends. Integrating workers’ compensation and employee
well-being strategies takes thoughtful planning and implementation. However, with the support of a
trusted advisor, integration can be an investment that pays off.
“THE PRESENCE OF MULTIPLE CHRONIC CONDITIONS INCREASES THE COST OF WORKERS’ COMPENSATION CLAIMS 2 TO 6 TIMES THE COST OF ALL OTHER CLAIMS.”
Source: NCCI. Comorbidities in Workers Compensation, (2012).
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Advanced data analytics is helping employers control healthcare costs
In the latest Workplace Wellness Trends Survey by the
International Foundation of Employee Benefits Plans
(IFEBP), more than 500 employers were asked to
select the top three conditions impacting plan costs.
The following topped the list: diabetes (44%), cancer
(35%), obesity (32%), arthritis/back/musculoskeletal
conditions (30%), and heart disease (28%).
In any employee population, it is impossible to avoid
these conditions. The key is to help employees
manage these illnesses, thereby improving their
health while reducing costs to the organization’s
health plan. However, many people are failing to take
medications as prescribed or engage in recommended
therapies, regimens or other procedures. Patients
who do not comply with care guidelines are more
likely to experience adverse health events and require
expensive medical interventions.
Data analytics related to chronic conditions in the employee population can help employers make
strategic investments in education and disease management programs, increasing employee health
and productivity and reducing avoidable health plan expenses. For example, if nearly 35% of the
diabetics on an organization’s health plan are failing to comply with patient care guidelines, the
employer can use this information to improve outcomes for both the organization and health plan
members by making strategic investments in education and disease management programs.
For maximum impact, a data analytics solution should consist of predictive modeling combined
with the latest health analysis technology that confidentially assesses the health risks of every plan
member. An effective data analytics solution should identify chronic conditions and ensure health plan
members are complying with patient care guidelines.
To protect the bottom line and create healthier, more productive employees, employers are focusing
on chronic care management and innovative strategies. Data analytics is the key to unlocking the full
potential for intervention and positive change in the workplace.
Diabetes Cancer Obesity Musculo-skeletal
HeartDisease
44%
35%
30%28%32%
Employers say these conditions cost them the most.
Source: IFEBP. Workplace Wellness Trends 2017 Survey Results.
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As a result, the DOL issued
employer guidance in Target Date
Retirement Funds – Tips for ERISA
Plan Fiduciaries.
While it is difficult to ensure every
participant understands what
they are getting, the best way
to fulfill your fiduciary duty is to
know exactly what is inside the
TDFs you have selected for your
company retirement plan. This
Why are target date funds so popular—and what should plan sponsors know?
According to the working paper
Opting out of Retirement Plan
Default Settings by the RAND
Corporation, 97.6% of retirement
plans featured a target date
fund (TDF) as the default
investment alternative in 2016,
and the popularity of these funds
continues to increase. Many
participants prefer target date
funds because they invest in
multiple, diverse asset classes.
Furthermore, the fund manager
changes how the assets are
allocated over time to become
more conservative as the fund
approaches the maturation date—
the year closest to when the
participant will turn 65.
Arguably, the biggest benefit
for investors in TDFs is that
the fund manager adjusts the
asset allocations based on the
participant’s age over his or
her life span. This adjustment is
called the “glide path.” There are
many different target date fund
managers, and they each have
their own philosophy on how to
construct a glide path strategy.
Investors must pay careful
attention to how a fund’s glide
path could affect their
retirement goals.
Potential problems with TDFs
include the inability to factor
in the individual risk tolerance
of a particular investor and
account for other sources of
income, assets or debts to
which the investors are subject.
includes knowing what funds are
used in the TDF, the exposure
to different asset classes, the
glide path structure, investment
management fees and fund
managers’ philosophy.
Figuring out how much to save for
retirement is different for every
working American. TDF offerings
can make it easier for some
employees, and it’s ultimately up
to them to determine whether
or not that strategy works. Plan
fiduciaries need to make sure they
are putting their plan participants
in the best position to reach their
retirement goals by doing
their due diligence and fulfilling
their fiduciary obligations by
properly selecting and monitoring
TDFs, as they do with all of the
plan’s investments.
“THE BEST WAY TO FULFILL YOUR FIDUCIARY DUTY IS TO KNOW EXACTLY WHAT IS INSIDE THE TDFs YOU HAVE SELECTED FOR YOUR COMPANY RETIREMENT PLAN.”
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Cost of large medical claims is shifting back onto self-funded employers
The cost of large and often
ongoing medical claims is
increasing along with the cost
of medications and treatment.
According to the 2018 Sun Life
Stop-Loss Research Report, the
number of claims over $1 million
increased 87% between 2014 and
2017. The HM Insurance Group’s
Five-Year Claims History report
shows the cost per employee per
month for large claims increased
139% between 2013 and 2017.
While claims over $1 million make
up only about 2% of stop-loss
claims, they account for nearly
20% of stop-loss reimbursement.
Historically, self-insured employers
have used stop-loss insurance to
mitigate the cost of large claims.
Stop-loss insurance carriers
responded to the rising costs of
claims by raising premiums and
imposing lifetime maximums.
The Affordable Care Act (ACA)
has since eliminated lifetime
maximums, but the cost of large
claims continues to rise. Insurance
carriers have responded by shifting
more of the burden back onto self-
insured employers and are:
• Implementing more rigorous
underwriting, resulting in denied
applications or non-renewal.
• Using “lasers” to apply a higher
stop-loss deductible, often
2 to 3 times the specified
deductible, to high cost
individuals (or “known risks”)
on the plan.
Source: HM Insurance Group. Five-Year Claims History report, (2017).
139%increase in cost per employee per month between 2013 and 2017.
Source: 2018 Sun Life Stop-Loss Research Report.
87%increase in number of claims over $1 million between 2014 and 2017.
of large claims by looking at
your current stop-loss policy to
determine whether the coverage
meets your risk profile, as well as
examining your cost-containment
strategies. If you find your stop-
loss coverage is inadequate, it
may be time to look for a new
carrier or consider changing to a
fully insured plan.
Arguing that stop-loss coverage
is really meant for “unknown
risks,” one insurance carrier in the
Minnesota market took it a step
further by announcing they will
be exercising provisions to apply
a total laser to large, ongoing
claims once they become a
“known risk,” which removes the
stop-loss deductible and transfers
the risk entirely onto the self-
insured employer.
As a self-insured employer, you
can prepare for the rising costs
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Automating routine HR tasks. AI can
reduce time spent on
routine tasks such as onboarding
employees, responding to
common questions, scheduling
meetings, and more.
With the right tools, HR staff
can analyze data rather than just
collect it, and partner with other
departments to better meet the
organization’s objectives.
EMERGING TRENDS FOR EMPLOYERS
Artificial intelligence is influencing HR tech
According to IBM’s 2017
survey Extending expertise:
How cognitive computing is
transforming HR and the employee
experience, 66% of CEOs believe
artificial intelligence (AI) can drive
significant value in HR. Half of the
HR executives surveyed agree,
saying they recognize that AI
has the power to transform key
dimensions of HR.
Improving candidate selection, job match and retention. AI can
help managers identify new
hires with the highest probability
of success, place them on the
right teams and pair them
with the right supervisors. AI
can also recommend learning
opportunities and career options,
and suggest which employees
may be at risk of leaving.
Enhancing workplace learning. Many
employers using AI-
based learning technology are
creating more personalized
learning experiences and
seeing an increase in employee
productivity and retention.
Check out AssociatedBRC.com/MarketPulse to read about more emerging trends impacting employers.
Rise of paid parental leave
Fierce competition for top talent
and changing demographics in
the workforce have brought paid
parental leave to the forefront.
The Society for Human Resource
Management (SHRM) 2018
Employee Benefits report notes
that between 2016 and 2018, the
number of companies offering
this benefit grew significantly
from 26% to 35%. There are also
a growing number of states
offering employees the right to
take paid parental leave.
While employers of all sizes are
starting to offer paid parental
leave, large companies are
leading the charge. SHRM
reports employers with 10,000+
employees were twice as likely to
offer paid maternity leave (60%
vs 30%) and/or parental leave
(52% vs 25%) than employers
with 500 or fewer employees.
There are many benefits to
employers offering paid parental
leave including an increased
likelihood of new mothers
returning to work after the birth
of a child, plus sustained or even
improved productivity. Parents
and their child also benefit from
fewer financial worries during
leave, more time to adjust to the
new reality of being a parent and
critical bonding time with baby.
A carefully crafted parental
leave policy may give employers
the edge in a competitive
labor market.
“BETWEEN 2016 AND 2018, THE NUMBER OF COMPANIES OFFERING PAID PARENTAL LEAVE GREW FROM 26% TO 35%.”
Source: SHRM. 2018 Employee Benefits.
MarketPulse 2019 Trend Report8 MarketPulse 2019 Trend Report | AssociatedBRC.com10
in investment decisions. Among
millennials, this nearly doubles
to 67%.
Regulatory developments and
the establishment of responsible
investing initiatives act as another
catalyst for ESG investment
growth. The U.S. Department of
Labor (DOL) issued guidance
that pension fund fiduciaries
can consider ESG factors in
investment decisions. Other
countries require their pension
plans to disclose whether
ESG data is incorporated
into investment policies, and
some countries outright ban
controversial investments.
Major financial analytic firms such
as Bloomberg, FactSet, Thomson
Reuters, Morningstar and MSCI are
conducting ESG research as well.
The upsurge of data, combined
with growing investor interest
and new regulations, has fostered
the desire and ability of active
managers to integrate ESG analysis
into the investment process.
ESG investing is increasing
Environmental, Social and
Governance (ESG) investing
is “sustainable investing” that
seeks positive returns while
evaluating the long-term impact
a company’s practices have on
the environment, society and the
governance of the business itself.
Various forms of sustainable
investing have been around for
decades, but interest in these
strategies has increased in recent
years. According to the 2017
McKinsey & Co. report From
“Why” to “Why not”: Sustainable
Investing as the New Normal,
ESG investments make up 26%
of professionally managed assets
around the world.
Concerns about these issues are
growing as younger generations
enter the workforce. According
to the 2018 U.S. Trust Insights
on Wealth and Worth® survey,
36% of baby boomers believe
environmental and social
factors play an important role
Mental health in the workplace
According to the National
Alliance on Mental Illness (NAMI),
approximately one in five adults
in the U.S. experiences some form
of mental illness. Mental health
issues are becoming increasingly
impactful on the workplace and,
if mismanaged, can lead to lower
productivity, higher healthcare
expenses and potential legal
claims. The World Health
Organization (WHO) estimates
in its Mental Health in the
Workplace report that depression
and anxiety disorders cost the
global economy $1 trillion each
year in lost productivity.
Employers can take steps
to address mental health in
the work environment by
promoting available resources
and examining workplace
culture. Adopting a collaborative
approach to addressing
employee mental health ensures
their needs are met, and satisfies
legal obligations to reasonably
accommodate mental illness
under the ADA.
Taking steps toward creating a
positive work environment that
supports employees’ mental health
will pay off in terms of retention,
engagement and productivity.
36%of baby boomers believe environmental and social factors play an important role in investment decisions, vs.
67% of millennials.
$1 trillionCOST OF DEPRESSION AND ANXIETY DISORDERS IN LOST PRODUCTIVITY TO THE GLOBAL ECONOMY.
Source: WHO. Mental Health in the Workplace, (2017).
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NOT ADEPOSIT
NOT FDIC INSURED
NOT BANKGUARANTEED
MAY LOSE VALUE
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
Investments, Securities and Insurance Products:
WE REMOVE THE OBSTACLES
Insurance products are offered by licensed agents of Associated Financial Group, LLC (d/b/a Associated BRC Insurance Solutions in California). The financial consultants at Associated Financial Group are registered representatives with, and securities and advisory services are offered through LPL Financial “LPL”, a registered investment advisor and member FINRA/SIPC. Associated Financial Group uses Associated Benefits and Risk Consulting (“ABRC”) as a marketing name. ABRC is a wholly-owned subsidiary of Associated Bank, N.A. (“AB”). AB is a wholly-owned subsidiary of Associated Banc-Corp (“AB-C”). LPL is NOT an affiliate of either AB or AB-C. AB-C and its subsidiaries do not provide tax, legal, or accounting advice. Please consult with your tax, legal, or accounting advisors regarding your individual situation. ABRC’s standard of care and legal duty to the insured in providing insurance products and services is to follow the instructions of the insured, in good faith. (1/19) 13025
SO YOU CAN MOVE YOUR BUSINESS FORWARD.
Reducing risk. Saving time. Remaining compliant. Hiring
and retaining a quality workforce. How are you meeting
these challenges?
When you partner with Associated Benefits and Risk
Consulting, you’ll get tailored, responsive solutions that
simplify the complicated so you can focus on your goals.
Visit AssociatedBRC.com or call 800-258-3190 to learn more.
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