The Association of General Contractors of America is backing a new private insurance exchange.
The AGC Alternative is a nation-wide exchange that is offering quotes to firms belonging to the Association.
Developed in collaboration with Willis North America, the Exchange features insurance coverage from Aetna, MetLife and Group Vision Service as part of its introductory suite of benefits.
Stephen E. Sandherr, the association’s chief executive officer, noted that the new private exchange was designed by Willis for AGC to reduce costs and the administrative burdens for association members that provide insurance benefits for their employees.
“Because the exchange offers a broader range of options than typically available to individual firms, employers and their employees will get more of the benefits that meet their particular needs,” Sandherr added.
“Instead of struggling with unpredictable insurance premiums, employers will be able to define the amount they will provide to their employees for health and other insurance benefits and then direct their employees to an online store where they will have more options than they have had in the past.”
Sandherr noted that the association selected the three national insurance providers because of their experience with similar private exchanges, strong brand recognition, and nationwide network of physicians and health care providers. He added that the association selected the three firms after reviewing proposals from a range of national firms. MetLife will offer dental, life, disability and legal service coverage, while Group Vision Service will offer vision coverage.
Willis of Maryland, Inc., a licensed insurance producer, will act as the broker of record for all insurance products offered on the new AGC private exchange. Commenting on the AGC Alternative, Jim Blaney, CEO, Willis Human Capital Practice, said, “As organizations face rising health care costs and increasing regulatory demands, this unique, customized approach is an effective tool for firms looking for a new way to deliver market leading health and other insurance benefits to their employees.”
