|
|
| October 28, 2021 City Council Regular Meeting | |
| Title 26. Authorize the City Manager to Execute a Contract for Voluntary Employee Critical Illness Insurance with Hartford Financial Services Group, Inc. at No Cost to the City. The Human Resources Department offers eligible employees and dependents access to voluntary critical illness insurance coverage. The estimated premium is to be paid by those members who are enrolled in the insurance coverage. | |
| Strategic Priority Good Government | |
| Description Recommend approval to award an annual contract for voluntary employee critical illness insurance to Hartford Financial Services Group, Inc. with no cost to the City of Savannah. The Human Resources Department offers eligible employees and dependents access to voluntary critical illness insurance coverage. The estimated premium is to be paid by those members who are enrolled in the insurance coverage. There is no cost to the City of Savannah for this service and USI Insurance Services manages the enrollment, billing, customer service and claims submission for all voluntary worksite benefits. Our current vendor is TransAmerica. Marketing efforts show TransAmerica’s rates are higher than the market. There are 88 employees enrolled on the Critical Illness plan. After a market analysis conducted by USI insurance services, The Hartford Financial Services Group, Inc. is the recommended vendor. The benefit coverage will expand, and the rates are half of the current rates for employees. This Request for Proposals (RFP) was facilitated by USI Insurance Services on behalf of the City of Savannah. USI Insurance Services is the City’s employee benefits consultant that negotiates, oversees and advertises the City’s benefits contracts. This RFP was sent out to nine proposers with fpur proposers responding. The RFP was not advertised, opened and reviewed. The contract term expires on December 31, 2022. This contract also includes three (3) available annual renewal options and two (2) extensions. Delivery: As needed. Terms: Net 30 days. The proposers were: B.P. Hartford Financial Services Group, Inc (690 Asylum Avenue, Hartford, CT 06155)(D) $No Cost TransAmerica Corporation (4333 Edgewood Road, Cedar, IA 52499)(D) Allstate Insurance Company (2775 Sanders Road, Northbrook, IL 60062)(D) Guardian Life Insurance Company of America (10 Hudson Yards, New York, NY 10001) (D) A pre-proposal conference was not conducted. (D) Indicates non-local, non-DBE business. Recommend approval.
| |
| Recommendation Approval | |
| Contact Jeff Grant, Human Resources Senior Director | |
| Financial Impact No Cost to the City | |
| Review Comments | |
|
Attachments Exhibit 1- Funding Verification - Voluntary Employee Critical Illness Insurancepdf Exhibit 2- Purchasing Notes - Voluntary Employee Critical Illness Insurance.pdf |
|
|
