We’re here at the Des Moines, Iowa, headquarters of The Global Insurance Accelerator (GIA), a consortium of 13 carriers that have come together to support and nurture innovation in the industry. Monday kicked off GIA’s fifth annual InsurTech Week, in which the 17 companies that earned a coveted spot to be mentored as one of the 2019 cohort get to present their ideas and join forces with insurance industry folks near and far. It’s high energy! It’s fun! It’s startup world! Everybody has been lovely, but we ran into a few peeps we love love. And, by coincidence, they’re all from California! Here they are:
Alan Ringvald, an MIT grad and one of the founders of L.A.-based Relativity6, has launched a product that promises to make the life of agents serving small and medium-sized groups much easier. It’s all about tipping producers off to which clients they need to prioritize way before you’d normally know.
Angeleno Gilad Shai of Bound — an embedded insurance platform– reminded us of that we should be attending InsurTech L.A. events. You’re right, Gilad!
And if you want to know anything about property risk data, then you need to talk to San Diego-based Bob Frady, CEO of HazardHub.
We’ve had a grand time here. We’ll cover these folks more. To be continued…
HEALTH
Public-Private Health System Can Get Us There
This is the takeaway from a new Commonwealth Fund study:
The United States could achieve near-universal health coverage and decrease national health spending by working within our current public–private health system, according to new analysis published today by the Urban Institute and the Commonwealth Fund.
Don’t take our word for it, though. Read the whole analysis here.
MEDICARE
CMS Says Majority MA Plans Four Star
CMS announced that over half of Medicare Advantage plans that include prescription drug coverage received at least a four-star rating for 2020, up from 45% for 2019. There will be 1,200 more MA plans in 2020 than there were in 2018. According to CMS, nearly 28% of those with standalone drug plans and 81% of those who have MA plans with prescription drug coverage are covered by plans that earned four or more stars for 2020.
CBO: Pelosi’s Drug Proposal Would Save Medicare $345B
The Congressional Budget Office says that a provision in a bill introduced by House Speaker Nancy Pelosi that would permit HHS to negotiate prices for as many as 250 drugs per year would save Medicare $345 billion from 2023 to 2029 and lower pharmaceutical industry revenues by $500 billion to $1 trillion over 10 years, according to a preliminary analysis from the Congressional Budget Office. A separate analysis from the CMS Office of the Actuary found Pelosi’s plan would reduce health care spending by $480 billion and save U.S. households $158 billion over 10 years through lower premiums and reduced cost-sharing on drugs.
LTC
Not Having LTC Can Be Single Biggest Financial Devastator
According to the American Association of Long-Term Care Insurance, more than 8 million Americans have LTC insurance. As you all know, however, the cost of that insurance has been on the rise. Last week we sat in on Stan Isreal’s CAHU session on how to fairly and persuasively present LTC. Stan has promised he’ll share his wisdom in a story for Cal Broker soon. Meanwhile, Michelle Fox at CNBC reports that LTC has never been more important. Financial advisors say lack of coverage “can be the single biggest devastator of a financial plan.”
EVENTS
- IICF Week of Giving
Oct 12-19, 2019. More info here
- Alliance of Comprehensive Planners 2019 Annual Conference
Nov. 12-15, Hyatt Regency Mission Bay, San Diego
The Alliance of Comprehensive Planners (ACP) is a community of tax-focused financial planners who provide planning strategies for clients on a fee-only retainer basis. Conference early bird registration rates (which expire Oct. 11, 2019) are in effect now. Participation is open to all interested financial professionals. Companies interested in sponsoring the ACP Annual Conference should contact Jill Colsch at jill@acplanners.org. The agenda is available here: https://2019.acplanners.org/home. - CAHU Women’s Leadership Conference
March 25-27, 2020, JW Marriott Resort&Spa, Las Vegas
Save the date! Get early bird pricing by registering by 8/31/19 and using code NAHU19. More info at www.cahu.org. - LAAHU Annual Symposium- Save the date!
April 22, 2020, Skirball Center, Los Angeles. More info soon!
