The DL - Episode 23 - McGriff Insurance is now available on Apple Podcasts, SoundCloud and YouTube. 

In the latest episode of The DL, Diesel Laptops Founder and CEO, Tyler Robertson, is joined by Jason Dennis, from McGriff Insurance. Topics of discussion include boring insurance talk, how to find an advisor, and why to use one, why insurance premiums go up every year, and how COVID-19 is impacting insurance. 

Boring Insurance Talk

After the episode begins with Tyler joking that Insurance is a boring subject, Jason gives a little background on himself and what he does. He has been in the insurance business since 2003. He got into the industry from a desire to help people. 

“When people ask me what I do, if I were to explain it in great detail, they probably would get bored… but really the bottom line is I try and take what I know and what I’ve learned throughout the years to save employers money and help them build a smarter program that is sustainable for the long term.” - Jason Dennis

How to Find an Advisor

If you are starting a business and you are looking into employee benefits the first thing you want to do is find a reputable advisor. To find the right advisor Jason suggests 

1. Get a referral from someone you know and trust.
2. Find someone that has a genuine interest in your business.
3. Make sure they can put a detailed process is in place. 

Why use Insurance Advisors?

When hiring an insurance advisor, keep in mind that they bring value in the following ways:

Access

Advisors have access to carriers and their leadership. Often an Advisor can get access to exclusive plans or rates. 

Experience

Perhaps the most valuable thing an Advisor brings to the table is the skill and expertise gained by their working experience. 

Why do insurance premiums go up every year?

Trend

According to Jason, premiums can increase based on Trend. Trend is essentially the cost of goods. Pharmacy Trend relates to increase in pharmaceutical goods. Medical Trend relates to the increased costs of equipment such as MRI machines, etc. 

Manual Rate

Jason explains that the Manual Rate considers a pool of people in a certain zip code and factors certain liabilities to predict claims. For instance if cancer risk is higher in your area, your Manual Rate could be higher. 

Carriers

The rate of increase in premiums is also dependant on the individual carrier and their policy. 

How will COVID-19 impact the Insurance Industry?

So far, the response to COVID-19 from most insurance agencies has been to waive copays in some instances, and in many cases, they have opened mid-year enrollment. However at this time, according to Jason, there has not been a large impact on current insurance premium cost. 

Telehealth services have also become a huge business as a result of COVID-19. Telehealth is proving to be the most convenient way to get medical attention for non-life-threatening situations. In addition to time-saving convenience, Telehealth is also cheaper as an average visit is $49 compared to the average $85-$100 Doctor's visit. 

Learn More

To learn more about McGriff Insurance, visit their website at https://www.mcgriffinsurance.com/