Daily Insurance Report  
Walt Bernard Podgurski,  Editor,  440-773-1108,  Walt@DailyInsuranceReport.com

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Daily Insurance Report

Friday, 07/21/17

(Carriers) Cutting brokers could be mistake for small group health insurance sales
Carriers looking to make the small group health insurance market more efficient are taking a number of actions, including cutting brokers to eliminate commissions. But according to a new Accenture survey of small employers, that could be a mistake

Life / Health / Employee Benefits

VCs pump $14M into health care startup Gravie
Katharine Grayson
Health care startup Gravie Inc. has closed on a $14.1 million round of funding as it ramps up sales and marketing and moves toward profitability.
GE Ventures of Menlo Park, Calif., led the Series C round and previous investors also participated, Gravie CEO Abir Sen said Wednesday.
Minneapolis-based Gravie guides employees who work at small- and mid-sized business through the process of buying individual health plans. It also provides ongoing support to customers.
The business generates revenue through broker commissions, but the Gravie employees who advise clients on plan options are paid a salary.
The company will put the fresh round of funding toward marketing and product development as it prepares for the upcoming open enrollment season. Gravie has 105 employees and plans to hire another 15 to 20 by the end of the year, Sen said.

Government, insurance can't fix health care: Premier CEO
Fox Business Video
Premier CEO Susan Devore on Republican efforts to reform health care.

Linked or Standalone LTC Insurance? Here's three questions to ask
Tom Riekse
Each year, the top LTC Insurance companies meet at the Intercompany Long-term care Insurance Conference . One of the big trends at the most recent meeting in Jacksonville was the visibility of carriers that offer linked life/ltc products - names like Lincoln Financial, OneAmerica and Nationwide.
Their participation is great news and shows that the desire for insurers to offer products that can help families plan for long-term care is strong and growing. However, it also means that advisors will have to help their clients who do choose to plan ahead navigate the choice between a standalone, or health based LTC Insurance product and the life-insurance based linked products now available. Since I would argue there is more in common with the products at this point than differences, I would suggest three questions can help make the decision easier.

General Insurance News

San Diego insurance agent charged in $1.1 million senior investment scam
Search for more victims underway
SAN DIEGO, Calif. - Insurance agent Shawn Heffernan, 42, of San Diego, was arraigned today on multiple felony grand theft and elder fraud charges. Heffernan was arrested at his residence yesterday after an investigation by the San Diego Regional Fraud Task Force revealed he allegedly defrauded five senior victims out of more than $1.1 million promising investment returns, but spent the victims' money on his own personal expenses including jewelry, rental properties, and a Maserati. Three of Heffernan's victims were seniors.

Other Headlines

Miami U president to Congress: "Traditional higher education ... is no longer sufficient"
Miami University President Greg Crawford says universities must instill business experience in more students amid a national decline in entrepreneurship.
Crawford was on Capitol Hill Wednesday to testify at the House Small Business Committee, chaired by U.S. Rep. Steve Chabot, R-Cincinnati. There, he said Miami University has a role in building the southwest Ohio economy at a time when the school estimates close to 1,500 alumni are founders or co-founders of businesses.


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Walt Bernard Podgurski - - Editor