Group Insurance Services
Elite360 offers tailored, smart solutions for advisors navigating group insurance and benefits. With a structured, step-by-step process, Elite360 ensures efficient planning, implementation, and ongoing support. Their services cover needs assessment, market analysis, plan implementation, customer service, billing, multi-employer group plans and renewal.
Review of Current Situation and Needs Assessment
Elite360 starts by reviewing the current insurance plan, analyzing usage and costs. They collaborate with the advisor and other stakeholders to define objectives and collect relevant data, such as employee lists, current benefit details, claims history, and information on employees on disability.
Development of the Statement of Requirements
Using all collected data, Elite360 prepares a specifications document for insurers. It outlines coverage, historical costs, and claims, enabling clients to review multiple options and make informed decisions about their insurance plan.
Market Analysis
Elite360 invites proposals from relevant insurers. Each proposal is analyzed in terms of cost and benefits. They compare plans objectively, thanks to their block of busness exceeding $125 million in annual premiums. Cost breakdowns are provided both monthly and per employee per pay period, including calculations for taxable benefits, provincially and federally.
Implementation of the Plan
After selecting a provider, Elite360 ensures a smooth transition through a structured process:
- Final confirmation and signing of the plan
- Initial admin meeting
- Employee communication
- Document review and payroll deductions setup
- Data submission to insurer
Customer Service
A dedicated Account Manager supports each advisor with:
- Administrative help
- Claims resolution through dedicated insurer reps
- Access to plan documents and technical support
- Tax support including simulations and payroll tables
Billing Services
Elite360 provides full billing services, especially for multi-employer groups or complex billing setups. They handle custom frequencies, bank withdrawals, and class-specific billing.
Renewal
Elite360 reviews renewal proposals using a proprietary model to ensure competitiveness. They analyze plan usage (e.g., top medications), prepare a health profile, and create a full report including:
- Renewal analysis
- Statistics and performance reports
- Cost summaries (group-wide and per employee)
- Performance measurement tools
- Bilingual employee communication materials
- Quarterly or Semi-annual reports may also be produced to provide early insights and projections.
Group Retirement Plans
Elite360 also provides comprehensive retirement plan solutions. They help businesses comply with provincial laws (e.g., Bill 39 for VRSPs) and design suitable plans based on financial, legal, administrative, and tax goals.
Understanding Group Retirement Plan Requirements
- Analyze your needs in 4 areas: financial, legal, administrative, and taxation
- Choose the most appropriate plan type: Group RRSP, DPSP, SPP, TFSA, or VRSP
- Customize plan structure (contributions, eligibility, vesting, withdrawal rules)
- Create employer contribution strategies
Selecting the Right Retirement Plan Provider (RFP Process)
- Review pricing competitiveness
- Evaluate provider services (admin, investment options, communication tools)
- Draft and send RFP document
- Analyze proposals and compare providers
- Recommend a provider and review service agreements
Ongoing Support and Monitoring
They periodically reassess fees, support plan administration, and conduct market reviews to ensure continued alignment with business needs.
Implementation and Communication
Elite360 ensures effective onboarding with admin training, employee information sessions, bilingual materials, and best practices for plan management.
