TORRANCE, Calif. – February 19, 2014 – Keenan, the largest privately held insurance brokerage and consulting firm in California, announced the launch today of the Keenan Public Agency Marketplace to provide California’s public agencies and their employees the ability to more effectively navigate employee benefits decision making, enrollment and access to both private and public exchange markets in the post Affordable Care Act environment.
“This unique offering will be the first marketplace of its kind to deliver comprehensive employee benefits solutions to all eligible classifications of employees within the public agency sector. Specifically designed for California public entities, the Keenan Public Agency Marketplace will provide integrated solutions for part-time and full-time employees, early retirees and post-age-65 retirees,” said John Scatterday, Senior Vice President of Keenan. “Public agencies are unique as their bargaining units have complex agreements with varying contribution schedules and coverage amounts that require specially designed approaches.”
Launching the Keenan Public Agency Marketplace is a natural evolution of Keenan’s BenefitBridge platform which is a centerpiece of the firm’s public agency strategy. Since 2005, BenefitBridge has provided essential services such as online, consolidated billing, eligibility and enrollment; interfacing capabilities with payroll and HRIS systems to manage compliance; access to all employee benefits plans including integration into their membership eligibility systems; and plan comparison tools to assist members in complicated decision making.
The Keenan Public Agency Marketplace will add solutions to this established platform including:
- Individual and Family Plan (IFP) programs for part-time employees or overage dependents
- Private and Public Individual Exchange markets (including tax subsidy eligibility calculator)
- Post-65 retiree exchange access, with CMS-certified benefits advisors, offering over 100 Medicare and Medicare Advantage plans to retirees
Keenan is a Certified Insurance Agent for the Covered California exchange throughout its newly established Keenan Direct division.
With the implementation of the Affordable Care Act (ACA), the employee benefits market landscape has changed dramatically in the past three years, and public agencies will experience increased costs.
“Our agency was able to significantly reduce its unfunded medical benefits liability by more than 40% from $45 million to $25 million,” according to Nancy Kerry, City Manager, City of South Lake Tahoe. “While saving $20 million in our unfunded OPEB liability is remarkable, our Medicare eligible members were also provided with more health plan alternatives at a much lower cost. Keenan’s Public Agency Marketplace provides the structure for our city to develop this program and save the city and our members needed dollars while expanding choices, this after many years of being told that lowering the liability was impossible. Just months after we brought Keenan on board, they got it done.”
Sherrell Freeman, Executive Director of the Monterey County Schools Insurance Group, had a similar experience. “Our membership was provided an average of 45 health coverage alternatives versus the one option previously available and was able to save approximately 57% on premiums for post-65 coverage,” she noted.
“Employers have different marketplaces to select from,” said Henry Loubet, Keenan Chief Strategy Officer. “However, we believe this unique offering provides comprehensive solutions for all types of public agencies and their members. The Keenan Public Agency Marketplace is another example of Keenan’s 42-year commitment to innovation and developing solutions for California public agencies to best meet their insurance needs.”
For information on Keenan insurance brokerage and consulting programs, visit www.keenan.com.
Founded in 1972, Keenan is the 17th largest insurance consulting and brokerage firm in the U.S., and the largest independent broker in California. Keenan is dedicated to providing superior insurance products and services to schools, community colleges, healthcare organizations and municipalities for employee benefits, health benefit management services, workers’ compensation, risk management, and property and liability. With headquarters in Torrance, CA, Keenan has a staff of more than 650 insurance specialists and branch offices in Riverside, San Clemente, Oakland, San Jose, Rancho Cordova, Redwood City, Pleasanton and Eureka. For more information, call 800-654-8102 or 310-212-3344, email firstname.lastname@example.org or visit www.keenan.com.