Full disclosure or transparency are not terms that are generally associated with the insurance industry. Historically there has been a degree of mystery or confusion surrounding insurance and the various products associated with it. This discussion will focus specifically on group insurance also commonly known as employee benefits or group benefits.
In order to grasp the importance of full disclosure, it is important to understand how the benefit industry functions and how it is governed. As far as the Alberta Insurance Council is concerned, there is very little information pertaining to disclosure and group insurance. In our opinion, this is a huge disconnect in the system as we believe full disclosure should be mandatory. As a firm, we embraced this approach many years ago. If you are an existing client, you can attest to the fact that sometimes we provide too much detail.
Now that we've determined disclosure is voluntary, the importance of questioning the transparency of your current advisor should be clear. Because most of the industry functions from a buyer beware philosophy, it puts onus on you the employer. As a consumer, you can expect a consultant to provide (with the exception of certain medical information) literally every piece of information associated with your benefit program; this is inclusive of remuneration. At the end of the day, the practice of full disclosure should remove any of the mystery surrounding your benefit program and leave you with a feeling of understanding.
an Engaged client is a good client
Our advice to you is to ask questions; your consultant should not take offense to being challenged. An engaged client is a good client. Communication and transparency make for long-term relationships.
If you're looking for more information and engagement from your benefit program we can help.