“The AGC Alternative: A Private Insurance Exchange” to Debut as Early as This Summer Thanks to New Arrangement with Willis North America, Construction Officials Announce During Annual Convention
LAS VEGAS – March 7, 2014 – (RealEstateRama) — The Associated General Contractors of America is planning to launch a new private insurance exchange in cooperation with Willis North America, association officials announced today. The new exchange, which will be called “The AGC Alternative,” is anticipated to be live this summer and will allow the association’s member firms to deliver better health insurance and related benefits to their employees at a lower cost, officials added.
“This new exchange will make it far easier for member firms to provide top quality health insurance and related benefits for their employees,” said Stephen E. Sandherr, the association’s chief executive officer. “Our members will now be able to secure the kind of convenient and discounted benefits that a growing number of large employers already enjoy.”
Sandherr noted that the new private exchange should reduce costs and the administrative burden of providing insurance benefits for the 95 percent of member firms that report they already provide health insurance to their employees. And because the exchange will offer a broader range of options than typically available to individual firms, employers and their employees will get more of the benefits that meet their particular needs.
The new exchange will also make it easier for firms to comply with the Affordable Care Act requirements, the association CEO added. And, unlike many public exchanges, the new private exchange will also provide employees with the guidance and support they need to make good decisions, Sandherr added.
Rick Hawkinberry, Willis Construction CEO commented, “Willis has been a long term partner with AGC and while we have previously focused our efforts in the very important area of employee and jobsite safety, we are delighted to work with AGC to bring this new solution to AGC member firms and their employees.”
Once AGC and Willis complete preparations, including securing a national insurance provider, each member firm will each be able to set up its own private company benefits exchange site for employees, Sandherr added. Participating firms will then provide a stipend to their employees, who will use those funds to shop for health insurance and other benefits offered through the exchange.
For more information about the association’s new private insurance exchange, visit http://www.agc.org/exchange.