Boulder-based ICAT adopts consumer-driven health plan
Download full report (PDF, 270KB)
“Our employees are more engaged in how they utilize their health care dollars for themselves and for ICAT.” –Laura Myers, Director of Human Resources and Training, ICAT
ICAT (International Catastrophe Insurance Managers, LLC) provides catastrophe insurance products and services to businesses in earthquake- prone and hurricane-prone regions around the country. Formed as an underwriting manager in 1998, the company employs about 120 people, with the majority of those working in the Boulder, Colo. headquarters and the others in offices nationwide. While Boulder may not be a catastrophe-prone location, ICAT’s location is advantageous: the company can remain open to serve its clients when disaster strikes. Most importantly, ICAT has found it easy to attract a quality workforce to the scenic college town.
Benefits needs:
- With its health care plan administered through a Professional Employer Organization (PEO), ICAT never had a direct connection to its health plan carrier. The company sought a more direct relationship with its benefits provider, reporting on plan utilization and reduced costs.
The Great-West Healthcare solution:
- ICAT hopes to leverage the Great-West Healthcare Consumer Advantage plan design to encourage employees to make more cost-effective health care decisions and thereby increase both the company’s and its employees’ savings.
- Entering its second year with Great-West Healthcare, ICAT gave employees another choice by adding traditional PPO to its Consumer Advantage.
- Detailed monthly reports highlight claims trends that the company then uses to re-forecast its benefits budget and shape education programs.