Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Accept A Three Year Fixed Rate Group Life And AD&D Insurance Policy Between Symetra Life Insurance Company And The City Of Hollywood For Group Life And AD&D Insurance Coverage For An Estimated Annual Cost Of $449,509.14 Beginning April 1, 2015.
Body
Staff Recommends: Approval of the Attached Resolution
Explanation:
The City desires to provide Basic Life and AD&D Insurance for the City of Hollywood employees and retirees. The City consulted with the Gehring Group, Inc. to provide Insurance Agent of Record Services. The Gehring Group, Inc. has specialized in serving the public sector for over twenty years and currently places over $500 million in insurance premium annually. The Gehring, Group Inc. sent out a request for proposals on behalf of the City to nineteen carriers including the City's incumbent carrier. Out of the nineteen carriers proposed, eight carriers responded with offers. Out of the eight carriers who submitted offers, only four were rated "A" or better with all three A.M. Best, Moody's and Standard & Poor Rating. Three of the four carriers with A or better rating provided a proposal less expensive than the City's current incumbent carrier. Out of the three competitive carrier offers, both the Human Resources Office and the Gehring Group recommend Symetra Life Insurance Company who responded with a 5.3% decrease in premium cost over the City's incumbent provider Mutual of Omaha. Funding for the insurance is appropriated and exists in account number 58.1241.00000.590.059198.
Recommended for inclusion on the agenda by:
Dr. Wazir A. Ishmael, City Manager
Tammie L. Hechler, Director of Human Resources