HM Insurance Group's Industry Insights Blog

Industry Insights

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Are You Losing Sleep?

By: Caleb Knier November 15, 2019
Fear of catastrophic claims and the financial challenges they can create may be keeping you – and your clients – up at night. When statistics show claims growing well beyond the $1 million mark with greater frequency, that fear is certainly founded. It’s also a very real fear for me as the CFO of a Stop Loss insurance company. However, I know that data-backed decisions and having the right approach in place for responding to trends can make all the difference.
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Doing Our Job

By: Jim Eick September 12, 2019
I’m often caught off guard when someone thanks me for getting back to them. It feels odd being acknowledged for doing my job. With all the technology we have at our fingertips, I have to wonder how anyone survives in this business without being responsive, since that quality is so important to sustaining relationships. I suppose, in the day-to-day, some may forget common courtesies as they focus on checking off to-dos. But those gestures that demonstrate you truly care are what help you stand out, and I don’t ever want to lose sight of them. I want to do right by my partners and clients.
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What Does Unlimited Mean?

By: Mark Lawrence July 16, 2019
At HM Insurance Group (HM), we’re very proud of our financial strength. Our Stop Loss paper is rated “A” by A.M. Best, and we have a combined surplus of more than $1,000,000,000. That’s a lot of zeroes. This capital is the financial bedrock of the promise we make to employer groups – we will pay their claims. The Stop Loss market has changed a lot in the past ten years. Prior to the passage of the Affordable Care Act (ACA) in 2010, we issued limited policies, meaning they had annual or lifetime policy maximums of $1,000,000 or $2,000,000. As an underwriter at that time, it was hard to envision claims reaching those policy limits. But now it’s something that happens with frequency.
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Why Data Matters

By: Matt Presutti May 22, 2019
Data. Big data, small data – it doesn’t matter. All data is currency in today’s world. In the insurance business, data is the word that sets the hearts of actuaries and underwriters aflutter. It’s the facilitator to their ability to deduce, determine and decide what moves to make. But further, to their Stop Loss companies, data quite likely is the difference between a win and a loss. And I don’t mean just winning an account or not – I mean winning financially or taking a loss – and that extends to everyone involved.
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Integrating RxOps for Cost Management Solutions

By: Jamie Holowka March 27, 2019
As a pharmacist, in the past 20-plus years, I’ve owned my own pharmacy, worked for a PBM (pharmacy benefit manager), served as a consultant to health plans and more. Now, I find myself in the operations department of a Stop Loss carrier. As pharmaceutical costs continue to rise and new drugs debut with million-dollar price-tags, the market is seeing greater catastrophic claims expenses – and I’m working to share my industry knowledge and understanding of pharmaceutical costs and use across the client population.
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