Problem-solving with Reflection and Resolution
I love solving problems. That’s the best part of my job. Lucky for me, we’re in a thought-provoking industry – one that’s become even more challenging with the growth of high-dollar claims. As a reinsurer, paying those claims is the most important thing we do. The challenge lies in creating the right solution for each client, appropriately pricing business to ensure obligations can be fulfilled and finding ways to help contain claim costs for everyone involved.
The best way to do that is to focus on the future via data to gain deeper insight into trends. This is the time to assess results from 2018 while planning for 2019 and beyond. It’s a time of reflection and resolution, a time for seeking opportunities and tackling the obstacles that are testing us every day. We have to know the ins and outs of the market, the needs of business partners and the outcomes that clients are experiencing in order to better inform decisions going forward.
If we’re going to best serve those coming to us for our expertise, we have to be able to deliver solutions that are the right fit for the customer at-hand. Of those considering Stop Loss protection, some want coverage for their self-funded plans; others are contemplating level-funding and need the security of reinsurance; and still others are looking to control costs through reference-based pricing programs that require additional considerations when putting Stop Loss into place. The information gained in each scenario can help to improve results across the entire spectrum of risk, as the outcomes help to inform decisions regarding protection options and cost containment measures.
There are many challenges lying ahead of us in this industry. Specialty pharmaceutical costs alone are changing the face of the market. While the innovation that some of these drugs provide is amazing – truly curing diseases and saving lives – these pharmaceuticals can be multi-million-dollar expenditures for the groups covering those being treated with them. Protecting against these high-dollar claims is more important than ever for both carriers and their clients, and working to contain pharmaceutical costs is essential.
Knowing that clients are putting their faith in us to cover catastrophic claims fills me with resolve to study what we’ve seen, incorporate what we anticipate and deliver solutions that enable them to feel confident their bottom line is protected.
Best wishes for a great holiday season and a happy new year. We look forward to working with you in 2019 and beyond.