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Monday, February 12, 2018

Select a “Care-ier” or the Cost May Be Too Great

By Greg Wilden

When selecting the right Stop Loss carrier, you have a lot to consider, well beyond price. Long gone are the days when a spreadsheet comparing carriers and costs simplified the process. Today your decision is more complex, especially as benefits-related conversations turn from fees to high claims.

Whether you are a broker, carrier or policyholder, you are impacted by the simple fact that claims are rising – in frequency and severity. Everyone wants to get better control of the situation, yet, there is no simple approach.

Some employers, in an effort to gain control and order, choose to self-fund. But where do you turn for support? Work with a Stop Loss carrier that watches trends, makes informed decisions and evaluates risk. That carrier protects self-funded employers by doing more than just paying claims that exceed deductible levels – it cares.

Simply stated, select a carrier that is committed to achieving results and delivers on its promises. Look deeper and ask questions aimed at protecting each client’s bottom line:

How does the carrier do business?

How quickly does it generate proposals?

What is the turn-around time on a sold case?

How quickly and accurately does it pay claims?

Are cost-containment practices at the core of its claims process?

Is its contract clearly articulated with limited exclusions?

How accessible are its key players?

For an in-depth evaluation, run through HM’s carrier checklist for criteria we believe are crucial to your decision-making.

At HM, we are committed to providing the right coverage even before a proposal is delivered. And this attention continues through underwriting, installation, claims management and renewal. You will find that our leadership’s top priority is to respond to your needs and questions. We are dedicated to instilling confidence in our Stop Loss product and the protection it provides.

A strong contract between you and your Stop Loss carrier is key. After all, your reputation is on the line. You and your clients deserve a responsive carrier, one that conveys its dedication to excellence throughout the entire cycle of business. Opt for more than simply “competitive pricing,” or, in the long run, the cost will be too great.

Why HM

A strong, experienced carrier, HM responds to market changes and works with clients to ensure their coverage needs are met through expert risk assessment and exceptional delivery of benefits.