Monday, April 23, 2018
By Carolyn Coleman
The insurance market changes every year. But for some time now, we’ve been watching the frequency and severity of claims rise, which increases the financial exposure of self-funded groups. This shouldn’t frighten employers from the control of benefits that self-funding provides to them, but with the high claims trend, the need for Stop Loss protection has grown. That said, it is essential to recognize the importance of working with a Stop Loss carrier that truly knows the intricacies of the market and what must be done to help ensure that the financial health of self-funded employers is properly guarded.
When getting the right protection in place for your clients is your top priority, a long-standing relationship with your Stop Loss carrier’s sales rep can help you – and your clients – spend your time and resources more effectively. Many in the industry may still look at the lines of a spreadsheet when choosing Stop Loss insurance, but that’s light on effort, and there is so much more to consider if you truly want to see success for everyone involved. When your carrier’s sales team and leadership are approachable, why not reach out and have a conversation about how to best get the job done?
Let your Stop Loss carrier do the heavy lifting when it comes to identifying the right approach to coverage for each self-funded client’s plan. If your rep is part of a company that watches the trends, there will be a good understanding of the market conditions in your region of the country. There also will be thoughtful consideration given to the individual dynamics of each particular group, which can give you confidence that the coverage presented has been appropriately developed.
The details will be in the Stop Loss contract. Get to know its ins and outs. This will streamline your discussion with your clients. Knowing the contract reinforces the value it brings, especially when it mirrors the underlying plan, has limited exclusions and uses language that’s easy to understand. After all, it is the foundation for the relationship and the definition of coverage.
When million-dollar claims are becoming commonplace, it can feel like a weighty responsibility to help ensure clients are protected. But strong-minded Stop Loss carriers take on that burden. They will reinforce their commitment to success with high performance results in responsiveness, accuracy, timeliness and diligence. That’s our focus at HM. We’re accessible, accountable and aware – and we will gladly do the heavy lifting for you.
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.