Stop-loss insurance

Zurich adds medical stop loss product for national carrier-administered programs

Retrieved on: 
Thursday, October 15, 2020

SCHAUMBURG, Ill., Oct. 15, 2020 /PRNewswire/ --Zurich North America is launching a medical stop loss insurance offering for larger employers with self-funded group health plans administered by national carriers.

Key Points: 
  • SCHAUMBURG, Ill., Oct. 15, 2020 /PRNewswire/ --Zurich North America is launching a medical stop loss insurance offering for larger employers with self-funded group health plans administered by national carriers.
  • The new admitted product is the result of a collaboration with Medical Risk Managers (MRM), a program administrator based in South Windsor, Connecticut, that specializes in writing medical stop loss in this space.
  • That helped Zurich finalize the arrangement and launch the offering ahead of the typical January peak period for writing medical stop loss coverage.
  • Use of other MRM products and services is independent of, and not included within, the Zurich Medical Stop Loss Insurance Policy, or any other Zurich product or service.

WatchTower Adds Medical Stop-Loss Coverage to Cloud-Based Distribution Platform

Retrieved on: 
Wednesday, April 22, 2020

CHICAGO, April 22, 2020 /PRNewswire-PRWeb/ --WatchTower, a cloud-based platform that simplifies the process of buying and selling employer-sponsored insurance, announced today it has started supporting distribution of medical stop-loss coverage.

Key Points: 
  • CHICAGO, April 22, 2020 /PRNewswire-PRWeb/ --WatchTower, a cloud-based platform that simplifies the process of buying and selling employer-sponsored insurance, announced today it has started supporting distribution of medical stop-loss coverage.
  • "Medical stop-loss coverage is an essential deliverable for brokers who serve mid-to-large employers.
  • By simplifying that analysis, the platform allows brokers to quickly provide employers with high-quality, cost-efficient benefits and data-informed advice.
  • WatchTower's platform solves several prevalent problems specific to transactions of medical stop-loss insurance, a product which protects self-insured companies against catastrophic employee healthcare claims.

Best’s Market Segment Report: Size of U.S. Stop-Loss Insurance Market Doubled Over Five-Year Period

Retrieved on: 
Friday, August 16, 2019

The Bests Market Segment Report, titled, Stop-Loss Insurance Segment Continues to Grow Significantly, states that although revenue from stop-loss business is low compared with traditional commercial group health insurance coverage, it has been growing quickly in recent years as employers seek cost savings and more flexibility.

Key Points: 
  • The Bests Market Segment Report, titled, Stop-Loss Insurance Segment Continues to Grow Significantly, states that although revenue from stop-loss business is low compared with traditional commercial group health insurance coverage, it has been growing quickly in recent years as employers seek cost savings and more flexibility.
  • Stop-loss insurance limits an employers exposure, and is initiated when a claim or claims reaches a pre-determined threshold.
  • This increased interest in stop-loss insurance is reflected in the growth of net premiums earned to $18.6 billion in 2018 from $9.2 billion in 2013.
  • The revenue growth in the stop-loss segment also reflects higher rates due to additional risk related to unlimited maximum exposure.

Million-dollar+ medical claims increase 87 percent from 2014-2017: Sun Life report

Retrieved on: 
Monday, July 16, 2018

WELLESLEY, Mass., July 16, 2018 /PRNewswire/ -- In Sun Life Financial's 2018 High-Cost Claims Report , cancer remains the costliest medical condition, with $798.7 million in reimbursements to self-funded employers from 2014 to 2017.

Key Points: 
  • WELLESLEY, Mass., July 16, 2018 /PRNewswire/ -- In Sun Life Financial's 2018 High-Cost Claims Report , cancer remains the costliest medical condition, with $798.7 million in reimbursements to self-funded employers from 2014 to 2017.
  • Employers who self-insure their health plans use stop-loss coverage to protect themselves from excessive financial losses from high-dollar claims.
  • Sun Life, the largest independent stop-loss provider in the country, analyzes its vast database of client medical stop-loss claims each year to assess industry and health care trends.
  • Sun Life's broad portfolio of products and services in the U.S. includes disability, absence management, life, dental, vision, voluntary and stop-loss insurance.