Stop-Loss Carriers manage risk in a highly competitive space, navigating complex and consultative sales while providing protection to employers from catastrophic financial risk.
One of the challenges third party stop-loss carriers face is understanding the risk of the groups they quote. Because many proposals include only census data, stop-loss carriers are often left in the dark.
BST empowers stop-loss carriers by providing insight into client risk and building models that more accurately design stop-loss policies.
Problems BST is Solving for Stop-Loss Carriers
- Understanding Risk
- Strengthening Distribution
- Aligning with Supplemental Products
Understanding Risk
Stop-loss carriers struggle to understand the true risk of a given employee population. Armed with actual claims data, BST’s risk insights allow stop-loss carriers to better more align the stop loss price and policy with the client’s actual risk.
Strengthening Distribution
Stop-loss carriers want to know where their products are strategic against the actual risk of the population. BST helps stop-loss carriers by providing employers and consultants better access to data and plan optimizations.
Aligning with Supplemental Products
Stop-loss carriers are seeking better alignment between stop loss and supplemental product sales. BST has built a one-of-a-kind pre-sales tool, Ceres, which helps carriers effectively cross sell their products to brokers.
How We Support Stop-Loss Carriers
- Data Warehouse
- Quality Analytics
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
Data Warehouse
BST provides unprecedented access and visibility of client data and the data warehouse enables Stop-Loss carriers to:
- House a database for each client.
- Normalize for continuous in-depth data analysis.
- Maintain multi-period/lifetime storage/data blending.
Quality Analytics
H3: BST solves problems that many Stop-Loss carriers face with data discrepancies, member matching inconsistencies, outdated data validations, and slow processing times. BST’s technology allows for:
- Comparisons among data sets to measure the quality and rationale of newly ingested data.
- Optimal machine learning-based approaches that maximize true member matches and identify hard-to-match records.
- The leveraging of computer power and speed to load monthly files in under an average of 3 minutes.
Descriptive Analytics
BST provides Stop-Loss Carriers insights on global risk factors within a population throughout the plan year. Our financial and clinical reports with customized views allow Stop-Loss Carriers to:
- Gain access to large data sets quickly. With our tools, employers will see fresh, relevant, monthly data quicker than competitors, with access to data within 30 days of us receiving it.
- Access to 200+ monthly reports data through a secure cloud-based platform.
Predictive Analytics
BST identifies lag measures, provides high-level views of total block performance, and enables drill-down views of individuals through critical metrics. Advanced analytics, machine learning, and optimization techniques allow Stop-Loss Carriers can:
- Gain insight into advanced risk models that predict future high-cost claimants.
- Better advise and hold vendor partners accountable.
- Implement a financial forecasting model that can identify the drivers of next year’s plan in an efficient, automated, unbiased, transparent, and cost-effective way.
Prescriptive Analytics
BST stands apart in the analytics space because we provide specific, actionable client recommendations. BST’s Plan Optimizer considers billions of scenarios and arrives at optimal enabling stop-loss carriers with:
- Cutting-edge plan optimization tool that solves for a best plan based on budget constraints and health plan goals.
- Smartcards recommendations, within the tool, that provide specific actions to take in order to address certain challenges in the current health plan.
