The Insurance Exchange, a division of HUB International has a close working strategic relationship with one of the world’s largest and most respected actuarial firms. This relationship allows us to provide our clients with sophisticated financial and actuarial analysis related to products and services. This firm is recognized as an industry leader in benchmarking data, actuarial analysis, and other unique tools to advise our clients. Different platforms for self-insured and fully insured employers are available.

Actuarial Consulting Summary of Services

      • Health Care Reform Employer Cost Impact Report: Using our proprietary cost and utilization model with the applicable State Insurance Exchanges and the employer’s eligible census information, the analysis provides a timeline of percentage impact, 10-Year Cost Projection analysis, exchange migration, plan termination scenarios, and plan relatives with State Exchanges.
      • Comprehensive Assessment of Health Plans Report (CAHP): Designed for the mid-market employers, the CAHP report is a standardized report covering plan design, analysis of rating, employee contribution strategy, funding, and risk management.
      • Plan Design Analysis: Industry experience allows our consultants to help design a Health Care program that meets the participant and employer needs. In addition, using proprietary models, Health Cost Guidelines and Dental Cost Guidelines, actuaries can readily value benefit design changes to ensure Health Care programs meet your financial constraints.
      • Renewal Projections: The Mid-Year Renewal Projection helps employers set preliminary budgets prior to receiving the renewals from the carriers. We complete a pricing calculation to determine the projected premium and compare this to the current premium rates. A trend analysis allows outliers or seasonality problems to be identified and addressed.
      • Renewal Evaluation: The Renewal Evaluation is the final step in the renewal process and it is conducted after receiving the renewals from the insurance carriers. This is a multi-step process to help evaluate fully-insured renewals as well as begin preliminary budgeting on self-insured plans. Using claims experience, expected cost for the upcoming plan year is calculated and compared to the carrier renewals.
      • BCT Report – Budgeting, Contribution & Trend Report: The BCT Report accurately forecasts costs in the coming year and enables the employer to set budgeted rates for self-insured plans. After budgeted rates are established, we model employee contributions according to your desired strategy. A trend analysis allows outliers or seasonality problems to be identified and addressed.
      • Stop Loss Analysis: Designed for groups that are currently self-funded, our Stop-Loss Analysis assesses the risks and costs for various stop-loss coverage levels. Using Monte Carlo simulation, we provide a graphic display if potential scenarios to determine what options fit the employer’s risk preference.
      • FMR – Financial Monitoring Report: The FMR brings together claims experience, paid benefits, expenses, and budgets into one financial report for gross and net costs. It performs preliminary auditing of data to confirm accuracy of reports. Up-to-date forecasting leveraged through actuarial analysis turns “data” into “information” giving you the ability to manage proactive, not reactive.
      • IBNR Reverve – Incurred but Not Reported Reserve: The IBNR Reserve calculation uses actuarial projection techniques to estimate incurred claims and determine how much you should be holding in reserves to avoid IRS and DOL compliance issues. We can provide reports annually or quarterly and will help explain results to auditors in light of Sarbanes-Oxley requirements.
      • FSA Assist (TM) : FSA Assist(TM) is an innovative software product that helps employees estimate their out-of-pocket costs for medical, dental, and vision coverage. Used as a decision support tool, FSA Assist (TM) can increase participation rates and election amounts, saving both employer and the employee significant tax dollars.
      • HP Assist – Health Plan Assist: Health Plan Assist is an innovated software product that helps employees select a health plan, particularly for CDHPs. Used as a decision support tool, Health Plan Assist gives employees an estimate of their out-of-pocket costs for medical, dental, and vision coverage.
  • Additional Services
        • SIFA – Self-Insured Feasibility Analysis
        • Merger & Acquisition Assessment Report
        • PBM Evaluation – Pharmacy Benefit Manager Evaluation
        • Discount Analysis
        • BPS – Benefits Positioning System
        • FASB 106/GASB 43/45 Valuation
        • Client Action Bulletins, Newsletters & Research Reports
        • Plus other hoc Actuarial Analysis

Services are available to clients at a discounted cost. These services, along with the consulting support, can help your company base important financial decisions on sound analysis.