2020 Stop Loss Highlights
Even amongst a pandemic, BCS continues to be a leader in the Stop Loss space. While 2020 brought its share of challenges, BCS and its Stop Loss program saw many successes:
- BCS continued to see growth in the Stop Loss channel and new sales in the large claims market. More large group employers are purchasing Stop Loss, and BCS’s Stop Loss High Deductible program (with $1M+ deductible) continues to be an interesting opportunity for Blue Plans.
- The acquisition of Medical Risk Managers, Inc. (MRM) by BCS allows MRM’s comprehensive managing general underwriting service model to become an additional feature included in BCS’s RiskNavigator solution set, a highly predictive and actionable approach to managing carrier and employer large claim risks.
- While COVID-19 impacted first dollar loss ratios, previously identified high-cost claimants (such as cancers, premature babies, and blood disorders) continued to lead claims payments. A segment we are watching is the growing rise in mental health claims, a side-effect from the pandemic, which have the potential for both high severity and frequency.
- Meanwhile, BCS continues to focus on products to protect clients from the high costs of gene therapies, including building out our PreserveRx offering for larger clients.
For more information about BCS and its Stop Loss solutions, please contact Chris Bailey.