Axial Benefits Group Enhances Healthcare Purchasing Coalition Operations to Lower Costs and Increase Flexibility for Employers
- Strategic collaboration with QBE North America provides a first-of-its-kind exclusive Medical Stop Loss arrangement for ABG's health care purchasing coalitions (HCP)
- The Staffing Exchange and Alliance Healthcare Coalitions will both now operate as independent entities managed by ABG
- Alliance Healthcare Coalition, an ABG-managed coalition, is now available through a limited adviser network
BURLINGTON, Mass., Oct. 9, 2017 /PRNewswire/ -- Axial Benefits Group (ABG), a full-service benefits management company, announced today the latest advancement to its health care purchasing coalition (HPC) operating model, a first-of-its-kind-exclusive Medical Stop Loss arrangement underwritten by QBE North America. (QBE).
The unique program creates a direct relationship between ABG's health care purchasing coalitions and QBE, one of the leading medical stop-loss insurance carriers worldwide. QBE is a prominent reinsurer of several large group medical stop-loss programs. The experience and knowledge QBE brings to the HPC operating model will lower costs, increase stability, reduce turnaround time on claims, and improve process efficiencies that facilitate employer productivity.
"This is an exciting step forward for the health care purchasing coalitions ABG manages," said Mick Rodgers, principal, and managing partner, Axial Benefits Group. "The direct relationship with QBE affords us a tremendous opportunity to eliminate administrative steps, gain meaningful efficiencies and ultimately, provide our clients with an opportunity for even greater returns."
In 2016, Axial's HPCs returned $3.2M in surplus assets to coalition members. This form of dividend sharing is made possible through a premium pool that the coalition members create by banding together. By removing additional administrative expenses, it allows for an increased amount of premium put into the pool and creates even greater potential for higher dividends.
"Our primary goal was to fully optimize an already high-performing program by bringing employers, advisers and carriers closer together," stated Steve Gransbury, President, Accident & Health, QBE. "We used a collaborative process with feedback from leading advisers and their clients to construct a program that shares responsibility, risk and success."
In addition to the operational and financial benefits, the collaboration also further aligns the HPCs with Axial imperatives, including transparency, fee-for-performance, shared accountability and continuous improvement.
SRS will provide financial reporting, regulatory compliance and program management services for the coalition premium funds and is regarded for its innovative approach and excellent customer service in captive management. "ABG and QBE have created an integrated system that is projected to deliver an unparalleled level of low-cost efficiency in the industry," added Wendy Dine, Senior Account Manager, Strategic Risk Solutions (SRS).
In addition, ABG's coalitions, including The Staffing Exchange and Alliance Healthcare Coalition, will now operate as independent entities without the need or requirements of a third-party managing general underwriter (MGU). Responsibilities previously managed by a MGU are no longer needed as ABG has created relationships directly with the underwriters under this new arrangement.
"ABG is extremely committed to continuous improvement," concluded Rodgers. "Whether it be a new customer portal or clinical case management solution, we look to bring new technologies, programs and products to our clients on an ongoing basis. Joining forces with QBE improves our ability to deliver best-in-class benefits solutions, but more importantly, enables our clients to offer their employees better benefits at the lowest cost possible."
Contacts
Ron Carlstrom, Director of Marketing, ABG
[email protected]
(781) 273-1400
Phillip Giles, Vice President of Sales and Marketing, QBE
[email protected]
(910) 420-8104
Wendy Dine, Senior Account Manager [email protected] (202) 629-2742
About Axial Benefits Group
Founded in 2004, Axial Benefits Group (ABG) is a full-service benefits company based in Boston, MA. ABG, part of The Axial Company, specializes in Healthcare Purchasing Coalitions for mid-size companies; and direct contracting with hospitals and providers to build their own HMO style products for local employers. For more information, visit: www.axialbg.com
About QBE
QBE North America is part of QBE Insurance Group Limited, one of the largest insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2016 of $4.6 billion. QBE Insurance Group's 2016 results can be found at www.qbena.com. Headquartered in Sydney, Australia, QBE operates out of 37 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. QBE insurance companies are rated "A" (Excellent) by A.M. Best and "A+" by Standard & Poor's. Additional information can be found at www.qbena.com.
About Strategic Risk Solutions (SRS)
SRS is a leading independent captive management firm with representation in all major onshore and offshore domiciles. It provides financial reporting, regulatory compliance and program management services to existing and prospective captive insurance companies. www.strategicrisks.com
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SOURCE Axial Benefits Group
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