Stop-Loss Benchmark helps employers make informed decisions about self-insurance
WELLESLEY, MA, Oct. 23, 2015 /PRNewswire/ - Building on the success of its Benefit Profile, a powerful data analytics tool for employee benefits decision makers, the U.S. business group of Sun Life Financial has launched the Stop-Loss Benchmark nationwide. The Stop-Loss Benchmark leverages extensive data to provide employers with customized demographic and financial information that can help them make decisions about self-insurance and stop-loss coverage options.
More and more employers are thinking about self-insuring as a way to better manage rising health care costs and are seeking information to help them make the transition. Employers who are already self-funded also need guidance on evaluating the risks associated with their health benefits strategy. The Stop-Loss Benchmark is available to both employer groups—long-time and current self-funders as well as companies making the transition. It produces customized data reports that address catastrophic claim risk and risk management options, compared to the employer's peer group.
"Employers have been seeking information and insights that can help put their health care funding strategies into perspective. Today's complex health care landscape and the increased interest in self-funding have only furthered this need," said Sun Life's Brad Nieland, Vice President, Stop-Loss. "As the number one independent stop-loss carrier, we have accumulated a vast amount of data that we can tap into to fill that void."
Sun Life powers its Stop-Loss Benchmark with more than 2 million data points that are sourced from over 35,000 employer plan designs, approximately 21 million employee census records, and, through its unique partnership with Verisk Analytics, first-dollar claims representing $2.9 billion in medical costs. By tapping into this expansive data set along with reviewing Sun Life's $2.1 billion in Stop-Loss reimbursements*, the Stop-Loss Benchmark gives employers a holistic view of self-funding and stop-loss plans.
In addition to being rich with customizable data, the Stop-Loss Benchmark is user friendly. Simple graphics and plain language make it easy for employers to understand their group's risk profile and get a comparative view of their industry peers.
"At Sun Life, we're all about turning data into insights," said Kevin Krzeminski, Sun Life's Senior Vice President of Distribution. "When we introduced the Benefit Profile Tool, our first foray into big data, our brokers realized the wealth of insights it contained and were quick to use it in designing more effective employee benefits solutions for their clients. Now brokers have another sophisticated decision-support tool that will help them guide their clients through important decisions about their underlying health plan."
To learn more about Sun Life's Stop-Loss services including the Stop-Loss Benchmark, visit http://bit.ly/pr10-stoplossbenchmark. For a Benefit Profile overview and sample report, visit http://bit.ly/pr10-benefitprofile.
About Sun Life Financial
Celebrating 150 years in 2015, Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth products and services to individuals and corporate customers. The Sun Life Financial group of companies operates under the "Sun Life Financial" name strictly as a marketing name and no legal significance is expressed or implied. Sun Life Financial and its partners have operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. In the United States and elsewhere, insurance products are offered by members of the Sun Life Financial group that are insurance companies. In the United States, Sun Life Financial provides a range of products and services to employers and their employees, including Group and Voluntary Accident, Critical Illness, Dental, Disability, Life, and Stop-Loss insurance products. Product offerings may not be available in all states and may vary depending on state laws and regulations. Sun Life Financial Inc., the holding company for the Sun Life Financial group of companies, is a public company. It is not an insurance company and does not offer insurance products for sale in the United States or elsewhere, and does not guarantee the obligations of its insurance company subsidiaries. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under the ticker symbol SLF. For more information please visit www.sunlife.com/us.
*Source: Sun Life Financial stop-loss claims records in the U.S. from 2011 through 2014.
Sun Life Financial
Devon Portney Fernald
Sun Life Financial
SOURCE Sun Life Financial - United States