Starmark-assurant-cigna

[NYinsurance417]

All these carriers offer self funding in the NJ market. Has anyone used them for these policies? What has your experience been with them?

 

[ABC]

All these carriers offer self funding in the NJ market. Has anyone used them for these policies? What has your experience been with them?

I have used all of them on fully insured basis. Cigna is the only one I have use on true self funded plans. I know the other two have level funded self funded plans they are offering. I have quoted assurant a few time I don't think anything will get through underwriting.

 

[thebig_j]

I have used all of them on fully insured basis. Cigna is the only one I have use on true self funded plans. I know the other two have level funded self funded plans they are offering. I have quoted assurant a few time I don't think anything will get through underwriting.

I have quoted a few of these plans w/ Assurant too. Haven't moved any yet though. My rep has not told me underwriting is particular hard to get through. Do you have any insight or know what to look for to get these through?

 

[Sam]

We have placed 6 cases with Assurant's level funding plan in the past month. Underwriting has been a breeze for all but two who did not end up going with this.

Just make sure it isn't takeover business from Aetna, if you want to use the Aetna network.

 

[leevena]

We use all and have had great experience with all. Cigna and starmark tend to have higher risk loads though.

 

[NYinsurance417]

What challenges have you faced in underwriting? Are you getting clients to fill out medical underwriting forms for each carrier or only one? Will they accept another carriers?

 

[leevena]

We require medical underwriting on all groups, never do illustrative rates. I dont use their forms, I have developed a single form for all of the markets.

 

[NYinsurance417]

Could you send me one?

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I'm in nj it's all always been guarantee issue.

 

[leevena]

I am a consulting actuary and have worked with the CIGNA and Starmark level funding programs (CIGNA calls it shared returns). My only suggestion is to be careful. They might "make self funding easier" but they also can be priced very poorly without it being apparent unless a good analysis of the costs is done.

You are correct. I have built into our analysis a formula that takes into account the pricing issue. I show it in both the actual amounts being charged and in the refund section.

 

[thebig_j]

You are correct. I have built into our analysis a formula that takes into account the pricing issue. I show it in both the actual amounts being charged and in the refund section.

So far what I have seen with Assurant's self funded plans they kick the pants off of everything else on strait premium. Am I missing something on the cost analysis?