QBE North America has launched Agora, a group captive program with a focus on medical stop loss insurance targeting organisations with at least 50 employees that are focused on transparency and control of rising healthcare costs.
Compared to other group captive programs in the marketplace, the “unique” structure of Agora provides a more streamlined solution, like fully flexible plan design, cost containment solutions, service providers, and stop loss policy terms.
It also provides transparent underwriting and monthly experience reporting, lack of adverse contract language and restrictive long-term commitments, and no burdensome conference or committee demands.
Tara Krauss, Head of Accident & Health at QBE North America, said: “Most employers in today’s economy are looking for ways to better manage their health plan costs. This search will only grow more urgent as revolutionary advancements in treatment, the rising prevalence of chronic conditions, and previously unseen economic conditions drive costs even higher.
“Considering these trends, we saw an opportunity to better support employers who self-fund their health plans by expanding our captive service model. Our new model provides improved efficiencies to reduce unnecessary costs, long-term commitments, and potentially adverse contract terms.”
Krauss continued: “Many employer-groups lack the resources and fundamental knowledge to effectively launch a captive solution for their self-funded health plan. With Agora, QBE’s segregated cell company, these employers now have an easy point of entry to the captive space as well as the ability to customise a solution to meet a variety of stakeholder needs. It’s about as turn-key as you can get for captive participation.”
Agora is an open medical stop loss group captive owned, sponsored, and underwritten by a wholly owned subsidiary of QBE Insurance Company, a leading medical stop loss direct writing carrier.
“In addition to having significant fixed cost savings, captives can address specific risk management needs, which is why approximately 90% of Fortune 500 companies have established wholly owned captive subsidiaries,” said Matt Drakeley, Vice President, Specialty Markets for QBE’s Accident & Health business.
He added: “Organizations with self-funded health insurance plans in a captive have a better view of the factors driving medical claims, which can facilitate more proactive and cost-effective healthcare. Smaller employers can also obtain the benefits of captives by joining a group captive.
“Counting both wholly owned and group structures, nearly 3,400 captives in the U.S. insure a wide range of insurance risks. We’re thrilled to offer Agora to customers as an easy-to-access and flexible group captive solution for medical stop loss insurance.”