Claros Analytics - 3x3x3 Challenge with Julia Dare
Claros Analytics builds next-generation predictive analytics applications that allow advisors to model the risk and reward of plan design changes and self-funding, even with limited data on the group.
Transcription:
What is Claros Analytics?
So, Claros Analytics is an actuarial software company that helps benefits professionals win and keep business through smarter and simpler plan cost projections. By understanding how much a health plan should cost for any group, advisors and their clients are better able to navigate self-funding, save money, and make the most out of their benefits plan.
How is Claros Analytics different?
So, there are three things that really set us apart. Number one, you can generate reliable cost projections for any size group with very little information. If you don't have access to their past claims data or they're new to self-funding, you can still create credible estimates for a group's plan cost. Number two, we also equip you with all the analysis you need to reassure even your most risk averse clients about self-funding. So, if you have a group who's contemplating self-funding or should be, we can tell you how much their plan will cost and their chance of beating their fully insured premium renewal. We'll also show their realistic risk exposure, which is generally much less than maximum plan cost under self-funding. Even if they're not ready to switch to self-funding, you can flag for them the renewal increase that should prompt them to consider it. Sometimes it makes sense to stick with fully insured if it's not increasing much, or the group has a very low risk tolerance. We can solve for that to ensure your groups are choosing the right risk structure for their needs, whether it's fully insured, level funded, captives, or straight self-funded. And finally, even though our applications are built by actuaries, you don't need to be an actuary or an underwriter to use them. Our actuarial engine is built from a rich national claims dataset and generates reasonable assumptions for your groups wherever you do not have complete information yourself. This allows anyone to generate sophisticated and reliable actuarial projections for every group regardless of size.
Who is a good fit for Claros Analytics?
So, benefits advisors use us every day to analyze groups of all sizes, but people tend to use us most often for mid-market and smaller groups since these groups have higher self-funding risk and their past experience alone is not sufficient to predict their future cost. Advisors who want to win more self-funded groups typically come to us. Advisors will also come to us if their groups start to be more curious about self-funding, and they want to have the right tools for that transition. People also use us if they want to support their self-funded groups internally without relying on outside experts to get the projections and recommendations they need. Benefits advisors make up the bulk of our client base, but we serve people throughout the self-funded sector. TPAs, actuarial consultants, captives, health plans, underwriters, and stop loss carriers nationwide rely on our software to generate reliable and easy plan cost projections. We have an over 90% annual renewal rate, so our clients are very happy with us!
Click this link to subscribe to the BenefitsAlly Substack for FREE!
https://benefitsally.substack.com/
Transcription:
What is Claros Analytics?
So, Claros Analytics is an actuarial software company that helps benefits professionals win and keep business through smarter and simpler plan cost projections. By understanding how much a health plan should cost for any group, advisors and their clients are better able to navigate self-funding, save money, and make the most out of their benefits plan.
How is Claros Analytics different?
So, there are three things that really set us apart. Number one, you can generate reliable cost projections for any size group with very little information. If you don't have access to their past claims data or they're new to self-funding, you can still create credible estimates for a group's plan cost. Number two, we also equip you with all the analysis you need to reassure even your most risk averse clients about self-funding. So, if you have a group who's contemplating self-funding or should be, we can tell you how much their plan will cost and their chance of beating their fully insured premium renewal. We'll also show their realistic risk exposure, which is generally much less than maximum plan cost under self-funding. Even if they're not ready to switch to self-funding, you can flag for them the renewal increase that should prompt them to consider it. Sometimes it makes sense to stick with fully insured if it's not increasing much, or the group has a very low risk tolerance. We can solve for that to ensure your groups are choosing the right risk structure for their needs, whether it's fully insured, level funded, captives, or straight self-funded. And finally, even though our applications are built by actuaries, you don't need to be an actuary or an underwriter to use them. Our actuarial engine is built from a rich national claims dataset and generates reasonable assumptions for your groups wherever you do not have complete information yourself. This allows anyone to generate sophisticated and reliable actuarial projections for every group regardless of size.
Who is a good fit for Claros Analytics?
So, benefits advisors use us every day to analyze groups of all sizes, but people tend to use us most often for mid-market and smaller groups since these groups have higher self-funding risk and their past experience alone is not sufficient to predict their future cost. Advisors who want to win more self-funded groups typically come to us. Advisors will also come to us if their groups start to be more curious about self-funding, and they want to have the right tools for that transition. People also use us if they want to support their self-funded groups internally without relying on outside experts to get the projections and recommendations they need. Benefits advisors make up the bulk of our client base, but we serve people throughout the self-funded sector. TPAs, actuarial consultants, captives, health plans, underwriters, and stop loss carriers nationwide rely on our software to generate reliable and easy plan cost projections. We have an over 90% annual renewal rate, so our clients are very happy with us!
Click this link to subscribe to the BenefitsAlly Substack for FREE!
https://benefitsally.substack.com/