Princeton, NJ – August 2023 — Claros Analytics, the healthcare industry’s leading actuarial software firm, has launched a new web-based application that simplifies the plan structure comparison process and unlocks advanced capabilities to facilitate plan choice for those advising employer groups.
ClarosRisk allows users to quickly and easily determine the cost and risk associated with fully insured, self-insured (also known as self-funded), and level-funded plans. As more employer groups evaluate self-funding, this additional analysis can help advisors guide their groups to the best plan structure for their unique risk tolerance and financial situation. It also shows outcomes across a 1-year, 3-year, and 5-year time horizon, demonstrating the long-term feasibility of each plan structure for groups considering a switch. Its novel “Indifference Analysis” report demonstrates the exact rate increase that should trigger a group to evaluate self-funding or negotiate with their carrier for a lower premium. These dynamic capabilities add a layer of transparency and consideration to the complex plan comparison process. These projections can be performed for any size group, with or without past claims data, making it easier to work with smaller groups and groups that do not have access to their claims history.
ClarosRisk is easy to access from any internet browser and can be quickly deployed across organizations. It is easily integrated with other systems and its user-friendly interface facilitates quick inputs and analysis. Like all of Claros Analytics’ actuarial software applications, ClarosRisk is powered by a next-generation predictive engine utilizing specialized claims curves and Monte Carlo simulations to generate actuarial projections. ClarosRisk joins ClarosPlan on the Claros Analytics web platform. ClarosPlan simplifies the plan design and comparison process, providing quick analysis of the impact of changes to health insurance plan design, stop loss, employee demographics, and network discounts including reference-based pricing.
“The capabilities and enhanced accessibility of ClarosRisk empower users with a robust level of insight and context about the self-insured risk/reward dynamics and opportunity. This enables informed decision making in plan design and plan structure for groups looking to take control of their health plan,” says Todd Owen, Claros Analytics CEO.
This powerful tool can provide industry professionals with a significant advantage in working with employer groups. As more groups look to reduce their healthcare spend in the face of rising premiums, providing a comprehensive risk evaluation of different plan structures is critical to successfully winning and keeping new business.
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Claros Analytics builds next-generation analytical software applications to model, price, and predict health benefits costs. Clients, including stop loss carriers, underwriters, reinsurers, benefits consultants and advisors, plan administrators, and plan sponsors, achieve a competitive advantage by using our predictive analytics to model health plan changes, define self-funded opportunities, and budget self-funded plan costs.
Contact: Julia Dare, Marketing Lead | 908-257-0324