Actuarial and Underwriting

An Efficient Comprehensive Actuarial Rating Tool

Actuarial and Underwriting

Actuarial and Underwriting

VIDEO TRANSCRIPT:

Introducing the Actuarial Rating Tool from HM Health Solutions, a comprehensive toolset that allows a health plan to operationalize pricing strategy and tailor underwriting needs for mid- and large-sized markets. The Actuarial Rating Tool lets you start with your data, clients and rates, products and benefits, past claims, and enrollment data. Once your data is uploaded, the Actuarial Rating Tool facilitates efficient rate quoting and pricing in an easy-to-use and versatile package. The Actuarial Rating Tool has three components -- a Risk Assessment tool, a Pricing tool, and a Field Quoting tool -- all integrated to work together seamlessly. The Risk Assessment tool allows your underwriting team to access current and historical claims data and membership information to assess the risk of covering particular populations. The risk is quantified to project costs. The Pricing Tool puts you in control of pricing strategy with a flexible and clearly-defined system. In just a few easy steps, your actuarial team can quickly respond to market changes by allowing new factors and formulas to be created, tested, and implemented. This all happens without the need for additional technology intervention. The Field Quoting tool is the ideal tool for your sales team. Use it to create the optimal quote for both prospective and renewal clients. Its straightforward, easy-to-use interface empowers the sales team to produce alternative price quotes with customized benefits in real time. Once finalized, the rates can be loaded into the production environment for use by the Field Quoting tool. Once all adjustments are finalized, the changes are validated. Any updates made with the Field Quoting tool are automatically transferred to the other components of the tool. The Actuarial Rating Tool from HM Health Solutions puts you in control of your business and understands that when you need to react to changing market factors, time is money.

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