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Actuarial Analysis
At FH Insurance, we believe that getting data into our clients’ hands can help you make the right decisions about your plans in the future.
How can Your FH Insurance Actuarial Team help?
Actuarial Analysis Support for Our Clients
Actuarial Analysis
Our proprietary software reviews clients’ demographics, regional cost of care by insurance carrier, and claims. Our parity tool analyzes the premium and the relative value of the plans being offered to ensure that a decrease in plan design is met with the appropriate decrease in cost With this tool, we are able to show the best value overall, which is not necessarily the cheapest. Beyond renewal actuarial services, we can provide access to INBR reporting for self-funded client at no cost as requested.
Claims Analysis
We will look at your claims and make targeted plan design recommendations based on utilization. For example, last year, with one client, we found 42% of ER over-utilization. By moving this to a higher copay and educating employees on alternatives like telemedicine and urgent care, we were able to bring the excess utilization down.
Carrier Billing Audits
After each open enrollment, we provide a complete audit of every bill to ensure open enrollment changes were processed correctly. We are also willing to do an audit on request at anytime for clients. For some clients, we have also partnered with services that complete this on a monthly basis to ensure continued accuracy.
Custom Reporting Package
We provide custom reporting for self-funded clients so you can understand claims risk and make informed decisions prior to renewal. We will identify high cost claims and create expected renewals based on the reporting and claims.