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Best’s News & Research Service - October 23, 2014 01:44 PM (EDT)

A.M.BestTV: Symetra's President and CEO Tom Marra on Medical Stop-Loss 'Sweet Spot'

  • October 23, 2014 01:44 PM (EDT)
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Oldwick //BestWire// - In this A.M.BestTV episode, Tom Marra, president and chief executive officer at Symetra Financial (Symetra), examines how the medical stop-loss insurance for employers that self-insure their employees' health benefits has emerged as a growth area.

Marra said his company's strategy is to be a national player in each of the company's three divisions: life insurance, retirement and employee benefits. He also notes that medical stop-loss continues to be at the core of Symetra's benefits division.

"Symetra has been in the medical stop-loss insurance industry for more than 40 years; thus, we have expertise that has built up steadily. Since the medical stop-loss product is a pure insurance, its risk dynamics are good," said Marra.

Marra addresses how medical stop-loss gets a lot of coverage, but also competition. "Symetra, along with four or five companies, dominate this industry," said Marra. "And due to the product being typically sold by the largest brokers, it is a niche product that is tied to a core benefit strategy, which gives it a lot of coverage."

Marra discusses the opportunities that the post health reform era has created for the industry. He said, "One opportunity is that most employers in the 500 to 2,000 'sweet spot' for medical stop-loss will look at all their options and going self-insured is one of them, and whenever a company becomes self-insured it covers catastrophic claims that might emerge. Hence, the company needs medical stop-loss coverage."

Click here to view the entire video program: http://www.ambest.com/v.asp?v=marra1014.

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A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source.



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