Friday, March 17, 2017
2016 Financial & Operational Performance Results Offer Continued Confidence
Financial strength and stability are the foundation of HM Insurance Group’s ability to guard the financial health of its clients. The company’s 2016 results reflect another strong year rooted in sound business practices and disciplined financial judgment. Consistently achieving annual gross revenues of more than $1 billion, HM protects nearly eight million lives through its reinsurance lines of business.
The HM Stop Loss team is committed to providing clients with an exceptionally high level of performance. From sales to underwriting to claims, each area works to achieve results that give groups confidence in their decision to self-fund their health plans and use HM Stop Loss insurance to protect against the potential financial losses associated with catastrophic claims.
In 2016, the company’s tradition of excellence continued with performance better than the industry standard of excellence for both claims processing and payment accuracy.*
Some highlights from our 2016 operational performance results include:
- Processing – 99.91% of claims are processed in less than 10 business days
- Claims Accuracy – 99.64% financial accuracy and 99.41% technical accuracy
- Savings from Cost Containment Practices – More than $78.5 million in the last five years
- Proposal Generation – Less than four business days
- Sold Case Turnaround Time – Average of seven business days for new business and four days for renewals
In addition, 2016 financial results demonstrate that the company also experienced one of its best financial years to date with the Stop Loss block delivering year-over-year growth in gross revenue and strong new business premium. Sound business practices and a disciplined approach help to ensure consistently positive results that allow HM to meet financial obligations to its self-funded clients. The updated Company, Financial & Product Overview sheet provides additional details.
View the document: 2016 Operational Performance Results (PDF).
View the document: 2016 Company, Financial & Product Overview (PDF).
*Trilogy Consulting, 2014.
About HM Insurance Group
HM Insurance Group (HM) provides insurance and reinsurance coverage to protect businesses from the financial risk associated with catastrophic health care costs. A recognized leader in Employer Stop Loss, the company delivers protection for a range of group sizes. HM also offers managed care solutions, including Provider Excess Loss insurance and Health Plan Reinsurance. HM Life Insurance Company, HM Life Insurance Company of New York and Highmark Casualty Insurance Company are all rated “A” (Excellent) by AM Best Company. Through its insurance companies, HM Insurance Group holds insurance licenses in 50 states and the District of Columbia and maintains sales offices across the country. Learn more on hmig.com.
Why HM
A strong, experienced carrier, HM responds to market changes and works with clients to ensure their coverage needs are met through expert risk assessment and exceptional delivery of benefits.
