Rate Management
Do not let your company get bogged down in the rate management process – the trained professionals at Insurance Administrative Solutions can help you. We handle all aspects of rate management for Health and Medicare Supplement / Medigap insurance – from filing and approval to monitoring rate increases.
Rate Determination
We coordinate the process with your actuaries to determine what the optimal rates need to be for the next year. Once the rates are determined, we contact the appropriate state offices and get approval in every state the product will be sold.
Immediate Implementation
For IAS and our clients, rate implementation is the critical phase – the most important step in the rate management process. Our IT staff works in cooperation with the company’s actuaries and our model office area to implement the rates and thoroughly test them to ensure that everything is perfect before the rates are released.
Data Management
Actuarial Consulting Firms can rest assured that IAS provides one of the cleanest and most flexible data feeds in the insurance industry. Many of the actuarial firms we work with find this extremely useful when receiving data from IAS for their clients. It allows them to manage the data easily and effectively for many purposes. Our roots and ability to capture data has proven to be a great benefit to our business partners in the aspect of managing the business and a critical success factor in maintaining profitability.
Unique Testing Processes
Our model office area verifies each rate increase to ensure that the correct rate is being charged for a given gender, age, and location – guaranteeing that the rates are implemented correctly. This top-to-bottom troubleshooting approach enables our staff to immediately make any corrections necessary to set the optimal rates.
Ready to learn more about our flexible rate management process? Call IAS now.
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