QBE North America has launched Agora, a new group captive programme for medical loss insurance targeting organisations with at least 50 employees, and backed by a Vermont protected cell company (PCC).
Captive Intelligence revealed last week the insurer had formed a sponsored captive in Vermont, Champlain Insurance PCC, in order to support its medical stop loss products and services.
QBE said among the advantages of Agora would be the provision of fully flexible plan design, cost containment solutions, stop loss policy terms, transparent underwriting and monthly experience reporting, and a lack of adverse contract language and restrictive long-term commitments.
“We saw an opportunity to better support employers who self-fund their health plans by expanding our captive service model,” said Tara Krauss, head of accident & health at QBE North America.
“Our new model provides improved efficiencies to reduce unnecessary costs, long-term commitments, and potentially adverse contract terms. Many employer-groups lack the resources and fundamental knowledge to effectively launch a captive solution for their self-funded health plan.
“With Agora, QBE’s segregated cell company, these employers now have an easy point of entry to the captive space as well as the ability to customize a solution to meet a variety of stakeholder needs. It’s about as turn-key as you can get for captive participation.”
In the carrier’s expanded service offering, The QBE Captive Curve, it will provide solutions including agency branded captives, closed group captives, single-parent captives, and insurance management services for employers that already own a captive.
“In addition to having significant fixed cost savings, captives can address specific risk management needs, which is why approximately 90% of Fortune 500 companies have established wholly owned captive subsidiaries,” said Matt Drakeley, vice president of specialty markets for QBE’s accident & health business.
“Organisations with self-funded health insurance plans in a captive have a better view of the factors driving medical claims, which can facilitate more proactive and cost-effective healthcare.
“Smaller employers can also obtain the benefits of captives by joining a group captive. Counting both wholly owned and group structures, nearly 3,400 captives in the U.S. insure a wide range of insurance risks. We’re thrilled to offer Agora to customers as an easy-to-access and flexible group captive solution for medical stop loss insurance.”