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Claros Analytics

Monday, March 14, 2022

Our applications equip advisors with the tools they need to quickly model the risk and reward of plan design changes and self-funding, even with limited data on the group. Fuel your growth with advanced analytics that differentiate you in the market.

Transcription:

What is Claros Analytics?

Claros Analytics is an actuarial software firm. Basically, we partner with health plan benefits professionals and help them navigate health plan development, design, renewal, and self-funding processes. Claros has automated this underwriting process to create transparency in the fully insured and self-funded space. Something unique is that we have a second-generation manual that's used by MGUs, carriers, and reinsurers, and this is the engine that professionals would use to develop the expected claims cost for a group and provide insight for their clients.

How is Claros Analytics different?

Really, our differentiator is that next-generation manual because it's built on claims curves with the richest national data set. We translate these intense data processes into numerous functionalities that you can use to create the so what for our clients, as well as theirs. Our models are built on these claims curves and run Monte Carlo simulations. The most marketable piece that comes out of our models is really that probability of being fully insured, as well as comparing different self-funded structures side-by-side, the probability of experiencing an aggregate claim, how groups will perform over time in a self-funding structure, and really be able to budget for different funding levels and what a bad year would be like.

Who is a good fit for Claros Analytics?

We have numerous, such as benefits advisors, MGUs, et cetera. But I really say our product fits for anyone that is working in that small, mid-sized space that is trying to move people from fully insured to self-funded or really needs help with data around fully insured and self-funded plans, creating credible budget rates, and really anyone that's looking for that cost-effective solution to win and retain business.