Nationwide’s medical stop loss team celebrates two decades of protecting businesses
As the cost of healthcare in the U.S. continues to soar, employers are seeking new ways to manage expenses, like self-funding health plans for their employees. While self-funding can be a cost-effective alternative to traditional insurance, it can also be risky, leaving businesses responsible for covering the cost if several of their employees fall seriously ill or file catastrophic claims. Luckily for employers, the Nationwide Medical Stop Loss (MSL) team has been there to help for more than 20 years, offering a solution to protect businesses and their self-funded healthcare plans.
Medical stop loss insurance offers businesses protection from unexpected medical costs, the ability to manage claims more effectively, more control over medical coverage offered to employees and greater access to data on claims cost drivers.
“After 20 years in the market, we know how important medical stop loss insurance is for businesses of all sizes that want to manage costs,” said Syed Rizvi, leader of Nationwide’s MSL business. “At Nationwide, we’ve taken that a step further by partnering with best-in-class Managing General Underwriters (MGUs) to provide medical stop loss coverage for businesses’ unique needs and challenges with protection they can count on.”
MGUs are insurance intermediaries with the authority to quote and bind policies on behalf of insurance carriers. They are experts in nonstandard, niche or specialty lines of insurance, catering to specific customer groups like public sector municipalities, government entities and small or mid-market businesses.
In fact, the MSL team’s MGU partnerships have been so successful that they still work with their original partner from 20 years ago – RMTS. Since then, the team has also built partnerships with AccuRisk Solutions, Ethos Underwriting Solutions, International Risk Consultants, Maverick Health Group, Roundstone Insurance, SL Management Partners and Starline Group.
“Nationwide’s MGU partnership model has been our bread and butter for the last 20 years,” Rizvi said. “We’ve added, changed and deepened our relationships with different partners over time, and together, we’re committed to helping businesses with very unique medical stop loss needs, allowing us to reach customers we wouldn’t be able to help on our own.”
In addition to their strong partnerships, the Nationwide MSL team’s success stems in large part from the knowledgeable service they offer to their clients. The team also boasts a full suite of self-funding solutions designed for businesses with between 10 and 5,000 employees.
“Our people and partners set us apart from the competition,” Rizvi added. “This team is a dedicated and specialized group of industry experts – and we’re committed to helping our clients now and well into the future.”
Visit https://nationwidefinancial.com/products/corporate-solutions/medical-stop-loss for more information and resources on Nationwide medical stop loss insurance.