Actuarial Services

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Cobbs Allen sponsors an annual online, comprehensive Mid-Market Employee Benefits Survey of companies in the Southeast, providing employers with important data that can assist them in tailoring their benefits programs to help ensure that they are an employer of choice. This survey is part of the largest and broadest national survey of health benefits for mid-sized employers, benchmarking plan designs, premiums, employee contributions, benefit offerings, wellness programs, HSAs/HRAs, strategies, and administration. Participating employers receive a detailed report showing how their company compares to other employers through state-specific and national benchmarking data and cost savings opportunities. You and your Cobbs Allen consulting team use this information to move forward with increased confidence in the sound basis for your employee benefit decisions.

Cobbs Allen maintains an agreement with a national actuarial firm allowing us to offer a suite of actuarial services covering varied topics including:

  • Comprehensive Assessment of Health Plans Report (CAHP): Designed for the mid-market employer, the CAHP report is a standardized report covering plan design, analysis of rating, employee contribution strategy, funding, and risk management.
  • Benefits Positioning System (BPS): Using your specific plan design measured against the Mid-Market Benefits Survey and processed through the cost and utilization models, we can help you “position” your benefit plans relative to others in the nation, your specific industry, and your region.
  • Plan Design Analysis: Industry experience allows our consultants to help design a Health Care program that meets the participant and employer needs. Using Health Cost Guidelines and Dental Cost Guidelines, actuaries can readily value benefit design changes to ensure Health Care programs meet your financial constraints.
  • Renewal Projections: This is a multi-step process to help you evaluate fully-insured renewals as well as begin preliminary budgeting on self-insured plans. Using claims experience, expected cost for the upcoming plan year is calculated and compared to the carrier renewals. 
  • 5-Year Projections: This report forecasts expected claims and expenses five years into the future based on group-specific assumptions such as enrollment and trend.  A range of conservative and aggressive estimates of projected costs are provided. 
  • Health Plan Assist:  Used as a decision support tool, this product helps employees select a health plan, particularly for CDHPs, and helps estimates out of pocket expenses. 
  • PPACA:  This analysis uses a cost and utilization model with applicable State Insurance Exchanges and your eligible census information and provides the following:  a timeline of percentage impact, 10 year cost projection, exchange migration, plan termination scenarios, and plan relativities with State Exchanges. 
  • Financial Monitoring Report (FMR): This report provides the answers a benefits manager needs to facilitate communications with participants, accounting, and finance. FMR brings together claims experience, benefits paid, expenses, and budgets for gross and net costs in one financial report.
  • Incurred But Not Reported Reserve Calculation (IBNR): Using actuarial projection techniques, we can help you estimate incurred claims and determine how much you should be holding in reserve to avoid IRS or DOL compliance issues.
  • Stop-Loss Analysis: Using Monte Carlo simulation, a graphic display of potential scenarios to determine the best options that fit your risk preferences is generated.

These services are available to Cobbs Allen clients at a discounted cost. These services, along with the consulting support provided by your Cobbs Allen team, can help your company base important financial decisions on actuarially sound analysis.