Prudential Financial introduces Stop Loss Insurance

Prudential Financial has introduced a Stop Loss Insurance product aimed at helping protect companies with self-funded employee medical plans against catastrophic medical claim payouts.

With Stop Loss Insurance, employers can set a cap on their potential employee healthcare spend and transfer some of the claims volatility to The Prudential Insurance Company of America.

Prudential’s Stop Loss product suite is available to employers with self-funded medical and prescription drug plans that cover at least 100 employees. That includes Specific Stop Loss Insurance coverage for medical and prescription drug claims as well as Aggregate Stop Loss Insurance for medical, prescription drug, dental, vision, and short-term disability claims.

Prudential has added new members to its dedicated Stop Loss team, including Robert Melillo, vice president, head of Stop Loss Distribution, and Keshav Nair, vice president, Stop Loss Operations.

“Self-funding medical plans can be a great way to save money and gain more control for employers, but it means taking on the potential risk from catastrophic claims. Prudential is offering Stop Loss Insurance to help solve the No. 1 driver of employer benefit costs, which is their medical spend.” – Jess Gillespie, head of Prudential Group Insurance Product & Underwriting.

“We’re excited to help solve this financial challenge for employers. We have a strong brand backed by Prudential’s strong financial position. We also have nearly 150 years of expertise, competitive rates and flexible policy options which will be attractive to employers.” – Jon Trevisan, head of Group Insurance Distribution.