New offering allows employers with self-funded medical plans to manage the risk of high medical claim payouts
NEWARK, N.J.--(BUSINESS WIRE)--Sep. 19, 2024--
Prudential Financial, Inc. (NYSE: PRU) 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.
“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,” said Jess Gillespie, head of Prudential Group Insurance Product & Underwriting. “Prudential is offering Stop Loss Insurance to help solve the No. 1 driver of employer benefit costs, which is their medical spend.”1
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.
“We’re excited to help solve this financial challenge for employers,” said Jon Trevisan, head of Group Insurance Distribution. “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.”
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. “We’re building a dedicated Stop Loss distribution team to bring a consultative, problem-solving approach to our clients’ complex Stop Loss challenges,” said Melillo.
Learn more about Prudential’s Stop Loss product.
ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.5 trillion in assets under management as of June 30, 2024, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better and create financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for nearly 150 years. For more information, please visit news.prudential.com.
Prudential Group Insurance manufactures and distributes a full range of group life, long-term and short-term disability, and corporate and trust-owned life insurance in the U.S. to institutional clients primarily for use within employee and membership benefit plans. The business also sells critical illness, accidental death and dismemberment, and other ancillary coverages. In addition, the business provides plan administrative services in connection with its insurance coverages, and administrative services for employee paid and unpaid leave including FMLA, ADA, and PFL.
1 2023 Bureau of Labor Statistics.
Prudential Stop Loss is not available in all states and policy options may vary by state. Contact your Prudential representative for more information.
Group Insurance coverage is issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, NJ.
© 2024 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
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MEDIA:
Marisa Amador
(973) 802-8969
marisa.amador@prudential.com
Source: Prudential Financial, Inc.
