GE Insurance Solutions: Rebranding GE’s Employers Reinsurance

In September General Electric (NYSE: GE) announced it will unify the branding of its reinsurance and commercial insurance products and services as GE Insurance Solutions. "“The name change is significant, yet it'’s the first step toward building a powerful brand,” said Ron Pressman," Chairman, President and CEO. "“Our brand is our promise to our customers that they will get world-leading risk expertise from dedicated people who build strong relationships by delivering unsurpassed customer service.”"

Pressman continued: “"The foundations of our brand are in place. We’'ve retooled the organization by our strong customer relationships and rededicating ourselves to delivering the kinds of solutions our customers need to succeed in their markets. With more than $50 billion in combined assets and $7 billion in statutory capital, this business has never been stronger financially or strategically.”"

The new brand name replaces Employers GE Re, Frankona Re, Westport Insurance and nearly a dozen other go-to-market names. However, insurance and reinsurance risks will continue to be underwritten by the existing legal entities, whose legal names will not change. GE Global Insurance Holdings is changing its name to GE Insurance Solutions Corporation.

The announcement of the new GE Insurance Solutions brand is part of an overall rebranding at GE, which is dramatically reducing its market-facing entities and names. GE Insurance Solutions is a group of companies that protects people, property and reputations. With more than $50 billion in combined assets, GE Insurance Solutions is one of the leading providers of commercial insurance, reinsurance and risk management services.

A. M. Best Affirms ERC’s Excellent Rating

The following comments are from a GE Insurance Solutions press release regarding a rating review by A.M. Best. “The affirmation of Employers Re'’s financial strength rating by A.M. Best reflects its excellent risk-adjusted capitalization, improving operating performance and its dominant market presence and distribution capabilities. With two years of improving underwriting results bolstered by asset sales and other capital management improvements, as well as significant third-party aggregate stop loss protection, Employers Re has maintained capital in line with an A (Excellent) rating and has exhibited prospective long-term earnings capability stemming from its well diversified business platform. In addition, over the past two years the company has executed underwriting actions, implemented tighter underwriting controls and has maintained its prominence in the worldwide reinsurance markets through its international distribution capabilities.”

Healthcare.com: Fast and Accurate Underwriting

GE Insurance Solutions has developed a web-based rating and underwriting program that allows interactive communication between Summit Re and GE Insurance Solutions. Healthcare.com uses a single entry source that helps eliminate errors and yields more efficient underwriting capabilities. Customers benefit from quicker turn-around times on their quotes, as well as more accurate proposals and contracts. *Note: This article was current in 2004, but the URL Healthcare.com now houses another site. 

2004 Customer Service Survey: All responders recommend Summit Re

Customer service is more than a buzzword to us; —it is an integral part of who we are. Our annual customer service survey allows us to do our job better and ensures we'’re best meeting your needs. It also identifies any problem areas early so we can correct them! Another sign of our service commitment is the establishment of service standards for each client interaction – such as underwriting, premium and claim administration and installation of managed care programs. We then report to every client how we've performed for them on these standards.

Overall, claims are being paid within 9 days and contracts are being issued within 29 days upon receipt of all required information. If we can take care of meeting your needs, we believe the needs of the rest of our stakeholders (reinsurer, employees and owners of Summit Re) will be met as well.

Summit ReSources: Complement Your Managed Care Programs

Catastrophic managed care programs need to complement rather than replace your programs. Summit Re and GE Insurance Solutions are dedicated to providing you protection from catastrophic claims. Together, we designed Summit ReSources, a program of managed care services whose goal is to bring value and service support in your management of catastrophic risk. In most situations, the managed care expenses of vendors are treated as an eligible claim expense by ERC. Our website (www.summit-re.com) has a complete listing of the programs which are available.

Add Lives Under Management with Employer Stop-loss

Many employers turn to HMOs and other strongly managed care programs to control healthcare costs, while others look to the cost-control aspects of self-funding. HMOs that can offer administrative services to self-funded employers bring the best of both worlds. To take advantage of this opportunity and to increase your lives under management, you need actuaries and underwriters equipped to understand this combination of funding and managed care savings. Summit Re'’s level of managed care experience sets us apart from others in the self-funded marketplace that experiment in the managed care world.

Key strengths that we bring to you include our ability to analyze managed care networks and develop customized specific and aggregate stop-loss rates uniquely reflecting your managed care capabilities. We have a flexible policy with numerous product options. We deliver excellent service in all regards, including underwriting, proposal turnaround time, premium, claim, and contract administration.

We use Companion Life Insurance Company, an A+ rated carrier, as the insurance company providing specific and aggregate stop-loss protection. You may use your own TPA or contract with a TPA in the local market.

Summit Re can offer your sales and marketing staff a turnkey stop-loss program using Companion Life Insurance Company policy forms. Alternatively, we can work with you to use your own insurance company paper if available. Consulting services are available to help you place the business, to underwrite cases and to develop pricing and underwriting guidelines as well as manual rates.

Reports Help You Manage Costs

Important trends in your claim experience as well as potential utilization of appropriate managed care programs through Summit Re are available through our extensive management information reporting package. In addition to routine reinsurance claim explanations of benefits (EOB’s), Summit Re offers a variety of claim reports regarding turnaround time, diagnosis and managed care vendor utilization savings.