Risk Strategies, a privately held, national insurance brokerage and risk management firm, has announced the acquisition of Corporate Benefit Audits (CBA), a firm providing claim outsourcing and audit services to the medical stop loss, managed care and self-funded industries. Terms of the deal were not disclosed.
Founded in 1992 and based just outside of Boston, Mass., CBA offers outsourced claim auditing services ranging from general claim consulting and complex claim reviews to targeted and randomized claim audits. The company’s clients include stop loss carriers, managing general underwriters (MGUs), reinsurance companies and self-funded employers. CBA works with both plan sponsors and their reinsurance partners to ensure the integrity of stop loss claim adjudication and payment.
CBA created a claim analytic tool in response to rising cost pressures, increased use of alternative benefit financing structures and deepened scrutiny on cost and loss drivers in plan performance. The company’s emphasis on early identification and management of catastrophic risk issues has driven an expansion in service offerings, according to a Risk Strategies press release.
Risk Strategies employee benefits practice has grown through targeted acquisitions of companies with expertise in the implementation of a practical, non-traditional approach to benefits programs. These programs aim to control cost while advancing client business goals and supporting employee value proposition.
The company offers risk management advice as well as insurance and reinsurance placement for property and casualty, healthcare and employee benefits risks. Risk Strategies serves commercial companies, non-profits, public entities and individuals.
Source: Risk Strategies
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