July 16, 2020
Tara Krauss
Marblehead, Massachusetts-based head of accident and health, QBE North America
Marblehead, Massachusetts-based senior vice president, underwriting operations, QBE North America
The outlook for the self-insured health care market remains strong. The medical stop loss industry is estimated to be around $23 billion with 60% of all employers choosing self-insurance as a way to gain greater control over their health care expenditures. Given the rising cost of health care, including the development of effective but expensive drug therapies, it’s never been more important for employers to create a sustainable, value-driven health care offering to their employees. The cost of employee benefits can account for up to 30% of overall labor costs. Having control over that spend is critical to the financial strength of an organization.
I hope to continue to build on the trust that our trading partners and most importantly our customers have placed in QBE. To ensure QBE delivers on our commitments, we must provide creative and sustainable solutions by evolving with the changing dynamics of the market and listening to the voice of our customers, producers, employees and shareholders. QBE has done a remarkable work toward diversity and inclusion. I hope to continue to represent the voice of all employees and provide transparency and authentic leadership.
After the implementation of the Affordable Care Act, claims of $1 million or more have become far more common. Gene and cell therapies are rapidly becoming a therapeutic reality, with roughly 1,300 clinical trials currently underway. By 2025, the Food and Drug Administration expects to review and approve 10 to 20 per year. While these therapies provide incredible promise to the lives of many people living with incurable diseases, the cost of these therapies will range from $1 million to $3 million on average, a serious financial challenge to many payers.
I started as an underwriter in the medical stop-loss industry after graduating in 1996.
The insurance and reinsurance industries provide a variety of opportunities to anyone with a thirst for knowledge. The market is constantly evolving and there’s always something new to learn. Be brave and ambitious with your career, take risks, make yourself invaluable and the opportunities will be plenty.
Tough question; I have many! I guess my top choice would be to work with a charitable organization where I could have a true and meaningful impact on the lives of others.
Finance
So many things have changed in my industry in the 20+ years since I entered the workforce. The evolution of equality, transparency and investment in human capital has been invigorating to watch. I think what I’m most looking forward to is having a stronger voice in that evolution. Leading a team of talented, thoughtful and compassionate colleagues through a time of great pain but also great opportunity for our nation is a profoundly important responsibility. Ensuring QBE remains successful, accountable and on the forefront of change is something I look forward to.
Tie between Fra Diavolo and Bolognese.
I love to read, so I can’t pick a favorite, but I’d say “We Were the Lucky Ones,” by Georgia Hunter, was an amazing story about the resiliency of the human spirit.
Hiking, reading, yoga.
I’m currently enjoying “Good Girls.” My all-time favorite is “Friends.”
Unplug, work out and enjoy a nice glass of wine with family and friends. I also love a good closet reorg!
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