GRETA REDMOND: What we're trying to do is create the most customized fit for that employer. So understanding the information of where that customer has been in the past, what their claims have been, what benefit designs they've had, and then rolling that into the future is really that important part.
CRAIG KURTZWEIL: Welcome to Health Trend Talks with UnitedHealthcare, a video podcast series where I sit down with leading minds to unpack the trends shaping employer benefit strategies. I'm Craig Kurtzweil, Chief Data and Analytics Officer for UnitedHealthcare’s Commercial Business. And I'm joined by our Chief Underwriting Officer and Head of Actuarial Pricing, Greta Redmond. Today, we'll talk about how underwriting is evolving to support more informed, flexible, and sustainable benefit decisions. Thanks, Greta.
GRETA REDMOND: Hey, Craig. Good to be here.
CRAIG KURTZWEIL: Well, let's start with you and I worked together for a long time, so I know all about you and your team, but our audience doesn't. So could you spend a moment just talking about the vital role that your team plays for UnitedHealthcare?
GRETA REDMOND: Well, thanks. It's great to get to talk about the actuaries and the underwriters because sometimes we're behind the scenes. So the actuarial pricing team builds a lot of the models and does a lot of the analytics around what's driving healthcare trends behind that work, in order to be able to decide how we're going to price it. Then the underwriters take that information and customize it for each of our employers, both figuring out the risk of that employer group and also figuring out the best solution for it. So that's what's really fun about it, is really trying to meet our customers where they're at.
CRAIG KURTZWEIL: Greta, as I think about underwriting, it's a balance, right? There's a lot of different inputs that you're getting in the system. You're getting a lot of data, you're getting a lot of input from clients as well. As you think about that balance, how does your team balance the different approaches that you need to take with these clients?
GRETA REDMOND: It varies depending on the size of the employer that we're working with. Those large customers are the ones that you and I work most often with, as we think about what's going on, and we're able to really create some really unique custom solutions for them, which is exciting because we can really meet their needs. In the middle market we end up trying to create a balance of what is it they need, what are their unique components of it, but trying not to invest tens of thousands of hours in every response. So really trying to manage the cost and the time that we can commit to that, and the time that the brokers have to get an answer back. So in the middle market, we're a little bit more of a menu, where we bring some of those solutions. And when we get down market, because of the legislation as well as the speed at which we're trying to quote that, we often have like a menu they can just pick some bundles off of. So we kind of go from the menu to the a la carte to the very customized solutions to help meet that needs of the customer, depending on where they are.
CRAIG KURTZWEIL: Greta, as you think about the underwriting space, it's changed immensely. So if you think about 20 years ago to today, there's been huge enhancements and innovations as you think about what you're working on today, which is going to innovate us into the five years from now. All of that's been transformative. As you think about everything that's happened, what are the greatest changes that you think are going to make things better for our brokers, consultants and customers?
GRETA REDMOND: We're focused on it a lot of different ways. I think about it, the data that we're sitting on. So UnitedHealthcare curates an amazing amount of data, and we're trying to build tools to leverage that. My own internal talk is I talk about linear pricing to lattice pricing, where I'm going to be able to expand that and be able to use some more customized information for each of those employers to help them as they're building their own unique solutions. And then I also think about what we're doing on the front end to try and help it be easier as a partner. And so one of the things that we're trying to do to be easier as that front end is a census tool using AI. So artificial intelligence is all over. We're having a bake off, in some ways, of different census tools that we can use to help make it easier so that a broker doesn't have to go in and enter it into a given format. We should be able to scoop whatever they have, even take a picture of the census, take a picture of your SPD, send that in, and we have some of the tools that are able to do that. So I am really focused on real time quoting, something that you'll just hear me talk about, real time quoting. Real time quoting is we do some of that. So better pricing, more efficient quoting, and then being able to sort of expand into the markets where the market is moving, because it has changed and the market's moved. I think a lot about those different solutions that we're bringing maybe some flexibility in the benefit design, really trying to help the employers meet their members where they are. So those are some of the things that we're doing every day.
CRAIG KURTZWEIL: Just amazing to think that's even possible. So kudos to you and your team.
GRETA REDMOND: Thanks. I know. Some of the products like Surest, without the technology that we had today, we wouldn't be able to influence the market and bring those to those customers that need those solutions.
CRAIG KURTZWEIL: Well, and some people, when you think about the underwriting process, it can be seen as a bit of a black box. Obviously, there's more that goes into it than just being a black box. As you think about what, what do you wish employers and brokers and consultants really understood about the underwriting process that would make it maybe more transparent?
GRETA REDMOND: Really, I think what we're trying to do is create the most customized fit for that employer. So understanding the information of where that customer has been in the past, what their claims have been, what benefit designs they've had, and then rolling that into the future is really that important part. So being able to share that information back and forth, I think that's what I tell brokers when I coach. I get to work with some of the new brokers that come in as they're learning what it takes. I'm always like, complete everything we ask for, please. Because that's how we can give it back to you closer to the finished product. So really understanding what's been going on with those employer groups is really important.
CRAIG KURTZWEIL: Another piece that's very different right now is obviously affordability is a big concern for everybody. And again, you have that balanced approach of making sure we're pricing things appropriately. But obviously our customers are dealing with that affordability piece as well. So as you think about how you kind of blend that with the different solutions and products that we have, how do you, how do your team kind of have those discussions with our brokers, consultants and clients?
GRETA REDMOND: I think sometimes we bring a solution and then we're a little bit of educator. So example is Surest has been a product we've had in the market, but it doesn't mean everyone understands the value of Surest or when Surest is most impactful. If we can work with an employer where the members are wanting to change and be activated and look up things on their app, I think Surest is really good answer for that, to be able to be a win-win solution. There are other times when a high deductible might be a better answer, because they really want to just put that responsibility back with the member. And even sometimes a defined contribution is a solution that we can bring to the table. So really trying to, again, understand where the customer is, where the broker is, and how we can partner together.
CRAIG KURTZWEIL: I like that. It's kind of the translator of all the different products and capabilities.
GRETA REDMOND: Yes.
CRAIG KURTZWEIL: As you think about all the trends, and you spend a lot of time talking about the trends and drivers, what's happening across the health care system, what's one trend that you wish employers, brokers and consultants spent more time focused on? And maybe what's another trend that maybe used to be a big driver and maybe isn't as much anymore that you wish people could redirect their focus from?
GRETA REDMOND: I guess we haven't mentioned GLP-1s and the whole pharmacy side of the house. So, drugs continue to help people live healthier lives. And it's really important that we consider providing the right ones at the right time. I think GLP-1s, there's somewhat of a pendulum swinging back and forth, and there are times when they're the right answer and they're really helpful, and there are times when we don't know everything that they're going to do. And they may have put a lot of burden and a lot of cost that people weren't expecting. And so we see that driving trends and medical costs significantly. So I guess my ask is that employers think hard if that's the solution or where they want to put that money. It can be $10 to $20 per member per month. So, really, a big chunk of that money is being spent there. And I think there are isolated instances where it's really impactful in improving health. And then I think there are times where it's not as valuable as the cost. So that might be one that we've kind of want to push to make sure people are getting it when they need it, but also back away at times when it's not maybe as helpful.
CRAIG KURTZWEIL: That makes sense. And in pharmacy’s changed entirely. So as you think about what that looked like ten, 20 years ago versus today, it's most of the story these days. You think about, with your team especially, when you're thinking about medical only, pharmacy integrated, how does your team work through kind of what that integration value means?
GRETA REDMOND: We really do feel like it's better together, to be able to put the pharmacy with the medical. And I think it brings the whole picture under one umbrella to be managed so that you can look at is the drug going to be, can we get a better deal as a purchaser on behalf of our customers as well as better treatment if we put it on the medical side or the pharmacy side. And when it's all bundled with UnitedHealthcare, we're able to do that and move it back and forth as needed. I do spend a lot of time thinking about high-cost drugs. Drug costs, drug and that side of the house was, oh, it's all small dollars. But now it's really those specialty drugs. So UnitedHealthcare really is working hard to create some solutions to have in the market to help employers either manage it with their fully insured customers and also on the ASO side, or stop loss type of options, because I do think it's going to continue to be a driver. But it's something we're watching very closely, managing, looking at the data, trying to drive it forward.
CRAIG KURTZWEIL: Well, let's end on a fun one. So as you think about your personal life, there's different trends that are happening, your personal life. So what's one trend that you're adopting today that you weren't doing historically? And maybe what's another trend that maybe you're letting go of that you used to focus in on?
GRETA REDMOND: Okay, well, I have, I was going to talk about the wearables because I think that's something we all do, whether it's the rings or the watches. But even this week, I have a new trend that I followed up, and it is chatting with my new best friend Claude. So I have figured out how to turn on that series so as I'm driving into work, I can get the latest sports scores. I can get the latest fire updates from northern Minnesota and the smog and all the different things that are going on. Which has been super fun for me to realize that I have a personal assistant in AI that I use very judiciously, because I am all about responsible AI use, just to make sure that both as a company and personally, I'm doing that. And probably the one thing I'm getting rid of is I'm letting myself sleep in a little bit, with the monitoring those sleep scores. I don't always go to the 5 a.m. workout. Sometimes I go to the 6:15. So that's how I'm sort of giving myself a little more grace.
CRAIG KURTZWEIL: You're too good. You're too good, Greta. And speaking of that, I know your time is incredibly valuable. So thank you so much for spending some time with me today.
GRETA REDMOND: Thanks, Craig. It's fun to hear what you're doing out in the market. I love hearing about your new health plan reviews and where you're taking AI as well.
CRAIG KURTZWEIL: A bit of innovation work. And thank you for joining us on Health Trend Talks. I'm Craig Kurtzweil with UnitedHealthcare, and we'll see you again next time.
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