Page 53 - HopeWest
P. 53
Healthcare practice
What clients can do to stay ahead of the market trends
Understand your risk in order to identify whether to Identifying desired changes to program structure
retain or purchase additional insurance coverage. early in the process will bring clarity to underwriting
negotiations.
For example, dynamic capital modeling is an important tool Lockton
has been deploying to simulate the value of risk for each layer, helping Assess market options.
determine the cost of retention versus the cost to transfer.
Explore alternate risk inance strategies and less traditional program
Clinical risk management is an ongoing resource to structures. Deploying buffer layers or corridors in the HPL programs should
identify and manage risk. be considered.
With a continued focus on M&A activity, it is important to evaluate These are dynamic times; things are changing
policies, procedures and claim trends before assimilating an acquisition in
insurance programs. by the day. By engaging in early and frequent
conversations, taking advantage of benchmarking
Underwriters have been keen to better understand and analytics, preparing internally and getting
how clients who self-administer claims are
establishing reserves. creative with alternate strategies, clients can
Lockton has been working with underwriters to produce a historical prepare for and protect from the headwinds.
evaluation of the development to help determine on high severity claims
how quickly and accurately the reserve is set to is full value.
Rapport building meetings take on a critical
role in communicating proactive evaluation of
organization’s trends and managing risk.
These can be video conference, face to face (when the environment allows)
and/or conference calls.
HopeWest — Lockton: A collaborative Healthcare Practice review 53 Lockton Companies
What clients can do to stay ahead of the market trends
Understand your risk in order to identify whether to Identifying desired changes to program structure
retain or purchase additional insurance coverage. early in the process will bring clarity to underwriting
negotiations.
For example, dynamic capital modeling is an important tool Lockton
has been deploying to simulate the value of risk for each layer, helping Assess market options.
determine the cost of retention versus the cost to transfer.
Explore alternate risk inance strategies and less traditional program
Clinical risk management is an ongoing resource to structures. Deploying buffer layers or corridors in the HPL programs should
identify and manage risk. be considered.
With a continued focus on M&A activity, it is important to evaluate These are dynamic times; things are changing
policies, procedures and claim trends before assimilating an acquisition in
insurance programs. by the day. By engaging in early and frequent
conversations, taking advantage of benchmarking
Underwriters have been keen to better understand and analytics, preparing internally and getting
how clients who self-administer claims are
establishing reserves. creative with alternate strategies, clients can
Lockton has been working with underwriters to produce a historical prepare for and protect from the headwinds.
evaluation of the development to help determine on high severity claims
how quickly and accurately the reserve is set to is full value.
Rapport building meetings take on a critical
role in communicating proactive evaluation of
organization’s trends and managing risk.
These can be video conference, face to face (when the environment allows)
and/or conference calls.
HopeWest — Lockton: A collaborative Healthcare Practice review 53 Lockton Companies
