Tips for Turning Medical Malpractice Complexity into Opportunity
Medical malpractice requirements are driving interest in P&C platforms.
For instance, Sapiens recently announced that Preferred Physicians Medical Risk Retention Group (PPM) selected the Sapiens North American P&C Platform as its new platform for the company’s professional liability insurance. The platform’s ability to support the company’s medical malpractice claims requirements was an important factor.
As I noted in Sapiens’ press release:
Medical malpractice insurance is unique when compared to many professional liability coverages…Like PPM, today’s insurers want systems like our platform that are able to adapt to their needs and processes, rather than requiring the company to change to accommodate a system’s limitations.
Those existing system limitations are holding back insurers when it comes to success in the sphere of medical malpractice. A main reason that insurers are struggling with the cost vs. profit ratio of the medical malpractice market (besides the large settlements) is because they are using multiple antiquated software systems that are not only costly to operate and maintain, but which handcuff them from launching new malpractice products quickly, as well as effectively supporting large policies.
Here are two tips for turning medical malpractice complexity into opportunity:
- Support Large Policies – medical malpractice carriers of course seek to service and maintain large policies, while also significantly reducing operational costs and administrative headaches. This is possible by following an intelligent approach. Such an approach would include quick processing, support for multiple users working on the same policy concurrently, etc.
- Choose an Expert Software Vendor – insurance carriers would be wise to select a vendor that has spent countless hours working with medical malpractice carriers to understand the policy, billing and claims requirements of the complex healthcare environment. Failure to pick a vendor with expertise often leads to solutions that require a great deal of customization and enhancements later down the line…
For two more tips, check out our one-page Spotlight document: 4 Tips for Turning Medical Malpractice Complexity into Opportunity