We're turning the corner into 2022 and another year of a changing insurance cycle. At Professional Solutions, we continue to be dedicated to the future financial strength of our company, our policyholders and our agency partners. We're ready to navigate 2022 with you. You can count on us for responsible pricing, underwriting and claims handling.
Posted in Insurance Services on Tuesday, February 8, 2022
Another Hard Market
As some of you may recall, it has been well over 15 years since the last “hard market." You may wonder if this hard market is any different than the last. It may be different in the sense of a few distinctive drivers.
Social inflation – A unique factor with this market is social inflation. There has been an increase in severity and number of high-dollar claim payouts. When the general public hears of these types of awards, they begin to expect large verdicts as the norm.
Distrust of public companies - A second unique factor is a generational distrust of public companies such as insurance carriers.
When you couple these factors with the realization that health care providers have always been a target when it comes to unexpected outcomes, you have a perfect storm.
What You Can Expect from Professional Solutions
You can be confident that Professional Solutions will continue to help health care providers protect and grow their practices with a higher level of expertise from our underwriters and claims staff. You can count on the following:
- Our actuaries hone our rates and specialty classifications to make sure the premiums are commensurate with the risks.
- This market demands a more thorough underwriting process, one that better explores the prospective risks. To answer that need and recognize that your time is money, we've added new underwriting staff for faster turnaround times.
- Risk management can be a pivotal tool in a hard market for both you and your client. We have added more CME opportunities for our insureds so they can potentially earn both CME and risk management credit.
- Our risk management team stays current with new trends to create reference materials for our website.
- Our claims staff continues to broaden their expertise with education to go the extra mile when it comes to the defense of our mutual clients.
We have never been one to cut corners. Through these dedicated efforts and more, we will continue to provide you with unparalleled service and your physician clients with the first-rate protection they deserve.