The healthcare sector presents unique challenges for brokers that require a deep understanding of risk management.
Asgar Hassanali, divisional director at James Hallam, explained one of the key issues is that insurers have to understand how risks are managed and how effective these processes are in preventing adverse events.
“To do that, we need to know our clients’ business inside out so we can explain it to the underwriters,” Hassanali said.
A significant challenge, he noted, is aligning insurers and clients on expectations. “Once insurers are comfortable with a client’s risk management strategies, especially for less complex risks, they are far more inclined to offer favourable coverage.
“However, complex operations can complicate matters,” says Hassanali.
Insurers value clients who understand their risks and have strategies to manage them, leaving only unpredictable events for the insurance policy to address, he explained.
Hassanali said the MDU (Medical Defence Union) offers a compelling model by combining insurance with industry expertise.
“The MDU’s understanding of the healthcare sector, backed by 140 years of experience and a team of former doctors, nurses, and dentists, provides clients with invaluable education, training, and risk management support.”
These added-value services, beyond traditional insurance, appeal to sophisticated clients seeking comprehensive coverage and expertise, Hassanali concluded.