Alternative Risk Placements
Risk-sharing partnerships, reinsurance, and ceding agreements for healthcare captive and self-insurance models.
The healthcare market is rapidly changing, as are the professional risk products to protect healthcare service clinics, systems and groups. There is no longer a "one size fits all" approach to underwriting risk in today's market. These changes continue to gain a stronger foothold in the industry as cashflow becomes increasingly critical to continued operational viability.
ISMIE has launched several alternative risk placement solutions aimed to solve business challenges administrators face as they steward their healthcare system.
ISMIE Coverages include:
Flexible Underwriting and Policy Design
Risk Management and Patient Safety Services
Generous Cyber Liability Protection Limits
Healthcare Systems Experience:
Healthier Balance Sheet
Secured Business Viability
Flexible Capital Ceding Options
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Alternative Risk Placement Insurance Solutions
Risk Purchasing Group
Risk Purchasing Group provides primary MPL insurance coverage specifically designed for employment and independent physicians of large healthcare entities. These programs offer unique advantages to large physician groups and hospitals, including improving physician alignment, joint and united defense on claims, a robust risk management platform focus on patient safety, and quality care, broad coverage and affinity-based premium discounts. Group purchasing strength also can help generate significant cost savings.
Self-Insured Retention (SIR) and Deductible Endorsement
Self-Insured Retention (SIR) and Deductible Endorsement options are available depending on how the healthcare system or facility chooses to operate, whether with a third party administrator (TPA) or directly with ISMIE, whether claims are reported/strategized with the TPA or ISMIE and whether funding is from the start and up until ISMIE resumes the claim pass off or whether invoiced upon the claims finalization.
Captive Coverage offers owners or participants the opportunity to finance their risks through ISMIE's off-shore Cayman Captive vehicle. ISMIE can meet the needs of healthcare systems when structuring captive solutions, including claims, underwriting and reinsurance services. Some of the benefits of such a program include:
- Management of claims program design
- Access to reinsurance capacity
- Fill coverage gaps for severe risks
- Legal and tax certainty
- Commerical affinity programs and extended warranties
Fronting Option is available to captive insurers and self-insured healthcare organizations on an admitted basis for a fee. ISMIE Mutual Insurance Co. will issue insurance policies and with a fronting arrangement, the risk then transferred back to the captive or SIR program. Some of the benefits of such a program include:
- ISMIE-admitted policy
- ISMIE fronting agreement specifying among other things, how much of a risk is retained by ISMIE and how much passes through to the risk-bearer
- A reinsurance contract between a captive insurer and ISMIE
- Collateral to assure the captive insurance company's ability to meet it claims payment obligations
- A charge for ISMIE's services can include claims-handling and loss-control costs, premium taxes, commission, costs of guarantee fund participant and a fronting fee
Reinsurance options to help protect against unforeseen or extraordinary losses by allowing you to spread risks either on a quota share or an excess-of-loss basis.
Excess programs can be structured for a healthcare system on a particular individual or shared basis over a Self-Insured Retention or primary working layer.
Loss Portfolio Transfer (LPT)
Loss Portfolio Transfer (LPT) allows healthcare systems and risk retention groups to take advantage of ISMIE's claims-handling expertise by transferring outstanding claims exposure in exchange for reserve capital agreement.