Captive Insurance and Alternative Risk Financing
Our thirty years of experience and client results have
reinforced our position that the most effective way to reduce the
cost of managing professional liability insurance is to also manage
the quality of healthcare outcomes and enhance patient safety. This
is a two-fold process …
- Develop a system and process, supported with expertise and
software efficiencies, that identifies patient safety issues
REAL-TIME, driving immediate action so that further exposure can be
avoided; and…
- Consider the creation of a Captive Insurance Company that will
modify excessive liability insurance payments and reward your
efforts to enhance care and decrease exposure.
Captive Design and Development
Clarity assists senior management and their boards of directors
to articulate their strategic goals in the formation of an
alternative risk financing vehicle. From these goals various models
for the creation of an insurance operation are explored for their
fit with a number of criteria including regulatory, financial and
operational considerations.
Once the selection of insurance operation model is made, Clarity
completes the formation and licensing process appropriate to the
domicile for the company. Key aspects of this phase include:
business plan development, actuarial analysis and rating plan
design, application and policy forms development, claims and risk
management systems design, and financial documents. Coordination
with the healthcare organization's internal systems is central to
the formation process.
Captive Operations
Clarity provides the services to operate and manage the Captive
insurance company. A full-service provider, Clarity provides
underwriting Policy Administration, risk and claim management
services alongside regulatory compliance and financial reporting
and management for the company. Core to the operation's philosophy
is Clarity's Total Risk, Quality, Safety, Service Management Model
(The TRQS2 Model™) which integrates the healthcare
organization's efforts to enhance healthcare excellence with the
insurance product to help support good financial performance of the
insurance entity making the connection between quality and
liability explicit.
For more information about Captives and Risk
Retention Groups, read the White Paper: Healthcare Captives &
RRGs
Contact us at: info@claritygrp.com or
773-864-8280