Members in both the insurance and health industries understand the importance of risk. For health professionals, these risks are balanced between quality of care and the efficiencies of running a practice.
With limited time to spend on administrative details, it’s important to use solutions that are efficient, simple and leave the user with a satisfied experience.
WaterStreet Company provides robust and agile P&C Insurance Solutions, fully customized to fit each carrier’s offerings. Malpractice Insurance, which is professional liability insurance for medical professionals, calls for unique applications and accuracy while signing up new policyholders. A simple and fast solution allows medical professionals to gain coverage in no time.
Why Is Malpractice Insurance Important?
Doctors in most states are required to carry Malpractice Insurance, and most are likely to use it at some point in their career. One 2017 study by Medscape found 55% of physicians have been sued for malpractice. The top five of these specialties included:
- Surgery — 85 percent
- OB-GYN and women’s health — 85 percent
- Otolaryngology — 78 percent
- Urology — 77 percent
- Orthopedics — 76 percent
This is an unfortunate reality for those who practice medicine. WaterStreet Company makes it easy for carriers to cater to the needs of doctors across the country, allowing medical professionals to do their jobs with less stress and more protections.
What is Covered Under Malpractice Insurance?
According to the Insurance Information Institute, a range of must-haves are included under Malpractice Insurance coverage, however, these details will depend on the carrier’s offerings to the policyholder.
- Attorneys’ fees and court costs
- Arbitration costs
- Settlement costs
- Punitive and compensatory damages
- Medical damages
Each carrier’s offerings may contain unique restrictions and coverages. It’s important for carriers to use solutions that are flexible and tailored to the details of their plans while also allowing for a simple workflow for the user to easily understand.
WaterStreet Company & Malpractice Insurance
WaterStreet Company’s solutions are designed to support all the necessary steps in the policy lifecycle.
From generating a quote to submitting payment, our P&C Insurance software ensures new customers can easily navigate the process. The software is fitted with rules to flag applications that require further underwriting review so that accuracy is built into the solution. Third party integrations allow even more data to pull into the software for completing and checking the accuracy on fields, such as showing a history of past claims.
Document management is a critical component to the policy lifecycle. As forms and applications are submitted into the system, our solution automatically generates documents for issuing a quote, binding, sending a New Business Packet and more. A history of all documents are saved in the system for safe keeping in chronological order.
Carriers that offer Malpractice Insurance coverage can benefit from efficiency, organization and a simple, repeatable workflow. WaterStreet Company also offers web development and user experience services for enabling new customers to complete applications on your own website.
Reach out to WaterStreet Company today to request a consultation and demo of our solutions.