The senior living industry has been going through a series of changes in recent years. The pandemic and its threat to the elderly and those with compromised health conditions put pressure on many providers. The growing population of seniors also presents a challenge when it comes to things like capacity.
One of the most recent concerns for senior living communities comes from various shifts in the insurance marketplace. A prolonged period of relatively low rates and fierce competition has defined the past. Even though rates have been increasing over the past 5 years, there are things senior living communities can do to keep their rates on a more manageable level such as creative risk management solutions using data systems like ERMA to effectively identify and analyze liability.
Hamilton Insurance Agency (HIA) is aware of this evolving situation. The agency has heavily invested in helping its senior living customers navigate the changing conditions. The independent insurance brokerage firm has a strong track record that stretches back to its founding in 1982.
Since then, HIA has proven its ability to not just deliver results for its clients, but to adapt those solutions to the current demands of the insurance landscape. This comes from the ability of the firm to establish long-standing relationships with lenders and carriers as well as source proprietary technology to assist in risk assessment.
This has led to the development of a unique, customized process that helps HIA clients navigate the ever-changing insurance landscape. Here is a brief overview of how Hamilton Insurance applies its extensive experience and innovative tech to successfully help senior living communities avoid liability pitfalls.
HIA Starts with a Deep Dive Analysis
For the experienced experts at Hamilton Insurance, a successful outcome starts with data. They know that you cannot make an accurate, customized insurance recommendation without taking a large amount of information into account first.
That’s why the first thing the firm does is gather initial information regarding a client’s business model, goals, and organizational objectives. This gives them a solid idea of the company’s risk tolerance and helps them make appropriate insurance product recommendations in the future.
From there, they analyze each client’s liability exposure. Three areas that this often covers include:
- Operations: HIA evaluates each client’s services to ensure that they are in compliance with insurance concerns. This focuses on things like making sure policy language doesn’t limit or exclude coverage.
- Communities: HIA partners with ServarusRM to review outcomes and claims along with state/federal surveys to get a better understanding of the company’s history of liability to allow for assistance with answering underwriter’s questions during the marketing process. Once they become a client, ServarusRM addresses community-related risk concerns through a combination of in-person evaluations and ERMA, a risk management/quality assurance software tool. ServarusRM assesses each organization individually and in its entirety in order to offer actionable, real-world risk management recommendations. People and technology will analyze the results of each client to provide an in-depth risk analysis at the community level.
- Contracts: HIA vets client contracts by reviewing lease and service agreements. This ensures that a client has addressed everything from compliance to risk transfer language.
The goal of this initial deep-dive analysis is to understand the level of risk that a client is willing to embrace. In addition, it gauges how well a client is proactively working to mitigate losses. This helps the agency negotiate better terms with the carriers that they work with.
Common HIA Recommendations
Each HIA client receives its own tailored set of recommendations. However, there are several suggestions that tend to come to the surface more often than others. Three of these are:
- Communicating information with the broker: HIA often recommends that clients take great care to communicate all operational and exposure information with their insurance broker in a timely manner. This reduces the possibility of uncovered claims.
- Communicating contracts with the broker: The transfer of time-sensitive information extends beyond operational activity. Clients should also communicate contracts, both pending and already executed, to confirm that policies sync up with contract requirements.
- Appointing a broker liaison: With so much communication required, HIA often recommends that clients appoint an individual to oversee this activity. They suggest designating a point person as the liaison to transfer this information as soon as it’s available.
Managing insurance claims and staying compliant and up to date are ongoing concerns for senior living communities. In addition, covering insurance considerations within budgetary restrictions can be challenging. The comprehensive help that Hamilton Insurance delivers can be the X-factor that helps senior living communities dodge liability traps without overspending in the process.
HIA has been advising senior housing and long-term care operators for decades. It has weathered changing industry landscapes in the past and is well-equipped to do so now, as well. The firm continues to mature its marketing strategies to adapt to the current business landscape. It is also continually customizing its clients’ insurance programs to fit the needs of the current insurance climate.
This combination of experience, adaptability, and access to cutting-edge proprietary technology, makes Hamilton Insurance one of the best independent insurance brokerage options in the nation for senior living communities struggling to keep up with the changing times.