The Importance of Having Preferred Partners
Long gone is the broker world of shopping with 15-20 carriers and spread sheeting all options to decide purely based on price.
As the world of healthcare has evolved, so has the need for deeper analysis, underwriting practices and preferred carrier partnerships. As the market of healthcare carriers consolidate through mergers and acquisitions, it’s more important than ever to have preferred relationships.
Through many years of research, we have taken the time to find the right fit for both us and our clients. There are several factors that we take into account when deciding who the best fit is:
1. Strong Financial Rating – It is best not to partner with anyone that has a score lower than an A- from AM Best. These ratings indicate the carrier’s financial stability so that they can pay for claims as they come in.
2. Exceptional Service – Resolving claim and client issues is a must-have, and it is our responsibility to make sure the carriers we work with meet our clients’ satisfaction.
3. Competitiveness – The carrier provides fair and reasonable rates that are competitive in the market and in line with the client’s claims history and our underwriting team’s forecasts.
So, how to we ensure we are partnering with the right carriers? We re-evaluate our list of preferred carriers annually by ensuring they still have good financial ratings. We survey our internal client care, account management, consulting, and underwriting departments and collect feedback. We share the results with our preferred carriers if improvement is needed, and if necessary, we may have to end a relationship. We also research and interview other carriers where there may be a better opportunity for our clients.
As you can see, choosing the right carriers to partner with is not an easy task. We take this very seriously because, as always, Our Mission is to Support Yours.