Stuart Piltch

A 3 step guide to buying health insurance (Always go by the first principle) 1️⃣ Select the right insurer Claim settlement ratio (>90% is good enough) Incurred claim ratio (60% to 80% is ideal) Volume of claim complaints (less than 20) Business track record (very new products or companies can be avoided) 2️⃣ Select the right health insurance policy 🎯 Must have features Should cover all base benefits (Inpatient hospitalisation, daycare treatments, pre and post hospitalisation expenses, cost of consumables) No restrictions on room rent or room type No disease wise sub-limits Special needs for health conditions (separate policy for senior citizens, quick cover for PED) 🎯 Good to have features Good no claim bonus (NCB) Unlimited restoration Lower waiting period for PEDs Personal accident cover Global cover Maternity benefits OPD cover 3️⃣ Still confused, book a call with Algates Insurance We will guide you through your health insurance purchase journey #healthinsurance #guide 

17

1 Comment

#GARP #PMI #PMIPCC #PMIKSA #IRM #RIMS #IIRM #RMAI #RiskManagment #RiskCulture #RiskAnalysis #Insurance #PARIMA #riskworld #risk #riskmanagement #insurance #parima #RIMS(Risk and Insurance Management Society, Inc.)

5

When we buy health insurance, the most looked after metric is claim settlement ratio. Claim settlement ratio speaks about the number of claims an insurer settles out of every 100 claims it receives. So a higher claim settlement ratio is desirable to have. But what does a low claim settlement ratio indicate? One thing is obvious. The insurer is rejecting/ repudiating a high number of claims. Another aspect which is not obvious is that the insurer might be rejecting a good number of claims due to genuine reasons such as claims falling under exclusions. And if that is the case, it implies that a large number of customers of the company who are making claims are not aware of the exclusions. And this in turn reflects the poor sales practice followed by the company's sales team or partners. Hence it is very important that you choose your insurance advisor wisely. A good advisor not only tells you what works in your favour but also informs you about things going against you so that you make an informed decision. *** If you are looking for any insurance related advice, you can reach out to us at Algates Insurance. We will guide you in choosing the right insurance solution for yourself based on your needs. www.algatesinsurance.in

20

7 Comments

🔍 What Exactly is a Fronting Company? A fronting company is a fully licensed insurer that underwrites policies for entities like Managing General Agents (MGAs) who either don’t hold the necessary licenses or choose to focus on market-facing operations. These fronting partners handle the initial risk which is typically ceded back to the MGA or a reinsurer, thus enabling MGAs to leverage global licensing frameworks while concentrating on innovation and market penetration. 🌍 Why Partner with a Fronting Company? Here's What You Gain: Broad Market Access: Break into new markets with ease, using your fronting partner’s extensive licenses and regulatory compliance. Established Credibility: Earn trust and build a reputation in new markets, backed by your fronting partner’s established presence and network. Dedicated Focus: Let’s face it capacity is hard. Zero in on developing top-notch underwriting strategies and pioneering insurance products without the overhead of regulatory burdens. 🔥 Effective Strategies for Leveraging a Fronting Partnership: Compatibility First: Select a fronting company whose strategic objectives align with yours, ensuring they can provide the necessary geographic and product line coverage. Transparent Agreements: Negotiate clear terms that detail each party's responsibilities in risk-sharing, financial obligations, and operational roles to prevent potential disputes. 🛠 Handling the Practicalities: 💰 Commission-Based Collaboration: Your MGA agrees to pay a percentage of the commissionable premium to the fronting company in exchange for the rights to use their licenses. This financial arrangement underlines the mutual benefits of the partnership. 📊 Operational Compliance and Reporting: While most fronting companies take minimal day-to-day operational risks and remain less involved in daily MGA activities, they place significant emphasis on compliance and monthly reporting. Ensuring these elements are meticulously managed is crucial for maintaining a harmonious relationship. 🤑 Bordereaux Management: Regularly send detailed bordereaux to your fronting partner to keep all written, paid, and claims information transparent and up-to-date. 👉 Operational Management: Clearly delineate who handles OFAC check, or various fees such as payment processing fees, tax fees, and surplus lines stamping fees in your partnership agreement to avoid financial misunderstandings. 🔑 Why It Matters: For MGAs looking to grow without the constraints of direct licensing, a fronting company not only offers a path to global markets but also provides a robust framework to support expansive growth. This partnership allows you to harness the strengths of established insurers while maintaining your agility and innovative edge. Below we've tagged "fronts" Did we miss anything? #insurance #insurtech Trisura Guarantee Insurance Company SiriusPoint State National Companies (SNC) Spinnaker Insurance Company Clear Blue Insurance Group QBE Insurance

122

11 Comments