Seven Hats Management™

We Wear “Seven Hats” in the Course of Managing Your Insurance Portfolio

“Seven Hats” Management™ is the moniker we use to describe the multiple roles we perform in managing your insurance portfolio through-out the year.  It’s both “high touch,” meaning an emphasis on direct access to/communication with the subject matter expert you want/need, and “high tech,” meaning a proprietary combination of internal work flow processes, systems and technology that ensures that your transactions get done both quickly and efficiently.

With Newsura, you can count on doing business with exceptionally nice, knowledgeable and helpful people whose “marching orders” are to make absolutely certain that you can face the financial risks of running a hospital, managing a medical group, or practicing medicine, comfortably and confidently.  The reason is they’re trained to “wear” the following “hats”…

1.  Business Advisor

We take the time and effort to do our homework, to acquire an in-depth understanding of your field of endeavor, as well as a “nuts and bolts” understanding of your business, practice or organization, its unique attributes, the environment in which it operates, as well as its challenges and opportunities.

Wearing the Business Advisor “hat” involves meeting and getting to know the decision makers and discovering not only their plans for the business, but any immediate needs and/or concerns.  This “hat” involves quite a bit of fact gathering, a SWOT analysis and completion of Newsura’s Business Profile™.

At the time we take initial responsibility for managing your insurance portfolio, we address and solve any pressing problems and otherwise look to make immediate improvements in coverage, convenience, security and cost.

2.  Risk Manager

From there, we put on our Risk Manager “hat.”  Using Newsura’s proprietary FailSafe® Risk Management System we conduct a comprehensive , 3-step risk audit…

Step 1 – We assess your exposures to loss, both the insurable and the uninsurable, the mundane as well as the potentially catastrophic.

Step 2 – We analyze your existing policies, what they cover, what they don’t cover and how they interrelate or overlap.

Step 3 – We report back to you, especially if we find any uninsured risks.  In those cases we take the time to explain what those risks are, how serious they can be, the coverage(s) that are available to protect you and explain them to make certain you understand them and how they’ll respond to a claim.

3.  Safety/Claims Consultant

At Newsura, Job 2 is Safety and Job 3 is Cost Minimization.  The Safety/Claims Consultant “hat” that we put on to carry out those “Jobs” is an important one because it is the key to long-term cost reduction.

To our way of thinking, the best way to reduce the cost of a particular type of insurance is to address its “cost drivers.”  Our approach to dealing with the “cost drivers” consists of two strategies…

Event Prevention:
This is the first line of defense.  Through deploying our FailSafe® Risk  Management System, we help our clients prevent events from ever taking place in the first instance.

Event Management:
If an event does occur, we take deliberate steps to minimize the damage before it turns into a litigated claim.

An important key to effective event prevention and event management is data.  In that regard we collect incident data from you and claims data from your insurance companies, both past and present.  From there, we’ve created a sophisticated database called ClaimSmart™ which not only helps us, and you, track claims across multiple insurance companies, but through research, pinpoint why events are occurring and the trends in same over time, both in terms of frequency and severity.

4.  Insurance Advisor

With regard to seeking, negotiating and otherwise securing insurance protection on your behalf, we become your advocate vis-à-vis the insurance companies we approach and with which you decide to do business.  With the Insurance Advisor “hat” on, your best interests are always paramount.

5.  Professional Insurance Buyer

In donning the Professional Insurance Buyers “hat,” we take the following approach to purchasing insurance on your behalf…

Market Knowledge:
We take great pains to stay abreast of the insurance market for the coverages required for your business, practice or organization.  We make it our business to know all of the insurance companies that are interested in “writing” the policies/coverages you need, what they offer/don’t offer, the pros and cons of each one and especially their competitiveness, price-wise.

Pre-Shopping:
We take a somewhat unique approach to buying insurance.  We call it  “pre-shopping” the insurance market for the best solutions the insurance market has to offer you, meaning the best combination of coverage, service, security and price, with price taking its rightful place as the most important consideration.  Once we find that best solution, we continually “challenge” it by comparing it to other offerings that come along.

Safe Harbors:
When seeking competitive proposals for your insurance coverages, we always use our best efforts to find “safe harbors,” meaning insurance companies that are committed to the healthcare industry in general, and to your type of business, practice or organization in particular,  and which have the financial resources to weather any storm and stand the test of time.

Sound Strategy:
We sit down with you 90 days prior to your big ticket renewals, review your loss history and plan strategy based on your input and direction.

Ultra-Professional Underwriting Submissions:
Knowing that first impressions count, we take the time and effort to prepare ultra-professional underwriting submissions for all of your big ticket items.  They’re designed to bring insurance underwriters into your world and put you in the best light.  They include all of the information and answer virtually all of the questions that an astute underwriter would normally ask.  We’ve found that this admittedly anal approach produces more “YESs” than “NOs” faster, and better (meaning lower) pricing than would otherwise be the case.

Good Decision Making:
We review all quotes, whether new or renewal, and for the big ticket policies prepare one of our trademarked QuoteComparisons™ which takes the three best quotes and lays out a side-by-side comparison of 25 to 30 key decision points.  We then meet and take you through the QuoteComparison™ with the objective of helping you make the best decision possible.

6.  Portfolio Administrator

The Portfolio Administrator “hat” is the one we wear most often throughout the year.  In that role we take steps to make certain we’re accessible and you can reach us whenever you need to, whether during office hours, evenings during the week, even over weekends.   Wearing this “hat,” we try to find every way imaginable to take the insurance burden off your plate and place it on ours.  That means we take every one of your questions, concerns and problems just as seriously as if they were our own.  Then we dig into the details and push, push, push for good outcomes.  More specifically, we do the following…

• Organize and automate all of your data and information
• Get applications completed on your behalf
• Analyze all policies that get issued to ensure coverage completeness and accuracy
• Modify coverage to add additional exposures as necessary
• Issue and disseminate Certificates of Insurance upon request
• Answer coverage questions/concerns
• Disseminate loss runs to you
• Produce status reports…ClaimSmart™, Quarterly Report Cards and an Annual Review
• Keep you informed
• Communicate important industry news
• Create valuable management information tools

We use in-person visits, the phone, the Internet and email as our primary communication tools. Over time, we will give you the ability to access information and services on line at your convenience.  One of our goals is ensuring your business gets done quickly and efficiently, regardless of how you interact with us.

7.  Research & Development Partner

The combination of healthcare industry knowledge plus familiarity with your type of business, practice or organization, plus insurance knowledge gives us the insight we need to research and develop innovative new products and services, all for your benefit.