NOW Insurance, a full-stack, AI-enabled commercial insurance platform specialising in medical professional liability coverage, recently launched coverage for physicians and physician groups in their online platform.
Select brokers can now shop for and bind coverage for physician and medical group clients.
The platform utilizes a state-of-the-art underwriting process that allows brokers to receive a quote using only the physician’s or group’s NPI number. No application is needed. Clean accounts will return a quote in just minutes, a major improvement over traditional malpractice quoting, which can take weeks of information gathering and back and forth with an underwriter.
“We’re thrilled to bring our technology to the market for physicians’ malpractice coverage. We’re confident both brokers and physicians will be impressed with the efficiency and the coverage,” said Philip Cabaud, CEO and Founder of NOW Insurance.
The simple online platform has a clean and easy-to-use interface. Brokers and teams can manage all their opportunities in one place, check status, and communicate with an underwriter inside the portal.
“The platform gathers nearly all the information needed to effectively underwrite this class without an application, lifting a burden off the broker and their clients. The data that informs the underwriting is more robust, and crucially, more accurate, than anything else in the market,” said Patrick O’Doherty, Executive VP of Underwriting.
The coverage itself is also designed to disrupt. In addition to standard coverage for typical full-time physicians, the company set to target holes in the current malpractice market. In the modern healthcare landscape, many physicians find themselves engaging in part-time work, multi-modal practice (parts of which another carrier may not cover if it’s outside of the stated specialty), telemedicine across states and other unique situations. Physicians are avoiding providing care in creative ways because the state of malpractice insurance hasn’t kept up with the rapid pace of technology and innovation in our healthcare system. With average malpractice lawsuit payouts measuring in the hundreds of thousands, they simply can’t afford to.
NOW’s machine-learning technology has successfully written allied health risks since the company’s launch in 2020. The company currently writes over 1,000 policies per month, providing easy access to affordable coverage for individual allied healthcare providers, across the country. Applying the same technology and adapting it to more complicated risks only compound the efficiency. Once physicians’ coverage proved successful, the technology easily rolled up to medical groups. The company has plans to add more products to its broker portal over the next year.
“There is plenty to come. Cracking physicians is just the start for NOW. Our technology is limitless in terms of how we can transform liability insurance in healthcare,” added Cabaud.
