It is obvious that professional indemnity insurance protects the working professional from financial disaster should anything unfortunate occur during the course of duty. Medical professionals need protection against the risk of a mistake being made during the diagnosis stage, medical treatment or follow-up care of the patient. However, this protection may not unfold the same way in all cases, and the particular circumstances play a significant role in the eventual outcome.
For example, the insurance underwriter may want to limit the payout and settle the claim as simply as possible. But this might create the impression that there was failure of care by the doctor. Here, the conflict of interest lies with the underwriter’s objective to limit costs against the doctor’s desire to clarify the outcome. The doctor’s reputation may be affected as a result but this would be beyond the scope of the insurance cover.
Another scenario might be where the doctor wishes to resolve the matter in the quickest possible time so that he can return to serving his patients. However, the insurance underwriter may want to conduct an extensive investigation (that would take a long period of time) so that the smallest payout could be calculated.
Perhaps the starkest conflict of interest might be where a doctor might need to protect against the risk of tarnishing his good name when the risk that has been covered by the underwriter is purely the financial damages incurred. In such a scenario, the actions of the doctor and the underwriter would be at odds and may interfere gravely with the outcome of the claim.
Insurance Broker Matters
As insurance underwriters are in the business of estimating probabilities and spreading out risk equitably to benefit the customers who would eventually need the insurance cover to pay out, they only work on narrow focus. However, the needs of the professional always change and differ from case to case and from situation to situation. Insurance brokers are better suited to ensure that clients are appropriately covered and that their evolving needs are always met by the insurance cover that they have.
When done right, insurance brokers are the advocates of the client who work with the underwriter to ensure that the right risks are being covered. They also ensure that systems and processes are in place for the clients so that they are positioned well to take the necessary action and achieve successful outcomes when the unfortunate occurs.
JA ASSURE is renowned for using this approach in serving niche industries for their professional indemnity needs. Using a platform that captures the essence of what the client needs, the process of securing insurance cover has been made simple and user-friendly. This is complemented by research and close involvement with industry practitioners to understand what the professional indemnity needs to include and what elements are not necessary.
For medical malpractice insurance in Malaysia, we work with many of the notable professional bodies and also alongside the licensing authority and government representatives to understand what is needed and what changes might occur on the landscape over time.
Underwritten by CHUBB, Doctor Shield is exclusively built to provide comprehensive protection at highly competitive premium rates for medical professionals in Malaysia. Get a tailor-made quote within seconds and purchase the right medical indemnity coverage within minutes.
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