ProAssurance Corporation has enhanced its commitment to large healthcare facilities and organizations with the unveiling of ProAssurance Complex Medicine, or ProCxM.
ProAssurance is working with Pro-Praxis, a newly formed underwriting agency capitalized by Cooper Gay Swett & Crawford Group (CGSC), which will provide ProAssurance with their proprietary, advanced underwriting analytics for complex risks and will assist ProAssurance in developing complimentary insurance products to bolster the coverages required by the target organizations.
ProAssurance said this new suite of excess insurance coverages and related services will allow it to respond more effectively to the risks faced by organizations that are retaining more of their own risk as they evolve to the meet the complicated needs of the nation’s emerging healthcare delivery system.
“ProCxM will utilize an exclusive data analysis platform to ensure the most up-to-date approach to underwriting and pricing of complex risks,” said W. Stancil Starnes, the chairman and chief executive officer of ProAssurance. “We will also be leveraging ProAssurance’s proven approach to risk management to enhance patient safety and clinical outcomes, while backing all of this with a claims handling approach that is tailored to the risk appetite of each insured entity.”
The president of ProAssurance’s Healthcare Professional Liability Group, Howard Friedman, said: “Healthcare systems and facilities entering into transformational agreements are creating a more complex risk profile for the organization that emerges, and established facilities and healthcare systems are also evolving to deal with new delivery paradigms. With the new approach offered through ProCxM, we have a platform to address the broadest array of risks across the healthcare continuum.”
Robert Allen, president of Pro-Praxis, added: “Our exclusive arrangement with ProAssurance for these unique risks, combined with the expertise of ProAssurance’s clinical and claims handling staff, will create a product suite that will make ProCxM a preferred product among some of the nation’s leading integrated delivery systems.”
ProAssurance, Pro-Praxis, US, Cooper Gay Swett & Crawford