21 June 2021
Dental Protection has been supporting healthcare professionals for more than 40 years in Malaysia. During that time other providers of professional protection have entered the healthcare market.
Globally, we have seen new entrants often offer cheaper products in the short-term – even if this means making a loss initially because they want to enter the market. Unfortunately, such pricing is rarely sustainable, and a number of these providers have ended up exiting the market, or limiting the service and thus increasing the obligations a practitioner must assume. Historically we have seen how this has left practitioners unprotected. Similarly, insurance providers from other fields enter the clinical negligence market – due to pressures in their existing market – looking to generate a profit without fully understanding the risks and challenges that healthcare practitioners can face. Such a move is often opportunistic and is rarely part of their core business. As a result, products are designed and managed to ensure profit objectives are met – when this is not the case, or the risk has been insufficiently provisioned for, they can exit, leaving practitioners unprotected.
Given that it can be many years between an incident happening and a claim being made, it is crucial that dental professionals ask themselves whether their provider of professional protection is offering a long-term solution. Dental Protection has four decades of experience in dealing with complex clinical negligence cases in Malaysia, which is a highly specialist area. We’re able to use this experience to more accurately predict the true price of risk. Whilst no process can be an exact science, we are the best placed to set subscriptions that accurately reflect the full cost of protection.
A long time can elapse between an adverse incident occurring and the resulting claim being settled. Because of this delay, a number of factors can have a significant impact on the size of settlements, such as changes in legislation and unexpected changes in claims inflation. Practitioners need to be confident that their provider has the resources reserved in order to be able to accommodate these factors.