The insurance market for senior care is booming, and there are plenty of additional options for seniors. Insurance providers serving the senior living industry have increased in recent years. One of the most apparent reasons for this surge is the recent increase in assisted living residents — up to 54% in some cases. Unsurprisingly, this has led to a corollary increase in liabilities facing senior living facilities — and the insurance industry has responded by introducing an array of new coverage options.
Learn more about why the senior care insurance market is booming — and how you can help your clients in this industry secure the right policy.
The COVID-19 pandemic had a catastrophic effect on both the senior care and insurance industries. Likewise, the insurance market has changed because of these ramifications. As both are finally bouncing back, it’s no surprise that renewals are leading the demand for more insurance options. Indeed, the aforementioned rise in residency has motivated many facilities to renew coverage despite rising premiums. Some senior facility insurers guarantee their policy premium rates for up to two years to remain competitive.
Greater awareness of liabilities is another essential factor contributing to the increase in insurance offerings for the senior living market. There is greater attention paid to issues such as abuse, neglect, and other liabilities that people may have overlooked in the past. Besides increasing coverage, facilities should ramp up prevention and training efforts to avoid such liabilities from emerging. It will help to protect residents and keep insurance rates low by preventing claims.
Some recent entrants to the senior living insurance sector have increased competition in the field. As more insurers recognize the potentially lucrative policies they can provide, many are expanding their offerings to serve senior facility clients better. These new players are both newbie providers and industry veterans, confirming that the market is hot for insurers of all backgrounds and experience levels. Even as some insurers drop out of the market because of losses, competition will probably increase as more providers branch out into long-term care insurance.
Finally, the emergence of risk mitigation tech has played an enormous role in the wave of senior living policies. Artificial intelligence programs can identify common risk factors, such as medication errors, fall liabilities, and insufficient staffing. Programs like this can minimize risk incidents and optimize insurance rates when used with Commercial insurance software — including policy insurance software such as Verity equips insurers with the necessary tools to monitor policies, manage claims, and communicate with insureds. It can help clients control their coverage and learn how to minimize risks effectively.
Say goodbye to outdated systems and begin looking at a solution that will provide what you need to increase productivity, decrease costs in the long run, deliver frictionless transactions, and remain competitive in today’s environment. For more information about VRC’s Verity software and to book a demo, click here or contact us at (541) 209-0700.
