This is one of the most important jobs your insurance broker has, yet so many miss the mark. You should be having in-depth conversations regarding budget, cash flow, and risk appetite in order to properly structure your athletic insurance plan design to fit your unique institution.
Making sure that your entire department is on the same page when it comes to what coverage you have, when it is used, and how it is accessed is crucial. Relaying incorrect information during the recruiting process or following an injury can lead to a huge loss of time, money and can damage the reputation of the program.
Repricing fees are typically charged back to your program as a percentage of the amount saved on discounting medical bills. While this is often considered a necessary evil, you should know the amount you pay and seek ways to reduce or eliminate these fees. Your broker, willing or not, should be able to clearly articulate this information (total amount and percentage) to you upon request.
Primary insurance is one of the most important elements of your athletic insurance program. Can your student-health plan be improved? What are your international athletes buying? What options do you have for uninsured domestic athletes? Having a broker that is capable of offering expertise and solutions in this area is critical to the success of a program.
Your athletic trainers work hard enough handling injuries, rehab, sports coverage, and everything else they do. Finding a claims process that integrates with their injury tracking software can save them the traditional manual claims process and streamline the payment process for the carrier and athletes.
Providing insurance coverage for your student-athletes while participating is a great benefit that, shockingly, not all programs have. Be sure that your students know the department purchases coverage for their injuries but also make sure to clearly articulate the stipulations of this coverage. Your broker should be able to assist in this task in providing pre-participation paperwork templates or examples from other programs that you can tailor to fit your needs.
There is nothing more detrimental to an athletic insurance program's claims experience than getting hit with several uninsured surgeries. You should be keeping tabs on the validity of your athlete's primary insurance plans throughout the year, ideally on a monthly basis. Discovering one lapse in insurance coverage prior to injury can save you thousands!
Any insurance broker should be capable of providing you with the annual renewal, but what else are they helping with? Do they have exclusive products or services that will help your program run more efficiently? Are they asking thought-provoking questions to help better your program in the short/long term? Seek a partner that acts as an extension of your athletic department and brings additional value, even if that comes at a premium. It's worth it.
As the trusted athletic insurance partner to over 200 of your collegiate colleagues across the country, we know that we can improve your program by implementing our unmatched expertise and resources. Reach out to us today to discuss your program. Trust me, it's worth it.