Health care clients seek more expertise from insurance agents

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Health care clients seek more expertise from insurance agents

In a new Nationwide survey, 78% of health care business owners said it’s difficult to find agents with specialized knowledge.

It’s hard to imagine any other sector more impacted by the COVID-19 pandemic than the health care industry. Hospitals, clinics and other care facilities had to embrace new ways to meet the health and safety needs of patients and employees during the past 16 months. At the same time, two-thirds of health care business owners faced negative impacts to their total cost of operations and total revenue due to the coronavirus crisis, according to findings from Nationwide’s New Agent Authority Research.

“From senior living and assisted living facilities to emergency shelters and addiction treatment centers, health care organizations face unique and vast insurance, operational and regulatory challenges,” Cheryl Tamasitis, regional vice president of specialty care at Nationwide, said in a statement.

Related: Executive Insights: Nationwide’s Mark Berven on today’s opportunities

The survey, which sampled 200 mid-market health care business owners between January 5 –13, 2021, revealed that 88% of clients in the industry think there’s a demand for more agents with specialized knowledge of health care risks and insurance needs, and 78% indicated it’s difficult to find an agent with expertise.

“The pandemic has emphasized the need for specialized agents who can proactively guide clients through the exposures they face today and help them prepare for the challenges of tomorrow,” Tamasitis noted.

Related: Construction rebound opens new opportunities for agents

Health care businesses also are paying closer attention to their insurance policies, creating opportunities for agents to address emerging risks and new exposures, especially those surrounding technology. Consider that since the start of the pandemic, most health care facilities increased their utilization and reliance on technologies such as wearables (80%), Internet of Things devices (79%), telemedicine or teletherapy (78%), and vehicle telematics (77%).

“As health care organizations lean more on technology, agents should be talking to them about add-on coverages like cyber insurance to protect against cyber threats that could compromise their business and confidential patient information,” said Tamasitis.

For more findings from Nationwide’s Agent Authority Research on health care clients, review the infographic below.

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