Ensuring HIROC has the data to accurately underwrite your organization

Tuesday, September 05, 2017 – Heather Brown

HIROC subscribers are familiar with the Liability and Crime Information Update survey sent out every year – it asks for data and additional details by individual sites. The information is required on an annual basis in order to ensure that the Reciprocal can underwrite all organizations accurately and charge a fair insurance premium for each subscriber.

The underwriting survey used to determine renewal premiums will be sent out shortly so it is timely to let subscribers know how this document is evolving to best suit its purpose. We are cognizant of the increasing demands on your time and endeavor to focus only on information that will be useful from an underwriting standpoint. We also use the data provided to improve peer comparison report capability that will be meaningful to your organization.

Questions have been added and removed over the years in response to emerging risks, as well as the requirements of our independent actuaries and reinsurers. This process continues to evolve, for example:
  • Two years ago, we converted the survey into an electronic format to facilitate completion and increase efficiencies in our database. An online guide was also created to assist you when filling out the form.
  • Last year we were able to pre-populate subscribers’ site names and addresses, and include your previous year’s operational data (including number and type of beds, outpatient activity, etc.) in order to make the completion process less time consuming.
  • In response to feedback from our members, new questions are identified in the upcoming survey for the 2018 renewal. In keeping with insurance trends, most of these questions surround cyber and crime risks. Additionally, as a quality control measure, you will no longer be able to submit the survey with blank responses anywhere your organization had provided a number last year.
During HIROC’s submission review process, our underwriters contact respondents directly when numbers or information have changed substantially to ensure accuracy. Our aim is always to protect your organization, and ensure you have adequate coverage and limits of liability for every risk exposure.

As soon the Reciprocal’s 2018 funding requirement is received from our actuaries (which incorporates such things as claims trends and reinsurance costs), we will provide an indication of your insurance premium for the coming year in order to facilitate your budgeting process.

Please note that your organization’s individual loss ratio also factors into your premium. Your efforts to provide comprehensive information for HIROC’s annual underwriting survey are greatly appreciated. If you have any questions or would like assistance as you complete the Information Update, please do not hesitate to contact us.

Heather Brown, Vice President, Insurance Operations, HIROC