Understanding the critical role insurance plays in your organization
In our second episode of Talk with HIROC we sit down with Shahbaz Haque, Director of Insurance Services at HIROC. He provides an inside look on some of the changes the insurance industry has gone through since the start of the pandemic and what he’s learned about resiliency during a time of great change.
When asked “How do healthcare organizations know they have the right insurance?” Shahbaz stressed the value of organizations taking time to reflect about all the intricacies of their specific operations.
“The key part of that question is the word ‘right’ – what’s right for one organization may not be right for another. We at HIROC recommend taking a risk management approach – involve your entire team and identify your risks.”
That risk management approach includes support for HIROC Subscribers as they navigate their risk mitigation journey - whether that’s adopting the many valuable tools we have, such as the Risk Register or Risk Assessment Checklists Program, to the access of the over 350+ resources.
Missed the talk? Watch it now!
On the value of involving your insurer:
“It’s important to maintain an open dialogue with your insurer – what is it that you’re trying to accomplish? Let them know and leverage their expertise. Involving and connecting with your insurance company regularly is key.”
On why keeping risk top of mind is critical:
“The best way to make sure you’re prepared is to identify the risks, involve your insurer early, get their feedback, ask them to identify any gaps you may have, and what support or guidance they can provide.”
On what some of the emerging risks healthcare organizations are facing right now:
We’re seeing three trends:
- Cyber risk
- Property risk
- Risks associated with amalgamations and new partnerships
Shahbaz reiterated, “Involve your insurer and let them take a look at your plan and contracts – it will help guide organizations with their decision-making, and will also help them understand all the risks.”
The wide ranging conversation closed with Shahbaz sharing his gratitude, “It’s become very personal to me – we’re not on the frontlines but it often takes a situation like this to realize the important role we play as a partner. But it’s our Subscribers who are the real heroes – they provide research, care and support. We’re very grateful to be involved and act as an enabler - it’s humbling and a true honour to provide this support.”
Want to check out more episodes from the series?
Just head on over to HIROC’s LinkedIn page and you’ll find all the episodes under the “video” tab as well as in our feed.
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Some of the topics we’ve featured so far include:
- Innovation
- Insurance
- Human factors
- Claims and legal perspective
- Communication and media relations
Truly something for all of our viewers – and we’re excited to bring you more unique topics and engaging guests over the coming weeks.
By Marco Ouji, Senior Communications Specialist, HIROC