NEMT Experts Podcast Episode 25: Changes in Insurance
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Podcast Show Notes:
This interview with Niko Fotopoulos, the co-founder of Sparx, covers how NEMT businesses can navigate insurance challenges and lower costs. Here are the key takeaways:
Key Points & Takeaways
- Insurance Market Changes: Sparks is working with companies facing unexpected changes in coverage requirements from big brokers like Motive Care. New restrictions necessitate a switch to more comprehensive symbol 2, 8, or 9 coverage.
- Staying Ahead of Changes: To avoid scrambling when insurance changes happen, NEMS businesses should proactively stay in touch with their transport brokers about compliance requirements.
- Ride Share Impact on NEMS: The rise of Uber and Lyft in the NEMT space has worsened claim severity and overall insurance market conditions. Insurance companies are increasingly denying coverage to businesses that offer ride-share type services.
- Rising Premiums The commercial auto insurance market has been losing money for 12 years. The solution is to reduce risk for NEMS businesses. Tech solutions like Bambi that improve scheduling and operations can help. Sparks partners with insurance carriers to offer premium reductions in exchange for adopting risk-reducing tech.
- Sparx - Game Changing Insurance Solutions Sparks, a tech-enabled insurance brokerage, specializes in the medical space and uses automation to offer a seven-day turnaround on comprehensive quotes. NEMS businesses can see premium reductions of up to 75%.
Key Quotes
- "You're telling me that you've turned a 45 to 60-day insurance quoting process down to seven days." Nirav on Sparx.
