CHICAGO--(BUSINESS WIRE)--AMA Insurance Agency, Inc., a subsidiary of the American Medical Association, today proudly launches a new proprietary medical professional liability insurance program designed to better meet coverage needs while lowering the cost for practicing physicians.
Physicians have faced the rising costs of medical professional liability insurance for too long. Recent analysis by the AMA showed that in 2022, the proportion of medical liability insurance premiums that increased from the previous year was 36.2%. The average rate increase was 8.1%. To better meet physician needs, AMA Insurance has worked exclusively with Indigo, a next-generation medical professional liability insurer, to bring an innovative medical malpractice solution to disrupt this ongoing trend in the medical malpractice marketplace.
Indigo's proprietary technology leverages new data and advanced technology to predict physician liability more accurately. Customized pricing means physicians will pay in line with their true risk profile.
Policies issued by Indigo Risk Retention Group Inc., rated A- (Excellent) by AM Best, offer robust coverage that includes Prior Acts Coverage, Consent to Settle Provision, tech-enabled, streamlined account and claims management, physician-centric defense with local claims attorneys, free tail coverage at retirement, additional limited coverages such as patient support, professional licenses, personal injury and others are also included.
“We’re thrilled to introduce this new program to physicians,” said Pam Moy, President, AMA Insurance. “Physicians deserve access to best-in-class technology that better identifies risk and rewards them with more customized pricing. This more nuanced and accurate assessment often leads to better rates.”
Moy added, “With its new and innovative approach to medical professional liability risk, we believe Indigo is poised to transform the medical professional liability industry. In addition, we’re excited to offer physicians access to a proprietary discount for AMA members, along with other unique features designed to help them save money.”
Jared Kaplan, Co-founder and CEO of Indigo added, “We’re privileged to work closely with AMA Insurance as we launch the next generation of medical professional liability insurance. We look forward to offering physicians an alternative for their medical professional liability insurance that harnesses advanced analytics to bring better pricing and lower costs.”
About AMA Insurance:
Established in 1988 as a wholly owned subsidiary of the American Medical Association, AMA Insurance Agency, Inc., specializes in meeting the insurance and financial services needs of America’s 1,200,000 physicians, both AMA members and non-members. Authorized to conduct business in all 50 states, AMA Insurance offers a portfolio of physician-exclusive disability, life, and health insurance for individuals, medical group practices, medical schools, and teaching hospitals. AMA Insurance’s national reach enables the agency to provide physicians with physician-focused coverage at competitive rates from top carriers. For more information, visit https://amainsure.com/medical-professional-liability-insurance/.
Indigo utilizes proprietary technology to offer medical professional liability insurance to physicians and medical groups. Indigo's underwriting process is data-driven and offers physicians and groups rapid quoting and tailored pricing. The company's technology-enabled efficiencies provide ease of doing business to all parties involved, making the insurance process more convenient. Indigo's defense team works diligently to protect physicians, allowing them to focus on their work with peace of mind. For more information, visit www.getindigo.com.