Written by Stephen Lim, Lic# 0M66738
An annual message from the owner of CAPIA
Starting this year, I, Stephen Lim, CFO & Owner of California Attending Physicians Insurance Agency (CAPIA), will be releasing an annual message addressing our current clients and prospective clients, the state of the insurance marketplace, the state of our agency, and the future plans we have for our company and our clients. But first, I’d like to thank all of our current clients who have placed their trust in the insurance placement and management to our agency. We pride ourselves in our exceptional communication and understanding of our products. Without your success, our agency would have no success, so we will always strive to provide you with exceptional coverage options at reasonable premiums.
I'd like to begin by discussing the state of the insurance industry and the current market landscape. Paramount to everything. There has been a law change in California in regard to statutory and compensatory damages for medical malpractice insurance. You can read the article about Micra here: article !!!!!! Most healthcare providers in the coming years of 2023-2024 and 2025 will experience increasing premiums even though they may have no claims and have a clean record. Healthcare providers should also start looking into increasing limits of liability and separating additional insured entities to include separate limits instead of shared limits. Lastly, with the acquisition of NorCal by Proassurance, many insured through NorCal may start experiencing non-renewals. As much as the medical malpractice insurance landscape has been soft, or known as on the cheaper end, the state of the marketplace is now hardening and continuing to harden.
I’d also like to talk about the state of our agency in the current market. The State of our agency is strong and is growing, with our services and products continually expanding. Since my takeover in 2019, we have successfully restructured the company to become a digital infrastructure, implemented new processes and procedures to help expedite the archaic process, and invested in quality people who understand the dynamics of excellent customer service. We have been experiencing year-over-year growth and with that have come challenges and obstacles to overcome which we have done successfully and will continue to do so successfully. With the understanding of how important the services we provide are, we continue to focus on the development of the company, the processes, and the people.
In the coming months, our current and future clients will be provided an opportunity to access their policy documents, and personal files, request changes or additions to their coverage, and much more through a client portal. This client portal will also be connected directly to your insurance company which will get updated in real-time as your request is processed. We are also expanding our personnel to provide a better customer service experience with the addition of account managers and customer service representatives who will only serve to support your dedicated specialist in providing exceptional service. Lastly, as a niche-focused insurance agency, we will be expanding our company into the Midwest. However, each agency will be localized in its designated state to ensure that our dedicated specialists are well-versed in the laws and regulations in your respective state. This will mean that our agency as a whole will be able to service you in other states beyond just California, Arizona, and Nevada.
Although the medical malpractice insurance marketplace is ever-changing and always adapting, California Attending Physicians Insurance Agency will hold firm to its core values and beliefs and will always strive to provide exceptional placement services for healthcare providers. We pride ourselves in the services we provided, the communication that we have with our clients, and the exceptional products that we offer. We truly appreciate the opportunity to be of service to healthcare providers such as yourself. Thank you, and God bless.
Stephen Lim
CFO & Managing Director
