ISO Launches New Insurance Program to Address the Rapidly Growing Home Healthcare Insurance Market
JERSEY CITY, N.J., May 31, 2018 — ISO has launched a new home healthcare program that provides a robust coverage and rating solution to help insurers address the rapidly growing home healthcare market. ISO is a Verisk (Nasdaq:VRSK) business.
The aging population is one factor in the significant expansion of home healthcare in the United States. The U.S. Census Bureau projects that the over-65 population will double to nearly 84 million within 30 years. Other growing segments, such as pediatric and disabled care, are also driving demand. In fact, home healthcare and personal care aide employment is estimated to increase 40 percent from 2016 to 2026, according to the U.S. Bureau of Labor Statistics.
“Having a nurse or aide visit your home is often less expensive and more convenient than staying in a long-term care facility. But it’s also filled with huge responsibility and frequently changing risks, creating significant challenges for insurers,” said Maroun Mourad, president of ISO Commercial Lines. “ISO’s new turnkey program can help insurers enter this growing market. The program offers flexible coverages and extensive rating information to help insurers meet the diverse needs of home healthcare providers.”
The ISO program features professional and general liability coverages and includes optional endorsements for several critical exposures, such as allegations of abuse or molestation, employment-related practices liability, home healthcare equipment, and theft of patient or client property. It also offers 31 separate classes for the most common home healthcare professions, from home health aides to registered nurses.
To learn more about ISO’s new home healthcare insurance program, visit verisk.com/hhc.
ISO, a Verisk (Nasdaq:VRSK) business, is a leading provider of advanced tools and analytics for the property/casualty insurance industry. Drawing on unique data assets and deep domain expertise, ISO products and services help insurers underwrite and price risks with greater precision and efficiency and manage claims more effectively across the spectrum of commercial and personal lines of insurance. For nearly 50 years, ISO has been a leader in developing innovative solutions and working with multiple stakeholders in the property/casualty insurance marketplace, including insurers, reinsurers, third-party administrators, agents and brokers, insurance regulators, and risk managers. For more information, please visit www.verisk.com/iso.