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The American Hospital Association (AHA) has endorsed a new Internet trading platform for commercial insurance, saying it can be a useful tool for risk managers overseeing insurance programs for the health care organizations. The trading platform is called Global Risk Exchange (web: www.grx.com). In a statement endorsing the management system, AHA states that Global Risk Exchange’s platform provides health care risk managers with on-line tools that can help manage risk data across multiple locations, transact insurance business, and administer their insurance programs on-line.
The system streamlines data flow between risk managers, brokers, and insurers, according to information supplied by the company. Enhanced communication among these key business partners ultimately can reduce overall costs, the company says.
According to Tony Spohn, vice president of risk management with AHA Financial Solutions in Washington, DC, other potential benefits include a dramatic reduction in turnaround time to obtain quotes, increased protection of proprietary information, and improved management of service providers, including brokers and insurers.
"On the Global Risk Exchange platform, risk managers aren’t simply buying a policy on-line, they’re tapping into a knowledge base, making real-time comparisons, and prompting underwriters to get creative to meet their insurance needs," Spohn says. "Effectively transferring these financial risks should involve more than just striving for a good price on an insurance product, it should include a clear understanding of the specific risk areas involved."
The Global Risk Exchange platform includes a feature called CommLink that improves communication among business partners. Through secure internal messaging, public and private workrooms, and document sharing, risk managers can connect with all of their service providers in a centralized location. At the risk manager’s discretion, CommLink will maintain a record of all communications and negotiations.