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Why should I choose OMA insurance?

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Why should I choose OMA insurance? The OMA insurance advantage: working for you.
OMA Insurance
5/1/2013
OMA Insurance is the only organization in the country focused exclusively on providing insurance advice, service, and solutions tailored to meet the protection needs of physicians and their families in Ontario and Atlantic Canada. Not only are we unique in our focus, but we are also unique in how we are structured. As part of the OMA, we exist for, and are controlled by physicians. Ultimately, everything we do is intended to create value for members.

When purchasing a product or service, you understand the importance of choosing wisely from among the various options available. This is especially true when it comes to insurance, where the impact of your decisions today will likely not be felt for many years — and by then, it is often too late to make changes.

What Creates The OMA Insurance Advantage?

OMA Insurance is the only organization in the country focused exclusively on providing insurance advice, service, and solutions to physicians in Ontario and Atlantic Canada.

Our vision is to be the number-one trusted insurance provider of exclusive, competitive and integrated advice, service and solutions tailored to meet the unique protection needs of physicians and their families, while providing an unparalleled member experience.

Not only are we unique in our focus, but we are also unique in how we are structured. We are a membership- based association. As part of the OMA, we exist for, and are controlled by, physicians. Ultimately, everything we do is intended to create value to members. What does this mean to you?

1. Solutions Customized For You

Since 1956, OMA Insurance has been pioneering insurance coverage for physicians. The OMA has one of the oldest continually functioning association insurance plans in the country.

We first offered disability insurance to physicians in 1956, the very year disability insurance was introduced into the social security system in the United States, and a full decade before the Canada Pension Plan disability income provisions were created. Since then, OMA Insurance has continually looked after physicians' interests, leading the market in creating disability insurance programs for students, increasing limits, and adding coverages.

 

We also offer critical illness, professional overhead expense cover- age, clinic insurance, general liability insurance, home and auto insurance, travel insurance, business interruption insurance, extended health care, dental insurance, and health spending accounts — OMA Insurance never stops thinking about how we can help you address the risks you face.

Our team of non-commissioned advisors, associates and administrators work tirelessly with our clients, partners and other OMA departments to under- stand your evolving needs and to pro- vide tailored solutions that address your very specific situation.

2. Value Created For You

We know that price is really only part of the equation when it comes to insurance: the really important factor is, "Will my insurance be there for me when I need it?"

  • At OMA Insurance, we employ a claims consultant to ensure you can see your way through the disability insurance claims process — they'll even help co-ordinate coverage of your other policies.
  • We meet regularly with our insurers to review claims, trends, and coverage needs. Our insurance partners work for us — we don't work for them — and we work tirelessly to ensure that physicians get the coverage, the support, and the help they need and deserve. From blood-borne pathogens and asymptomatic infections to cyber liability, and disease outbreak, we keep our coverages current so that you can rest easy (for more information, visit www.omainsurance.com).
  • We partner with some of the best, brightest, and strongest insurance partners on the continent to give you the service, pricing, and response that you deserve. We do not switch partners often or casually, but when we feel better value is available, we take action to look after your interests. For example, in 2011 we conducted a search for the best provider of OMA Home & Auto and Clinic Insurance plans. After reviewing the market, we moved away from our old broker (Willis Canada) and forged new ties with The Personal (www.thepersonal.com/oma) and HUB HKMB (www.oma.hubinternational.com).
  • We listen to your feedback. We regularly survey new policyholders and recent claimants, we follow up on lapsed or cancelled policies to find out what we could have done better, and we take complaints to heart. We wish we didn't receive complaints — or, more accurately, we wish we never gave you anything to complain about — but when we do, we listen intently and try our best not only to address the specific issue, but to prevent it from happening again. The nature of insurance is that we cannot always make everyone happy — some situations are not covered by insurance policies, and sometimes health or other situations prevent us from implementing the solutions we want at the price we want, but we take our responsibility to you very seriously.

No other insurance organization understands doctors as well or works as hard to meet your needs.

As part of the Ontario Medical Association, OMA Insurance offers unparalleled access to group and individual products focused exclusively on physicians. Our broad (and growing) range of solutions is designed to meet the many different career and lifestyle choices physicians make, both today and tomorrow.

We dedicate more resources to serving the insurance needs of Ontario and Atlantic physicians than any other organization.

3. Promises Delivered To You

For-profit companies, whether they are banks or independent agents or brokers, exist to create profit for themselves. They serve clients in order to satisfy the needs of their investors, lenders, and partners. A primary responsibility of these companies is to provide the best possible return on their business activities.

OMA Insurance serves only one constituency: our member policyholders. There are no outside shareholders demanding payment of profits, and no lenders or partners expecting a "hurdle rate of return" (i.e. the minimum rate of return on a project or investment required by a manager or investor). Our primary responsibility is to provide financial security to current and future member policyholders by maintaining long-term financial strength.

Over the years, we have paid hundreds of millions of dollars to our members in annual premium refunds, and hundreds of millions more in payment of benefits. Simply put, OMA Insurance is different than banks and commissioned sales agents because many of our most fundamental objectives are different. We promise to serve you first and foremost — ahead of profits, ahead of commission incentives, and ahead of the latest share prices.

4. Leadership Provided By You

Our Board of Directors are all physicians. Our insurance operations report to a Board Insurance Committee com- posed of a mix of physicians and insurance experts, recruited specifically to serve you (a complete listing is provided at right). The strategies and decisions that fundamentally determine how we operate are under your control. No other insurance organization is as in tune with the realities of today's physicians as OMA Insurance.

At OMA Insurance, we are never satisfied with the status quo. We understand the medical profession is changing and your life is undergoing its own changes. Also, the world around us is changing, providing both new opportunities and new risks. We work to understand these changes, using the full resources of the OMA to ensure that the solutions you will need to address the challenges of tomorrow are in place when you need them. At any stage of life, and whatever the point of your career, OMA Insurance has a team working with you and for you.

The OMA Advantage Equals Security For You

What does all of this mean for you? It means we are there when you need us. It means the wisdom of your choice today will become manifestly clear as time passes. And it means that your professional association is with you now and always as you move through your career and your life. The OMA Insurance Advantage is working for you.

OMA Insurance Advantage

As a consumer, deciding on insurance is an unusual experience: you need to decide now — when you really have no immediate problem to be solved — how you want to be treated in the future, when your economic survival and your family's financial well-being depends upon the wisdom of your selection. So you want to be sure about who you choose to look after you. Will they be there for me in 10 or 15 or 20 years? Will they look after me and my family? Will they put my interests first and fight for me when I need their help? We think it is important that you understand the sometimes life- altering consequences of your choices.

That's why you need to know about the OMA Insurance Advantage.

OMA Board Insurance Committee

The OMA Board Insurance Committee (BIC) governs the strategic direction and operations of OMA Insurance, with certain powers delegated to it from the OMA Board of Directors. The seven members of the BIC bring a unique blend of experience to our organization:

  • Dr. Chris Cressey, Chair (Palmerston, District 3): OMA Director and previous member of the OMA Insurance Committee, General & Family Practice physician.
  • Dr. John Tracey (Brampton,District5):OMA Director, General & Family Practice physician.
  • Dr. Scott Kapoor (Toronto,District5):BIC member, Emergency Medicine, Travel Medicine and Public Health & Preventive Medicine, graduate of OMA's Physician Leadership Program.
  • Dr. Clark Baldwin (London,District2): BIC member, General & Family Practice physician, member of the American Academy of Insurance Medicine.
  • Mr. Kevin Netterfield (Kitchener): BIC member, Vice-President, Sales, CST Consultants Inc., financial services executive.
  • Ms. Daphne FitzGerald (Toronto): BIC member, Chair, Ontario Human Resources Association, founder, Capital G Consulting, former insurance executive.
  • Mr. Anthony Knight (Fredericton, NB): CEO, New Brunswick Medical Society. Anthony represents the Atlantic medical associations on the BIC. OMA Insurance has been serving Atlantic physicians since the 1970s, and they form an important part of our clientele.

Additional information regarding the current operations of OMA Insurance is contained in the May 2013 Reports to Council, available at www.oma.org​.​