Jacksonville-based MedMal Direct Insurance Co. has officially launched operations as a medical malpractice insurance company in Florida.
The company, which sells insurance directly to physicians community without the use of insurance agents or brokers, said it received its certificate of authority from the Florida Office of Insurance Regulation last week.
“By using the direct-write distribution model, we are able to pass on the savings to the physician,” said Butler Ball, CEO of MedMal Direct. “Because of the commoditized nature of the product, it is simply more efficient for the physician to purchase directly from the company.”
The company’ said its coverage will mirror those currently being offered in the market through the traditional brokerage system.
MedMal Direct said it expects to save Florida physicians an average of 20 percent on their premiums by not using agents and brokers at a time when their bottom line is under pressure from the economic downturn and the expected reduction in Medicare and Medicaid reimbursements.
A physician or practice manager may fill out a brief online application and get a return quote within 48 hours in most cases, according to the firm.
The four founders of the company are Carter B. Bryan, chairman of the board; Butler Ball, CEO; Timothy R. Bone, president; and Michael J. Wallace, chief operating officer and chief financial officer.
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