Tim Padovese, president and CEO of Ophthalmic Mutual Insurance Company (OMIC), notes that his company has avoided trying to become “all things to all people,” instead remaining “laser focused” on covering the professional liability of ophthalmologists and their practices.
That focus has allowed OMIC to deliver to its members a combination of expertise and excellent customer service that, among other things, has produced a 97 percent customer retention rate—and the Captive Insurance Companies Association (CICA) 2020 Outstanding Captive Award.
CICA presents its Outstanding Captive Award to a captive insurance company or risk retention group that has shown creative uses for a captive, been successful in managing the captive in terms of net results and usefulness to its owners, has prevailed over difficult times or situations, and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators, and colleagues in the captive industry.
That’s the beauty of the captive industry and the risk retention group. We all know our business, and we know it well”Tim Padovese, OMIC
“OMIC is a success story that exemplifies the incredible impact a captive insurance company can have on an organization,” said CICA President Dan Towle. “Their continued focus on risk management and patient safety has made a significant impact on the industry.”
OMIC was formed in 1987, following the passage of the US Risk Retention Act in 1986. “There was a small group of ophthalmologists, mostly in Florida, who’d gotten nonrenewed by their carrier,” said Mr. Padovese. The group approached the American Academy of Ophthalmology, which saw an opportunity to address the issue in the Risk Retention Act and formed OMIC.
OMIC began with just over 400 ophthalmologists—today, it insures 5,550. “We insure in every state of the country. We provide amazing risk management services,” Mr. Padovese said. “I have over 90 informed consents that are just for ophthalmology in multiple languages.