The member driven model of PCH Mutual provides the captive with an advantage over its competitors, according to the risk retention group’s (RRG) CEO and president, Julie Bordo.
The Vermont-domiciled RRG was formed in 2004 and has more than 3,800 members in 47 states across the US.
PCH Mutual provides professional and general liability cover to its members.
“We’ve grown quite a bit, and we are in the non-medical residential care space,” Bordo told Captive Intelligence.
“That means care for vulnerable adults and in this day and age it’s a growing business because we have such a large aging population.”
Bordo said the RRG has an “unprecedented retention rate” and has not had a lot of competition that it could not “starve off”.
“As a member owned and driven entity, we offer a lot of things that our competitors cannot offer,” she said.
Bordo highlighted how PCH Mutual recently built documentation software, which is being offered as a free member benefit.
“It’s a real impediment for our members in terms of cost to not be able to have formal documentation software and that leads to less than stellar documentation of the care journey of the residents,” she added.
Bordo said the RRG is also building features that will operationalise other aspects of its risk management.
“We’ve engaged with a company and helped from its inception to provide a unique way of training senior living staff and communicating about the end-of-life experience and things that are prevalent that can be real generators of risk in long term care.”
However, Bordo said that innovation does not always have to include technology.
“A core principle of our company is that human connection is the source of well-being, and we are always striving to do different things to create connection, whether it’s between caregivers and residents, or between or our entity and our members,” she said.
“We have engaged with startups to create stories around the residents and telling their story, and then having that socialised amongst the caregivers and the other people in the community.”