Colorado HealthOP puts a new spin on member governance
Colorado’s first health insurance co-operative has begun accepting applications for its board of directors. Colorado HealthOP aims to initiative a major shift in how insurance companies operate in Colorado, setting a new standard in regards to customer service and insurance availability. The co-op has member control as its top priority and intends to allow its members a great degree of engagement within the insurance industry that they have not had before. The Colorado HealthOP aims to accomplish this by inviting its 14,000 members to apply for a seat on its board of directors.
80% of board of directors will be comprised of members
The board of directors will be elected by the members themselves, with no less than 80% of the board being comprised of members. Board members will, of course, be heavily involved in the organizations operational structure and will have legitimate authority in the decision making process. Colorado HealthOP believes that members have a better understanding of the needs of the average consumers and may help make the organization more consumer friendly.
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Governance model is very uncommon within the insurance industry
This is a model that is uncommon in the insurance industry, even among other insurance co-operatives. While co-ops tend to be very member-oriented, they do not typically allow members to serve as part of the board of directors apart from very special circumstances. Member governance has been a subject of interest in recent years, however, partly due to the fact that many people are growing wary of the way that conventional insurance companies do business.
Candidates for new board of directors will be revealed in August of this year and voted upon thereafter
Members of the Colorado HealthOP will be able to submit applications until July 7, 2014. A committee comprised of the co-ops members will be convened and review these applications and elect promising candidates that are to be revealed in August of this year. The organization’s current board of directors will continue serving in their positions until a new board of directors is elected by members.