Your single biggest challenge right now?

[pageltd]

Nobody likes Travelers, anyway...do they?

[ediddy]

Explaining rate increases of 38% or more. Rating has become so complex underwriters can't tell you why a rate increases. I recently had a homeowner policy that was almost $1,000 per year and on renewal it went to $2,000 and there hadn't been any claims. No one with the company could tell me why. Needless to say I lost the business. I think the calculations computers use to formulate a rate have gotten so complex humans can't keep up.

[pageltd]

Explaining rate increases of 38% or more. Rating has become so complex underwriters can't tell you why a rate increases. I recently had a homeowner policy that was almost $1,000 per year and on renewal it went to $2,000 and there hadn't been any claims. No one with the company could tell me why. Needless to say I lost the business. I think the calculations computers use to formulate a rate have gotten so complex humans can't keep up.

I hear you...and to those that say "don't re-quote or you'll make the companies unhappy" I say this. Re-quote or lose the business. Period.

[agent14]

pageltd, I think what agents are expressing, is the fact that the CARRIERS are telling you, me and every other agent, if you requote too much, we can terminate your contract and you are not welcome back ever. So if you hear this advice from an agent, they are really just passing on what they have witnessed or been told by a carrier rep.

If the rate goes up 38% and the client requests a remarket, I don't think anyone is suggesting you refuse to requote. I would requote it.

[pageltd]

pageltd, I think what agents are expressing, is the fact that the CARRIERS are telling you, me and every other agent, if you requote too much, we can terminate your contract and you are not welcome back ever. So if you hear this advice from an agent, they are really just passing on what they have witnessed or been told by a carrier rep.

If the rate goes up 38% and the client requests a remarket, I don't think anyone is suggesting you refuse to requote. I would requote it.

Thank you. I have been validated!

[BADTROUT]

Had the issue with Safeco and Travelers... we used to get asked "can you shop us out" all the time. The carrier would beat us up too... we were always running quotes... some carriers retention was in the 65% range... agency was great @ 90% but carriers dont see that way on it...

Things are better now and carrier retention rates are back up into the 80s with one move...

We changed a few words in our approach.

When the renewals download to our retention center it calculates change percent and determines based on the criteria we predetermined the high risk and low risk clients as far as leaving.

Low risk gets an email or a call that says if you see a shift in your pricing that doesnt look reasonable please contact us immediately, even if all looks well we are always here to do a full review.

On the high risk ones, they get a call and email saying we noticed your premium went up, let's take a look to see what we can do to lower things. That's where we look for opportunity to take comp and coll off of old cars increase deductibles etc.

If after said change the price isnt where we need we always say... we can always look at other carriers... the hassle of switching carriers may be worth it...


About half tell us, nah... let's just keep it and we'll look at it next year.

Repeat.

[pageltd]

Had the issue with Safeco and Travelers... we used to get asked "can you shop us out" all the time. The carrier would beat us up too... we were always running quotes... some carriers retention was in the 65% range... agency was great @ 90% but carriers dont see that way on it...

Things are better now and carrier retention rates are back up into the 80s with one move...

We changed a few words in our approach.

When the renewals download to our retention center it calculates change percent and determines based on the criteria we predetermined the high risk and low risk clients as far as leaving.

Low risk gets an email or a call that says if you see a shift in your pricing that doesnt look reasonable please contact us immediately, even if all looks well we are always here to do a full review.

On the high risk ones, they get a call and email saying we noticed your premium went up, let's take a look to see what we can do to lower things. That's where we look for opportunity to take comp and coll off of old cars increase deductibles etc.

If after said change the price isnt where we need we always say... we can always look at other carriers... the hassle of switching carriers may be worth it...


About half tell us, nah... let's just keep it and we'll look at it next year.

Repeat.

Ditto

[insuringky.com]

Staffing!

[pageltd]

Low risk gets an email or a call that says if you see a shift in your pricing that doesnt look reasonable please contact us immediately, even if all looks well we are always here to do a full review.

On the high risk ones, they get a call and email saying we noticed your premium went up, let's take a look to see what we can do to lower things. That's where we look for opportunity to take comp and coll off of old cars increase deductibles etc.

Moving the idea of review to a new thread, stay tuned...