Loss Runs

[qz4k5y]

Anyone using a company called "my loss runs" to obtain loss run reports? If so, what is your experience?
Anyone have a suggestion as to the best way to obtain loss runs?
Do you all just ask the potential client to contact their insurance agent and request them?
Thanks in advance for your input.

[Break1630]

I have used "My Loss Runs" at a former agency. I'm sure you are familiar with their system, where they generate the LR Request for you along with address and fax number to send to the carrier. While I felt this was a good option, I decided not to pay the charge and I find the information myself. With everything available on the internet these days, I haven’t had a problem finding out who loss runs requests need to be directed to.

Here is my method for getting timely loss runs before binding coverage with a new client:
1. Generate a letter in word requesting loss runs from the client’s current broker
2. Send that word document to client in an email or present it in person and ask them to put it on their letterhead, sign it, and send it back to me.
3. Send the formal loss runs request to current broker and wait.
4. Follow-up if/when their current broker doesn’t follow through.

I make sure the insured/prospect knows this is their responsibility but I can help facilitate. I know agents who leave it all on the insured/prospect to get loss runs and have a good follow-up process of making sure they get them. But I prefer my method so I know what is going on.

I hope this helps.

-Dan

[qz4k5y]

Dan,
Thanks for the reply and yes it does help.
So you are saying that you totally leave the clients agent out of the loop and go directly to the carrier? Is that correct?
Where do you find the contact information for the carrier's loss run department (ie. fax , email)?
Thanks again.

[Break1630]

It depends what information I can find on who I notify. I represent most of the major carriers in our area, so odds are I have the information to order Loss Runs from the carrier directly without bringing their agent into the fold. But if I cannot find the carriers Loss Runs Request department and I have no other option, I'll send the request to the agency.

[TheInsKid]

We have used them with good success and a minimum amount of work! I have found their system to be easy to use and I do not have to try and find the information from various internet points, as I think me and my staff’s time is worth much more than trying to find all of the right information all over the net. For us, using the system is well worth it and we have always gotten our loss runs in a timely manner!!

[alx730]

You can find any company's contact info at ambest.com. Call them with the policy number and they'll give you the fax number to send the (signed by client) "loss history request form." The form should have the client's email and fax number for the returned loss runs. This is by far the fastest way.

I would never contact the current agent for this... you'll never get them.

[scott]

Loss runs can be a part of what differentiates you from competition.

"Mr. Client, you don't have current loss runs? I meet with my clients annually to review all open and current claims. That way you know what your insurance company really thinks of you and that they have accurate info about you. In work comp, for example, past losses can add 50% or more to the premium you pay."

Success comes from being a "standout" when the insurance buyer compares what you offer to what the current agent provides.

[CorwinBrown]

Typically prospective insurance carriers will require anywhere from three to five years of Loss Runs before deciding to issue a proposal for business. Because all insurance carriers require loss runs all insurance carriers will provide loss runs as an industry standard of practice. Obviously the least amount of losses the better the insurance rates and the greater the amount of losses the higher the rates.