So what is wrong with the modeling/algorithms of State Farm who lost $7Billion on Personal Auto alone last year? Were they writing too many distracted drivers or was it stoners?
What is being left out of the equation for the consumer is the agent’s E&O coverage which provides an additional layer of insurance protection for the consumer. If a consumer goes directly to the carrier then, that consumer must also litigate directly to the carrier if there is a coverage issue. My experience with my E&O carrier over the past 40 years is that they take care of my customer then go after the carrier when I show that the loss should be covered. I’ve also had carriers change their mind and pay when I stood my ground and assured them that I would be involving my E&O carrier.
Anyone notice that among the big players, the Gecko is outperforming the Good Neighbor in overall claim and service satisfaction? For years, Good Neighbor closely trailed small competitor Amica Mutual for accolades in both. What happened?
So what is wrong with the modeling/algorithms of State Farm who lost $7Billion on Personal Auto alone last year? Were they writing too many distracted drivers or was it stoners?
What is being left out of the equation for the consumer is the agent’s E&O coverage which provides an additional layer of insurance protection for the consumer. If a consumer goes directly to the carrier then, that consumer must also litigate directly to the carrier if there is a coverage issue. My experience with my E&O carrier over the past 40 years is that they take care of my customer then go after the carrier when I show that the loss should be covered. I’ve also had carriers change their mind and pay when I stood my ground and assured them that I would be involving my E&O carrier.
Anyone notice that among the big players, the Gecko is outperforming the Good Neighbor in overall claim and service satisfaction? For years, Good Neighbor closely trailed small competitor Amica Mutual for accolades in both. What happened?