Finally Mr. Buffet is moving on this losing “unethical” venture. I am surprised it took so long with all the lawsuits and states (though very slowly) moving against Applied. My client sued them and they just recently settled after three years. The insured had a 6% loss ratio and excellent Mod but Applied stated they owed them an additional $200k+ and that the insured would not be getting any of the “profit sharing.” Of course the court cases show that Applied never paid anything like “profit sharing.”
I’ve worked work with Applied Underwriters for years and never had a single issue and neither have my clients. Quite the contrary, really… If you wrote the profit sharing policy that you reference above, my guess is you didn’t have any idea what you were selling, which is unfortunate…
It’s hard to know what you’re selling when it comes out that the Applied representatives had no idea what they were selling. They did know something was wrong; which is why they sent the docs to be signed directly to the client late on a Friday afternoon and required they be sent right back. Completely bypassing the broker. It’s workers’ comp — a very cut and dry type of insurance. What they were selling wasn’t workers’ comp. The program wasn’t approved by the department of insurance. And they didn’t reveal that in their sales pitch.
I think About Time knew what he was selling. Unfortunately, Applied Underwriters changed the rules of the game. Reputation is shot….why else would Buffett be selling?
Jim, Based on your comment, how long have you worked for Applied and been drinking that Koolaid?
My experience with them has been dismal. I truly despise their “service” methodology. Never get the same person twice, one service rep will say one thing, while another says another. Not updating records appropriately. Not contacting broker first when there is an issue, but going direct to client…I could go on and on. Of course I never did understand the issues with the participating programs as the few insured’s I wrote in them did quite well and the terms weren’t that difficult to understand if you took the time to read them. In the end it was the maddening service issues that keep from working with them unless I absolutely had to.
Finally Mr. Buffet is moving on this losing “unethical” venture. I am surprised it took so long with all the lawsuits and states (though very slowly) moving against Applied. My client sued them and they just recently settled after three years. The insured had a 6% loss ratio and excellent Mod but Applied stated they owed them an additional $200k+ and that the insured would not be getting any of the “profit sharing.” Of course the court cases show that Applied never paid anything like “profit sharing.”
I’ve worked work with Applied Underwriters for years and never had a single issue and neither have my clients. Quite the contrary, really… If you wrote the profit sharing policy that you reference above, my guess is you didn’t have any idea what you were selling, which is unfortunate…
It’s hard to know what you’re selling when it comes out that the Applied representatives had no idea what they were selling. They did know something was wrong; which is why they sent the docs to be signed directly to the client late on a Friday afternoon and required they be sent right back. Completely bypassing the broker. It’s workers’ comp — a very cut and dry type of insurance. What they were selling wasn’t workers’ comp. The program wasn’t approved by the department of insurance. And they didn’t reveal that in their sales pitch.
I think About Time knew what he was selling. Unfortunately, Applied Underwriters changed the rules of the game. Reputation is shot….why else would Buffett be selling?
Jim, Based on your comment, how long have you worked for Applied and been drinking that Koolaid?
My experience with them has been dismal. I truly despise their “service” methodology. Never get the same person twice, one service rep will say one thing, while another says another. Not updating records appropriately. Not contacting broker first when there is an issue, but going direct to client…I could go on and on. Of course I never did understand the issues with the participating programs as the few insured’s I wrote in them did quite well and the terms weren’t that difficult to understand if you took the time to read them. In the end it was the maddening service issues that keep from working with them unless I absolutely had to.