Propel provides innovative insurance solutions to thousands of companies across the country. We make it our business to know your world inside and out.
Geico’s “15 Minutes Could Save You 15%” is a nice slogan, but it underestimates the customization and personalization that many savvy buyers want and need.
If you have been led to believe, “all brokers have access to all the same markets” and “the numbers are the numbers,” then you have been done a disservice. I would like to make a case for the subjective side of the underwriting process that is rarely explained in detail to a client.
The specific rating factors and influencers considered are unique to each industry and, therefore, a little education will go a long way toward customizing a policy for your organization.
Recently, Propel was hired by a portfolio senior care operator with a location a few weeks out from renewal. We reviewed their existing quote, and our team quickly determined that the pricing seemed high; about 30% too high.
The quote, having been released to the prior broker, could not be changed and was based on incomplete information. Our team immediately reached out to another senior care focused carrier and, in just a few days, the underwriter was able to meet our expected pricing and coverage improvements, resulting in savings of 27% and better coverage. Naturally the client was surprised and raised a number of reasonable questions:
- How can carriers be so different in pricing even when upgrading to superior coverage?
- Why was the previous broker unable to recognize the inflated price and coverage issues?
- Why was the previous broker unable to do something about the inflated price and coverage gaps?
We took 15 minutes to educate the buyer on the ins and outs and completed a great renewal with a new client.
The “Geico Effect” appears all too real. If you’ve been inadvertently taken in it may be time to consider having an industry specific specialist take a look at your rates and coverage.
Contact any of us at Propel to learn more.