Claims Question

[Guest]

And EVERY client and vendor I've met in the last 3 months (roofers esp.) have had nothing but positive responses about Farmers claims response.

The quality of your claims response isn't going to be judged by your vendors and contractors, its judged by your clients. Farmers, by the way, generally always ranks near the bottom of the consumer surveys on satisfaction with their insurer's claims resolution.

Here's a couple...
Press Release - 2012 U.S. Auto Claims Satisfaction Study | J.D. Power

and

Press Release - 2012 U.S. Property Claims Satisfaction Study | J.D. Power

Keep the positive attitude and optimism and you'll do well. Most likely after you get some time under you you'll decide that you want to offer more products, more services, and better options. When this happens you will probably want to investigate going indy.

Many of the vets that you meet in this industry are cynical and jaded, which I think may be because of the inability to adapt to the changing conditions in the industry. Times are much different now than they were 20 years ago, and in 20 more years we will be the old, bitter, cynical guys.

Until then just keep focused and work on building your book. Best of luck to you.

 

[JenkinsAgency]

The quality of your claims response isn't going to be judged by your vendors and contractors, its judged by your clients. Farmers, by the way, generally always ranks near the bottom of the consumer surveys on satisfaction with their insurer's claims resolution.

Here's a couple...
Press Release - 2012 U.S. Auto Claims Satisfaction Study | J.D. Power

and

Press Release - 2012 U.S. Property Claims Satisfaction Study | J.D. Power

Keep the positive attitude and optimism and you'll do well. Most likely after you get some time under you you'll decide that you want to offer more products, more services, and better options. When this happens you will probably want to investigate going indy.

Many of the vets that you meet in this industry are cynical and jaded, which I think may be because of the inability to adapt to the changing conditions in the industry. Times are much different now than they were 20 years ago, and in 20 more years we will be the old, bitter, cynical guys.

Until then just keep focused and work on building your book. Best of luck to you.

Did you notice I included clients in my previous post?

And stats from CA mean nothing to me. I'd just as quickly dismiss them if we were on top. Claims satisfaction on these surveys are solely dependent on whether an insured got paid or not. If they were denied, regardless if it was a valid denial or not, the insured will pick "dissatisfied". Hence why J.D. power and similar companies are irrelevant and only exist to perpetuate their own existence. Ironic.

 

[Guest]

Did you notice I included clients in my previous post?

And stats from CA mean nothing to me. I'd just as quickly dismiss them if we were on top. Claims satisfaction on these surveys are solely dependent on whether an insured got paid or not. If they were denied, regardless if it was a valid denial or not, the insured will pick "dissatisfied". Hence why J.D. power and similar companies are irrelevant and only exist to perpetuate their own existence. Ironic.

These aren't stats from California, this was a national study. If you're referencing the "Westlake Village, CA" at the beginning, that's because that is where JD Power is based.

And you're correct. These may not have any bearing on your business, but they are a decent cross section of how the public views companies.

Also... They come in useful to me (and all your other competitors) cause when Mr. Prospect comes in and has a Farmers policy or is quoting me against Farmers I can say, "Hey, Mr. Prospect, are you aware that Farmers is ranked almost DEAD LAST in our state in claims satisfaction? That's not my opinion, here take a look at this."

Don't be so naive to think that just because you don't use a tool doesn't mean that your competitors aren't using it to kick your rear.

 

[FEX Quotes]

Does typical homeowners policy cover against plumbing problems that happen from things deteriorating with time? I've got cast iron sewage drain pipe thats cracked and waste is in our celing.

The replacement/repair of the pipe definitely is not covered in this case, but some companies might pay something for property damage. I have seen companies pay for damages when they have no obligation to do so. I have also seen companies use the broadest interpretation of exclusionary language to deny paying one nickel.

 

[JenkinsAgency]

These aren't stats from California, this was a national study. If you're referencing the "Westlake Village, CA" at the beginning, that's because that is where JD Power is based.

And you're correct. These may not have any bearing on your business, but they are a decent cross section of how the public views companies.

Also... They come in useful to me (and all your other competitors) cause when Mr. Prospect comes in and has a Farmers policy or is quoting me against Farmers I can say, "Hey, Mr. Prospect, are you aware that Farmers is ranked almost DEAD LAST in our state in claims satisfaction? That's not my opinion, here take a look at this."

Don't be so naive to think that just because you don't use a tool doesn't mean that your competitors aren't using it to kick your rear.

If I have to rely on stats to win business, I've already failed. If a prospect is swayed enough by a stat for me to lose a sale, I deserve to lose them because I clearly didn't build value. I'm not interested in the business you Indy guys have a prayer of winning anyway. You can't touch me on new construction, new roof or homes above $1M.

99.5% of my prospects are in the D/FW area, and we're straight up killing it here. I can't speak for the rest of the state or country, but every single person in my market that I've spoken to was thrilled with their claims experience.

But really, you and I both know it all comes down to the individual adjusters on the ground, the badge on their shirt is almost irrelevant to how things shake out.

 

[VolAgent]

.... Claims satisfaction on these surveys are solely dependent on whether an insured got paid or not. ...

I guess I must be new to insurance. When it comes to claims, isn't that all that matters? Did I get paid or not?

Should I be satisfied if my claim was denied for what the company thought was a valid reason?

Also, if I have a 1MM home, why would I insure it with Farmers versus say Chartis or Chubbs?

 

[djs]

Farmers used to push the JD Powers thing when they won the award. Its funny though, every (most?) carrier goes through ups and downs on claims, depending on what they want to do and how hard they have been hit lately.

Mostly because Chartis and Chubbs won't take $1M homes. Well, not in my area anyway.

They start at $2.5M.

Dan

 

[Guest]

You can't touch me on new construction, new roof or homes above $1M.
.

That isn't my experience.

Last year I replaced 39% of all Farmers customers I quoted. 39%! That is astoundingly high. It was the highest conversion I've ever had on a single company.

Also, the great Farmers Insurance Group are the same ones pulling out of Louisiana because they can't make it there. Maybe it taught them a lesson about buying business?

 

[BIG RED IS BACK]

Ok, "fiarly new to the business" how many claims have you experienced so far? Piece of advice from grizzly veterans, we dont lie to you.

You have drank too much of the red kool aid already.

 

[JenkinsAgency]

Ok, "fiarly new to the business" how many claims have you experienced so far? Piece of advice from grizzly veterans, we dont lie to you.

You have drank too much of the red kool aid already.

Yeah, I'm done responding to your negative drivel man. Enjoy taking pot shots at everybody who still has some enthusiasm left.