How are you handling non renewals and large premium increases

[Markthebroker]

The bottom of the photo is missing - the part that shows him standing on the neck of a struggling producer, lol.

 

[Al3x Lee]

The bottom of the photo is missing - the part that shows him standing on the neck of a struggling producer, lol.

I figured he was the producer, collecting all of the badges for every submission that gets declined and sent back to him

 

[ModernInsurance]

More service work than before and more difficult conversations. Some lost clients, inevitably. But plenty of opportunities to gain new clients too as the most price-sensitive will surely be shopping when they see those renewals!

 

[ehall2]

I am in Georgia and this is a difficult market. Most people today only care about the price. The company that is the lowest today may be the highest on renewal. People don't care about the deductible or coverage. The biggest problem I have is with the new State Farm agents. They will lie, cheat and steal to sell a policy. Example: I had an insured that called in December and wanted to cancel their homeowner policy effective November 1 because they had gone with State Farm. I told them I could do this but would have to have a copy of the State Farm dec page to get my company to go back November 1. I got the dec page and guess what? I had a $500 deductible but State Farm had a 1% deductible and you can calculate the deductible on a $215,000 home. $2,150 deductible but they saved $60 per year. I pointed this out to the insured and they said, "The State Farm agent said this didn't apply to all losses. I said, get your dec page and let's look at it. In the top right hand corner it stated the deductible is 1% of the amount of coverage on the dwelling and this deductible applies to "ALL LOSES." They insured said the agent said it didn't apply to all loses. I told them it didn't matter what the agent said, it would apply. This is the kind of stuff I face every day. I have to remember what my manager would say back in 1972 when I entered the insurance business. We would make a presentation and people would just look at us and say, "Well I'm just going to keep what I have". My manager would say there are two things you can't do anything about and they are ignorance and proverty and they aren't poor.

 

[marindependent]

I am in Georgia and this is a difficult market. Most people today only care about the price. The company that is the lowest today may be the highest on renewal. People don't care about the deductible or coverage. The biggest problem I have is with the new State Farm agents. They will lie, cheat and steal to sell a policy. Example: I had an insured that called in December and wanted to cancel their homeowner policy effective November 1 because they had gone with State Farm. I told them I could do this but would have to have a copy of the State Farm dec page to get my company to go back November 1. I got the dec page and guess what? I had a $500 deductible but State Farm had a 1% deductible and you can calculate the deductible on a $215,000 home. $2,150 deductible but they saved $60 per year. I pointed this out to the insured and they said, "The State Farm agent said this didn't apply to all losses. I said, get your dec page and let's look at it. In the top right hand corner it stated the deductible is 1% of the amount of coverage on the dwelling and this deductible applies to "ALL LOSES." They insured said the agent said it didn't apply to all loses. I told them it didn't matter what the agent said, it would apply. This is the kind of stuff I face every day. I have to remember what my manager would say back in 1972 when I entered the insurance business. We would make a presentation and people would just look at us and say, "Well I'm just going to keep what I have". My manager would say there are two things you can't do anything about and they are ignorance and proverty and they aren't poor.

Sounds like a marketing opportunity

 

[SF_Anon]

Definitely a "we fix $6 haircuts" situation.

 

[Markthebroker]

I am in Georgia and this is a difficult market. Most people today only care about the price. The company that is the lowest today may be the highest on renewal. People don't care about the deductible or coverage. The biggest problem I have is with the new State Farm agents. They will lie, cheat and steal to sell a policy. Example: I had an insured that called in December and wanted to cancel their homeowner policy effective November 1 because they had gone with State Farm. I told them I could do this but would have to have a copy of the State Farm dec page to get my company to go back November 1. I got the dec page and guess what? I had a $500 deductible but State Farm had a 1% deductible and you can calculate the deductible on a $215,000 home. $2,150 deductible but they saved $60 per year. I pointed this out to the insured and they said, "The State Farm agent said this didn't apply to all losses. I said, get your dec page and let's look at it. In the top right hand corner it stated the deductible is 1% of the amount of coverage on the dwelling and this deductible applies to "ALL LOSES." They insured said the agent said it didn't apply to all loses. I told them it didn't matter what the agent said, it would apply. This is the kind of stuff I face every day. I have to remember what my manager would say back in 1972 when I entered the insurance business. We would make a presentation and people would just look at us and say, "Well I'm just going to keep what I have". My manager would say there are two things you can't do anything about and they are ignorance and proverty and they aren't poor.

This is one of the reasons why I stopped selling personal insurance years ago.

 

[MichaelRS]

Yeah - free advice is usually worth what you pay for it. I usually hear the most nutrition advice from fat people, and financial advice from poor people. I generally find the people with the most helpful wisdom to offer, are the quietest.

Best post I've read in a while (aside from some comical ones).

"Truth" and "wisdom" are much harder to come by these days. You have to farm it out of those who are "wise" not necessarily those who are "smart." Wisdom is the application of knowledge at the right time and in the right way.

 

[PrivClientSG]

Excellent posts, comments, and insight here...thanks!

 

[Al3x Lee]

When I come in on a Monday morning and have to explain a large premium increase to another insured for the thousandth time