Insurer’s Performance Evaluation Report

[Katie255]

My client bought P&C policies from an insurer through our broking firm. Now client wants us to provide them an evaluation of the insurer’s performance such as how the insurer’s service for last year was.

Client said this is required by their auditor. This client is government client.

We have never done such report before. This client has been with us many years but this is the first time they asked for this. We asked them for a format but they don’t have.

I asked those seniors in my company but no one has done such report before.

Anyone has any idea what I should include in this evaluation report? If you have a template, can you share with me?

Your advice is greatly appreciated.

 

[somarco]

It does seem like an odd request . . . and I have no idea where to find such anywhere, especially in the P&C line.

SOME states track & publish stats about claim processing and consumer complaints. My recollection is, these reports are generated in the state where the carrier is domiciled.

Personally, I find "consumer oriented" reports to be useless. Every once in a while someone will ask about rate increase history. I tell them information is scarce and meaningless, especially in the Medigap business.

Others say they looked for information on the state (Georgia, in this case) DOI and found nothing. Some say they looked for carrier X but couldn't find them so they must not be approved for writing business here . . . and of course I correct them.

Some look on the BBB site, or various consumer sites badinsurancecompanies.com (fictitious, used for illustrative example only). The carrier site and some of the better known consumer sites are constantly scrubbed by big carriers so all you will see are glowing reports.

All this is to say, I don't know where you will find such information that is in the public domain, and dummying up a report assembled by your agency has no credibility.

Perhaps you could ask the auditor where these reports originate . . . I can't imagine your agency is the only one subject to this requirement.

 

[Markthebroker]

It does seem like an odd request . . . and I have no idea where to find such anywhere, especially in the P&C line.

SOME states track & publish stats about claim processing and consumer complaints. My recollection is, these reports are generated in the state where the carrier is domiciled.

Personally, I find "consumer oriented" reports to be useless. Every once in a while someone will ask about rate increase history. I tell them information is scarce and meaningless, especially in the Medigap business.

Others say they looked for information on the state (Georgia, in this case) DOI and found nothing. Some say they looked for carrier X but couldn't find them so they must not be approved for writing business here . . . and of course I correct them.

Some look on the BBB site, or various consumer sites badinsurancecompanies.com (fictitious, used for illustrative example only). The carrier site and some of the better known consumer sites are constantly scrubbed by big carriers so all you will see are glowing reports.

All this is to say, I don't know where you will find such information that is in the public domain, and dummying up a report assembled by your agency has no credibility.

Perhaps you could ask the auditor where these reports originate . . . I can't imagine your agency is the only one subject to this requirement.

Somarco gave you some great suggestions. Personally if it was me, I would create a report based on the below as an example. I assume each state has something like this.

Consumer Complaint Study

 

[Allen Trent]

This

Tell them government red tape & regulations prohibit you from doing that.

There is no way they can read all the beaucratic piles of steaming BS to know if you are lying or not. To be honest, I am not sure if you would be lying or not, so just go with that. If they threaten to cancel, tell them insurance red tape will cause them to get short rated

 

[Allen Trent]

Somarco gave you some great suggestions. Personally if it was me, I would create a report based on the below as an example. I assume each state has something like this.

Consumer Complaint Study

I bet there are regulations on who is permitted to create such a report or evaluate it………….and I am guessing licensed producer lowlifes like us are not esteemed enough to provide such an unbiased evaluation considering you are a commissioned producer appointed with the carrier

 

[DHK]

This client is government client.

I wish the government would be asked for a performance evaluation report and get nervous about it as well.

 

[DHK]

Tell them government red tape & regulations prohibit you from doing that.

There is no way they can read all the beaucratic piles of steaming BS to know if you are lying or not. To be honest, I am not sure if you would be lying or not, so just go with that. If they threaten to cancel, tell them insurance red tape will cause them to get short rated

I bet the annual report from the insurer might be sufficient.

But as a response, I'd probably state that I am not allowed to create anything on behalf of an insurer as it's a compliance requirement. Here is the proposed insurer's website. All their data is there and one can look up their ratings with the various ratings agencies.

 

[marindependent]

Now client wants us to provide them an evaluation of the insurer’s performance

Financial Strength Performance? Claims Performance? Customer Service Performance? ESG Performance? Regulatory Performance? Etc, Etc, Etc.

If they can not produce a detailed letter of request, citing examples, Im not sure I would, personally, be willing to spend time on it. Open ended requests are far more likley to be rejected requiring you to redo work that you could not possibly know was not what they wanted.

 

[goillini52]

My client bought P&C policies from an insurer through our broking firm. Now client wants us to provide them an evaluation of the insurer’s performance such as how the insurer’s service for last year was.

Client said this is required by their auditor. This client is government client.

We have never done such report before. This client has been with us many years but this is the first time they asked for this. We asked them for a format but they don’t have.

I asked those seniors in my company but no one has done such report before.

Anyone has any idea what I should include in this evaluation report? If you have a template, can you share with me?

Your advice is greatly appreciated.

A.M. Best report? Do they still have the pocket size reports?

 

[Markthebroker]

Yeah, I would just send them something. I've seen situations like this before. Someone just needs to check off a box, and the fact that they can't clarify what they needs further evidences that. Printing out a DOI complaint report or AM best report doesn't take much work, and the person at the other end can check off their box, or, they can put on their big boy pants and clarify what they were looking for to start with.