Gather the prior dec pages and quote accordingly. If your rate is competitive, then Assess how long the entity has been in business. This will help determine the experience of the decision maker. Then proceed quickly . Be efficient, by having a request for loss runs form at your finger tips. Fill it out and email it to the present carrier. If they have had more than one insurance carrier, say in the last five years then submit to the other companies accordingly.
Loss Runs- When to Get Them?
- Thread starter Placementkid
- Start date
I think it depends on the account. For middle markets or any accounts that will take substantial time and effort to quote, I'll definitely get loss runs upfront or get a signed no loss statement at a minimum. For small BOP that will only take 15-20 minutes to run a quote, I'll just take the insureds word for it and subject to loss run at binding.
XdateNotSexDate
Expert
- 88
I'd agree with stex here- relative to situation, relationship w u/w, size of account, etc. When to order was always a big topic at my old agency.
There is a resource for ordering loss runs (not like that Clue product which sounds like it is the actual loss info) called allthingsinsurance.net. They have a directory of fax #'s (seriously?) and email addresses for the actual underwriting carrier (not the generic parent co) along with a template that they guarantee will get you loss runs within 10 days or they'll step in and do it for you.
My old agency used it and while you can't really tie it to a ROI the convenience and ease of use was worth the cost (8-900/yr).
That Clue product is interesting though. I don't understand how they could provide a businesses' loss history without getting the insured to sign off on a release first.
www.InsuranceXdate.com - Prospecting Data for Commercial Agencies
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Update on clue commercial- '..only carriers that contribute their claims are able to order reports from the database...'
www.InsuranceXdate.com - Prospecting Data for Commercial Agencies
There is a resource for ordering loss runs (not like that Clue product which sounds like it is the actual loss info) called allthingsinsurance.net. They have a directory of fax #'s (seriously?) and email addresses for the actual underwriting carrier (not the generic parent co) along with a template that they guarantee will get you loss runs within 10 days or they'll step in and do it for you.
My old agency used it and while you can't really tie it to a ROI the convenience and ease of use was worth the cost (8-900/yr).
That Clue product is interesting though. I don't understand how they could provide a businesses' loss history without getting the insured to sign off on a release first.
www.InsuranceXdate.com - Prospecting Data for Commercial Agencies
----------
Update on clue commercial- '..only carriers that contribute their claims are able to order reports from the database...'
www.InsuranceXdate.com - Prospecting Data for Commercial Agencies
NYR85
Expert
- 48
I've looked into it as well and couldn't get a straight answer from them. From what I remember it's for carriers only which makes me wonder why I'm chasing down loss runs if the carriers can access them direct.
XdateNotSexDate
Expert
- 88
The carrier has to share their loss runs with clue in order to access their database. Additionally, the incumbent carrier has to share their loss runs in order for the other carrier to be able to see them. So if your carrier has access to clue but the incumbent carrier did not share them, they won't be able to get them.
www.InsuranceXdate.com - Prospecting Data for Commercial Agencies
www.InsuranceXdate.com - Prospecting Data for Commercial Agencies
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