Prospecting Vetenerians
- Thread starter nyc2phi
- Start date
Watch out for this class. Lot of BI dog bite claims on people in the waiting area and lot of dog bite WC claims to staff. Ask me how I know? I'll show you the worst WC loss runs you've ever seen in your life.
Is this with Erie? I used to do a lot of these and the other agent is correct. The claims for this class of business are horrible. I have found the majority of the claims to be on the WC side. The biggest claim I have ever come across is for a cat bite involving a pregnant employee, but every vet seems to have regular WC claims for bites and kills loss ratio.
- Thread starter
- #4
It's one of those things. I'd write them all day long on a brokerage basis. The few that I have are in the NIP program. Premiums are pretty good for the size of the risk. But I would never put them with one of my companies. Not worth jeopardizing your contingency check with what you know is a poor performing class. Don't always assume the company knows more than you. My main commercial companies I will not let my employees put personal lines with even tho they write it. I've missed too many checks because of one or two large PIP or dwelling fire loses. My commercial book always seems to be stable.
- 1,581
WOW...again...I never would have thought this about vets? Why would a carrier target them if they're so unprofitable?
Arnage I must say, you continue to amaze me at how much you seem to know about commercial. It's funny you mention PIP claims as I just had Safeco put a 300k UM reserve for a kid who was hit by a hit & run car 2 years ago. SO...goooooood bye bonus
Arnage I must say, you continue to amaze me at how much you seem to know about commercial. It's funny you mention PIP claims as I just had Safeco put a 300k UM reserve for a kid who was hit by a hit & run car 2 years ago. SO...goooooood bye bonus
It goes something like this:
Enter new CEO.
Lackeys, what class is most profitable for us?
Sir, veterinarians have a loss ratio of 15%.
Well hot damn, why don't we write more of this money printing class?
Crickets...
Sends out a memo to all Agents telling them to write more veterinarians.
(Little does he know the sample size was 100 businesses that have been on the book for 20 years. The poor ones were weeded out over time because of claims so only the well performing businesses were left making the #s look favorable).
A few years later the claims catch up to him as it was a poor class to write. He blames Agents for writing poor business.
He is fired.
Enter new CEO
Repeat process.
You forgot the part where the agent's get blamed. and lose $$
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So apparently- this is a class that ALOT of carriers are after. So what are you boys doing for marketing to this class? Going in? That was my thought...
Cold calling Dr.s freaking sucks worse than any other class.........LOL
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So apparently- this is a class that ALOT of carriers are after. So what are you boys doing for marketing to this class? Going in? That was my thought...
Cold calling Dr.s freaking sucks worse than any other class.........LOL
- Thread starter
- #10
We have a lot of marketing material on it so going in is probably you're best bet.
A lot of carriers may be after it but I don't believe many or any have the professional included in the BOP.
Most currently have their professional through an association and the carrier is Zurich.
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