Switching Carriers Before Renewal ?

[Guest]

Also, it depends on how much you are saving the client, if its only a little, then might be best to wait, if your saving them alot, then tell them about the short rate and they might not want to wait....

As always.........inform the client and let them make the decision!

 

[1manshow]

Unless we discover a large coverage gap or concern that cannot be answered by the current agent we wait till renewal date.

 

[Pickleback]

I think many "old school" agents frown upon mid terms. And for good reason. If you dont do your homework right you can look like a fool. But as long as your honest with the prospect and your certain this is going to benefit his business then I personally will switch them whenever. The best thing about it is you can catch the incumbent agent off guard completely. You can have your reign of the markets available to you. And if you order the loss runs yourself by getting the policy numbers he/she probably wont even know their account is being quoted.

 

[VaDwayne]

I think many "old school" agents frown upon mid terms. And for good reason. If you dont do your homework right you can look like a fool. But as long as your honest with the prospect and your certain this is going to benefit his business then I personally will switch them whenever. The best thing about it is you can catch the incumbent agent off guard completely. You can have your reign of the markets available to you. And if you order the loss runs yourself by getting the policy numbers he/she probably wont even know their account is being quoted.

This is my train of thought too. I understand most of the downsides to switching mid-term, I was just curious if many agents do it, and how many clients actually will switch early when approached about it. I have switched a few but always explain short-rate and minimum premiums.

Am I thinking right that this is less of an issue the further into the contract year, because if done too early, minimum premiums wouldn't have been met?

 

[Pickleback]

This is my train of thought too. I understand most of the downsides to switching mid-term, I was just curious if many agents do it, and how many clients actually will switch early when approached about it. I have switched a few but always explain short-rate and minimum premiums.

Am I thinking right that this is less of an issue the further into the contract year, because if done too early, minimum premiums wouldn't have been met?

Honestly I'm not the know all of mid-term switches. I think different carriers have different rules. So you have to review each case carefully. But yeah it seems it would be less of an issue further along in the year. I am working on one right now and its currently with Hastings Mutual and I want to move it to The Hartford. But I dont use Hastings so I dont know if they even do short rates?

 

[VaDwayne]

Honestly I'm not the know all of mid-term switches. I think different carriers have different rules. So you have to review each case carefully. But yeah it seems it would be less of an issue further along in the year. I am working on one right now and its currently with Hastings Mutual and I want to move it to The Hartford. But I dont use Hastings so I dont know if they even do short rates?

They have a code for it, if this is any help.

http://www.hastingsmutual.com/UpdatedFiles/U/UCD7050.pdf

 

[Pickleback]

Thanks! Helps me for sure. At least I know its possible although I think they would all have a code for it.

 

[VaDwayne]

Now I have to go mid-term. Her current agent called her after he found out that our agency was the new AOR for her health insurance and was rude to her.
She called me and said that she was ready to switch RIGHT NOW because he pissed her off.
It's not a huge account, about 15000.00 but I appreciate his help..... He is also losing her homeowners, personal auto, and umbrella.

 

[isgutah]

I personally prefer to go after business mid-term, less competition, fewer unknowns about renewal pricing, less involvement by the incumbent. Workers comp can be tricky, but other that I think it is great.