The Condo Renewal Blues

Got a call this morning from the manager of a residential condo complex here in Maine.Last year's premium was $12,000.  Traveler's non-renewed the policy, as it is "coastal."  The manager worked with the current agent; several board members tried to help by going to other agents.  This left the insured with multiple agents all going to the same … [Read more...]

Buyer’s Insurance Market Continues

Without any hints as to whom I am speaking of (agents read this blog too - I will not mention the industries or the regions), I just received several proposals on bid projects.The renewals are being offered at about 20% below last year's premium with significantly better coverage. The competing carriers (multiple agents) are offering quotes at 40% … [Read more...]

Where Are Your New Insurance Ideas Coming From?

If you have been buying your insurance from the same agent for 10 years, where are your new insurance ideas coming from?Insurance is not a one-size-fits-all proposition. It is also not a once-and-done deal.Your operation changes. The insurance marketplace changes. Exposures that we never thought of five years ago are now costing businesses … [Read more...]

Policy Renewal Decision Process

A few weeks ago I started playing around with a graphical representation of the policy expiration decision. I started with renew or bid as the options. This weekend I had the "head-slapper" revelation - renew, bid, or broker selection. Here is the latest version - subject to change as my thinking evolves. Comments encouraged. I'm working … [Read more...]

To Bid or To Renew, Your Insurance, That is the Question – Version 2

Here is version 2. I added a box and arrows showing the idea of a broker of record letter. My thinking evolves as I write the white paper that will explain my graphic. … [Read more...]

To Bid or To Renew, Your Insurance, That is the Question

I've been playing around with a graphical representation of the decision a business must make to bid or renew their insurance.Here is the latest. A white paper is in the works.(Click on the image for a larger view.) … [Read more...]

Grace By Agents

I am in the middle of a dozen or so bid projects.  The results are coming in.To the agents out there.  Yelling at me when you lose does not make me want to do business with you.I don't think you are cool and I am not intimidated.  I will give you some information but realize that your pissy attitude does not help your case at all.The buying … [Read more...]

Agent Selection in a Bid Process – Case Study

Agent selection is the toughest part of the insurance renewal bid process. However, nobody seems to talk about the actual dynamics of the process. I thought a snapshot of my thoughts and considerations from a current bid project would be instructive.This is typical of the issues and thinking behind assigning agents in an agent selection or … [Read more...]

Insurance Renewal Process White Paper Draft Review Copy Available

As I have mentioned here before, I have been doing a great deal of thinking on the subject of the business insurance renewal process - from the insurance buyer's perspective. I have put some of my ideas in a white paper, including ideas shared by the well over 100 people who commented on my posts, here and from other sites. I'm interested in … [Read more...]

Business Insurance Policy Renewals

There are only four choices when you are anticipating the renewal of your insurance.  Each approach, from the insurance buyer's perspective, has advantages and disadvantages:Renew-As-Is - Renew with the current agent who renews with current insurer Easy - agent has info he needs No competitive pressures to push better coverage or price Nobody … [Read more...]