Bankers Insurance re-engineered the insurance process from start to finish. We broke the mold on the flawed “Quote my coverage at renewal” cycle and instead approach the subject as if manufacturing a product. Read on to learn how our product stands out from the crowd.
Not All Claims are Equal
Certain losses affect insurance premiums more than others. Often a few small claims can increase insurance premiums more than a single large one. Why? Because multiple claims indicate a trend and flag the insurance company to expect more in the future.
Claims analytics and loss modeling are two additional services provided by our manufacturers insurance program that help members lower insurance premiums. Think of these services like modeling a product and presenting a prototype, but to an insurance company. Instead of accepting claim reports (loss runs) at face value, we analyze them and search for trends. We research whether corrective actions have been or will be implemented, such as adjusting work practices, hiring strategies, safety policies, toolbox talks, or other corrective actions as appropriate. We craft this into a prototype (loss model) and present it to the insurance company, often illustrating a more positive claim trajectory.
Claims analytics can also highlight claims that do not indicate future trends. In the industry, we sometimes call these shock losses, whereby a client has a large claim, but it was not their fault and is not likely to repeat.
For example, one of our clients provided certified forklift operators to warehouses on a temporary basis. One of their forklift drivers was badly injured, but the accident was due to the carelessness of the warehouse. Nevertheless, that left a large claim on the record of our client which greatly increased their workers compensation premiums. Through claims analytics and loss modeling, we illustrated to the insurance company how this claim did not reflect poorly on the part of our client and did not indicate future claims were to come. Additional safety precautions were also implemented. As a result, the insurance company greatly reduced our client’s insurance premiums.
Manufacturers Insurance Quote.