Generating Additional Premium
Tuesday, September 30 2008 - premium, phone-audit, workers-compensation, general-liability, premium-audit
During this soft market many insurance carriers are searching for ways to increase underwriting profit while reducing expenses. This is most challenging to smaller mutual companies. Here at RLD we have been conducting telephone audits for many carriers since 1989 and the results have been impressive. A majority of the risks we audit are workers’ compensation and general liability based exposures. We obtain accurate and up to date gross sales and payroll information which in turn leads to additional premium generated on expired policies. In addition, current policies can be amended to reflect the actual exposure for this risk.
Please take a few minutes to review the results for the calenday year 2007, below. RLD Associate’s telephone audit program has produced some astounding results.
-4,641 phone audits completed (CPP & BOP policies that are under $2,000 annually)
-Total Additional Premium Generated of $452,434
-Average Additional $92.49 generated for each policy audited.
-The rate of return for the program was $3.25 for every $1 of expense.
Perhaps you and your company could realize the same substantial benefits. Please feel free to contact Edward Lynch if you would like to discuss this in further detail.
3 comment(s) so far
It has been found that during this soft market many insurance carriers are searching for ways to increase underwriting profit while reducing expenses.
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Well, that is actually one of the Good news too these days and based from this "4,641 phone audits completed (CPP & BOP policies that are under $2,000 annually)" gave us a big impact,