Issue
A prospect’s agent placed a separate insurance program for every new operation they founded or purchased over the past 10 years. This included:
- Six separate workers compensation programs with different carriers and different effective dates.
- Four general liability and property programs with different carriers and different effective dates.
- Two Auto Programs with different carriers and different effective dates.
None of these programs included a consistent level or breadth of coverage. Some of these
programs were redundant and represented double coverage.
This was bad enough, however the total premium for all of the programs represented almost
$1 Million and the prospect was having trouble getting a call back from his agent when he
had a question. We speculated that the agent did not even know how large of a client this
was!
Result
There was no continuity of coverage, No use of the buying power that $1 Million of premium grants. Insurance renewals all year long!
KMRD proceeded to consolidate their risk picture and approached the insurance marketplace.
Value
We consolidated the program, gained rate savings, more coverage, consistent coverage, better
service, and renew the program only once a year! So simple.
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