Account retention is critically important in today’s hyper-competitive insurance market. So when an agent spots trouble signs in a customer’s loss experience, that agent needs to move quickly to figure out what’s gone wrong to avoid an increase in premiums and possible defection by the client.

During a loss experience evaluation of a real estate development and management company specializing in high-quality, non-speculative community, neighborhood and regional retail projects, our firm noticed several large slip-and-fall claims that exceeded $100,000. When we requested more specific information, the insured could not provide any additional details.

Based on our experience this indicated three deficits:

1. Lack of communication on the claims management strategy, process or perspective from the carrier or broker
2. Limited engagement of the insured in the process. The insured was unaware of the positive impact its active involvement could produce on claims reserves and results.
3. No aggressive defense of claims by the carrier or involvement by the broker to push for resolution.

Assessment