If it can be said that a critical step on the road to success is adjusting one's own expectations, Dan Wolfgram, executive vice president in Personal lines, marketing and communications at Waukesha, Wis.-based R&R Insurance Services, has a clear message for producers who might be laboring under an unrealistic view of Personal lines performance.
"If agents think they are going to grow Personal lines business by rate [increases], particularly in auto, it's not going to happen," he says.
Indeed, Personal lines premiums have seen only small (2% to 3%) increases for longer than most agencies care to remember. But if a lack of major catastrophes in the past year is a factor, analytics-driven pricing precision on the part of insurers is the larger component of a continued competitive climate.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
