Analyzing the liability limits your producers are quoting is easy with
TurboRater's performance reports. With the limits quote analysis report, you can quickly view the percentage of quotes your producers are quoting for each liability limit as well as compare those percentages against the agency's average as a whole.
For example, in the scenario below we see that on average, the agency as a whole is quoting 63% of their auto quotes with 100/300/50 limits. Yet in reviewing this specific producer Sue Jones, we see that only 9% of her quotes include 100/300/50 limits. In fact, the Limits Analysis report shows that 71% of Sue's quotes are with minimal limits of 30/60/25. This equates to 66% more of her quotes are with minimal limits than the agency as a whole.
If Sue's position is only to quote risks that require minimum limits, then she is on track. However, if Sue is quoting the same type of risks all of your producers are, then maybe there is a training issue that needs to be addressed with Sue. It is easy for producers to fall into habits, habits that may be contrary to the vision you have for your agency. With the Limits Analysis report, you can quickly identify if your producers are consistent in quoting the limits your agency is primarily targeting or if they are possibly putting your agency at risk for an E&O claim by underinsuring your clients.
click the image for a close-up
About the Author
AnMarie Bozick, CIC, manages ITC’s rating products, including TurboRater and TurboRater for Websites. She has more than 20 years of property and casualty insurance experience, including owning her own agency and serving as president of the Alliance of Insurance Agents of Texas. She joined ITC in 2008.More Content by AnMarie Bozick, CIC