Newsbrief

March 26, 2024

The future looks bright! Introducing Agent for the Future Advisors

Since 2017, Agent for the Future has been providing independent agents the resources and insights they need to grow and succeed.

 

The newly launched Agent for the Future Advisors team – bringing to the table more than 50 years of combined experience advising independent agents – can help you use those resources and insights to make your agency more efficient, adaptable and profitable.

 

Agent for the Future Advisors offer tailored guidance on vital topics, including:

 

  • The latest research on insurance trends and shifting consumer expectations
  • Digital tools and technology to help you adapt to industry changes
  • Effective sales enablement tactics and customer engagement strategies

 

To learn more and get started, visit Agent for the Future.

 

Since 2017, Agent for the Future has been providing independent agents the resources and insights they need to grow and succeed.   The newly launched Agent for the Future Advisors team – bringing to the table more than 50 years of combined experience advising independent agents – can help you use those resources and insights…

We’re exiting the hotel/motel market

Due to weather-related catastrophes, record inflation, the high cost of rebuilding and other industry-wide liability trends, Liberty Mutual has faced heavy losses and deteriorating loss ratios in the hotel/motel segment for quite some time.

Given these persistent adverse market conditions, we will be discontinuing new business for hotel and motel operations effective June 1, 2024. This change applies to all lines of business.* Note that we will also begin to non-renew existing policies later in 2024. We’ll notify you once we have a clear timeline for when these non-renewals will begin.

We understand the inconvenience these changes will create and hope the advance notice will give you and your customers enough time to explore other options for coverage.

*Builders risk policies for hotels and motels will remain within appetite.

Due to weather-related catastrophes, record inflation, the high cost of rebuilding and other industry-wide liability trends, Liberty Mutual has faced heavy losses and deteriorating loss ratios in the hotel/motel segment for quite some time. Given these persistent adverse market conditions, we will be discontinuing new business for hotel and motel operations effective June 1, 2024.…

Multiple states: Introducing credit-based insurance scores as a workers compensation underwriting variable

States affected: AZ, FL, IA, ID, NJ, NY, PA, VA, VT and WI

Late last year, we updated the model we use to assess and underwrite risk for workers compensation. Effective March 22, we added the business owner’s credit-based insurance score to our underwriting model to underwrite these risks even more accurately.

How it works

When quoting a new policy, you will be asked to provide the business owner’s name, home address, date of birth and permission to run a soft credit check, which will not affect the owner’s credit. For businesses with multiple owners, enter information for the person primarily responsible for day-to-day financials, such as the chief financial officer.

You will have the option to skip a credit check for an initial quote, but keep in mind that we will need to run a credit check before you can bind the quoted policy. Quotes generated without a credit-based insurance score may not be accurate.

Declined risks

If eCLIQ® declines a risk after you provide the business owner’s information, it will indicate if the credit-based insurance score was a contributing factor.

In these cases, you will be given the option to send your customer an Adverse Action Notice describing the reasons for the decline through the agent portal.

States affected: AZ, FL, IA, ID, NJ, NY, PA, VA, VT and WI Late last year, we updated the model we use to assess and underwrite risk for workers compensation. Effective March 22, we added the business owner’s credit-based insurance score to our underwriting model to underwrite these risks even more accurately. How it works…

MN: Take our new auto product out for a spin

Our new commercial auto product in eCLIQ® Simple™ offers enhanced pricing segmentation, flexible coverages and a much faster, easier quoting experience. What’s more, expanded eligibility allows you to quote most commercial auto risks!

You’ll have the most success writing multiline accounts with the following risk characteristics:

  • Retail, general/health/professional services, real estate, food manufacturing and carpentry industries
  • Well-established businesses (15+ years)
  • Older vehicles (15+ years)*
  • Drivers age 40+ without violations
  • Quotes with heavily populated driver lists, preferably with at least as many drivers on the policy as there are power units
  • Claims-free businesses
  • Smaller fleets with 1-4 power units

*Older vehicles typically have lower repair costs and lower annual mileage than new vehicles.

 

Learn more about auto in eCLIQ Simple by visiting the agent portal – and be sure to sign up for our instructor-led webinar taking place Jan. 27.

 

Note that, with the launch of our new auto product in eCLIQ Simple, we’ve discontinued the legacy auto product we’ve offered through the eCLIQ platform. You are currently only able to quote new commercial auto business in eCLIQ Simple. This change only applies to new business and does not affect existing policies.

 

 

Our new commercial auto product in eCLIQ® Simple™ offers enhanced pricing segmentation, flexible coverages and a much faster, easier quoting experience. What’s more, expanded eligibility allows you to quote most commercial auto risks! You’ll have the most success writing multiline accounts with the following risk characteristics: Retail, general/health/professional services, real estate, food manufacturing and carpentry…

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