For IA's: How do you know who currently has the cheapest rate?

[BenLooking]

Long time captive, somewhat new to the IA space...

I have roughly 10-12 companies I'm contracted with - use the ITC Turbo Rater at times.

Wondering how those of you who have been around a while know which company tends to have the best rate(s) at a given moment?

Is there a board/forum where this is openly discussed? For instance, I've been placing a lot of preferred biz through Travelers lately - ran into a quote against Met Life and was blown away at how cheap the cost of coverage was for Auto & Home. It wasn't even close...

Just wondering how those out there keep up with the current best company rates? While I don't always sell price, there's some customers that simply want the cheapest preferred company out there. While I have Progressive, who was good rates in my area - Homesite is currently not appointing new agents, so presents problems for Auto / Home bundle prospects...

Just figuring there's got to be some group/board/forum that I am not aware of where these types of things are discussed.

Thanks in advance!

 

[BlockO]

Wondering how those of you who have been around a while know which company tends to have the best rate(s) at a given moment?

The words "given moment" make me wonder if I'm misunderstanding your question, but here's my two cents:

Focus more towards the customer's unique situation instead of the company, and then work backwards based on a company's appetite.

The only way to really learn a company's appetite is by running quotes. Pay close attention to what companies seem to like or not like as far as an insured's particular situation.

Examples: age, credit, location, driving record, prior insurance, residential status, etc.

When I do a quote for someone, I usually can narrow it down to two or three companies that will most likely offer the best rate based on how they've rated other people with similar situations. The more quotes you run, the higher your accuracy at guessing those "likely" companies will improve.

I will run those quotes first, and then quote further on down until I find a good rate.

But keep in mind, that type of "guessing" will never approach 100% no matter how much quoting experience you have. I'm often guessing wrong and am often surprised... which is why it's important to keep quoting and keep learning.

 

[marindependent]

Speaking as an IA that does not focus on the premium, but focuses much more on the coverage availabilty [Who cares if their auto rate is low if they don't take the home] the simple answer is "experience".

Your past experience, which will constanly be changing will help you determine the best proposals for your clients. You will start to see paterns as to who takes what and who adds for that. As for that information being posted on the forum, much of it is too local or too caprcious in nature to even note. Yesterday Guard took this, today they don't.

Lastly I think what you will find on this P/C forum, quite a bit, is a lot of experienced old successfull agents that dont sell with the price in mind. They often, myself included, focus on the coverages and proper insurance placement techniques. Best of Luck.

 

[AZDave]

Long time captive, somewhat new to the IA space...

I have roughly 10-12 companies I'm contracted with - use the ITC Turbo Rater at times.

Wondering how those of you who have been around a while know which company tends to have the best rate(s) at a given moment?

Is there a board/forum where this is openly discussed? For instance, I've been placing a lot of preferred biz through Travelers lately - ran into a quote against Met Life and was blown away at how cheap the cost of coverage was for Auto & Home. It wasn't even close...

Just wondering how those out there keep up with the current best company rates? While I don't always sell price, there's some customers that simply want the cheapest preferred company out there. While I have Progressive, who was good rates in my area - Homesite is currently not appointing new agents, so presents problems for Auto / Home bundle prospects...

Just figuring there's got to be some group/board/forum that I am not aware of where these types of things are discussed.

Thanks in advance!

There is always going to be a company that you don't have and can't get with rates that will 'blow away' your current offering. Those shopping insured's that look hard enough will find it and there is nothing you can do b/c to them it is all about price.

Those customers that always want the lowest price will not be with you very long, and you must then constantly replace them.

For those shoppers, tell them and remind them that when it comes to shopping and checking rates, you are the man to call. You have access to them all, and you will look out for the best carrier, offering the best coverage for the best price.

When I first went Indy, I wanted every company that I could get. Now wishing I had scaled it back to a few. Once you get a code, they want production. And if you no longer wish to sell personal lines, like me, their production needs are a true pain in my ass.

Be their Agent. Ask them questions to make sure all their shit is insured properly. Make sure they call you first with any pricing questions. You may have written them with price, but retain them with trust.

I know, easier said than done!

Good Selling, and welcome to the forum, fellow AZ agent!

Dave