Premium/Loss Statements

[Philly021]

I am still new to the insurance world and when feeling out insurance appointments, I have been asked for a premium/loss statement, what is this exactly?

Does anyone have a good sample?

I have a profit and loss statement but this does not take into account my total premium volume, only the commissions earned.

Any clarification or sample would be much appreciated.

Thanks!

 

[insurance1822]

They're looking for how much premium you've written...how much you've written w/ each carrier & what your loss ratios are respectively.

If you have $100,000 of premium w/ Travelers & incurred $50,000 in claims...you have a $50% loss ratio. Your carriers should be able to provide this

 

[Philly021]

Thank you! I've also been looking around at the best accounting software for a brokerage, do you have any recommendations?

I've looked at Quick book Pro for small businesses, would this work or do I need to look at some kind of SAP accounting software?

Many thanks in advance!

 

[nyc2phi]

Where in Philly are you and what carriers are you looking at. I know the Philadelphia market pretty well and can maybe give you some advice

 

[insurance1822]

If you're just starting out I would suggest writing business like a machine for at least a year & then worry about accounting software & all the bullcrap that won't have any impact on driving new business.

 

[Arnage150]

I am still new to the insurance world and when feeling out insurance appointments, I have been asked for a premium/loss statement, what is this exactly?

Does anyone have a good sample?

I have a profit and loss statement but this does not take into account my total premium volume, only the commissions earned.

Any clarification or sample would be much appreciated.

Thanks!

Its not something someone can provide you with a sample of. Its a report generated by an insurance company that shows your premium volume with them and your losses. Many companies allow you to run it directly on their websites.
If you don't represent any companies you don't have one of these reports and will have trouble getting appointed by quality carriers.