Underwriting & Renewal Negotiations
Negotiating the most cost effective rates for our clients is clearly one of the most important aspects of our service model. As a result, we thoroughly analyze the claims experience and underwriting formulas and negotiate in most cases directly with the underwriting management of the insurance carriers to provide our clients with the best possible rates.
- Examine monthly claims data and generate our own comprehensive underwriting analysis
- Review the carrier’s renewal underwriting formula to identify areas where the underwriting assumptions and/or factors might not be in line with the market or may be too conservative
- Review competitive proposals from other insurance companies for premium rate comparisons and evaluate the prospective carrier’s rate calculations, administrative fees, trend, pooling costs, reserve adjustments, capitation expenses, and retention factors
- Meet with current and prospective carrier representatives to further evaluate their proposals
- Perform aggressive rate negotiation