Now is a great time to take a look at your current carrier and coverage. Some carriers if not all were hit very hard this year with fires, hail damage and a rough start to the winter causing falling trees etc. Every carrier will have a different response to this and some may become more difficult to work with. Others may be able to make internal adjustments and continue on with business as usual.
This in an excerpt from an email I received from one of our carriers. I’ve redacted the private information.
Hello Travis,
As an industry, we are experiencing soaring loss costs and a persistently challenging investment market.
We continue to look for efficiencies in every aspect of our operations to reduce overall expenses while maintaining best in class service levels to our members and our agency partners. For example, we have discontinued non-essential corporate travel, aggressively renegotiated 3rd party vendor services, and delayed large corporate initiatives to help with the effort.
We’re also scrutinizing any initiatives or programs that have, directly or indirectly, impacted our profitability, including… XXXXX
In an effort to shore up our combined ratio, we will temporarily suspend our XXXXX program at the end of the 2022, as we assess the most effective and sustainable way to offer XXXXXXXX that complement our combined ratio targets. We look forward to reintroducing XXXXXX once the market has stabilized and our combined ratio has improved.
