Cluett Commercial Insurance Agency

Our Unique VIP Approach on Writing New Business 'Education'

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Bruce Cluett, LIA, 781-582-1600

Most all of the WC wholesalers countrywide all have the same programs and markets. Too many of the workers' comp wholesalers in todays market focus on blocking the carrier markets, getting multiple quotes and selling you strictly on premium — not service and surely not education. This is not the approach that Cluett takes.

Workers' Comp Is a Door Opener to New Business for Your Agency. Use It!

A lifetime ago, I started a P&C agency from scratch and built it to a $10,000,000 in premium volume in three short years. My focus was on workers' compensation insurance and the lack of knowledge that my competitors had on workers' comp and how it works. I sold the comp policy and then wrote all of the other P&C lines of insurance. Because of my knowledge of workers' comp and my desire to help others understand workers' comp, I started this wholesale operation back in the 90s. My focus is now to help Cluett producers accomplish the same.

As a P&C agent, we must educate our clients on how the workers' comp policy functions and the potential costs associated with this very dangerous coverage. It is imperative that we explain the costs associated with claims "and how these claims effect our client's premiums."

In many states, the workers' comp rates are inadequate. This "rate inadequacy" has an adverse effect on the experience rating that many of our clients experience. In most all cases, many of our clients have no idea on how a workers' comp claim will impact their policy premium and the time frame they will incur this added expense as well.

What are their Actual Losses as compared to their Expected Losses... and what does this mean... why are all Claims $5,000 and less valuated at the full loss amount... Why are the larger claims over $5,000 listed separately and valued at a lesser amount..."

Workers' Comp Claims Must Be Managed

Cluett has partnered with a nationwide professional claims management company. "Together we will not only educate our P&C producers but work with our P&C producers to better understand how the Experience Mod can be better controlled and managed." Here are some of our key lessons:

  1. Claims must be reported on a timely basis. We recommend within a 24 hour time period. A claims reporting procedure must be set up for all business owners.
  2. Aside from the first report of injury form, your client should attach and forward a detailed summary of all info pertaining to the accident and all the employer knows about the injured employee.
  3. If at all possible, your client should set up a "Back-to-Work Program" for their injured employees.
  4. All claims must be reviewed and discussed with your client on an ongoing basis.
  5. Claims must be closed as soon as possible.
  6. We need to look at possible subrogation of a workers' comp claim and discuss this with the WC claims adjuster/manager.

Experience Modification:

There are far too many P&C producers that not only have the background or the tools to read an experience modification worksheet, but never take the time to review and understand the worksheet and how it works.

  • Do you know all you need to know about experience rating?
  • What makes up your client's experience mod?
  • What is the experience period?
  • How do you check the modification worksheet for mistakes? Can these mistakes be corrected?
  • What is the "look back" time you have to make any corrections?

Experience Modification Projections

This modification tool will create many opportunities for you and your agency to write new accounts. Not just the workers' comp, "but a door opener" to the other P&C lines as well.

  • At Cluett, we have the capabilities to project your clients' future mods based on actual claims and audited payroll.
  • We can help you project mods based on claims adjustments, payroll changes, acquisitions and other things.

The VIP Approach in Writing Workers' Compensation Insurance

Cluett is a LAZR agent for Guard, a vanguard agent for AIG. We have set up an agency captive as well as WC programs with AmTrust and we have a number of great working relationships with many other insurance carriers as well. This unique VIP approach sets Cluett aside from our competitors. Contact us for more information and learn how we can assist you and your agency.

About the Author

Bruce Cluett, LIA, is the owner of Cluett Commercial Insurance Agency.