KC1 - Selecting Insurance Companies Flashcards
1
Q
Claims
A
One of the main concerns for clients is how the insurer handles losses; it is a critical factor in insurer evaluation.
2
Q
Underwriting Practices & Procedures
A
Compatible Goals - Essential
Range & Flexibility
Capacity
3
Q
Policyholder Services
A
Service quality & extent
Broker’s Functions
Data Communication Structure
Overall Quality of Relationship
4
Q
Financial Stability
A
Solvency is essential.
Annual financial reports
Rating Services - AM Best, Fitch, Standard & Poor’s
Other Signs - Delay in paying settled claims, problems with financing, etc.
5
Q
Marketing Philosophy
A
Share common goals.
