Steve Greenfield’s Post

This is representative of what lies ahead. The scale and scope of impact that "supply chain risk" has on motor and home insurer are massive. I have some ideas on how to insure motor and home profitably.

Don't let your automotive operations stall out (ha, get it?). The time for automation in the automotive industry is now—read about how automating auto insurance, income, and employment verification can drive efficiency for dealers, insurance agencies, lenders, and more: https://bit.ly/3CQSr7M #automationsolutions #automotiveindustry #autoindustry #automationtrends

The losses for commercial auto insurers piled up for the bulk of last year. Of 39 large commercial auto insurers, most saw an increase in their direct incurred losses during the first nine months of 2023, in comparison to the same period in the prior year.

Don't let your automotive operations stall out (ha, get it?). The time for automation in the automotive industry is now—read about how automating auto insurance, income, and employment verification can drive efficiency for dealers, insurance agencies, lenders, and more: https://bit.ly/3CQSr7M #automationsolutions #automotiveindustry #autoindustry #automationtrends

Commercial Auto Profitability Continues to Struggle S&P Global Intelligence reports commercial auto has generated a combined ratio above 100% (losing money) in 12 of the last 13 years. With Commercial Auto being the 3rd largest product segment in the U.S. insurance sector, it's no surprise that most carriers are increasing their selectivity of risks, and continuing to present an uptick in renewal premiums. Having the proper controls such as Pre-Hire MVR reviews, Installed Dash Cameras, Pre-Trip Inspections, and "continuous" reinforcement of Driving Best Practices can help reduce frequency and severity, and keep your account's individual loss ratios profitable to insurers.

"Jumps in rates and written premiums did little to move the needle on underwriting profits for U.S. personal auto insurers, Fitch Ratings reported based on a recent review of midyear results of nine big market players." - Carrier Management "Rate Hikes Not Bringing Profit to U.S. Auto Insurers: Fitch" Pinpoint Predictive clients are realizing 3-5 point improvements in loss ratio using our custom Loss Predictions for home, auto (personal and commercial), small business workers comp, and general liability. #Autoinsurance #profitablegrowth #lossratioimprovement #pinpoint

Even though direct written premiums for U.S. personal auto insurers soared by double-digits and economic inflation has eased, personal lines underwriting results did not turn around during the first half of 2023, AM Best reports. https://lnkd.in/gK338AYp

After two years of challenges for personal auto insurers, rating agency AM Best delivered a positive assessment: U.S. personal auto insurers are the furthest ahead when it comes to innovation. https://lnkd.in/gHvbSYQ6

In the case of Appraisal Clause and Total Loss Valuations, I generally only post when I negotiate a higher settlement offer from the insurance company to the vehicle owner. And for good reason, numbers like that don't lie, I want the general public to know what we can offer them in a Total Loss situation. But what I don't mention is the fact that I turn down a lot of Total Loss/Appraisal Clause requests on a daily basis. I end up turning away many vehicle owners looking to get more money back from the insurance company because they are not in a situation where I can help them. Sometimes the hard truth has to be spoken and I have to let people know that their vehicle just is NOT worth what they think it is and the insurance company is offering a fair value on the vehicle. This is the exact reason why I say "NEVER ACCEPT THE FIRST OFFER" I do feel that EVERYONE involved in a Total Loss situation would be smart in exercising their right to appraisal, but what we do at CFL Auto Appraise is make sure that it makes economic sense for the vehicle owner before we take on a claim. It is also why I say contact Jim at CFL Auto Appraise for a FREE Consult. It doesn't cost you anything to find out if invoking the Appraisal Clause is the right answer for your situation. Call Jim at 407-791-4034 (PS: I represented the owner of the black 2020 Escalade in this pic, I got him over $7,000 above the initial settlement offer) #appraisalclause #totalloss #totallossdispute

The Insurance Journal shared a LexisNexis report noting "auto insurers need to better understand the distinctive risk profiles of EVs and develop EV-specific rating and underwriting strategies to help capture this growth opportunity profitably." DataOne Software can help you identifiy EVs, analyze EV details, and gain perspective of these vehicles on your book and the possible impact on claims!