Competitive Rates - Five-Star Carriers 2019 | Insurance Business America
Competitive rates was the lowest-scoring category in this year’s survey, yet carriers’ average score of 7.54 was virtually unchanged from last year’s 7.51. In their comments, brokers urged carriers to “get more competitive commercially” and be “more competitive [in order] to have something else to sell.”
Overall, brokers expressed a desire for consistent rates and renewals. One broker wished for “more flexibility in renewal pricing,” as “one size increase does not fit all.” Another noted that “a lower trend rating at renewal would be a plus, especially come fourth quarter.”
Brokers also pointed out the need for rates tailored to specific geographical markets. “Refine the pricing to better fit the area,” one respondent suggested.
While brokers acknowledged that some elements of rate-setting are out of carriers’ control, many wished for more consistency, “more knowledge in the area they serve” and help in “managing the expectations of our customers.” Others suggested that carriers could “start using credits where they are warranted to write good business” and “increase credits to good drivers.”