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Leyzer H | Who does the rating in insurance products. the agency or the carrier? |
as far as the process of quoting, binding, issuing, etc
where does that happen? the agency or does the carrier do it and the agency just as a front end?
Additional Details
what about when the agency handdles multyple carriers? |
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Chris C
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The Agent themselves doesn't do any of the 'decision making'. The agent basically makes a recommendation as to what product to go with and the amount, provides a quote, then completes the application with the client. From there the applications is sent to the underwritting department, who goes through the application, collects more information if needed and then decides whether to approve, or decline the application.
If it's declined, the underwritting department lets the agent know and the agent relays that to the client. If it's approved the underwritting department sends it to the issue department, who writes up the policy. After it's written, it goes to the agent who delivers it to the client.
Whether it's through a captive agent or a broker that deals with multiple companies it works the same...only difference is a broker would have more than just one company to quote from and whichever company he/she chooses is the one that he/she sends the application to for that client. Every company has their own processes, but in general, they are all more or less the same. |
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Wendy S
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The agent gathers the information from the applicant based on the questions that the insurer wants answered. The agent then uses the insurance company's written instructions and published rates to give a quote (those rates are most often part of a computer program provided by the insurer or a third party software company). If it's an insurance brokerage where the agent represents many different companies they usually have one or more programs that can quote simultaneously.
Each insurance company empowers its agents to bind coverage as long as the applicant meets certain criteria that the insurer establishes as eligible for binding. The reason it's a binder and not an issued policy at that point is that the insurance companies have underwriters that verify the information the applicant provides and has access to additional resources to see if the applicant is eligible as quoted.
If the applicant is eligible for the policy as quoted the company will issue the policy. If the applicant is eligible but not at the rate quoted the company will issue the policy and a bill due for additional premium (or a refund if the quote was too high). If the applicant is ineligible they will receive a cancellation of the binder and a notice of non-issue by the company.
So, the agent works for him or herself (or whomever owns the agency), as a representative of the company. The insurance company makes the rules, decides on the rates, decides who is acceptable to insure and always has final say and the last word in all matters.
Hope that answers your question!
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♥~*Momma Bear*~♥
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The agency supplies all the information to the carrier and then relays the quote/policy information back to the customer. The agency represents the company.
EDIT: I don't get what you're asking. I represent multiple companies and I don't decide what the going rate is, my companies decide what the rate is depending on what variables I enter. |
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Levon N
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Leyzer H, I recommend an online insurance quote. It's free and generally hassle free. http://www.easyautoinsuranceguide.com |
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Nate W
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Because insurance is a regulated industry, carriers' rates are submitted and approved by the state's insurance dept. Individual agencies cannot change a carrier's rates.
So here how it works:
1. Agency submits customer info into quote, based on that information, the carrier will respond with an estimated premium. This is all usually done online now.
2. If the customer agrees with the quote, than a new business application is submitted to the carrier for issuance.
3. If the agency has "binding authority" (P+C), than the policy can have temporary coverage before the carrier has formally issued it.
4. The carrier reviews the information for accuracy and issues the policy to the customer.
It works the same no matter how many carriers the agency may have.
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DOROTHY T
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based on your condition,I believe you should find something useful here http://www.InsuranceFreeTip.info/insurance-for-free.htm .
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mbrcatz
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The agency usually has access to the carriers rates. MOST of the time, they do not have the authority to CHANGE the rates.
Many agencies will quote and bind. A few carriers will allow them to issue, but the policy is still generated at the insurance company, and THEN sent to the agency.
It wildly depends on the product, and the level of automation at both the agency and carrier level. |
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