HOMEOWNERS
Effective 01/01/2010, Hanover is increasing rates by an overall 10% in this product on new and renewal business. Here are the highlights of this revision:
• For those customers writing both their Home and Auto Policies with Hanover, the Account Credit has been increased to 17%!
• Hanvoer has modified their pricing to be more competitive at values above $300,000
• Hanove has refined their territorial definitions and pricing in some portions of the state
• Hanover has lowered the level of inflationary increase at renewal in light of recent declines in costs in the local area
CONNECTIONS AUTO
Effective 1/15/2010 for New Business and 12/17/09 for Renewals, Hanover is increasing rates by an overall 5%. Highlights of this revision are:
• Hanover has refined their territorial definitions and pricing in some portions of the state
• Hanover has increased their rates by an added 5% for those drivers with 2 or more points
• From a coverage perspective, Bodily Injury & Medical Payment rates will be increasing closer to 8% while Property Damage and Collision Rates will be in the 3 to 5 percent range.
COMING SOON!
Available in January 2010, Hanover will expand their capabilities to include many types of watercraft written on their Connections Home Policy! Customers who enjoy time on the water will be able to cover their recreational water vehicle with liability coverage and physical damage coverage for a variety of watercraft, with several endorsement options to further customize your customer's policy with just the right level of protection.
• Here are examples of watercraft that can be written with The Hanover:
• Powerboats (inboards, inboard/outboard, and outboards) up to 26 feet in length.
• Acceptable horsepower will bary by both lenght and boat type.
• Sailboats up to 40 feet in length
• Jet Skies (defined as 'Jet Ski I' <85HP and 'Jet Ski II' > 85HP
More information to follow in the New Year!!
 SLS Homeowner Changes in Oklahoma
Effective 1/1/2010, Standard Lines Services will no longer be offering Travelers monoline home quotes. All monoline home quote submissions received by SLS will be quoted based on eligibility with Travelers and Hanover and will include the Auto/Home Discount. We will not be able to bind the risk without the supporting Auto Policy. This will also apply to Renter Policies (HO-4) and Condo Policies (HO-6). At this time, we will still provide monoline home quotes through Hartford .
Please note that we must receive the Auto Application at the time of binding the homeowners. The policy effective dates do not have to be the same, however, the Auto Application must be effective within 60 days of the homeowners application and must be submitted at the time the homeowners is bound.
Monoline Auto Quotes are still available with Hartford, Travelers, and Hanvoer.
Make Account Rounding Your 2010 New Year's Resolution
Cross-selling, up-selling and account rounding can provide you with cost-effective and efficient ways to grow your business. By offering your clients more of the products and services that meet their needs, you can strengthen your reltionship with them and , at the same time, increae your overall profitiability.
There are endless opportunities to cross-sell, up-sell and account round. When beginning these intiatives, take the time to:
• Review the mix of your existing book
• Identify the most significant opportunities
• Choose one or two opportunities that will provide the greatest return on your investment of time
• Focus on those areas
Successful agencies take the time to fully understand all the components of a successful effort and take steps to create strategies to address each component. Use the following tips and techniques to enhance your agency's success
1. Consider each service call a sales opportunity and a chance to improvde your client's overall exposure to loss
2. Provide the same high level of service that you always do.
3. Ask open-ended questions to understand the client's current situation, short and long-term objectives, and upcoming events that could impact their coverage needs.
4. If your agency does not currently write the customer's entire insurance account, find out why and ask for the X-dates
5. Review current coverage and identify potential coverage gaps
6. Position your agency's ability to fill any coverage gaps
7. Recommend higher limits, additional coverage or an umbrella policy, if appropriate
8. Provide a quote and ask for the business!
9. If the client would prefer to wait until the X-date, ask for permission to quote at that time and diary the X-date.
10. Follow up at renewal and try to round out the account
Moving forward into 2010, Standard Lines will be contacting agencies who have a higher ratio of inforce homeowners policies vs. inforce auto policies. Our Personal Lines Underwriters will be asking your agency for Auto Submissions to package with existing homeowners policies.
One of the keys to growth is your agency's ability to constantly increase your revenue per relationship. You can do this by rounding out every account!!
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