Everywhere I go, companies continue to want to talk about where they get their work from. They for sure do not like being controlled or told what to do regarding their future work. It appears that this feeling is prominent with all parties when it comes to doing loss for a policyholder - everyone wants it done their way.
At a recent convention, a JD Powers associate explained the different parts of a loss and what a policyholder says and feels regarding their loss experience. It was explained that on a scale of 1-10, if you did not receive a score of at least a 9, it was not good enough for the policyholder. As a result, with a score below a 9, the policyholder would begin to shop around for a different insurance provider. It was explained that it was cheaper for an insurance company to keep their existing policyholders than it was to try to find a new policyholder to replace one that leaves to go to another company. It was also explained how important it is for all in the chain of custody of the job to treat the policyholder with the level of service that they expect and want to be treated. Most policyholders do not know what their policy really covers until they experience a loss. When some of them do experience a loss, they seem to feel that that have been paying into a savings account for a long time and believe they are entitled to getting all of their premium back, with interest!