Unless a company is actively maintaining up to date file information, close to 40% of its automobile business is incorrectly classified, improperly rated, or has undisclosed operators. PARR is an underwriting tool that identifies these errors. Specifically, the program updates the classification and rating of the vehicles Property & Casualty Insurance Companies insure. By using this updating method, you gain a competitive edge through your pricing advantage.
In turn, you realize:
* High return on investment;
* Self-funding program;
* Quick payback;
* Increased Premium with no added exposure.
Proven Results-A Study
A recently completed PARR program was instrumental in identifying a significant number of incorrectly rated policies that resulted in $533,190 additional premium for the customer. The client put a planned rate increase on hold that resulted in an increasing policy count. Equally important, revenues continued to grow through renewals. They anticipate $2,000,000 in additional premium over the next two years from this effort.
How does it work?
PARR features a screening process that identifies policies requiring review. Policies with no changes, 30-45% of the policies surveyed, move unaffected through the process. We highlight remaining policies with newfound pricing, rating and underwriting opportunities for action.
By pricing and rating risks more accurately, this process helps the entire in-force book of business. PARR identifies new exposures of which you were previously unaware.
Designing corrective strategies to address newly identified exposures allows you to maintain your competitive advantage and therefore diminish the affect rising costs have on your rate.
Ultimately you require fewer rate increases to maintain profitability.
Benefits of the PARR Program
- Improve Your Operational Profit
- Gain A Decisive Cost Advantage
- Build The Lifetime Contribution Of A Valued Policyholder
- Protect Your Rate
- Elevate Levels of Producer or Agent Enthusiasm Because Your Products and Services Are More Competitive
- URI saves you time and money:
PARR Features
- Flexible
- Effective
- Time Savings
- Managerial Results Throughout the Program
Important Reasons to Update Policies
- Updated policies perform more favorably than policies with old information.
- Collecting premium that is otherwise left on the table supplies you with more options and strategies to compete in the marketplace. You protect your rate level, fewer rate increases are needed and you gain a competitive edge.
- Loss Control - Identification of new exposures.
It is simply good business! You Can Count on Better Bottom Line Results.
IS THE PARR PROGRAM WORTHWHILE?
Our typical programs produce $3.00 in additional premium for each $1.00 invested. Loss and expense ratios show improvement. Satisfaction levels improve because fewer rate increases are required and your customers become happier and ultimately, more loyal.
HOW CAN OUR RENEWAL OFFER BE COMPETITIVE WHEN YOU ARE RAISING CUSTOMER'S RATES?
First, you determine the portion of the book you wish to study with the PARR Program.
Next, by collecting hidden premium, PARR allows you to limit the severity and frequency or your rate increases.
Finally, the bonus. Your policy information is continuously building, thereby giving you early identification of new exposures you may not otherwise be aware of until it is too late!
WHY USE URI TO UPDATE POLICY RECORDS?
Here is what our customers have to say:
".help you achieve a processing advantage".
".made the process easier".
".a resource that's on the job working for you 24 hours a day, 7 days a week and 52 weeks a year (24/7/52)".
"Results are usually greater when records are current and positioned to perform at a higher level."
"Time is saved at every point of the process, a most important part of the alliance".
".system has been built over time and therefore outperforms the competition and in-house programs".
"[the program] is proven to be cost effective and most beneficial."
PARR -A continuous update program for your book of business.
For more information, Contact Us