After 13 consecutive quarters of premium increases, it’s never been more important to differentiate yourself from the competition. Want to increase your retention? Start by helping your insureds help themselves.
I sat down with Mike Perkins, Account Executive here at KPA, to discuss his experience using the Risk Management Center in his prior position as a broker and how he was able to help his insureds organically drive down their experience modifier and increase retention.
How was Mike able to use the Risk Management Center to impact premium increases?
It began with a client with an experience modifier of nearly 1.5. Mike started taking a closer look at the incident tracking component to figure out what the incidents had in common. By gaining an understanding of the trends with incidents, he was able to get down to the root causes of the losses and help put solutions into action, whether that was assigning more training through the RMC or putting together audits. Ultimately, he was able to help his insureds drive a safety culture within the organization and organically drive down the experience modifier over four years.
How did the RMC increase his retention?
The impact of driving down the experience modifier led to a nearly $100,000 bottom-line impact for the organization he was working with. Mike was able to become a trusted advisor and keep his clients happy, helping to create a barrier to exit.
Differentiate yourself from the competition and make sure your insureds don’t have a reason to shop around.