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A.M. Best Company

... of Associated Electric & Gas Insurance Services Limited; Removes From Under Review: Date: 5/6/2009 Source: Press Release: A.M. Best Affirms Ratings of DTRIC Insurance Company ...

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Insurance Accident Prevention - Discover the Profit Potential of Loss Prevention Communication

What if you reduced your loss ratio by five percent? Imagine the impact to your bottom line. Think of the tangible data you could use to win new customers. Visualize how much more budget you could allocate to growth-generating activities.

But, what would it take to reduce your loss ratio by five percent? Is it feasible? After all, your accident prevention staff can only do so much. They see their best customers a few times each year. What about the other customers? Too often, the small or remote customers are never seen. Many policyholders are left out when personal visits are the only way that you convey accident prevention advice.
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What's the solution?

A strong accident prevention communication program. Accident prevention communication is valuable for the following reasons:

It reaches all sizes and locations of customers with a low cost per exposure.
It can be repetitive, which is critical for changing behavior.
It can be specifically targeted to customers with specific loss experience or risk factors.
It supplements and augments the work of your consultants.
It provides a perception of strong service, even when no personal contact takes place.

How does it work?

First, your financial or underwriting analyst will identify a list of policyholders that have high potential for a loss you'd like to mitigate. For example, if you've been experiencing a lot of fire claims, you might want to target accounts with non-sprinklered buildings. If you've been experiencing severe hearing loss claims, you may want to target accounts with noisy work environments. Or, if you have a high concentration of insured's in a hurricane zone, you may want to target a geographical area with disaster preparedness or loss containment information. By reviewing your loss trends, you'll know the types of losses that are causing your book problems this year.
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Once you've established the risks you'd like to target, design a campaign to help accounts prevent and mitigate their potential risks. The campaign may include an e-newsletter, a postcard tip of the month, an employee-training manual, accident prevention signs ready to be posted, or a printed newsletter series - the possibilities are endless, and the medium should be tailored to achieve your specific goals.
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Consistency is crucial. Spread your communications throughout the year at a minimum frequency of once a month. If possible, keep an eye on x-dates and make sure that you communicate heavily in 120-day period prior to renewal. This provides the added benefit of customer satisfaction.
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Accident prevention communication offers a win-win. Most campaigns cost only a few dollars per account. So, if you mitigate or prevent even one loss, the campaign is already paid for. Even if you don't prevent a loss, you create good will, and increase your chances of retaining the account at renewal. If you'd like to hike profits this year, start by carefully evaluating your accident prevention efforts. You just might improve your loss ratio by five percent!

By Heather Sloan. Heather Sloan is the President of InsuranceCopywriting.com. Heather has been helping insurance professionals grow their businesses for more than 15 years. To learn more, visit http://InsuranceCopywriting.com/ - make sure to request your free report, "Ten Marketing Mistakes That Are Costing You Sales Right Now!"

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