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FAQ's - Important Questions & Answers

  1. What type of insurance does this work for?

  2. Will this service deliver bottom line profit?

  3. When should we start this?

  4. How does Insurance Cost Reduction develop and maintain insurance specs?

  5. After the specs are developed, what happens?

  6. Why do you say brokers work to get control of my account and gain an information monopoly on our business?

  7. Why does having complete your insurance specs create so much negotiating power?

  8. Why don't we have fully developed specs right now?

  9. What happens once my specs are developed?

  10. How can you deliver negotiating power and help so inexpensively?


What type of insurance does this work for?

  • Workers Compensation
  • General Liability
  • Commercial Auto
  • Property & Equipment
  • Umbrella Liability
  • Crime


Will this service deliver bottom line profit?

Highly likely. The more premium you are paying, the easier it is to get HUGE RETURNS. If your combined premiums exceed $50,000 per year, this is an absolute no-brainer. We will do everything in our power to make this a very profitable transaction for you. We've structured our offer to make sure you have much to gain and nothing to lose.


When should we start this?

Regardless of when your renewal dates are, you should do this now. Approaching a renewal is best done with advance planning. By working ahead of the renewal, you gain great advantage. Delivering advantage to you is what Insurance Cost Reduction is all about.


How does Insurance Cost Reduction develop and maintain insurance specs?

  • We rapidly and inexpensively help generate complete insurance specifications, which will save you money year after year with simple updating.
  • We have an on-line system that fast-tracks the process, and helps us control it. You and any helpers can readily view the information we strive to collect, and be fully informed as to what we are missing.
  • We've compiled questions from a multitude of applications and forms, and finally got them all in one place. Answering a bunch of questions at once on our system goes very quickly.
  • We obtain data from your existing documents, spreadsheets, and any reports that are helpful. We will take data in whatever form you have it, and get it into our system.
  • It is simple enough that your staff will quickly grasp what is needed, and find much of the task very straightforward.
  • We have developed many time-saving shortcuts to complete the task effectively, with a minimum of effort.
  • Our trained personnel will assist to complete the job, answer questions, point out ways to improve and complete the specs, and help acquire missing documents.
  • Once the job has been done the first time, updating for each year's renewal is much easier.
  • We secure your loss runs, and analyze them for you. This is perhaps the most important part of your specs, and requires much experience and training to perform.


After the specs are developed, what happens?

  • We examine your penetration of the insurance marketplace, and recommend places to expose your specs to. You make all the decisions, and we see our job as to make sure you are informed.
  • We help you move gracefully through the insurance marketplace, and do any troubleshooting necessary.
  • We help you negotiate with the insurance industry, and serve as your buyers advocate in your negotiations.
  • We acquire a great deal of current insurance market intelligence, and will reveal opportunities that could otherwise elude you for years.


Why do you say brokers work to get control of my account and gain an information monopoly on our business?

  • Brokers control your account by controlling your access to information. They try to give you as little information as possible, which might erode their control over your account. If you have too much information, it is too easy for you to obtain authentic competitive quotes.
  • Brokers develop submissions that can be sent to any insurance company, then they do not give them to you, because that would only weaken their control over your account. Almost never will a broker hand a client the insurance specs they developed over many interviews and phone calls. They consider their collection of your information to be their work, and not for use by competitors.
  • Brokers generally do not want you to have your specs and supporting documentation, and they sincerely hope you decline to use Insurance Cost Reduction Services. You having your specs only invites serious competition the broker doesn't want.
  • Brokers generally resist giving you your complete loss runs and loss summary on a timely basis. Complete current loss runs are vital to obtaining quotations, and it is most unlikely you will get any competitive quotations without them. When brokers do release complete loss runs, it is usually at your insistence, and they often try to do it too late to help you create competition.
  • Brokers want to control your access to the insurance marketplace, and they will usually not inform you of opportunities to save money if that would mean losing control of your account. Often they are not aware of opportunities outside of their commission structure.
  • Brokers regularly attempt to block access to insurance markets by other brokers. Once a submission is in to an insurance company, that company is blocked to other brokers. When a broker succeeds at blocking all the available markets, they are now securely in control of your account. They have an actual monopoly on your access to the marketplace, and this can be very unhealthy to your checkbook.


Why does having complete your insurance specs create so much negotiating power?

  • When your broker receives your fully developed specs, they correctly feel very vulnerable to intense competition, and get serious about grinding down costs. They will use special favors, "silver bullets", from underwriters and go to great extremes to produce miracles for you.
  • Engaging competing brokers to quote your insurance takes only minutes, because all their questions are answered in the specs we give them.
  • By producing specs, we assure all brokers are working with the same complete information.
  • When brokers call you to tell you they have a great opportunity, it takes 1 minute to email them your specs, and quickly find out if they have anything useful.
  • Any broker you work with finds it much less expensive to serve you, because they skip the difficult and time consuming step of collecting and organizing your information.
  • When brokers have all the information they need, it helps them negotiate with underwriters.
  • When underwriters get complete information, your credibility grows, and they can justify granting credits and discounts that are reserved for quality, well-documented accounts.
  • You position yourself as an unusually informed buyer of insurance, who deserves and expects superior value from the insurance industry.
  • You can keep the heat on the insurance industry year after year, and they will surrender to your demands for lower prices and better coverage.
  • You will be absolutely amazed at the power you gain from a fully developed set of insurance specifications. It will be worth a lot of money to you in savings every year you buy insurance.


Why don't we have fully developed specs right now?

  • Your broker does not want you to have your complete specs, and does not help you secure them.
  • If you saw the specs your broker was representing you to the marketplace with, you'd likely be disappointed, especially after you see what we will do for you.
  • Complete insurance specs are very complicated and usually require reporting of over 500 variables.
  • Specialized knowledge and training are necessary to correctly build insurance specs. Particularly so in proving policy history, securing complete loss runs directly from insurers, analyzing them, and specifying coverage to quote.
  • You very likely don't know what complete and accurate insurance specs look like, because that is not the business you are in.
  • It can be very time consuming and frustrating work putting specs together without help, only to find the task is not complete which weakens the results possible.
  • You are too busy to deal with this, and have no simple path to follow to get the job done.
  • Because you are not trained in this, it is not clear how to correctly build insurance specs.


What happens once my specs are developed?

  • We examine where you are insured, and strategize your next approach to the marketplace.
  • We establish an action time line based upon the coming events on your insurance.
  • We will alert you to critical action dates in the management of your insurance costs and help perform the actions.
  • We make sure your case gets into the market at the appropriate time.
  • You can hand your specs to your current and competing brokers.
  • We help you negotiate better results.
  • We let you know of opportunities you are missing in the marketplace. Our substantial experience and market intelligence is extremely valuable.
  • We will continue to offer education and advice.
  • You will get noticeably superior results on your next renewal.


How can you deliver negotiating power and help so inexpensively?

  • We had to get really good at developing specs as a key component of delivering insurance cost reductions to hundreds of clients.
  • We spent a lot of money and time improving our system and methods.
  • We do this over the internet, email, faxes, and phone which offers many advantages in doing this complex work at low cost.












 
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