1970 Group’s Post

Insurance companies use a range of factors to calculate premiums for commercial insurance, and your business's annual revenue is one of the most significant. A higher annual revenue means a greater financial stake in case of covered perils like property damage or liability claims. With higher revenue often comes more customers, inventory, and assets, and consequently, more potential losses if accidents occur. Therefore, understanding and accurately reporting your business's annual revenue is essential for insurance companies to calculate appropriate premiums that align with your business's specific risk profile and coverage needs. #PrimeServiceFacts #BusinessRevenue #BusinessInsurance #CommercialInsurance #InsuranceBroker

We have a new article by Jason Odgers to share: "Explaining 'Insured Value' and 'Co-Insurance' in a Policy." Topics covered include: - How Does the Valuation Clause Work? - Over Insurance vs. Under Insurance - The Importance of Insuring Goods up to their Full Value To read the article, please visit: https://lnkd.in/ePVTpncp

Compulsory lines of insurance are vital to corporate America and finance teams are dealing with inflation pressures from all angles. Even if the rate of change decelerates QoQ, the expenditures are at all time highs and impacting cashflows and balance sheets. 1970 Group has a solution to free up liquidity tied to collateral associated with workers comp, commercial auto, gen liability and medical practice liability....

Commercial Insurance premiums rose by an average of 8% in the 3rd quarter. Corporations need to revisit strategic approaches to address the rise in overall insurance costs, including collateral requirements that trap access to corporate credit Iines. 1970 Group uniquely helps companies and their brokers mitigate the impact of collateral requirements with our breakthrough Insurance Collateral Funding solution.  Restore balance sheets by releasing trapped liquidity.   Learn more at https://lnkd.in/etrqypEr https://lnkd.in/gwnUNjzK #commercialinsurance #insurancecollateral #balancesheets

Seems that the Motor Sector are having a few problems; firstly GAP Insurance, then issues with Commission deals on Car Finance and now the turn of the Car Insurers - still not getting it right after 18 years of FSA / FCA regulations....

When I was dealing with insurance complaints the position about the amount to pay for total loss motor vehicle claims was clear. Insurers knew they had to pay the amount it would cost the policyholder to go and buy a replacement - that’s market value and is (in most cases) the level of cover people have bought and paid for when they insure the vehicle. It was always annoying that I would see examples of insurers undervaluing and making initial offers below market value. At the risk of sounding suspicious - it often felt to me that this was a deliberate ploy to get the policyholder (often desperate for the money because they needed to buy a replacement car for work or family activity) to accept the low offer. Most policyholders (especially the vulnerable) cannot afford to wait for the money and feel forced to accept the only offer on the table. Reading this report makes me really angry. This isn’t difficult. It’s really clear and has been for many years. So why is it still happening? Motor insurers, hang your heads in shame. #motorquantum #motorinsurance #fcareport

Very interesting to see another example of the FCA getting under the bonnet with Consumer Duty on the topic of motor insurance. Bad pun very much intended. Increasing transparency in valuations for claims to ensure consumers don't miss out should be a clear focus area for insurers.

We’ve carried out a review assessing how some motor insurers are valuing written-off or stolen vehicles. Firms should consider our findings and reflect on their own practices. #FinancialServices #MotorInsurance #Insurance

Really interesting to see the regulator's own application of a Consumer Duty approach and to get guidance on the standard they are expecting to see. Some really helpful guidance here, even though Consumer Duty didn't apply at the time of the review. Useful reminder to check that your MI is doing all that it should and what you are expecting it to.... #ConsumerDuty #CustomerOutcomes

That ✨99.9999% claim settlement ratio✨ on insurers’ websites attracted you too? But before settling for it, remember - ❌Claim Settlement Ratio does NOT give you insights on Claim Experience How quickly is a claim paid? How easy is the process? How helpful is the call-centre when you call them for information? CSR doesn’t provide much on the claim experience - which is important for you and your nominee to know before relying on an insurer. So what to do instead? 🤔 Talk to SMC experts - who’ll guide you through buying the perfect plan. So you can have the best experience during the hour of need! For more details, check the link in comments! :) #Tipoftheweek #tipsandtricks #financetips #financehacks #insurance #claimsettlementratio #claims #guide #quoteoftheday