YES FAQ Chat questions will be o answered Slides will be shared - - PDF document

▶
yes
SMART_READER_LITE
LIVE PREVIEW

YES FAQ Chat questions will be o answered Slides will be shared - - PDF document

Sep 09, 2022 314 likes •448 views

3/7/2018 Brittney Ramirez Account Manager SBU Karen Huang Manager SBU & Commercial Lines New Business Small Business Unit Webinar Small Business. Big Insights. w w w . n e t w o r k e d i n s . c o m Housekeeping YES FAQ Chat

slide-1
SLIDE 1

3/7/2018 Networked Insurance Agents 1

w w w . n e t w o r k e d i n s . c o m

Small Business Unit Webinar

Small Business. Big Insights.

Brittney Ramirez Account Manager SBU Karen Huang Manager SBU & Commercial Lines New Business

“YES”

Housekeeping FAQ

  • Chat questions will be

answered

  • Slides will be shared
  • Handouts will be shared
  • Recorded webinar

will be available

slide-2
SLIDE 2

3/7/2018 Networked Insurance Agents 2

  • Networked Overview
  • SBU Appetite, Markets, & Target Classes
  • Carrier Highlights with Updates for 2018
  • Getting a 1-Day Turnaround
  • Chat Q&A

SBU Webinar Agenda

Small Business. Big Insights.

NEW FOR 2018

Commercial Lines Personal Lines

  • Workers’ Comp*
  • Property*
  • BOP/Package*
  • Auto
  • General Liability*
  • Inland Marine
  • Umbrella*
  • Bonds
  • Agribusiness
  • Management Liability
  • D&O
  • EPL
  • Misc E&O
  • E&S
  • Homeowners
  • Renters
  • Condo owners
  • Auto preferred & non-preferred
  • Dwelling Fire supporting & standalone
  • Earthquake
  • Excess & Umbrella
  • Flood
  • Condos rented
  • Vacation rentals
  • Owner occupied secondary & seasonal
  • Manufactured homes
  • Modular homes
  • Motorcycles
  • Named non-owned
  • ATV’s
  • Travel trailers
  • Watercraft
  • Motorhomes
  • Tiny homes
  • Comprehensive Personal Liability (CPL)
  • DIC (Wrap)
  • E&S

Networked Account Management

Your team handles:

4

slide-3
SLIDE 3

3/7/2018 Networked Insurance Agents 3

 NETWORKED FAST FACTS

May 1, 2017 $210M Total written premium 1,110 | 45 Networked affiliates | Direct Access Insurance Services cluster members Feb 2014 SBU launched within Commercial Lines Account Management 60% Networked affiliates working with SBU 200 | 140 | 25 Submissions received each month in SBU BOP | WC | GL 6 of 10 Quote ratio for SBU: BOP, WC, GL $2,750 | $3,050 | $775 Average policy size for SBU: BOP | WC | GL 3 of 4 Accounts quoted within 24-hours through SBU with a completed application 113 Total employee count

Service Highlights: SBU

Quotes From The Right Markets. Faster.  Service. Team of 4 new business account managers + NEW for 2018: 2 renewal business account managers. Turnaround quotes for small business accounts submitted online within one business day with a completed application.  Focus. Personalized, targeted marketing of BOP/Package, Property, G/L, Umbrella and small Workers’ Compensation to the best 3 market options for that class. Meanwhile, your dedicated account manager can focus on the more complex accounts you submit.  Technology. “myAGENCY” online form allows you to submit business for the quickest

  • turnaround. Eliminate up to 8 hours of handling time by submitting

completed applications for a variety of lines for direct routing.

slide-4
SLIDE 4

3/7/2018 Networked Insurance Agents 4

SBU Workers’ Comp New Business Appetite

  • Payroll <$200K
  • Does NOT include contractor or heavy manufacturing class codes

SBU BOP/Package, Property & G/L New Business Appetite

  • For retail, service, office, LRO, habitational classes only
  • Does NOT include wholesaler or manufacturing classes
  • Gross Sales <$5M
  • TIV (BPP + Building) < $5M

Also eligible, umbrellas submitted in conjunction with a qualifying BOP

And for Complete Submissions, the SBU can turn around quotes within 1 business day.

Products & Appetite.

SBU Renewal Guidelines

  • Allow your assigned AM to work on more sophisticated/larger accounts on

remarketing

  • Goals: Provide more efficient processing & increase retention
  • Premium <$25,000
  • Written by carriers & where the policy is “automatically” issued.

Plus, all accounts written by USLI (process driven) & Chubb (very high retention rate)

Products & Appetite.

NEW FOR 2018

slide-5
SLIDE 5

3/7/2018 Networked Insurance Agents 5

Navigating Your Opportunities.

Why leverage Networked’s network for your small business?

  • BOP/Package, Workers’ Comp, plus Monoline G/L & Property
  • Over 20% of Networked’s commercial accounts handled by SBU
  • Most carriers will accept New Ventures BOP with 3 yrs management experience
  • Market to 12+ national carriers

Underwriting guidelines & product availability are subject to change at anytime based on the carrier.

Coming Soon… Business Auto from the SBU

Hot SBU Classes. Your Main Street Business.

slide-6
SLIDE 6

3/7/2018 Networked Insurance Agents 6

Carrier Highlights. Capacity & Classes.

Carrier-specific Details Top 25 Classes

Travelers

  • Building updates: required

within past 25 yrs.

  • Restaurants: 50% equipment,

50% BPP

  • Power Pac Premier,

Medical/Dental Premier, Manufacturing Premier, Professional Services Premier, Restaurant and Perishable Goods Premier

  • Xtend Endorsement
  • Competitive rates for,
  • Financial Services
  • Healthcare
  • Personal Care Services
  • Pet Care Services

Professional Services

  • Service Businesses
  • Retail
  • Garage

BOP

  • Computer Consultants
  • Donut Shops
  • Art Gallery
  • Antique Store
  • Real Estate Agency
  • Coffee Bar
  • Interior Decorators
  • Financial Planner
  • Day Spa
  • Tax Preparation
  • Lawyers
  • Physicians & Surgeons
  • Chiropractors
  • Clothing Stores
  • Barber Shops
  • Fine Jewelry Shop
  • Dentist
  • Accounting Offices
  • Beauty Shops

Comp

  • Delis
  • Mortgage Brokers
  • Telemarketing
  • Financial Planners
  • Real Estate Agency
  • Chiropractors
  • Software Development
  • Nail Salons
  • Insurance Agencies
  • Mexican Restaurants
  • Accounting Firms
  • Advertising
  • Day Spa
  • Auto Repair Garage
  • Family Restaurant
  • Furniture Store
  • Auto Detail Garage
  • Printers
  • Ice Cream Shop
  • Psychologist

Carrier Highlights. Capacity & Classes.

Carrier-specific Details Target Segments

The Hartford

  • Can consider risk with Lapses or No Prior

Coverage

  • Can consider risks with a lapse in coverage
  • Entertains multi-state exposure
  • Filed up to 50% scheduled credit on accounts

$2,500+ (CA)

  • Eligible for 10% discount if account is paid in

full

  • Multi-policy discount of 10% will be applied

toward BOP, if written in conjunction with WC

  • Payroll Reporting is available
  • Allows payment by credit card if paying in full
  • r paying off a remaining balance
  • Endorsement coverage levels: Stretch, Super

Stretch, Stretch Plus, Super Stretch for Business Services

  • Financial Services
  • Business & Professional Services
  • Retail
  • Technology & Life Science: IT services
  • Technology & Life Science: Labs, Mfg
  • Real Estate/Lessors Risk
slide-7
SLIDE 7

3/7/2018 Networked Insurance Agents 7

Carrier-specific Details Target Segments

Guard

  • No limit on number of stories; building updates

required within past 30 yrs. [25 yrs. for roof]

  • Can consider risk with lapses (Comp only)
  • Frame construction Restaurant reqs:
  • 100% sprinkled OR fire central station alarm
  • pest control contract
  • For 4+ units Apartment/Habitational reqs:
  • fire central station alarm
  • favorable inspection
  • Gas station/Convenience store reqs:
  • propane refilling can be considered case by case
  • 24-hour Operations:
  • BOP – will consider when attendant is on site

and the risk meets underwriting criteria

  • Comp – will consider when the risk meets

underwriting criteria

  • Auto Service & Repair Shops
  • Condos & HOAs
  • Apartment
  • Restaurants
  • Retail, Grocery, Convenience Stores
  • Offices [physician, attorney, veterinarian,

janitor, beauty shop, bakery, accountant, etc.]

  • Fast Food Open 24-hours – no longer

limited to drive-through only. Includes franchised locations with or without a mix

  • f retail, restaurant, and auto repair. No

service/repair for large trucks and drivers may not be allowed to sleep in their cabs

  • n premise

Carrier Highlights. Capacity & Classes.

Carrier-specific Details Hot Classes

Liberty Mutual

3 products available within SBU: BOP, Custom Protector, Package Monoline Comp

  • Limited to retail,
  • ffice, services,

wholesale BOP

  • Women’s Clothing Store

excluding furs

  • Deli
  • Optometrists
  • Pizzeria excluding

commercial cooking Comp

  • Ag Services
  • Apparel & Accessory

Stores

  • Apparel & Other Finished

Products made from Fabrics

  • Broker & Agency Offices
  • Business Services
  • Eating & Drinking Places
  • Food & Kindred Products
  • LRO: Office with or without

Restaurant

  • Business Management Consulting
  • Day Spas
  • Gift Shops
  • Food Stores
  • Furniture & Fixtures
  • Furniture, Home Furnishings &

Equipment Stores

  • Industrial Machinery & Equipment
  • Legal Services
  • Misc Manufacturing
  • Misc Repair
  • Misc Retail
  • Real Estate
  • Wholesale Trade – nondurable goods

Carrier Highlights. Capacity & Classes.

slide-8
SLIDE 8

3/7/2018 Networked Insurance Agents 8

Carrier Highlights. Capacity & Classes.

Carrier-specific Details Target Classes

AmTrust

  • Currently, Auto Repairs is being written as Package
  • nly, with the expectation that it will be available as

a BOP soon

  • Turnaround time may be longer, not quoted in-house
  • Lessors Risk
  • Habitational
  • Convenience Store
  • Grocery Store
  • Retail
  • Offices
  • Processing/Service
  • Restaurant
  • Wholesale
  • Auto Repairs

Ineligible exposures:

  • Manufacturing
  • Contractors
  • Hotels and motels [can be written on a package]
  • Buildings with over 25% vacancy
  • 24–hour retail or seasonal operations
  • New-venture [habitation, convenient stores, grocery

stores or restaurants with commercial cooking or liquor sales]

  • Florida locations

Carrier Highlights. Capacity & Classes.

Carrier-specific Details Preferred Industries

Chubb

For Small Commercial Marketplace

  • 500 small business class codes
  • Comp: 90% of their class codes are eligible for

comp

  • Retail
  • Financial Services
  • Cultural Institutions
  • Office
  • Technology
  • Wholesalers
  • Services
  • Clubs & Associations
  • Real Estate Associations
  • Healthcare

NEW FOR 2018

slide-9
SLIDE 9

3/7/2018 Networked Insurance Agents 9

Carrier Highlights. Capacity & Classes.

Carrier-specific Details Preferred Industries

CNA

  • Can entertain Monoline Workers’

Comp in California with rate reductions as of 2/1/2018

  • Rate adjustments in progress

for BOP

  • Technology
  • Retail
  • Professional & Business Services
  • Healthcare
  • Aging Services
  • Allied Healthcare Facilities
  • Life Sciences
  • Hospitals
  • Dental
  • Nurses & Allied Healthcare Providers
  • Physicians
  • Alternative Risks
  • Provider Alternative Solutions

NEW FOR 2018

BOP Only

MetLife

  • Insured is eligible for up to 30% discount with good credit.

Please submit FEIN for this type of credit.

  • Sample Target Classes:
  • Restaurants (limited cooking, fast food, coffee bar)
  • Retail (clothing, floor covering, appliance)
  • Office (Real Estate Agent, CPA, Medical)
  • Contractors (carpet cleaning, carpentry)

Nationwide

  • Sample Target Classes:
  • Auto Service
  • Food Service
  • Office
  • Retail
  • Service
  • Habitational

Carrier Highlights. Capacity & Classes.

slide-10
SLIDE 10

3/7/2018 Networked Insurance Agents 10

Workers’ Comp Only

Employers

  • Target Classes are consistent across all states, regardless of

customer size or pricing.

  • 75% of all businesses in the US fall within these Target Classes
  • Classes have an above average hit ratio.
  • 20 industries have quote ratios greater than 70%

PacificComp

  • CA Exposure Only with incidental exposure in AZ & NV
  • RECENT SUCCESSES
  • Restaurant/Tavern
  • Auto/Truck repair shops
  • Dentists/Dental surgeons
  • Physicians
  • Store – Grocery/Convenience
  • Store – Retail
  • Store – Auto accessories
  • Deli/Coffee shop/Frozen yogurt
  • Instrument mfg
  • Hotel [split class]
  • Auto dealer
  • Machine shop
  • Quick printing

Zenith

  • Target segments:

Services, Manufacturing, Retail, Ag

  • $750 min premium
  • $40K max premium for non-Ag;

$30K max for Ag

  • Special rates for filed groups
  • Excellent small business programs for 24-hr

gas stations, bakeries, auto service, attorneys, physicians, dry cleaning

  • ExMods .7-1.5; outside this range referred
  • Accepts new ventures; considers short lapses
  • 3 years of loss runs required

Carrier Highlights. Capacity & Classes.

Commi$$ion promotions extended for 2018

SBU Manager

KAREN Huang

Account Management Team

New Business

  • BRITTNEY Ramirez
  • LUZ Contreras- Barajas
  • MONICA Ti
  • JEAN Tham

Renewals

  • GREG Berrara
  • NAVY Sok

Who is the SBU?

slide-11
SLIDE 11

3/7/2018 Networked Insurance Agents 11

People & Technology.

www.networkedins.com/login.aspx

LOGIN t to myAGENCY. SUBMIT COMPLETE applications. FOR ELIGIBLE SBU ACCOUNTS, 75% of quotes* are returned in 1 business day. 4-hours less time for clearing

  • nline submission (vs. email)

*NOTE: Incomplete applications, or those requiring carrier referral, may take additional time. 1. Nature of business/Description of operations 2. Applicant phone number 3. # of years in business – indicate New Venture, if applicable 4. Prior carrier information 5. Business hours

  • BOP, Property (125/126/140): Building Improvements
  • GL (125/126): Annual receipts/sales | Area occupied
  • WC (130): FEIN | # of employees | Payroll by class code

Risk-specific ex. Liquor Liability ($ sales) Beauty Salons (# of beauticians) Apartments (# units) Garage/Repair Shops (# mechanics - FT, PT) LRO (tenant list, name, operations, sq ft)

COMPLETED Apps = FASTER Turnaround

Most Frequently Missed or Inaccurate Info on Acord

Acords 125/126/140 BOP/PKG 125/126 GL 125/140 Property

Click here for the FORMS LIBRARY

slide-12
SLIDE 12

3/7/2018 Networked Insurance Agents 12

For Example: Acord Guides

Questions?

Your SBU Team is here for you!

Submit @ myAGENCY

  • Real time quote status
  • Assigned account manager
  • Contact information

Additional online resources

  • Acords & Supplemental forms
  • Acord training videos
  • Carrier underwriting guides
  • Success lists

At Networked, Small Business = Big Opportunity.

We get your accounts to the RIGHT MARKETS. FASTER.

We are available for accounts LARGE & SMALL

 SEND IN YOUR SUBMISSIONS TODAY!

Next up: Personal Lines Webinar

RSVP to attend April 18!