Facility is known as the "last resort" for customers who don't fit into a regular carrier's appetite.
Facility is known as the “last resort” for customers who don’t fit into a regular carrier’s appetite. It’s also becoming a significant source of frustration and unnecessary expense for brokers. In this episode, the guys don their hip waders and dive into the murky waters of FA. This special episode covers a number of FA-related topics including:
- Are payments of 10% of GWP for processing, 12% of GEP for claims and a 6% service charge enough compensation for a decent client experience?
- Why is Intact taking the experience back in time by requiring paper and snail mail?
- Why can brokers no longer order UW reports at the point of sale? This makes it close to impossible to quote accurately.
- The extended (and unmet) service standards will cause more client billing difficulties and further exacerbate broker processing costs
Luckily, this episode isn’t just a “whine” and cheese affair, the guys also get down to targeted solutions and what can/should be done to turn the situation around.