“How is Old Republic different from other national insurance carriers?” It’s a question we hear a lot. We’ve always had our own thoughts on this – and now a leading global insurance broker has confirmed them. Out of fifteen major national insurance carriers included in a survey of the broker’s senior staff, the respondents ranked Old Republic among the top overall finishers in collateral transparency, accessibility and fairness. In fact, Old Republic was viewed as the best among its peer group in the following sub-categories:
The survey examined the brokers’ opinions on how major national insurance carriers compared on the topic of collateral. They specifically looked at their opinions on numerous topics within the general categories of transparency, fairness, and accessibility to decision makers in the process.
For organizations with loss sensitive casualty insurance programs, posting collateral can be a burdensome and expensive requirement that can often involve multiple departments within the insured. Thoroughly understanding the collateral requirements, believing they are being treated fairly, and having negotiated “the best deal” are all important for buyers of loss sensitive insurance programs. Of course, there are differences in what a buyer can experience when working through these issues with different insurance companies.
For that reason, the survey addressed the following questions for each:
Transparency:How willing and forthright is the insurance carrier in sharing information, such as collateral calculations, loss development factors (including methodology), paid loss credits, and information as to the company’s financial credit rating?
Accessibility:How willing is the insurance carrier to make available key decision makers (e.g., actuaries, credit officers, and senior management) in the process?
Fairness:How willing is the insurance carrier to consider an alternative viewpoint analysis in its decision making?
We at Old Republic are thrilled with these survey results. When it comes to the subject of collateral, we pride ourselves on a collaborative and transparent approach to the process. Evidently, this broker sees us the same way. We believe it is a strong testament to who Old Republic is and why we are different.