ST Alpha - "this rarely happens ... but I have to bitch about a change from one of our biggest insurance carriers ... pay history is now a rate factor

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this rarely happens ... but I have to bitch about a change from one of our biggest insurance carriers ... pay history is now a rate factor - and it's

Posted by JenBro Jul 1 '14, 05:37

being applied RETROACTIVE - which is the thing that really FROSTS me.

anyone that had a late pay the past 2 years no longer gets a paid in full discount

and ... late pays showing up multiple times will cause a higher rate ... we don't know what amount yet - it's not a simple flat fee or percentage - it's all layered in like they hired actuaries from the matrix or something ... drives me crazy - it makes it hard to counsel our clients.

but again - the retroactive bit just SUCKS ... it's like changing the rules in the middle of the game.

I foresee other companies following this example too ... credit and payment based rating criteria has made my job miserable

So word to the wise - pay your bills on time peeps.

Responses:

So to be clear....it's the payment on time of insurance premiums or all bills? - Pippy Jul 1, 05:57 3
- so far they are applying this factor to home and mobile home - so property policies - it's a direct factor for that policy - BUT - - JenBro Jul 1, 06:34 2
  - also - paying a quarter for reading the comments - but this guy hit a point that I think is a valid factor to watch out for ... - JenBro Jul 1, 06:51 1
    - Thank you for both of these. It's fascinating stuff -- nm - Pippy Jul 1, 07:09

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this rarely happens ... but I have to bitch about a change from one of our biggest insurance carriers ... pay history is now a rate factor - and it's

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