Hi all,
Love this site. Okay, this may be a silly question, but keep in mind that I am fairly new to the brokerage side of the business. I have been promoted to a junior account manager which is essentially a transitioning phase to prepare me for an account manager position. Problem is, I am confused with these premium allocation spreadsheets. How is one done? How are the rates determined? Can someone give me a step by step guide on how to do one, or what questions may need to be asked? I do have an example of one if that helps. I realize this question, may be broad, but ask me for specifics if need be.
Thank you :unsure:
Premium Allocations
Moderators: Josh, independent guy
-
- Insurance Journal Enthusiast
- Posts: 23
- Joined: Thu Mar 18, 2004 9:03 am
Since you are now a Junior Account Exec., I would hope that that means that you assist an Account Executive. Your AE should be willing to lend you some help here, or at least I would hope so.
If not, then you simply need to separate the exposures (eg. property limits, gross sales, payrolls, auto, etc.) attributable to each location and/or entity. Pull your rates off your policies and do the math.
If you have umbrella premiums to allocate, then you need to add your casualty premiums for each location/entity and determine what % of this total is attributable to each location/entity. Use that % against the total umbrella premium to determine the amount to allocate to each location/entity.
Hope this helps.
If not, then you simply need to separate the exposures (eg. property limits, gross sales, payrolls, auto, etc.) attributable to each location and/or entity. Pull your rates off your policies and do the math.
If you have umbrella premiums to allocate, then you need to add your casualty premiums for each location/entity and determine what % of this total is attributable to each location/entity. Use that % against the total umbrella premium to determine the amount to allocate to each location/entity.
Hope this helps.
Oh yes, I do assist an Account Manager and AE. It would be sort of scary if I didn't. I used to be an underwriter, so I have coverage knowledge, but I do not know the broker side well. Also, I was only an underwriter for two years, straight out of college. So I am still a newbie in the insurance industry. I'll get there though. Thanks for your help.
-
- Insurance Journal Enthusiast
- Posts: 20
- Joined: Fri Jan 14, 2005 7:10 am
- Location: Orlando, FL
- Contact:
Dawgnacious,
Nice info![Wink ;)](./images/smilies/icon_wink.gif)
Nice info
![Wink ;)](./images/smilies/icon_wink.gif)
Offer your senior clients a life settlement<br><a href='http://www.rtgconsultants.com/' target='_blank'>http://www.rtgconsultants.com/</a>