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Florida Homeowners
In the last fifteen years, dozens of companies have entered the Florida homeowners market. We’ve worked with many of their executives, and we’ve heard the same stories over and over.
I wish I had known… “When we brought the product out to our agents, we were priced too high to compete in all but the riskiest areas. Our business plan called for writing a balanced risk selection, but all we could write was southern coastal property. Our reinsurance costs skyrocketed! I wish I had known how I had to price my product in order to get the right mix!”
I wish I had known… “We got our product to the marketplace and it was an instant success. In fact, it was too successful! We had to shut it down before our PML’s got out of control. Now I’m kicking myself over all of the money we left on the table because our rates were too low. I wish I had known that I could afford to price my product higher!”
I wish I had known… “I didn’t have the loss experience to justify any major changes, so we were pretty much stuck with the rates we had. Then, when the board of directors asked me how much we were going to write in the next year, I couldn’t tell them with any confidence. Planning has been a nightmare. I wish I had known how much we were going to write so I could have planned better"
If you are in the homeowners insurance business in Florida, chances are, something like this has happened to you. And you’re in good company. It’s happened to almost all of us. That’s why we developed Dynamic Market Modeling. Through rigorous, disciplined market analysis, we can help you design and price your product to have exactly the impact you want in the marketplace, so you won’t ever have to say “I wish I had known!”
Click on the link below to find out how Dynamic Market Modeling can increase your profits while reducing your risk