Author: VU Faculty
We recently received this question: "Are you aware of any firm that provides insurance company scorecards...something an agent may use to compare companies that he/she may wish to do business with?" Well, as a matter of fact, we do...one of our VU faculty members has such a tool, along with one from our Best Practices Joint Agency/Company Planning kit. And while we're at it, we'll direct you to a VU tool for evaluating carrier solvency.
Just recently, our "Ask an Expert" service received the following question:
"Are you aware of any firm that provides insurance company scorecards...something an agent may use to compare companies that he/she may wish to do business with? I’ve never seen anything like this. I tried some Googling and didn’t stumble across anything either."
As a matter of fact, we are...one of our VU faculty members has such a tool, along with one from our Best Practices Joint Agency/Company Planning kit. And while we're at it, we'll direct you to a VU tool for evaluating carrier solvency.
In the Joint Agency/Company Planning tool, there is an evaluation form that agencies can use to evaluate a carrier’s performance and one that a carrier can use to evaluate an agency's performance as it relates to an existing relationship:
That is the closest thing to a “scorecard” I can remember. Anyway, I guess you could adopt it as a checklist of things to consider when comparing carriers to determine whether or not you want to do business with them.
Note: The link above is an Excel spreadsheet...if it does not open when clicking the link, try right-clicking, saving the file, then opening it from your PC in Excel..
Below is a link to a form we developed. I don't know if this is exactly what she's looking for, but it might help.
For information on a "scorecard" you can use to gauge insurer solvency, check out the following article that includes an evaluation form and a complete seminar manual download: