Swiss Re Extends 10% Agency Audit Credit to Five Years
Swiss Re policyholders have the opportunity to receive a 10% premium discount on their E&O policy annually for five years for having an approved agency E&O procedures audit and implementing recommendations. That is significant savings considering that the cost of these agency reviews is generally absorbed by the first year’s premium savings. But there are more benefits to agencies that have an approved E&O audit than just discounted E&O premium, including:
· Reduced exposure to E&O claims,
· Developing a better understanding of how the agency operates on the ground level,
· Improving customer service,
· Increasing sales opportunities,
· Establishing written procedures,
· Creating a culture of E&O awareness with agency staff,
· And, increasing agency efficiency.
To learn more about the agency E&O audit process review these Frequently Asked Questions (FAQ’s) and read the article “E&O Audits: They’re Not Too Scary”. Contact your local Big ‘I’ state association or click here for a list of Swiss Re approved auditors. Use the below breakeven analysis calculation to see how much your agency can save by having an E&O audit.