jimbo, since you have a computer it will take about 10 seconds (like it did me) to google that info – – – -.
but why in the world would you want to get on board an obviously sinking ship?????
Because the Company has “…eliminated the underwriting, processing, billing, claims and customer service duplication inherent in other standard agency models.”
I’d say from the looks of their results, it’s eliminated the underwriting period…
What a better way to boost your business writings than sign on with a market that is obviously looking to write more business to account for their prior losses and keep their heads above water on the IBNR down the road…
Go for it! Afterall, it’s all about the commission isn’t it… (NOT!)
Seriously folks – what good is AM Best’s rating system? It appears they only downgrade a company when it is very obvious that it has crashed or is very close to crashing. I ask you – what was AIG’s rating a year ago? 2 yrs ago? 3 yrs ago? I see no value in the so called rating agencies for consumers or clients – only for the companies who pay enough to be given a good rating.
The company business model is once again collapsing. Research shows GNW was was in recievership before, and it will happen again. Take a tour of their web site and you will note the agent writes the policy and settles “your” claim. They call it “customer advocacy”. That model, in our opinion, is a clear violation of the basic principals of the Fair Claims Handling Act. Agents are not licensed adjusters although GNW allows them the authority to act in that capacity. Now you know why the company loss ratio has deteriorated to what it is today. It’s not weather driving the results, its defective underwriting and adverse risk selection. Both AM Best and S/P agree; the company is teetering on recievership and rightfully placed on credit watch. Are you in “good hands”?
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are any agents actually signing up for this business model, what are the fees, home office support,are they rates competitive , who do I contact
jimbo, since you have a computer it will take about 10 seconds (like it did me) to google that info – – – -.
but why in the world would you want to get on board an obviously sinking ship?????
Because the Company has “…eliminated the underwriting, processing, billing, claims and customer service duplication inherent in other standard agency models.”
I’d say from the looks of their results, it’s eliminated the underwriting period…
What a better way to boost your business writings than sign on with a market that is obviously looking to write more business to account for their prior losses and keep their heads above water on the IBNR down the road…
Go for it! Afterall, it’s all about the commission isn’t it… (NOT!)
Seriously folks – what good is AM Best’s rating system? It appears they only downgrade a company when it is very obvious that it has crashed or is very close to crashing. I ask you – what was AIG’s rating a year ago? 2 yrs ago? 3 yrs ago? I see no value in the so called rating agencies for consumers or clients – only for the companies who pay enough to be given a good rating.
The company business model is once again collapsing. Research shows GNW was was in recievership before, and it will happen again. Take a tour of their web site and you will note the agent writes the policy and settles “your” claim. They call it “customer advocacy”. That model, in our opinion, is a clear violation of the basic principals of the Fair Claims Handling Act. Agents are not licensed adjusters although GNW allows them the authority to act in that capacity. Now you know why the company loss ratio has deteriorated to what it is today. It’s not weather driving the results, its defective underwriting and adverse risk selection. Both AM Best and S/P agree; the company is teetering on recievership and rightfully placed on credit watch. Are you in “good hands”?
who is the pres, steve doucette,anyone know how strong the management team is