Loss Run Solutions FAQs

Why do loss runs matter so much?

Complete, accurate loss run reports have real financial consequences. 

 

For brokers and agencies, a customer or prospect’s claims history — including type, size and frequency — is crucial information as carriers set premiums. If agents can’t access this information, premiums may be higher than necessary. And it could cost the agent the business or the client more money.

 

Aren’t carriers required to supply loss runs?

 

Yes, carriers are obligated to supply loss run records. But the truth is that some simply disregard agency requests. Other carriers haven’t received the correct information and can’t authenticate or validate what’s been submitted. In both cases, the agent has little recourse before the renewal deadlines.

 

How can we address this issue?

 

To increase completion rates, Loss Run Solutions has developed a specific, streamlined list of steps to help agents and brokers produce and submit requests for commercial loss runs directly to the carrier of record. This takes minimal involvement from the insured or policyholder. 

 

Perfected over the years — Loss Run Solutions was started in 2005 — our process is simple but effective.

 

Can you explain the process?

 

Although actual Loss Run Solution clients will be privy to more details, the basic process is:

  1. ​The agency creates a loss run request in our proprietary Loss Run Request Builder. ​This easy-to -follow online process (with live support) ensures accuracy, full completion and correct identification of the right carrier. Although these details seem like an obvious part of any request, these are some of the primary reasons that requests are derailed before they’ve even been submitted. The Request Builder allows the user to select letterhead style and logo for professional presentation, collect the required client signature, and use direct email submission to the carrier for higher response rates. Many carriers now require email submissions, so this is an especially important feature. The user receives a confirmation email once the request has been successfully submitted.

  2. If neither you nor your client receives the loss run within a specified period of time, the platform has a simplified Second Request process, with step-by-step guidelines.

  3. The Loss Run Success Tracker notifies you throughout each request process for easier record keeping and seamless follow-up.

  4. Following the second request, registered users can turn the process over to our Loss Run Help Desk. This is where our 2 decades of experience and contacts really come into play. We understand the market players, know the roadblocks and can leverage our contacts to deliver even those tough-to-complete loss run reports.

  5. Loss Run Solutions also offers live training sessions by appointment to help with any user issues. This personalized training makes it easier for registered users to utilize every benefit of our system. 

Aren’t there other loss-run support products on the market? 

 

Some similar products recently entered the market, but they function primarily as an IT platform. They tout some of the same features, but, honestly, they weren’t built with as many intuitive features or with a real understanding of why successful loss run requests require more 

than simple data input.

 

Loss Run Solutions understands why each step is important — we’ve been field tested and streamlined in over half a million requests — and we know what to do when a request is ignored. 

 

  • Our requests include the most precise language and formatting possible. That way, you meet the requirements of carriers and regulators, but without any unnecessary work. 

 

  • Our database of domestic commercial carriers is continually updated to ensure the most current direct fax or email contact information in the market. 

 

When our clients follow our step-by-step instructions, they routinely enjoy a 95% success rate with an average turnaround of 5 business days. In many cases, our members even receive their requested loss runs the same day or within 24 hours.

 

However – and this is a tremendous advantage of Loss Run Solutions over others – you can’t just keep hitting the “Send” button when you hit an obstacle. You need follow-up by a business partner with the industry experience and contacts needed to get things done — from entry-level to C-suite offices.

 

This personal follow-up is what can boost every client’s success rate. ​

 

How does Loss Run Solutions help individual segments of the insurance industry?

 

We understand the pressures on each industry player:

 

  • Policyholders need easy access to their loss history information to make critical business decisions and feel confident that they’ve had a fair review of coverage and premiums. 

 

  • Agents want a competitive review of their customer’s or prospect’s account without delay from incumbents that want to withhold loss runs for an unfair advantage.

 

  • Carriers want to cut through the back-and-forth and simplify the loss run process, so it doesn’t bog down their day-to-day efforts in other areas.

 

Loss Run Solutions has identified the pain points that loss run requests create for each player. We understand the most common cause of delays. And we’ve built a process for faster completion — with fewer headaches for all.