Experience Modification Auditing
- Mistakes happen.
- Laws are different by state.
- Carriers make reporting errors.
- An industry study has shown that nearly 30-40% of all experience mod worksheets contain errors. If there are errors in mods, then more than 80% of those errors end up costing your customers too much premium (errors that are in favor of the insurance company).
- You can win business by being the agent that informs your prospect that their current agent did not find and correct the errors.
- You can even go back up to the current and two prior mods to correct errors. One insured business even received enough return premium on lowering past audits due to mod corrections that it ended up paying nearly their entire renewal premium!