Over ten years ago we began exploring a way that we could evaluate carrier coverage for our partner agents. We thought it would be great if we could give agents a comprehensive breakdown of where each carrier stood on dozens of critical issues with each quote. We called it the quest for our “Holy Grail”.
In 2007, while working on a large commercial portfolio account, we wrote up a comprehensive analysis comparing the highly customized terms provided by the three carriers that quoted the risk. It was a beautiful 13-page write-up that took over 20 hours to compile. Our retail agent loved it, and asked, “Can we get this on every account?”
Obviously, it was not possible to spend the time required to provide that level of detailed analysis on each account. We had to find a way to automate the process. Using the 13-page write-up as a template, we engaged the IT team and began looking for ways to get it done.
On December 16, 2013 Little Bear Enterprises LLC filed for a patent and on November 25, 2019 was issued patent USPTO 10,475,126.
Forms: Carriers often select from a small group of base policy forms - looking for the policy coverage that best fits each account. These forms are intentionally broad so that they can be used on a wide variety of risks.
Endorsements: Underwriters then use endorsements to modify the conditions of the base policy form to better meet the needs of each individual account. They typically have dozens of endorsements at their disposal, and can include or exclude coverage at will using these powerful tools.
The Quote: The quote for each customer will be different depending on the forms and endorsements used. In addition, carriers create their own forms and endorsements and no two carriers have exactly the same forms. This makes it extremely difficult for a quote/offer comparison beyond just finiancial terms when there is more than one carrier available.
Issues: Based on our many years of experience, UCPM has learned what the key coverage issues are for customers, and what differentiates the different policies from one another. For each form or endorsement used by each of the carriers, the DCAT matches up the issue with the forms that they address.
Based on these issues we can then provide a dynamic coverage document that outlines what is covered and what is not covered beyond the financial terms.
“This document is a fantastic way to display all the aspects of the quotes.” – Buffalo, NY
“We hope to present today. Thank you for this comparison – it’s awesome!” – Sacramento, CA
“The DCAT was very, very wonderful. I printed it off so I could try to understand the coverage a little better
myself!” – Salt Lake City, UT
“We really appreciate your help and the fantastic quotes. As well,
LOVE, LOVE, LOVE your proposal with the summaries, explanations,
etc. That work is the best I’ve seen.” – Ventura, CA
“This is an awesome tool.” – Scottsdale, AZ
“I would have sworn this insured would have chosen the cheapest… the
difference between the two was the defense separate limits – and I
really appreciate your comparison.” – Jacksonville, FL
“These quotes look great and I personally wanted to tell you, from a guy that produces and we have to put
all this stuff together, the final thing that you sent (DCAT) looks fantastic. Really, really nice work on that.”
– Ventura, CA
“Also, thanks again for the comparison of the two quotes. My client was very impressed (as was I) and she
told me it was very easy to see the differences!”- Mesa, AZ
“I REALLY like your Environmental Insurance Review that compares companies. Very very
informative. Probably the most useful presentation I have ever received from any company.” – Cedar
Rapids, IA
