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Understanding How to Analyze Personal Insurance Risks

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  Working with inexperienced Insurance Producers, I am aware that the concept of analyzing risk can be quite foreign to those newer to the industry. I'm finding that there is a lack of knowledge in the proper placement of risk in the personal insurance arena in general. I'm hoping to make that concept a bit easier to understand by examining what components of a risk need to be considered when making carrier placement decisions. The widespread use of comparative raters has been the one factor that may confuse insurance personnel the most. Technology has advanced tremendously in the past several years, but none of the raters adequately have the ability to analyze a risk and eliminate the rates of carriers that do not even want that particular risk. If a rate comes back and they are competitive- they must want the risk- right? Overwhelmingly, the answer to that question is NO! In personal lines, we are typically starting the analysis by determining if a risk is "preferred&quo