At MEM, some of our potential policyholders are required to participate in a prospect visit. The purpose of this visit is to help communicate the value that Safety and Risk Services (SRS) brings to the table. During these visits, an MEM Safety and Risk consultant performs a risk assessment that can aid our underwriters in the quoting process.
Watch below as Timothy Wilson, MEM’s Safety & Risk Services Regional Manager, explains prospect visits and how they benefit potential policyholders.
A risk assessment is designed to efficiently document:
- Who the risk is
- Basic operations
- Business class
- Basic employment practices
- Hazards and applicable controls
- Claims management processes
- Effectiveness of safety and health programs
A big part of our assessment process is direct observation of business operations. We not only want to document what policies and procedures are in place, but also what practices and behaviors are happening in the workplace.
This information is considered alongside other business factors like:
- premium size,
- the nature of the business, and
- loss trends.
This allows our underwriters to prepare an informed and competitive quote.
If we end up writing that business, then we hit the ground running on servicing the account. This happens because we already know what programs, offerings, and other services this prospect could benefit from.
We are always looking for opportunities to serve potential customers. For example, if we visit a prospect and determine that they do not have a seatbelt policy, we can point them to a sample policy and explain the benefits.
We take the time to talk to them about:
- Any deficiencies we notice
- Why it’s important to address them
- Possible strategies they can use
At the end of the day, we want any business that chooses to spend their time with us to benefit from these visits.