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Tag: Risk management

Understanding Claims Trends and Loss Picks

A good Risk Manager can predict, with a great degree of certainty, the number of incidents and the total claims amount a Dealership will incur in a given year. Now, he or she is not a soothsayer or prophet…they have merely analyzed the historical claims information and, given no appreciable changes in the Dealership management …

The Relationship Between Claims and Premiums

As a young Account Executive with Universal Underwriters I got a taste of how garage premiums are truly developed.  I had worked the employee rating factors on an account and presented both the worksheet and the Loss History to my Division Underwriter for review.  “Let’s see,” he said.   Then he did something that surprised …

How to Prepare for Severe Weather Events as a Dealer

When we decided to include Weather Event Preparation as a Dealership topic, we thought about the timing.  When do we talk about Weather Events?   Certainly, late spring is the best time to talk about preparing for Hurricanes.  Late winter/early spring is always a good time to prepare for Hail discussions.  And, fall is the …

How to do Finance and Insurance (F&I) Right in a Dealership

Auto Dealers are a unique breed of entrepreneur. They are successful, creative, generous, and a vital part of their communities. To the general public, Dealers sell and service vehicles.  To the Dealer community, the sale and service of vehicles is only a part of the operation.  For successful Dealers, a substantial portion of their income …

How to Properly Manage Key Control and Lot Protection

  With every missing inventory vehicle, the first questions are (and should be) How, When and Who. We always begin with How.   The ‘’How’’ always revolves around the key issue…Where are the keys?  Insurance Claims Adjusters ask about the main set and then make sure the warranty books and/or files contain the second set.  This …