1st Auto BOP and WASI Update
1st Auto Executive Vice President Lisa Russell provided an overview at the WRC 2021 All Manager Meeting of how 1st Auto developed the Businessowners Policy program, from determining the need through developing a product roadmap to preparing for future changes.
She explained requests for a BOP program came from client mutuals who are not permitted to write BOP by statute, client mutuals who do not currently want to write BOP and agents. She said that 1st Auto elected to start with a narrower appetite to allow the company to launch the BOP sooner, reduce development expenses and develop expertise in writing common BOP risks.
Lisa encouraged attendees to remember the work to develop a new line of business is made easier by the assistance that The WRC Group offers, the variety of resources available on The WRC Group website and the assistance from mutuals who already write BOP.
She also explained how to find the link to WASI’s Claims system and the user guide on the WRC website. She explained WRC/WASI is responsible for any required Medicare reporting for liability claims WASI handles because WRC issues the check directly to or on behalf of the injured person.
When a mutual handles an injury claim, the mutual is responsible for any required mandatory Medicare reporting because the mutual issued the check directly to or on behalf of the injured person. The Top 10 most common claim types in 2020 and 2021 were reviewed. The client mutuals’ efforts to improve their underwriting and inspections have reduced the number of liability claims WASI receives. General property damage, injury and dog claims continue to top the list.