The Stakes: A large community bank with $850 million in assets prided itself on financial accuracy. They expected their Experience Mod to be 0.838. But when the renewal came in, the Mod had inexplicably jumped, adding over $8,000 to their premium .
The Investigation: The Advisor verified the worksheet and found a discrepancy. A large claim that the bank knew was settled was still showing up in the data with a $25,000 reserve attached to it.
The Breakthrough: The carrier had simply neglected to “zero out” the reserve in the system. It was a clerical oversight that would have cost the bank thousands if left unchecked.
The Result: The Advisor contacted the carrier, forced the correction, and the Mod returned to its correct level. The bank saved $8,365 (23% of the premium).