The Pulse: Oct. 2020
A Message from UH Vice President Justin Bealhen
Over the last several months, one thing (among many) has become more clear than ever before: A lot can change in a short amount of time.
Although starting the year strong, the COVID curve ball hit us (and the rest of the world) like a sucker punch to the gut. It gave us pause. It had us down. But we got up – and we persisted. The turnaround we’ve seen in just the last 90 days has been a testament to the dedication and drive of our agent partners and UH teammates.
Here’s a quick look at a few key metrics:
- Direct Written Premium – We exited July $15 million behind plan, but in just a short few weeks, based on amazing retention and a resurgence of new business, I’m proud to announce we closed October right around plan from a top line perspective.
- Retention – Retention has been nothing short of insane this year. We continue to outpace our plan numbers and currently sit at 85% – thanks in large part to our incredible Loss Control and Claims teams. Of note, our retention in the health care space is over 90%.
- New Business – Our biggest struggle this year has been new business, but this was to be expected. We are still behind plan, but starting to see an uptick in true opportunities and continue to be committed to our health care strategy. Over the last four months, we’ve written $15 million in new health care business and are doubling-down on this strategy as many of our competitors are non-renewing or simply not pursuing health care accounts.
- Net Rate – Net rate is currently in line with the overall workers’ compensation book per NCCI at approximately +1%.
We will, without a doubt, experience more bumps along the way as we forge into 2021, but I continue to have full confidence in the resilience of our agent partners, the UH team and the value we bring to our policyholders.
Stay safe and healthy – and as always, please feel free to reach out at any time.
Vice President, Field Operations
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