The Main Street America Group’s Tiered Commercial Auto Gains Steam
Posted on November 29, 2012 at 08:33 AM EST
Since its initial rollout in May 2012, The Main Street America Group has introduced its remodeled commercial auto product to independent insurance agents who represent the super regional property/casualty insurance carrier in 15 states.
The tiered commercial auto product is now available in half of the states where Main Street America writes business, including Arizona, Florida, Georgia, Massachusetts, Michigan, Minnesota, Mississippi, New Hampshire, Nevada, North Carolina, Oklahoma, Pennsylvania, South Carolina, Tennessee and Virginia.
“Despite a struggling economy, we are experiencing commercial lines new business growth this year in the majority of the states we write in,” said Dan Gaynor, Main Street America’s vice president of commercial lines. “A significant portion of this growth can be attributed to the launch of our new tiered auto product. The way the product has gained traction in the marketplace speaks to that fact that it’s an attractive, competitive choice for our ‘Main Street’ small business niche.”
Main Street America’s tiered commercial auto product provides any combination of the following important coverages: auto liability, medical payments, comprehensive, collision, uninsured/ underinsured motorist, rental autos and for employee use of personal auto.
Main Street America’s tiered commercial auto product is not only competitive when it comes to coverage – it is also competitively priced. Based on tiering methodology, the product considers 12 characteristics that can impact rate, such as liability limit and years in business, as well as loss history and prior pay history. Based on the risk’s exposure, it is placed into one of 20 pricing tiers, providing a fine-tuned matching of risk and rate.
“Our tiered commercial auto product features an automated pricing tool that replaced our previous method of rating,” Gaynor explained. “Our agent-customers can quote and submit new business through our Main Street Station commercial lines processing system, and the system automatically rates the risks based on tiering methodology and provides a competitive rate.”
Main Street America’s tiered commercial auto can be paired with the company’s Main Line Business Owners Policy (Main Line BOP), a robust small business product that offers a wide range of coverages, including many not available in competing products. In addition, it is available as a standalone product.
In 2013, Main Street America plans to introduce its tiered commercial auto in 10 additional states.
About The Main Street America Group
With roots dating back to 1923, The Main Street America Group is a super regional insurance company which writes business through nine property/casualty insurance carriers: NGM Insurance Company, Old Dominion Insurance Company, Main Street America Assurance Company, MSA Insurance Company, Great Lakes Casualty Insurance Company, Grain Dealers Mutual Insurance Company, Main Street America Protection Insurance Company, Spring Valley Mutual Insurance Company, and Austin Mutual Insurance Company. Based in Jacksonville, Fla., Main Street America offers a wide range of commercial and personal insurance, and fidelity and surety bond products to individuals, families and businesses throughout the United States.
With nearly $1 billion in premium written exclusively by 2,000-plus independent insurance agents, the 89-year-old company insures more than 600,000 policyholders in 30 states and writes bonds in 45 states. A.M. Best Company rates The Main Street America Group as an "A" (Excellent). Main Street America is the founding company partner of Trusted Choice®, the global branding program of the Independent Insurance Agents & Brokers of America. Main Street America is also an investor carrier in the new Consumer Agent Portal. For more information about Main Street America, please visit www.msagroup.comor connect with us on Facebook at www.facebook.com/MainStreetAmerica.
Mark Friedlander, 904-380-7461
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