Agents, carriers, vendors, and of course consumers have been forced to manage the challenges of this hard market for many many months now. No one is having any fun. Carriers have lost their appetite for new risks, given all of the pressures of loss ratios, repair costs, inflation, reinsurance, etc. Premiums are skyrocketing. Agents are scrambling trying to respond to their insureds, who are shocked at renewal rates. The result is that more policies are being placed in the MAIP pool.
As a result, it is more important than ever for independent insurance agents to know how to quote MAIP rates in SinglePoint and how to submit it to the CAR website for issuance.
Quoting a MAIP policy in SinglePoint is downright easy. Just enter the driver, vehicle, and coverages as you would for your voluntary carriers. (MAIP does not really have any options / endorsements.) SinglePoint instantly calculates the rate.
In order to actually place the policy in the MAIP pool:
- You will need to go through the CAR website (which is kind of like going to your voluntary carrier’s site for issuance).
- All the data you entered in SInglePoint will bridge over to the CAR website so you won’t have to re-key the data.
- You will have to create a user account/login in order to issue the policy. (CAR needs to track who is processing the policy.)
- Tab through and confirm the risk information. There may be a few additional fields that CAR requires and you need to complete.
- On the issuance page at the bottom of the checklist, you sign and download the image of the ARC stamp and save to your hard drive for later use.
Here are some additional resources on our Resource Center to help you:
- How to obtain Voluntary rates for participating ARC’s for MAIP in SinglePoint, click here.
- Verifying insurance for MAIP policies, click here.
- The best, most comprehensive resource we have available regarding MAIP rating is Michele Gillen’s webinar (recorded from February of this year). We highly recommend taking about 30-40 minutes of your time and watching it: click here to watch MAIP webinar. FYI you will first have to provide your name and email address before viewing the webinar.
And one more thing, Michele is hosting another webinar about MAIP rating and submitting to CAR website on June 20th at 10:00 a.m. Get all the latest information. Click here to register.
Of course you can always call, email or Live Chat us with questions.
