Snap polls reflect questions posed by members of the Celent research panel. This question is focused on how insurers are processing Covid based refunds. This snap poll was conducted July 9 - 10, 2020.
The question that was posed was:
• For the lines of business that you write, what kind of actions are you taking on the premium side - mark all that apply (and ignore any lines that you don’t write):
– For personal auto, we are giving all customers a % of premium refund
– For personal auto, we are giving all customers a flat amount premium refund
– For workers compensation, we are reducing payroll for all customers
– For WC we are reducing payroll for customers on request.
– For GL we are reducing revenue for all customers
– For GL we are reducing revenue on request
– None of the above
– Other
•For those transactions, how are you processing it? Mark all that apply
– We are processing individual endorsements per policy
– We did a bulk change for the book of business
– Refunds were issued outside of the policy system
– Other
– N/A
