Philadelphia Insurance Companies (PHLY) Overview

• Philadelphia Insurance Companies (PHLY) provides insurance coverage and risk management expertise across the U.S.
• PHLY focuses on customer service to policyholders, agents, and broker partners.
• PHLY is a member of the Tokio Marine Group.

Company Recognition

• A++ (Superior) rating from AM Best.
• A+ rating from Standard and Poor's.
• Recognized as a Best Place to Work by Business Insurance in 2024.
• Included on Forbes 2025 list of America's Best Midsize Employers.
• Named a Top Workplace by the Philadelphia Inquirer in 2024.
• Largest non-profit carrier in the U.S. with over 60 years of experience.
• One third ($1,500,000,000) of business are non-profits.
• Offers Best in class Risk Management Services at no cost to the insured.

Company Overview

• PHLY has over 2,000 strategically located employees.
• PHLY designs, markets, and underwrites commercial property/casualty and professional liability insurance products for over 120 niche markets.
• Producers can manage accounts via an online agency dashboard.
• New business applications can be submitted online, with quotes available in minutes.
• Online binding and renewal options are available for most products.
• Has a 95.7% overall claims satisfaction rating.
• TEAMPHLY supports local and national charities.

Financial Strength (2023)

• Gross Written Premium: $4,425,293 (in thousands)
• Net Income: $602,212 (in thousands)
• Total Admitted Assets: $12,771,655 (in thousands)
• Total Surplus as Regards to Policyholders: $4,034,510 (in thousands)
• Combined Ratio: 92.0%
• AM Best Rating/Financial Size Category: A++ (Superior)/XV
• S&P Global Rating: A+

PHLY Values

• Strive to exceed all expectations.
• Be Passionate.
• Embrace new and better ideas; innovation comes from everyone.
• Commit to growth and learning.
• Be accountable, as individual accountability helps achieve critical objectives.
• Act with integrity, regardless of the outcome.
• Develop positive relationships; PHLY values its people.
• Practice "work/life" balance.

Marketing Representative Responsibilities

• Solicit business through agents, wholesalers, brokers, and direct contact.
• Develop growth plans with independent agents.
• Develop referrals and document them in Salesforce.
• Meet with brokers/agents to discuss opportunities and build rapport.
• Handle ex-date calls and participate in weekly regional calls.
• Answer marketing 1-800-line phone calls and instant messages within 2 rings.
• Formulate individual marketing plans to increase new business.

Industry Dos and Don'ts

• Do maintain transparency in pricing, coverage, and exclusions.
• Do educate clients on policy details, coverage limitations, and exclusions.
• Do follow up consistently to build trust and loyalty.
• Don't overpromise and underdeliver.
• Don't overlook relationships with agents.
• Don't speak negatively of competitors.

Commercial Insurance Sales Process

• The business (insured) needs insurance.
• They seek assistance from an insurance broker (InterWest) to find insurance.
• InterWest obtains multiple carrier insurance quotes.
• The carrier sales representative (student) presents and sells the quote to the broker.
• The broker and insured then choose the best quote from various carriers.

Key Entities

• Insurance Carrier: Provides insurance policies and assumes financial risk.
• Insurance Brokerage (InterWest Insurance Services): Acts as an intermediary between clients and insurance companies, finding the best policies.

InterWest Insurance Services

• Full-service insurance brokerage established in 1992.
• Recognized for client service, culture, and community involvement.
• Offers a range of insurance solutions, including commercial coverage.
• Has multiple offices across California and Nevada.
• Provides tailored insurance solutions.

Sales Scenario Overview

• The task involves acting as a Philadelphia Insurance (PHLY) marketing representative.
• Meeting with InterWest Insurance Services.
• Presenting Commercial Insurance Package.

Current Situation

• InterWest Insurance Services is based in Chico, California.
• InterWest has received quotes from other carriers, including Pioneer Insurance Group and EverTrust Insurance Company.
• The incumbent (previous) carrier Pioneer Insurance Group will be offering a renewal quote; however, they will be cutting all the umbrella limits to $2,000,000.
• InterWest is giving the "last look" to PHLY.

The Wildcat Foundation

• A local non-profit organization supported by InterWest Insurance Services.
• Provides free meals, clothing, and events to underprivileged families.
• The goal is to convince InterWest why they should choose PHLY as the new carrier for The Wildcat Foundation.
• The package premium for The Wildcat Foundation comes out to $45,000 and the umbrella is $10,000.

PHLYTrac GPS Program

• The program began in 2016.
• There is a 19% frequency reduction.
• There are over 75,000 vehicles and growing.
• The program has protected 1 billion miles.
• There are over 2,000 policyholders enrolled.
• The goal is driver behavior modification.
• Protected vehicles in all 50 states.

PHLYsense

• PHLYsense is a sensor system offered to PHLY policyholders with property coverage at no cost.
• The system features water detection and temperature monitoring.
• It utilizes a cellular network, eliminating the need for Wi-Fi.
• PHLYsense includes account management, mobile app access, and online portal access.

Claims Scenarios and Services

• PHLY settles first-party automobile losses in ten days or less.
• Newly reported and opened claims acknowledged the same or next business day.
• National claims representation with Commercial Liability Claims Examiner niche expertise.
• There are 24/7 experienced and efficient claims service - consistent staff and industry leading paperless capabilities.
• They have a 69 Net Promoter Score (NPS) - 2023.
• It has a 95.7% Overall Satisfaction (OSAT) - 2023.

Key Definitions

• PHLY: Philadelphia Insurance Companies
• Broker: InterWest Insurance Services (middleman between PHLY and Insured)
• Insured: Business or Organization
• Incumbent Carrier: Current/Previous Carrier
• Marketing Rep: Sales Rep
• Account Manager: Assists business clients with insurance policies.
• Underwriter: Evaluates and assesses risks to determine coverage.
• Claims Representative: Handles, investigates, and processes insurance claims.
• Risk Management Consultant: Helps businesses identify and mitigate risks.
• Sales Producer: Sells, solicits, and negotiates insurance policies on behalf of an insurance broker.
• Agency Principal (President): Oversees the operations, strategy, and growth of an insurance agency.
• Premium: Amount paid to the insurance company for coverage.
• Occurrence and Aggregate: Per occurrence limit applies to a single claim; aggregate limit is the total payout for all claims combined in the policy period.
• Bind Order: Making the sale

Commercial Insurance Packages

• Commercial Insurance Package: A bundled policy combining multiple coverages.
• Commercial Property: Protects physical assets.
• General Liability: Protects against third-party claims.
• Commercial Auto: Protects against losses related to vehicles.
• Professional Liability: Protects against negligence claims.
• Commercial Insurance Umbrella: Provides extra liability coverage beyond primary policy limits.