How American Modern and AMSuite Can Help Your Agency Write Unique Coverages

October 12, 2016

Name: Rick Reynolds
Title: Senior Territory Sales Manager
Years at American Modern: 25
Years in the Insurance Industry: 25

Give us some background into American Modern.

American Modern was originally owned by The Midland Company (a family-owned company) and started out specializing in mobile home financing – both at the retail and wholesale level. We began offering mobile home insurance in 1965, and at one time, the company was completely vertically integrated – manufacturing, financing, selling and insuring mobile homes. The company was purchased in 2008 by Munich RE, one of the largest insurers in the world. Today, the company offers a full array of Specialty insurance products, including Dwelling Fire, Manufactured Housing, Collector Vehicle, Motorsports, and Boat/Yacht solutions. We are an A+ rated company, are rated in the Wards Top 50, and offer insurance in all 50 states. Our premium writings in 2015 were approximately $1.3 billion.

You’ve recently launched a new software solution for your agents, called AMSuite. What is AMSuite, and how does it benefit the agencies using it?

AMSuite is our new quoting, processing, billing and claims system that will be launched by state over the course of the next 2-3 years. We launched Ohio in July of this year. The biggest advantage the system affords is the ability and flexibility to offer enhanced products with more discounts, along with easier processing, including “pre-fill” functionality.

How can Indium agency partners transition to AMSuite? Does American Modern currently offer any incentives to encourage usage?

We offer numerous training tools for AMSuite, which can be found on the AMSuite site through our Training Center links. These tools include both self-taught and instructor-led webinar classes. Regarding incentives, we will be introducing our AMSuite quote incentive promotion exclusively to Ohio Indium agency partners in November. You must register to be entered, so look for an email from us coming soon!

As a company partner with Indium, you provide insurance services in both commercial lines and personal lines. What are some examples of signature products you offer in both of those spaces?

Our Vacant program on the personal lines side, and our Scheduled Landlord program on the commercial lines side are both products that are not commonly found in the marketplace. The Vacant program is available for non-occupied 1-4 family properties, whether it’s a rental property under refurb, or a home for sale with no occupant. The Scheduled Landlord program, which is available for 1-6 family properties, offers the ability for the larger investors to schedule unlimited properties on a single policy, which transitions multiple dec pages, bill dates, coverage forms, and expiration dates onto a single, manageable policy.

What are some examples of more unique coverages American Modern is able to help our agency partners with?

We have multiple features and coverages that are tough to find in the standard admitted marketplace:

  • Special Form/DP3 coverage for Vacant residential property
  • Rental property can be written under the name of an LLC or corporation
  • Occasional and Short Term rentals – whether it is a seasonal home periodically rented out, or a resort property where tenants are in and out every week
  • Lifelong Replacement Cost for Motorcycles two years old and newer – the coverage never falls off as long as the customer stays on the policy
  • Collector Vehicle premium discounts based on mileage/usage tiers

If you could give our agents one tip for successfully partnering with American Modern, what would it be?

Look to American Modern to round out your account or to access an account by offering a solution that otherwise may not be available to the customer. Use American Modern as a compliment to what you are already doing with the standard carriers.

What’s the easiest way for our agency partners to get in contact with you about a risk?

Indium agency partners have direct access to our Ohio Underwriter, Dixie Sears, who is available for Dwelling, Mobile Home and Motorsports. Please reach out to Indium for specific contact information for Dixie.

Collector Vehicle Team
elite_underwriting@amig.com
800-603-1556

Watercraft
877-459-7767

Commercial Lines
800-723-3722 x 6925

How can Indium agency partners connect with American Modern via social media?

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