We Are Riordan Insurance Group

A common question I’m asked is, how is it that YOUR companies can sell insurance at incredibly better prices than your competition?  Is it because they are subpar companies?

 No, all my companies are amongst the top companies in the industry.  When selecting insurance companies to represent, I asked some specific questions regarding the insurance company’s profit goals.  Some companies want to make 2 cents on the dollar, others just want to break even (a non for profit), and others want MORE profit, looking for 10 to 12 cents on the dollar. If every company starts with $100 base rate and assumes it will pay out $100 on average per claim and expenses, as an example, the company looking for 2 cents on the dollar will have to raise that rate to $102, while the company looking for 12 cents on the dollar will have to charge $112.  You can see how this changes rates on a simple level, now add in all the complex rating factors and that difference really starts to grow.  This profit margin also tells me how stable their rates will be.  If they are looking for smaller profit margins, the rates will be more stable in the long run.  This philosophy has worked!  With the marketplace taking massive rate increases … many in the double digits … my companies have taken smaller, more stable increases.  Over time, even those smaller increases can build up, which is why we are always remarketing our customers to make sure they get the best prices available, and we have implemented processes to monitor policies for any large changes in premium.

Some people say I’ve never heard of these companies, my current agent says it’s because they are a substandard company.

This is just NOT true.  Many of my companies don’t do much advertising.  They rely on their Independent Agents to put the word out in the community about their companies, or in my case, about my agency, then offer their companies to our customers.  If you look back on my idea of keeping your insurance premiums stable, it’s much easier to do with a company that isn’t dumping billions into advertising.  My companies pass that savings of a smaller marketing budget, onto my customers … providing more competitive and stable premiums.  Instead of focusing on marketing, they turn inward to make sure they are providing the best claims service in the industry, and they do!