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Jan 24
Big 'I' Flood Risk Rating 2.0: Lessons Learned and Looking into the New Year

In 2022, FEMA updated the National Flood Insurance Program's (NFIP) risk rating methodology through the implementation of a new pricing methodology called Risk Rating 2.0. Big “I" Flood partner Selective was there to help Big “I" agents adjust to the new guidelines every step of the way. As we begin a new year, Selective has shared some lessons learned from the first year of Risk Rating 2.0 and some thoughts for the year to come.

Communication
Communication about the changes and what an agent needed to do was extremely important.  Selective provided frequent and direct communication to agents early on and continued to provide this information, working hand-in-hand with agents to ensure a smooth transition.

To facilitate communication, it is imperative that Selective has current accurate email information for agents.  In 2022 many agents did not receive any of the numerous emails provided about training opportunities or key FAQs about Risk Rating 2.0 because Selective did not have accurate email addresses or agents had us “blocked."  Every agent should reach out to either your Selective underwriting team or your dedicated Selective Territory Manager to ensure Selective has an accurate email address on file.

Partnership
Flexibility and partnership were key to ensure success in the implementation of RR 2.0.  By partnering and working directly with agents, Selective and its appointed agents were able to support one another while maneuvering together through the ever changing RR 2.0 course.

Looking Ahead
As we prepare to continue our successful partnership in 2023, frequent and open communication between Selective and agents will be key. It will be a few more months until every renewal has been transitioned into RR 2.0.  Once May arrives the focus is going to shift toward working with agents to develop retention focused strategies.  Selective dedicated underwriting and sales teams are available to support their agency partners in any way to help retain their flood books.

Continued partnership is also going to be essential. As inflation starts to take hold and home sales start to decline, working with agents to find pockets of opportunities for new business growth will be a major focus for Selective in 2023.  There are many areas in the country that are more exposed to experiencing floods that in prior years particularly areas impacted by wild fires or real estate development.  These types of activities tend to change the landscape creating opportunities to sell flood insurance.

Future changes to the program always seem to pop up so Selective will continue its ongoing engagement with FEMA to understand what and when any future changes may happen so as to communicate this information out as quickly as possible.  Selective representatives have very strong relationships with FEMA staff and continues to share their thoughts and ideas around potential changes that could help improve the program.

Big “I" Flood and Selective are here to support you and our mutual customers. Be sure to visit Selective's dedicated Risk Rating 2.0 web site to stay abreast of the latest 2.0 updates, or learn more about Big "I" Flood at www.independentagent.com/Flood.

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​127 South Peyton Street
Alexandria VA 22314
​phone: 800.221.7917
fax: 703.683.7556
email: info@iiaba.net

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