Insurance Xdate > Reports > MN > Luminate Bank


Commercial Insurance Overview

Luminate Bank is based in Hennepin county in Minnesota. They operate in the Finance/Ins/RE industry, specifically in Savings Institutions Except Federal, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

They have been with the same worker's comp carrier for the last 2 years. We see commercial coverage for them in 5 states including Arizona, Iowa, Illinois, Minnesota, Nevada.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.295. A 1.295 LCM overall is a bit high, but check the market comparison below for more details. Their LCM has decreased -9% which is a good sign. They either shifted to a better carrier tier, or were placed with a better carrier.

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Luminate Bank. This can give you an idea of what carriers might best fit your business.

$3.85$0.75
Erie Ins Grp
$1.50
$1.04$2.30
Berkshire Hathaway Grp
$2.20
$1.20$2.08
Hartford Fire & Cas Grp
$1.91
$0.83$3.56
Travelers Grp
$1.32
$0.85$3.85
Amtrust Ngh Grp
$1.85
$1.00$2.30
State Farm Grp
$2.09
$1.14$2.10
Selective Ins Grp
$3.03
$1.10$3.43
Markel Corp Grp
$2.06
$1.40$2.39
Proassurance Corp Grp
$1.65
$1.00$1.73
Liberty Mut Grp
$1.56
$0.75$3.20

Market Comparison for Luminate Bank

For the Agent

These are points that might help guide an agent as they look to approach a prospect.

  • A break in policy terms may indicate inconsistent work load which can result in substandard employment.
Needs Attention

LCM Rate

LCMs have the largest effect on your WC costs. Carriers file LCM's which are multiplied with the state approved Loss Costs for your employment classifications to create your policy rates. Carrier Groups have several Carrier Tier's each with their own filing, allowing their underwriters to price aggressively to overly prudent depending on the risk.

  • The LCM of the Current Carrier is Very Good, in the 0th percentile compared to peers.
  • In the last year, LCM Decreased by 9%. While peers Increased an average of 6%.
Good

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 16% of peers have changed carriers since last year.
  • Of those who changed carriers, 14.8% decreased their LCM vs those who stayed with their current provider who saw a 3.7% decrease, a difference of roughly 4x.
  • Current Carrier's market share is in the 25th percentile at 6.5% of the market.
Needs Attention

Business Owners

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Agents

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Policy Renewal Date
Current Carrier
Policy Number
SIC Code
NAICS Code
LCM
Multiple Locations
Multi State
Carrier Tenure
Revenue
Employees
Contact Phone
Website
Benefits
DOT
FEIN
Coverage History


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Carriers & Underwriters

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  • Competitive Class distribution
  • Appetite Analysis
  • Market Share Analysis