The best insurance business advice I ever received was not to focus on top-line growth but to concentrate on sound and solid underwriting results. The rest will take care of itself. I tell my employees to show up each day, follow our business plan and stick to our code of conduct. This is coupled with a financial strength rating of A+, which says we will be here to pay if there is a claim. Philadelphia Insurance Company's strategy is straightforward in that we provide local representation and a contract that offers more and better coverage than our competition at rates that are fair but not the lowest. Insurers differentiate themselves in a variety of ways, including product, service, financial stability, history of operations. An insurance company has much to offer other than price; in fact, selling on price is a sure remedy for failure. Marketing insurance products is critical for success. These bids would be reviewed by claims staff members at Philadelphia Insurance Company, who have contractor experience and the technical expertise to settle this type of claim. Contractors would be requested to submit bids for completing the repairs. Perhaps it is estimated that it will cost $600,000 to put a new roof on this building as a result of the structure being damaged. In this case, a contractor would be sent to inspect the roof and file a report with the insurance company.

Claims are settled through negotiations with the claimant, which is typical of the way in which most claims are handled. A claim settlement then would be negotiated with the injured party taking into account the medical costs incurred; the amount of time missed from work and the extent of pain, suffering and anguish incurred. The next step is to speak to the injured party, and if a doctor was involved, to speak to the doctor and obtain the medical records.