For many years you have come to expect a very high level of service from Guarantee Trust. We are extremely aware of the choices you have in who you represent and with whom you place your business and we are vigilant in our Home Office in earning your business each and every day. We set high standards and work very hard to achieve them. And we have a really good track record in making good on our promise.
Recently, we have failed to deliver the service you deserve and that which we expect to provide you. For the first time in years, many areas in our company are stressed and behind in their work. And not just a little. I would like to quickly explain our circumstance and what we are doing to rectify the situation. While it’s never good to backlogged, if one had to choose a reason I believe they would select ours as the preferred source of a problem. Quite simply, we have experienced an explosion in new business being submitted. In total, our daily new business application count is up better than 50% year over year and it happened quite quickly. We have been inundated with new business!
We are all hands on deck and have formed a large team of employees who have volunteered from different Departments to work overtime and help chew through our backlog in Licensing and New Business. We are temporarily modifying protocols in Underwriting to straight through process a higher percentage of applications. We have reached out to highly regarded third party administrators to assist us in very targeted ways. Unfortunately, there is no quick fix and while we are doing everything we are able to responsibly do, it will be several weeks before our service levels will return to that which you have been accustomed.
We ask for your patience as we respond to a somewhat unexpected dramatic and sudden explosion of new business. We are always looking to grow our business and its difficult to feel bad when you are very successful in doing so but realize this growth has had consequences and that it has effected you in a negative way. For that you have my most sincere apologies and my commitment to return to our normal service levels as soon as we can possibly do so. Trust me in knowing that getting current in every area of the organization has the attention of our entire management team.
Thank you for your business and thank you for trying to understand our predicament. While we had projected and planned for healthy growth this year, what we have experienced is far beyond what we anticipated – both good news and temporarily bad news. Working hard on making the temporary bad a thing of the past.
Respectfully,
Richard S. Holson III
Chairman and President.
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