Extra Weight Appears to Give Hybrids Edge in Safety

By Phil Gusman, PropertyCasualty360.com  November 17, 2011

NU Online News Service, Nov. 17, 12:52 p.m. EDT
Due in part to their heavier weight compared to their standard counterparts, hybrids have a safety edge over their conventional twins when it comes to crashes, according to the Highway Loss Data Institute (HLDI), an affiliate of the Insurance Institute for Highway Safety (IIHS).  read more..

Credit Scoring: A Consumer's Perspective

By David Thamann  November 28, 2011

It is no secret that insurance companies use the credit scores of individuals as one tool in the approval/disapproval process and in establishing premiums. Most courts allow this process as long as the scoring is uniformly applied to all insureds and is consistent with the purposes of the individual state's insurance code. But just because credit scoring is legal does not make it right.  read more..

Reinsurance’s Role

By Chad Hemenway, PropertyCasualty360.com
From the November 14, 2011 issue of National Underwriter P&C

As a part of the vertical layering of risk and sharing of losses, reinsurance is naturally playing an important role in this increasing need for a buffer layer, according to James Drinkwater, president of AmWINS Brokerage.  read more..

Many Farmworkers Denied Workers’ Compensation Benefits

Migrant and seasonal workers often are not afforded coverageBy Caitlin Fairchild    November 12, 2011

Although agriculture is one of the nation's most hazardous industries, about half of all states allow agricultural employers to provide little or no workers’ compensation coverage for migrant and seasonal farmworkers.  read more..

Insurers Give Themselves Low Marks in Customer Service

By Staff Writer  November 10, 2011
NU Online News Service, Nov. 10, 3:06 p.m. EST

Insurers that individually invested $30 million, on average, in analytics and mobile capabilities over the past three years still believe they should be doing more to win over customers, according to a survey by Accenture.  read more..

Avoiding Property-Adjusting Blunders

Getting Back to the BasicsBy John A. Postava    November 14, 2011

In 2004 (hard to believe it was more than seven years ago), hurricanes Charley, Frances, Ivan, and Jeanne brought more claims adjusters to Florida than swampland speculators in the 1920s. In retrospect, the “Fearsome Foursome” generated more than 2 million property claims. Just the sheer number of claims alone required adjusters to increase productivity to meet the demands of homeowners.  read more..

'Why Won’t My Adjusters Listen to Me?'

By Christopher Tidball    November 10, 2011

To listen can be defined as "to make an effort to hear something or to pay attention or heed what is being said." A seemingly ubiquitous complaint across the insurance industry is that of management concerned by staff that fails to listen, follow procedures, pay attention, or heed instructions.  read more..

RMIC HOLIDAY SCHEDULE

Thursday, November 24 & Friday, November 25 ~ Closed for Thanksgiving

Chicken and the Egg

No matter the market, sales and service should be inseparableBy Jack Burke
From the November 2011 issue of American Agent & Broker

There have been a lot of conversations this year about the hardening or firming of the elongated soft market due to worldwide catastrophic losses. Agency owners and producers find themselves in the proverbial spot that exists between a rock and a hard place. Hard markets mean higher premiums and higher commissions, which they like. But clients aren’t all that happy with higher premiums, particularly in a down economy. read more..

The Comeback Kid: Buffer Liability

By Chad Hemenway, PropertyCasualty360.com

From the November 14, 2011 issue of National Underwriter P&C

The last time buffer liability insurance was in vogue, Ronald Reagan was in the White House and Tom Cruise crooned “You’ve Lost that Lovin’ Feeling” with his flight-school buddies in the movie “Top Gun.”  read more..

Social Media Strategies For Claims, Underwriting

Claims Magazine November 2011   By Christina Bramlet, PropertyCasualty360.com

It’s clear that social media usage has risen in all age groups, and the large swaths of information posted by individuals reflect preferences, lifestyles, habits, and, in some cases, neuroses. Insurers can use this mounting social data to create a real-time risk profile while shaping more effective claims and underwriting operations, Celent explains in its new report, “Using Social Data in Claims and Underwriting.”  read more..

All Criteria Not in Line for Rapid Market Turn

October 26, 2011   By Chad Hemenway, PropertyCasualty360.com

NU Online News Service, Oct. 26, 2:44 p.m. EST
Many of the factors that need to be in place for a property and casualty market turn are not—at least not to cause the type of sharp turn toward a robust hard market, says economist Robert Hartwig.  read more..

Time for No-Fault Reform

A 40-year-old concept gains traction in tough tort environment
American Agent & Broker November 2011

By Neil Alldredge

Over the past few years, increasing frustration with fraud, abuse and massive cost increases in several jurisdictions has forced legislators and regulators to take a serious look at reform of their state’s no-fault laws.  read more..

New NCCI Study Focuses on Medical Services

November 2, 2011   By Joan E. Collier, PropertyCasualty360.com

According to a new research report from the National Council on Compensation Insurance (NCCI), the slowest payout rate of any workers’ compensation service category is for prescription drugs. Overall, less than 20 percent of prescription drug costs for lost-time claims are paid by the end of the sixth relative service year.  read more..

CPCU Society Names 2011-2012 Board Members

November 3, 2011   By Staff Writer

During its recent 67th annual meeting and seminar in Las Vegas, Nev. from Oct. 22 to 25, the CPCU Society announced new board members. The following elections are effective immediately:  read more..

Putting the “AIM” in the Claim

November 3, 2011   By Christopher Tidball

How do you know if your claims organization is producing a quality product? After all, there are numerous ways to identify quality, right? While no two carriers or claims processes are alike, there are often similarities. From FNOL, abandonment rate, and contact timeliness to cycle time, alternative parts utilization and average indemnity, there seems to be no shortage of usable metrics. But is this the optimal way to gauge performance?  read more..

Responding to Auto Subrogation

Accurate Resolution Yields Fast Financial Gains
Claims Magazine November 2011   By Christopher Tidball

What happens when subrogation demands come into your organization? If you are like many in the industry, then responding is not necessarily a high priority. In the eyes of some handling these types of claims, it is often viewed as being just another carrier on the other end of the demand.  read more..

Occupy Wall Street’ Will Test Public, Private Sector Liability Coverages

October 31, 2011

By Caroline McDonald, PropertyCasualty360.com
NU Online News Service, Oct. 31, 12:41 p.m. EDT

The Occupy Wall Street movement, which is ongoing and has now spread to a number of cities across the United States, will test both public and private entities when claims start rolling in, according to a risk-management expert.  read more..

Is It Time to Rename the Claims Department?

Why Titles and Labels Matter
Claims Magazine November 2011  By Charles Hunter Mcree

When I heard the film title, “The Adjustment Bureau,” I thought, “Wow, finally! Hollywood has made a movie about the claims profession!”  read more..

Experience Is the Best Teacher

"What Happens After The “Classroom”
Claims Magazine November 2011   By Diana Reitz

I firmly believe that education and training are essential for all insurance professionals, and perhaps most importantly for claims adjusters because they are the ones who are the first in line to interpret insurance coverage language on the primary level. They have the initial opportunity to voice a “nay” or “yay” when a claim is filed, investigated, and consequently accepted or denied.  read more..

Speaking Of: Contents and Restoration Training

With Taylor W. Wells, Rainbow International

Claims Magazine November 2011   By Christina Bramlet, PropertyCasualty360.com

Claims spoke with Taylor Wells of Rainbow International about the key to churning out restoration professionals who are ready to tackle a range of jobs, from water damage to crime and trauma scene work so policyholders can get on with life as they know it, ask quickly as humanly possible.  read more..

Selling Insurance, Hollywood-Style

Claims Magazine November 2011   By Christina Bramlet, PropertyCasualty360.com

"We insure your dreams.” That’s the slogan of fictional BrownStar Insurance agency in a newish farce starring Ed Helms of The Office. The movie melds Will Ferrell-esque buffoonery and double entendres with tenderhearted moments nearly as sweet as the butterscotch candy Ed’s character, Tim Lippe, hands out a little too enthusiastically.  read more..

Policyholder Misinformation Cost Auto Insurers $15B Last Year

Insurers Can Plug Premium Leakage with Better Data
November 1, 2011

By Christina Bramlet, PropertyCasualty360.com

It can be difficult to calculate the extent to which deficiencies in communication and the availability of credible data undermine insurers’ profitability. Auto insurers are acutely aware of this, as many drivers misrepresent annual mileage or fail to report life changes that affect the calculation of premium, and, by extension, the potential risk assumed by the carrier writing the policy.  read more..

You and Technology: A Beautiful Friendship

American Agent & Broker November 2011   By Gregory A. Maciag

Technology isn’t the enemy. It also is not the silver bullet for all that ails a business. So what is it? It’s a set of resources and capabilities that help agencies and brokerages do more, focus on core business and compete in an always-tough marketplace.  read more..

Mirror, Mirror on the Wall

Build a successful content strategy plan using social media
American Agent & Broker November 2011

By Rick Gilman, APR, CMP

We've all heard or used the phrase, "Knowledge is power." For years, people and businesses valued their assets at the level of information they had and what secrets they kept. Data and information were doled out sparingly, with people holding back on the juiciest pieces.  read more..

Should Scene Investigation Be Optional?

October 25, 2011   By Christopher Tidball

It has been said that a picture is worth a thousand words. When it comes to insurance claims it can be worth thousands of dollars.

During my tenure as a quality assurance director for a large multinational insurer, I was surprised at the frequency of claims files lacking a quality scene investigation. In many cases, even a trip to Bing Maps or Google Earth would have sufficed, but even these were conspicuously absent. read more..

Changing Times, Changing Education Strategies

Ways of learning have changed, so have the students
October 31, 2011   By Douglas Dell

In years past, many people landed their first jobs thanks to their education and perhaps some industry knowledge. Companies offered a long ramp-up time for employees to learn the organization, presented chosen candidates with a clear path to leadership, and conducted training via seasoned workers, written materials, or formal classes. A “new person” had a cocoon of time to develop in a company, learning about its people and processes.  read more..

New Liability Risks Connected to Social Media Revolution

October 6, 2011   By MICHAEL HAMILTON AND ELIZABETH DILL

Social networking Internet sites present their users with a vast array of personal and business opportunities, but these opportunities are accompanied by new risks.

As of September, the number of Internet users topped 2 billion and the explosion over the last 20 years has revolutionized communications with the use of social networking sites and blogs.  read more..

7 Essential Agency Technology Must-Read Tips

October 25, 2011   By Staff Writer

Successfully agile agents know that keeping up with technology provides them a solid advantage over the competition. From employing such tools as apps and online video to maximizing the utilization of social media, identifying best strategies in digital media has become essential.  read more..

5 Lessons to Learn from Occupy Wall Street

October 20, 2011  By Laura Mazzuca Toops, PropertyCasualty360.com

Take a look out the window. Chances are if your offices are in a major American city, a group of Occupy Wall Street protestors are converging near the financial district. In Chicago, the protests taking place on LaSalle and Grant Park can range from 30 or so to the hundreds, with protestors ranging in age from high school and college kids to the elderly.   read more..