Tuesday, November 6, 2012
High and Dry
Monday, November 5, 2012
When Football is No Fantasy
Professional athletes are a high-net-worth niche, but they need an education.
But while you’re watching the game, you might want to give some thanks that your financial life isn’t like that of some professional athletes. read more..
Sunday, November 4, 2012
Language Barrier
Clarity is key no matter what language is spoken.
"I hate to ask this," she began.
"Maybe I’ll hate to answer," I replied, "but let’s give it a shot." read more..
"Maybe I’ll hate to answer," I replied, "but let’s give it a shot." read more..
Saturday, November 3, 2012
Find Your Break-Even Number
The insurance ninja describes how to generate big incentive for your employees, one small number at a time.
A few years ago we started focusing on our break-even number. We identified that number as the amount of new/new revenue we would need on a daily basis to hit our growth goal. We anticipated our residual income would be flat, but factored in the loss of any large accounts that occurred on a weekly basis. We tracked this daily and every person in the company knew if we were hitting goal.
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Friday, November 2, 2012
Are Negligent Third Parties Increasing Your Client’s Experience Mod?
Albert was driving to pick up the office mail from the post office when another driver ran a red light and smashed into the driver side door. Albert was transported to the hospital and spent several days there recovering from his injuries. read more..
Thursday, November 1, 2012
U.S. Insurers Must Set Aside More Capital for Mortgages—Regulator
(Reuters) - Insurers must set aside more capital against their mortgage-related investments to protect against possible future downturns in the housing market, state regulators agreed on Friday. The National Association of Insurance Commissioners, a group of state insurance commissioners that regulates the industry, had expressed concern about whether insurers had enough capital on hand under current rules. read more..
Wednesday, October 31, 2012
Buffett on U.S. Economy: It's Getting Better All the Time
Imagine having your hands in so many industries that it’s possible to point to specific first-hand references when speaking of the nation’s economic condition—right down to the sale of machinery parts. read more..
Sunday, October 28, 2012
What Customers Expect Now When Filing a Claim
Insurers who provide a highly satisfying customer experience benefit from higher customer retention, reduced costs in acquiring new customers, and more word-of-mouth referrals compared to insurers that deliver less satisfying experiences to their customers. read more..
Saturday, October 27, 2012
Small-Business Consumers Need to See the Light About Claims Process
If processing a claim is indeed the moment of truth in an insurer’s relationship with customers, why are small-business consumers apparently being kept in the dark when it comes to how a loss will be handled? read more..
Friday, October 26, 2012
New Courses Target Cat, Workers' Comp Claims Handling
Driving successful claims outcomes begins with a solid education in the fundamentals. To this end, The Institutes has developed two new courses to equip claims professionals with the knowledge to facilitate accurate, timely, and efficient handling of catastrophe and workers’ compensation claims.
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Thursday, October 25, 2012
Thinking Beyond DRP to Deliver Better Service
New developments in computing and software technologies, smartphones and apps provide consumers with an increasing number of options to complete routine tasks. Consumers enjoy convenience, while service providers achieve efficiencies, savings and increased customer satisfaction. read more..
Wednesday, October 24, 2012
Unlock the Value of Your Recorded Statements
Recorded statements are required for a good claims file, but have traditionally been difficult to manage, access, and use as a strategic data asset. That’s beginning to change. As technology advances and costs decrease, leading insurers are using solutions that not only record and store statements, but drive better claims decisions. read more..
Tuesday, October 23, 2012
Salvage Solutions to Maximize Claims Recoveries
Increase your claim recovery values for salvage goods in a fraction of the time it takes with a typical process. Insurance companies don’t have to settle for local bids or leave the salvage with the insured for pennies on the dollar. Connect with SalvageSale and auction your damaged equipment and cargo online to receive significantly higher recoveries. Salvage buyers willing to pay top dollar for damaged goods are readily accessible via SalvageSale’s online auction marketplace. read more..
Monday, October 22, 2012
Pre-Event Risk Planning: A Long Way from “Skyball Catch”
Since the 1938 event, risk management--like baseball--has evolved into a much more sophisticated game.
In 1938, Zurich North America (then Maryland Casualty Co.) wrote public liability coverage for a record-setting event where a professional baseball player dropped a series of balls from the top of a 708-foot tower to teammates scattered below. read more..
Sunday, October 21, 2012
Educate the High Net Worth Customer
Helping affluent personal lines clients make smart insurance choices is smart business for independent agents.
Executives and other successful people typically accumulate their wealth over time and do not consider how their exposures have changed from year to year. When these individuals ultimately turn to independent agents and brokers for help, it’s often on the heels of an unpleasant situation—a mishandled claim or the inability to secure coverage on an important asset. read more..
Saturday, October 20, 2012
5 Scary Risks
Jack-o'-lanterns, pets and zombies invite risks
Halloween is a fun time of year with costumes, pumpkins and decorations. But what makes Oct. 31 so entertaining also makes the holiday dangerous. Click through the gallery to learn more about five Halloween risks and how to avoid them. read more..
Friday, October 19, 2012
Who Thought of That? Putting the Crowd to Work
How do we solve problems? How do we think of innovation, get new ideas, and think beyond the suggestion box? read more..
Thursday, October 18, 2012
Who Insures a Driverless Car?
Last Tuesday, California became the third state to legalize driverless cars, a concept automobile under development by Google that could one day revolutionize the way we drive. But the development raises a host of liability questions for insurers. read more..
Wednesday, October 17, 2012
Could Policies Written in Greek End Up Being Trojan Horses?
Would you ever drive a car while wearing a blindfold? How about signing a contract that could make or break your business without reading it? Most probably would not be so reckless. Yet many small-business consumers buy insurance coverage without having a clue as to what their policies actually say--and appear to be anything but happy about that state of affairs. read more..
Tuesday, October 16, 2012
Negligence and Hacking Attacks Top Cyber Liability Concerns
With ‘Anonymous’ hackers and negligent mistakes affecting even the biggest business entities, the importance of cyber liability insurance is increasingly becoming apparent. PC360 spoke with Michael Palotay, senior vice president of underwriting at NAS Insurance Services, about important trends in cyber liability insurance and what to look out for when assessing a company’s risk. read more..
Monday, October 15, 2012
4 Business Benefits to Having Credit Insurance
Most companies insure virtually every aspect of their businesses but neglect their accounts receivables. Show your customers how they can benefit from having this coverage.
The ongoing economic crisis is driving sales of a product that is new to many agents: trade credit insurance. This product, used extensively overseas but underutilized in the U.S., presents agencies with a great opportunity. read more..
Sunday, October 14, 2012
Partnering for Crime Prevention
More focus aimed at eliminating some of the massive medical fraud directed at the p&c industry.
The recent announcement by the Department of Health and Human Services and Department of Justice to form a National Fraud Prevention Partnership to address healthcare fraud is a step in the right direction. It's good to see industry groups such as the National Insurance Crime Bureau (NICB), Coalition Against Insurance Fraud (CAIF) and National Health Care Anti-Fraud Association (NHCAA) standing side by side with health and p&c insurers, as well as government agencies.
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Saturday, October 13, 2012
Multiple Buildings, One Policy: The Vacancy Clause
Questions regarding coverage for vacant buildings come up frequently in the FC&S Ask the Experts queue. The following examples illustrate two different outcomes regarding multiple buildings insured under one policy. read more..
Friday, October 12, 2012
Opioids Driving Workers’ Comp Costs, Lockton Says
Prescription opioids are a major reason for the skyrocketing cost of workers’ compensation insurance, as evidence points to harmful consequences from the long-term use of the medication, says a report from insurance broker Lockton. read more..
Thursday, October 11, 2012
Could Reinsurers' Bundling of Risks Lead to a Financial Debacle?
As the reinsurance industry finds itself changing to meet the growing demand for cedents’ expanding appetite for risk, a study questions whether current underwriting practices could one day expose reinsurers to a financial debacle. read more..
Wednesday, October 10, 2012
CFA: Non-Driving Rating Factors Unfairly Weighted in Auto Quotes
Rating factors that have little to do with an individual’s driving abilities appear to have considerable bearing on the price consumers pay for auto insurance, a report from Consumer Federation of America asserts. read more..
Tuesday, October 9, 2012
Study: Homeowners Claim Costs Rising as Both Frequency and Severity Increase
Increases in claim severity and, more recently, frequency are responsible for a 7.4 percent annualized rate of increase in homeowners claims costs from 1997 to 2011, the Insurance Research Council says in a new study. read more..
Monday, October 8, 2012
I.I.I. Challenges CFA Auto Report by Pointing to Lower Consumer Costs
On the heels of a Consumer Federation of America report charging that auto insurers put too much weight on non-driving rating factors, the Insurance Information Institute released figures showing that insurers’ use of a wide range of rating factors has held down consumers’ expenditures on auto insurance. read more..
Sunday, October 7, 2012
Keeping an Eye on Things: The Scary Part of Telematics
Many are excited by the lure of lower rates from usage-based insurance, but how low can they go?
Disruptive is a word tossed around a lot in the world of insurance technology, but it’s difficult to argue with Deloitte Consulting’s Steve Packard—and others—that the use of telematics to make up what is known as usage-based insurance (UBI) fits that description. read more..
Saturday, October 6, 2012
Help Customers Create a "Culture of Preparedness"
A look at the Exxon Valdez disaster underlines the importance of bringing risk management into every aspect of your customer’s culture and operations.
By Kevin McPoyle, CIC, president and cofounder, KMRD Partners, Inc.
It seems so simple: Execute each task with care and consideration, and unintended consequences can be anticipated. This rule can be applied across a broad spectrum of actions—from backing a car down the driveway to picking up a pallet with a forklift and moving it across a warehouse floor. read more..
It seems so simple: Execute each task with care and consideration, and unintended consequences can be anticipated. This rule can be applied across a broad spectrum of actions—from backing a car down the driveway to picking up a pallet with a forklift and moving it across a warehouse floor. read more..
Friday, October 5, 2012
Multitask, Schmultitask: I'm Going to Single Task
The Insurance Ninja shares a dirty little secret: Doing multiple things at the same time means you are working subpar on everything you do.
What seemed like a good idea a few years ago now seems like poop soup. For the last 10 years of my life, I have been very proud of my ability to multitask: doing multiple things at the same time. But at age 43, I'm starting to really analyze my life and find myself asking, "Is this the best possible way I can live my life?" read more..
Thursday, October 4, 2012
Medicare Secondary Payment Bill Moves Forward; Enjoys Wide Support
A House panel today reported out legislation that would streamline enforcement of the Medicare Secondary Payment program. The legislation, H.R. 1063, is the SMART Act, or The Strengthening Medicare and Repaying Taxpayers Act. read more..
Wednesday, October 3, 2012
As Mobile Devices Catch On with Businesses, Data Breach Risks Grow
The rise of mobile devices has created uncertainties regarding what authority a company has over an employee’s personal device if it is also used for work-related activities, and what actions a company must take if a device is lost or stolen, according to experts. read more..
Tuesday, October 2, 2012
Top 10 Car Technologies for Mature Drivers
From smart headlights to reverse monitoring features, new technology is increasingly popular with older drivers.
Smart headlights, emergency response systems and reverse monitoring features rank highest in car technologies that enhance the abilities and promote safe driving for older motorists, according to a new study by The Hartford and MIT AgeLab. read more..
Monday, October 1, 2012
Bill Exempting Agent Commissions from MLR Passes Committee, but Faces Hurdles
Legislation that would exempt agent commissions from the medical loss ratio (MLR) calculation mandated under the healthcare-reform law passed a House committee today. The bill is H.R. 1206. It is sponsored by Rep. Mike Rogers, R-Mich., and Rep. John Barrow, D-Ga. It was introduced last March. read more..
Sunday, September 30, 2012
Property Technical Certification II Available for Claims Adjusters
KMC On Demand(SM) and a key insurance industry advisory committee have released the second Property Technical Certification (PTC) program, which focuses on exterior loss adjusting. read more..
Saturday, September 29, 2012
Underwriting Processes In Focus
Staying Current with the Latest Requirements
Some states have been busy this year adopting new and revised requirements impacting insurers’ underwriting processes. From credit scoring to hurricane deductibles to record retention, and other areas in between, these requirements need to be evaluated for potential operational impact. read more..
Friday, September 28, 2012
Comparative Negligence: The Million-Dollar Answer
Have you ever picked up a claims file and scratched your head as to how the adjuster arrived at their liability decision? Having run a quality assurance department for a large multinational insurer, I can say with certainty I’ve been in that position more than once. read more..
Thursday, September 27, 2012
Industry, Plaintiff Lawyers Support Bill to Streamline Medicare Secondary Payment Enforcement
A House panel has passed legislation, sought by both industry groups and plaintiff lawyers, designed to streamline enforcement of the Medicare Secondary Payment (MSP) program. read more..
Wednesday, September 26, 2012
WC Insurers Cautiously Bullish About Economic Growth
Workers’ Compensation insurers are benefitting from the continued growth in private-sector hiring and payroll over the past few years, but there is concern about a few dark clouds of economic uncertainty looming on the horizon. read more..
Tuesday, September 25, 2012
Parking Perils: Garagekeepers and Gunshot Damage
Most business owners who purchase Garagekeepers Legal Liability insurance are concerned about cars being stolen or vandalized while parked in their lots or garages. But sometimes there’s a much more serious twist—one involving gunshots and damaged cars. That was the case when one FC&S subscriber described the following unusual (and dangerous) situation. read more..
Monday, September 24, 2012
8 Unusual Insurance Coverages
A home, a car, a business: rarely do people own these without having insurance to protect them from the worst that can happen. But are you covered for what else can happen? read more..
Sunday, September 23, 2012
7 Questions About Remote Access for Independent Agencies
Saturday, September 22, 2012
When Wrecking Balls Strike
Another look at how to protect against these human disasters
In June’s column, I described a type of person I call a “wrecking ball,” someone who crashes in on a previously orderly life or business and creates chaos. To recap, a wrecking ball is a claim generator, a frequent flyer on E&O Airways. read more..
Friday, September 21, 2012
Take It Easy: Three Tips for Ease of Doing Business
The September issue of Tech Decisions will include an article I wrote about the carrier/agency relationship and the term those two sides love to debate: ease of doing business. read more..
Thursday, September 20, 2012
Hunt and Gather
Discover what your clients want with new social media tools
Do you remember George Orwell’s novel “1984” and its prediction of the all-powerful, all-knowing Big Brother who knew everything you did and thought? Well, 1984 came and went and, for the most part, we all laughed it off as silly paranoia. read more..
Wednesday, September 19, 2012
Two Claims Commandments That Must Be Obeyed
Handling Investigations and Communications with the Insured
Commandment I: Thou Shall Always Conduct A Thorough Investigation
Investigation is a search for truth. It is an art form where facts are established. It has been defined by the state of California, for example, as follows: read more..
Tuesday, September 18, 2012
Monday, September 17, 2012
Sunday, September 16, 2012
No surprises
Checklists, face-to-face meetings and visual inspections prevent surprise claims
“Nobody likes surprises.” We hear these words often and in so many phases of our lives. A surprise means someone either didn’t do his homework or did not communicate in a timely fashion. read more..
Saturday, September 15, 2012
Unconventional wisdom
Supreme Court decision sends healthcare law to voters
While it seems as though every institution in the nation’s capital leaks information like a sieve, the U.S. Supreme Court is sealed tight. No information gets out until all the justices say so. It’s amazing and refreshing. read more..
Friday, September 14, 2012
Feelings vs. Logic: How They Relate to Insurance Distribution Channels
Nort Salz, president and co-founder of Deep Customer Connections, believes the great insight the world received from psychology over the last century is that we are feeling beings who are helped by logic; not logical beings helped by feelings. read more..
Thursday, September 13, 2012
Analyzing Injuries Sustained In Low-Speed Accidents
Do the alleged injuries fit the vehicle damage? Does the force of the crash equate to the probability of injury? There are many ways that the vehicle helps you determine the force of the crash. In this article, we'll discuss the role of the biomechanical engineer in evaulating injury claims stemming from low-speed accidents. Based on the expert's conclusions, the claims adjuster can gauge the veracity of alleged injuries to make smarter coverage determination decisions. read more..
Wednesday, September 12, 2012
The Art of Negotiation in Claims
One of the most basic elements of the claims process is that of negotiation. So why is it that so many in claims organizations struggle with effective negotiations? Part of the problem is that the role of adjusters has evolved over the years. Prior to the advent of technology, adjusters primarily spent their time with boots on the ground. read more..
Tuesday, September 11, 2012
DOJ Language Crushes BP Oil Spill Settlement Hopes
LONDON (Reuters) - Hopes BP can settle early out of court on liability for its 2010 U.S. Gulf oil spill looked forlorn on Wednesday after U.S. prosecutors laid out a legal case for gross negligence on which tens of billions of dollars hang. read more..
Thursday, September 6, 2012
Vehicles “Held Hostage” by Towing Companies; Ransom Set for Half-Billion a Year
PCI report exposes high cost of abusive towing and storage in U.S.
The National Highway Traffic Safety Administration records approximately 16 million traffic crashes in the U.S. each year, resulting in 10.9 million tows. Expenses related to towing and storage of these vehicles in 2010 was $412 per claim, or about $4.5 billion a year. It follows that abusive towing practices can cause major insurance headaches. read more..
Wednesday, September 5, 2012
6 Agency Lessons I Learned in the Army
As a property and casualty insurance agency co-founder, I apply lessons I learned while serving in the U.S. Army. Some lessons are general in nature, such as the need for discipline, personal accountability, orientation on team goals, a clearly defined mission and state-of-the-art tools. Others are more specific. read more..
Tuesday, September 4, 2012
Bring Home The Gold
What Claims Organizations Can Learn From the Summer Olympics
The U.S. again has garnered worldwide acclaim for success in the 2012 London Olympic games. While there were some questions early on about Lady Liberty’s ability to outperform the Chinese, there was no doubt in the end as to the prowess of our nation’s Olympic athletes. read more..
Monday, September 3, 2012
Remembering Hurricane Andrew: 20 Years Later -- Slideshow
Twenty years ago on Aug. 24, Hurricane Andrew landed in Florida and taught the insurance industry lessons it still adheres to today. The industry had underestimated the power of Mother Nature and in doing so, felt it was prudent to provide coverage for an inordinate amount of coastal property. read more..
Sunday, September 2, 2012
Top 10 Stolen Cars in 2011: NICB Hot Wheels List
The National Insurance Crime Bureau (NICB) named the top 10 most stolen vehicles in the country in its annual Hot Wheels list. The report examines vehicle theft data submitted by law enforcement to the National Crime Information Center and then determines the vehicle make, model and model year most reported stolen both nationally and by state. read more..
Saturday, September 1, 2012
Mind Over Meds
Meditation may help in reducing the rising costs associated with using narcotics to manage long-term pain from on-the-job injuries
The overuse of opioid therapy in the U.S. to treat chronic pain is reaching an “epidemic” level, according to the American College of Occupational and Environmental Medicine. read more..
Friday, August 31, 2012
Conflicting Signals: Making Sense of the Latest Workers’ Comp Data
Claims frequency is down and written premium is up, but the sector’s inadequate reserve position needs to be watched closely
The 2012 edition of the National Council on Compensation Insurance’s (NCCI) annual State of the Line report, evaluating Workers’ Compensation fundamentals and conditions, reveals a market characterized by a number of countervailing indicators as to its forward trajectory. read more..
Thursday, August 30, 2012
Workers’ Comp State Legislation Battles to Watch
The lazy, hazy days of summer are about to give way to a frenetic presidential campaign season for the most powerful political position in the world. Lost in all the hype surrounding this national political drama are hundreds of barely watched and little noticed campaigns for legislative seats in statehouses across the U.S. read more..
Wednesday, August 29, 2012
NFL: Make Insurers Defend Concussion-Related Lawsuits
The National Football League is seeking coverage from insurers that it says have refused to provide a defense as the league faces hundreds of concussion-related lawsuits from former players. read more..
Tuesday, August 28, 2012
Par for the Course: Golf-Cart Accidents
Being a once-in-a-while golfer, I was interested in an article I received from CED Investigative Technologies concerning the rise in golf-cart accidents. According to the article, a local woman in Selma, Ind., died in a golf-cart accident that the coroner called an extremely tragic freak accident; and in Franklin, Tenn., a 15-year-old boy was killed and three other teens injured in a golf-cart crash. From personal experience, I can say that a good friend of ours had her shoulder shattered when she was hit by a golf cart while on the course. read more..
Monday, August 27, 2012
6 U.S. Cities on the Edge of a Fiscal Cliff
Friday, August 24, 2012
Top 10 Most Sensational Fraud Stories of the First Half of 2012
Anxious consumers and businesses are increasingly turning to insurance fraud to escape financial turmoil, giving little thought to the very real consequences of perpetuating this serious crime. Just as their schemes have gained in complexity and vigor, so too has the investigative acumen of law enforcement, insurance carriers, and industry organizations. read more..
Thursday, August 23, 2012
Going For the Gold: A Litigious Claims Environment
With the summer Olympic games underway, "going for the gold" seems like an opportune topic. However, many policyholders are not seeking a medal these days but rather money from insurers. In fact, a new personal injury lawsuit is filed every two seconds in the United States, making it the most litigious nation on earth. read more..
Wednesday, August 22, 2012
'Super' Independent Adjusters Pursue Education
Certifications, Learning Offer Competitive Advantage
There are certain immutable commonalities that unite people the world over. One is our reverence and childlike glee for Olympic hopefuls and superheroes alike—long after the flame has been extinguished and Hollywood has exhausted a seemingly endless barrage of sequels predicated on graphic novels. read more..
Tuesday, August 21, 2012
Independent Adjusters Stand Out
Training, Education Vital to Competitiveness
There are certain immutable commonalities that unite people the world over. One is our reverence and childlike glee for Olympic hopefuls and superheroes alike—long after the flame has been extinguished and Hollywood has exhausted a seemingly endless barrage of sequels predicated on graphic novels. read more..
Monday, August 20, 2012
10 Costliest States for Car Insurance
Think car insurance rates are high in your state? Many factors affect rates, including the costs of car repair and medical care, the level of insurance fraud in a state, the number of uninsured drivers, and population density. read more..
Sunday, August 19, 2012
Saturday, August 18, 2012
Friday, August 17, 2012
IIHS Luxury Safety Test: The Good, The Bad, and the Ugly -- Slideshow
The Insurance Institute for Highway Safety recently evaluated 2012-year-model midsize luxury and near-luxury cars in a new small overlap frontal crash test. Of the 11 vehicles evaluated, only three earned a “good” or “acceptable” rating, with the remaining eight cars earning either “marginal” or “poor” ratings. read more..
Thursday, August 16, 2012
Study: Drought Could Cause $2.8B in Losses for 12 Crop-Producing States
Due to prolonged drought conditions in the Midwest, underwriting losses for 12 major corn and soybean producing states could be more than $2.8 billion, a recent report warns, and the trade group representing the crop-insurance industry says insurers have already paid out $822 million so far this season. read more..
Wednesday, August 15, 2012
Little Relief Seen from U.S. Drought Despite Cooler Trend
CHICAGO (Reuters) - Midday weather maps indicate drier conditions this week for the already drought-stricken U.S. crop region than earlier forecasts had shown, an agricultural meteorologist said on Tuesday. read more..
Monday, August 13, 2012
Claims Due Diligence Minimizes BI Losses
The scenario is common. A piece of equipment (medical, manufacturing, communication) is damaged by an external electrical trauma such as lightning or a power anomaly. Your insured will oftentimes provide a quotation for a replacement system. The claims handler may perform research to determine if the claimed replacement is of like kind and quality when compared to the claimed system. read more..
Sunday, August 12, 2012
Improve Claims Performance with Better Information, Earlier
The insurance industry has always made use of data to make better decisions. The underwriting department of an insurance company has been at the forefront of data use for many years – using historical claims data as well as factors such as driver age, gender, credit score, and so on to project potential for loss, and make risk determination. read more..
Saturday, August 11, 2012
Analysis: Evidence for Climate Extremes, Costs, Gets More Local
OSLO (REUTERS)-Scientists are finding evidence that man-made climate change has raised the risks of individual weather events, such as floods or heatwaves, marking a big step towards pinpointing local costs and ways to adapt to freak conditions. read more..
Friday, August 10, 2012
Do Small-Business Buyers Like Insurers More Than Banks?
Insurance companies have struggled to maintain a positive image for customer service in light of the mainstream media’s focus on isolated incidents of unpaid claims, disputes over underwriting criteria and price-hike controversies. But as it turns out, insurers might be doing a better job than banks in keeping clients satisfied, at least when it comes to small-business consumers. read more..
Thursday, August 9, 2012
Exercise and the Older Worker
It's well known that Americans have gotten heavier over the years, such that 37.5 percent of adults were considered obese in 2009-2010 by the Centers for Disease Control. This higher weight adds to the chances of an individual having hypertension, diabetes, stroke, cancer and other health problems. Likewise, the Baby Boomers are aging at a rapid rate. The Bureau of Labor Statistics shows that workers 55 or older numbered 28 million in 2008—and by 2018 that number was expected to grow to 40 million. read more..
Wednesday, August 1, 2012
Tuesday, July 31, 2012
Handling Employment-Related Injury Claims
Applying Workers’ Comp, EPLI or Both
Several years ago, I was the agent handling an employment-related charge of sexual harassment that was filed against a high-ranking officer of a financial institution, who also was a prominent member of the community. read more..
Monday, July 30, 2012
Modern-Day Heists: Top 10 Collectibles at Risk
Non-cash Items are attractive, valuable targets for burglars
If you believe Hollywood’s depiction of a typical heist, you’d think that only cars and cash are the targets for thieves looking to strike it rich. Not so. The files of the Federal Bureau of Investigation are filled with cases of stolen art collections, militaria, and even moon rocks. read more..
Sunday, July 29, 2012
The Effectiveness of Arc Mapping To Determine Fire Origin Area
The science of fire origin and cause investigation can be a very complex subject. No two fires are ever alike and therefore, every fire investigation has its own particular set of challenges. However, regardless of whether the investigation is for a small vehicle fire or a large commercial loss, many of the steps used in competent fire investigation are the same. read more..
Saturday, July 28, 2012
Have Tech, Will Travel
A son’s film career keeps an insurance tech guy moving
I’ve been very fortunate in my career to have traveled all over the world for business: London, Paris, Tokyo, Hong Kong and many places in between. The challenges we all face when on the road is finding ways to work remotely while doing the work that needs to get done. read more..
Friday, July 27, 2012
Focus on Execution to Succeed
The hard reality is the insurance agency business model is fairly simple. You sell and service with a modest back office infrastructure. The business does not require a great deal of capital and you have the benefit of a relatively robust renewal commission stream although it requires a good service platform. You are subject to external forces beyond your control—your need to persevere through the economic collapse in the midst of a soft property-casualty insurance presented a major challenge. Despite the simple business model, executing the model is your biggest challenge. read more..
Thursday, July 26, 2012
Learning from the Losers
Wednesday, July 25, 2012
Being There: 2 Key Technology Tools Make Remote Work Possible
Just about every week, an independent agency owner or agent asks me some version of this question: “How is remote computing from hundreds or thousands of miles away just as secure as sitting at a computer in the main office?” read more..
Tuesday, July 24, 2012
Personal-Lines Insurers Can Thrive in a Multichannel World
Auto and home insurers might have a tough road ahead of them when it comes to expanding market share organically, but there are growth strategies they could pursue to capitalize on the evolving needs of today’s increasingly tech-savvy personal-lines consumers. read more..
Monday, July 23, 2012
e-Education and the Old ‘Fuddy-Duddy’
Sifting Through a Deluge of Updates
Once a month, I open an envelope from the National Underwriter Company and out drops a hundred or more pages of additions, updates, and replacements for my nine volumes of Fire Casualty & Surety Bulletins. It takes me about half an hour to sort the pages, figure out what to keep and what to discard, and re-stack the books in my insurance library. read more..
Sunday, July 22, 2012
Punitive Damages and Social Media Transform Litigation
Bad faith claims and technology are among the hottest trends in insurance litigation today. PC360 spoke with two professionals in the field—Robert Miller, senior vice president and director of liability and property claims at Mitsui Sumitomo Insurance Group, and Donald Myles, a partner with the Phoenix, Arizona-based firm Jones, Skelton & Hochuli—about changes in punitive damages, the use of social media in injury claims and the need to get young partners involved early on in defense trials. read more..
Saturday, July 21, 2012
Friday, July 20, 2012
Assessing Damages Post-Catastrophe
Wind, Water, and Pre-Existing Structural Defects
In the event of a tornado, hurricane, or severe tropical storm, the potential for damage to nearby buildings and civil structures is significant. This potential increases with various factors, such as the proximity of the storm event to the structure, age, construction quality, engineering, and materials used in construction. read more..
Thursday, July 19, 2012
Cat Preparation 101
The memory of last year’s unprecedented cat season is still fresh in the minds of most insurance buyers. Take a step-by-step approach to pinpointing risks and handling claims when loss is inevitable.
For many businesses, the 2012 U.S. East Coast hurricane season coincides with a particularly precarious time. Although the economy in some areas of the world appears to be edging toward recovery, budgets remain tight and insurance rates for property catastrophe coverage are up as much as 25 percent. read more..
Wednesday, July 18, 2012
Adopting The Paradigm of Success
It’s no secret that one of the best ways to gain a competitive edge is to simply understand what your competitors are doing right and wrong. Both success and failure can come in many forms. At the end of the day, however, it boils down to three key competencies: people, processes, and technology. Organizations either get them right, or they do not; unfortunately the latter is more prevalent. read more..
Sunday, July 15, 2012
Your Family Emergency Plan
This white paper will provide a step-by-step guide to creating a family emergnecy plan, which can be enacted during fires, severe weather and floods. read more..
Saturday, July 14, 2012
Insurance Regulation Report Card: Top 5 and Bottom 5 States
The R Street Institute recently released a report card grading the insurance regulatory environments in each of the 50 states. The report card measures states on 14 objective variables to gauge the extent to which their insurance regulatory environments embody the principles of limited, effective and efficient government. read more..
Friday, July 13, 2012
‘What Can We Do About Ben?’ Examining the Duty to Advise
When faced with claims against agents and brokers for failing to properly advise their clients, courts have generally found that agents and brokers are not “risk managers” and are not responsible for advising their clients to purchase specific types or amounts of coverage—absent “special circumstances.” read more..
Thursday, July 12, 2012
When Legacy is a Good Thing
Only in insurance technology can a positive word take on negative connotations.
Ask a person about the legacy they want to leave, and the conversation will turn reflective and sincere. They may tell you about their commitment to making sure that their work is solid, delivered with integrity, and enduring. read more..
Wednesday, July 11, 2012
Two Steps to Building Business Through Facebook
By Robyn Sharp
Tuesday, July 10, 2012
Are You a "Conversation Company"?
By now you're probably sick of hearing about how important it is for your business to be involved in social media. Chances are if you're reading this, you're already actively engaged on Facebook, Twitter, LinkedIn and elsewhere. read more..
Monday, July 9, 2012
Contamination & Miscues: Protecting Against Product Liability
Competition in the Recall space heats up as companies face increasing federal regulation
Interest in Product Recall and Liability insurance is rising among companies in the U.S., especially as supply chains grow ever more global, thereby exponentially increasing exposures to manufacturing and distribution problems. read more..
Tuesday, July 3, 2012
Supreme Court Upholds Healthcare Law
By Allison Bell
In one of the most anticipated rulings of the century, the Supreme Court has announced its decision on the Patient Protection and Affordable Care Act of 2010. read more..
Monday, July 2, 2012
The Price May Be Right, But Other Factors Sway Personal Lines Buyers
In terms of deciding whether to change personal-lines insurers and which new carrier to choose, price remains the primary—but not only—factor considered by auto and homeowners’ consumers. read more..
Sunday, July 1, 2012
Cautionary Tales: Nine Recent Recalls Highlight Need for Product Liability Coverage
Interest in Product Recall and Liability insurance is rising among companies in the U.S., especially as supply chains grow ever more global, thereby exponentially increasing exposures to manufacturing and distribution problems. read more..
Saturday, June 30, 2012
Government Website Offers Insights Into Competitors’ Flaws
The U.S. Consumer Product Safety Commission gets some 400 product reports a year, says CPSC spokesman Alex Filip. The reports come in through the CPSC’s Safer Products website, http://www.saferproducts.gov/, which it set up a year ago as an information portal for consumers. read more..
Friday, June 29, 2012
A Sampling of Recent Recalls
Death and injuries force recall: In May, Wal-Mart Stores Inc. and Toys “R” Us Inc. recalled some 21,000 inflatable Banzai water slides for in-ground pools after one woman died from a fractured neck and two people reported neck fractures, including a man who was paralyzed. All three injuries resulted from victims hitting their heads on a hard surface at the bottom of the slide because it had partially deflated. read more..
Thursday, June 28, 2012
Are Potential Employers Making Private Info Public?
Not being a computer aficionado, I cannot understand why anyone would list his or her comings and goings, likes and dislikes, private practices, pictures and relationships on the computer. In my opinion, this personal information is interesting only to the person who publishes it. I also thought that such information was private until I read about some companies requesting/demanding Facebook usernames and passwords from potential employees. This tactic hit home recently when my daughter was faced with this issue while applying for a job. read more..
Wednesday, June 27, 2012
Innovation Overdue for Consolidated Premium Billing
Deploy the latest billing technology improves service and supports key strategies.
Consumers have become accustomed to high levels of personalization online. Retail sites greet them by name, offer tailored product recommendations and track their order history. Online banking posts purchases in real time and even helps account holders track the charges against their family budgets.
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Tuesday, June 26, 2012
Four Key Steps for Carriers to Digitally Empower Their Agents
Consumers’ desire to incorporate digital channels as part of their buying process is causing a shift in the role of agents and brokers, still the primary channel for insurance distribution. read more..
Monday, June 25, 2012
Pulling Off The Unthinkable
What Claims Can Learn From the NHL Playoffs
By just about any account, the Los Angeles Kings had a pretty ordinary regular season, finishing third in the Pacific Division and barely making their way into the NHL playoffs as a number eight seed. It was right about that time the 2012 version of the "Miracle on Manchester” began to happen when the team came together to systematically dismantle their opponents while tying a league best postseason record of 16-4 on their way to winning the Stanley Cup. read more..
Sunday, June 24, 2012
Employees: Your Greatest Asset and Your Greatest Challenge
People are the key to success in any organization. An organization may have the most advanced processes or innovative technology, but success will not happen without the right people to make it all work. In a day and age when cutbacks are the norm, having the right people is even more critical. Success only comes when the right people are in place; the wrong people can become an anchor in any organization. read more..
Saturday, June 23, 2012
Proving Damage In Fine Arts Claims
Measuring the Extent of Damage and Subrogation Potential
Fine art losses come in many shapes and sizes. Often, fine art is a relatively minor component of a homeowner’s or commercial property claim. Occasionally, however, damaged art represents the vast majority of a claim. read more..
Friday, June 22, 2012
Predictive Analytics with Predictable Problems
Evaluating Auto Accident-Related Injuries
Predictive analytics is a valuable tool and is being applied to a growing number of areas in auto insurance operations. In recent months, I have fielded questions about the benefit of applying predictive analytics to a combination of auto physical damage data and medical data to identify questionable injuries. read more..
Thursday, June 21, 2012
Top 10 Most Dangerous States to Drive In
Motor vehicle crashes kill more people between the ages of five and 34 than any other cause, according to the U.S. Centers for Disease Control (CDC). These crashes cause billions in losses for insurance companies as well as in lost production for the states they occur in. read more..
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