A New Approach to Insurance Innovation – Part 1

A New Approach to Insurance Innovation – Part 1

The insurance industry, like many others, has been undergoing a digital transformation over the past several years. The plethora of published thought leadership has alluded to change that is coming; however insurers are caught between not wanting to make costly … Continue reading ▶
The post A New Approach to Insurance Innovation – Part 1 appeared first on Accenture Insurance Blog.
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PSA: Lo$t & Found

So, got this in email:”My Money Monitor Asking Medical Mutual Members for Social Security Numbers and Other Identifying Information to Help Get Unclaimed Funds”First, it should go without saying that one should never send this type of information without verifying the recipient.Second, I was a bit curious as to how this outfit was able to ascertain the names of MMO insureds: was the carrier selling its client list?Turns out that my fears were unfounded:”This company … pulls publicly available
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Risk-free term insurance? Not so fast…

Risk-free term insurance? Not so fast…

At LifeHealthPro, Brad Cummins (a fellow insurance pro and Buckeye) has an interesting, provocative article on the risks associated with buying term life insurance.Here’s a taste:”[S]ince every life insurance company has financial underwriting requirements, what you are eligible to get (as opposed to what you want to receive) may be exponentially different than what another applicant in another age bracket can buy.”This is key because most folks think that the only applicable underwriting criter
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Governor Declares State Of Emergency For Florida With Tropical Storm Erika Approaching

Governor Scott has just declared a state of emergency for the entire State of Florida and every county within the State. Let’s face it, as of this morning the forecast track and strength of Tropical Storm Erika has changed repeatedly with each hurricane center update. But as of the time that I am writing this post, it is predicted to traverse the spine of the Florida peninsula and could have wide-reaching affects for Florida residents.
Please be sure that preparations are taken so that you and
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Learn How to Solve the UBI Puzzle at Insurance Telematics USA 2015

Learn How to Solve the UBI Puzzle at Insurance Telematics USA 2015

The Insurance Telematics USA 2015 conference (September 2–3 at the Radisson Aqua Blu in Chicago) is coming up fast, and I hope you can join me. Visit us at booth 30/31 to learn about our…
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Popular San Francisco Neighborhoods, Demographics & Auto Insurance Rates

Each San Francisco neighborhood has characteristics that make it unique. From the pricey, Victorian homes in Pacific Heights to the hot startup / tech scene in SOMA (where our offices are!), each area has it’s own personality and vibe. Now, you might ask, what on earth does this have to do with car insurance?

Auto insurance rates are largely affected by demographics, so we decided to examine how these characteristics of some of the popular San Francisco neighborhoods factor into your auto insur
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Force-Placed Insurance Class Action Survives Motion to Dismiss

Force-Placed Insurance Class Action Survives Motion to Dismiss

I recently blogged about the issues regarding forced-placed insurance policies, how you can prevent them, and why insurance companies benefit from these types of policies. On August 6, 2015, U.S. District Judge Kenneth Marra denied a motion by Deutsche National Bank Trust and the American Home Mortgage Investment Trust (AHMSI) ruling that homeowners could pursue claims under the Florida Deceptive and Unfair Trade Practices Act (FDUTPA) and the Florida Consumer Collection Practices Act, as well a
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Do We Need Better Building Codes, or Better Enforcement?

Do We Need Better Building Codes, or Better Enforcement?

I got a call this morning from a public adjuster wanting to discuss building code coverage.1 In doing some research for her, I came across an article advocating more stringent building codes: Marking 10 Years Since Katrina, Consumer Agency Calls For Stiffer Building Codes. Considering the article in connection to recent conversations I’ve had with public adjusters and general contractors, it made me wonder: do we need better building codes, or simply better enforcement of existing building cod
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Home maintenance: What’s the life expectancy of various parts of your home?

Ongoing home maintenance is important in preventing any losses that may trigger insurance claims. It can be helpful to have a guideline to gauge the expected lifespan of certain home infrastructure systems and components. When it comes to experts about … Continue reading →
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A Call To Action: Be Part Of The Solution

A Call To Action: Be Part Of The Solution

If you’ve ever received an email from me, you know I try to inspire people with the tag line under my signature: “Make a difference today.” This post no doubt reaches a wider audience than my email. We need to make a difference, together, today and every day.

Those within the property damage insurance industry must each do their part in addressing the many problems we all face day to day.1 This blog addresses one such problem I faced this week. I will write a series of posts detailing add
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New Mexico Singing the Blues

If you live in New Mexico and want Obamacare with a subsidy, Blue Cross will not be one of your choices in 2016.Blue Cross and Blue Shield of New Mexico has confirmed that it will not offer on-exchange individual health insurance products on the New Mexico Health Insurance Exchange in 2016. According to the insurer, the premium rates BCBSNM charged for individual insurance products in 2014 and 2015 did not cover the claims costs the insurer incurred — ultimately resulting in a $19.2 million l
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No Crystal Ball Necessary

No Crystal Ball Necessary

Another co-op bites the dust. This time it’s Dirty Harry’s home state of Nevada where operations will cease at the end of 2015. Just a short 15 months ago Bloomberg touted the “successful” start of the Nevada Co-Op in this article and referenced how they had the lowest rates in Las Vegas.Fast forward to today’s press release. Here’s a few quotes from the company, one of it’s board members, and the co-op CEO. Definitely not the success they envisioned.“It is with deep sadness that based
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Insurance and the shift to the renting economy

Whether it’s attributable to the lagging economy, the aftereffects of the Great Recession, or millennials struggling with student debt, home ownership in the US has dropped to 63 percent of the population, the lowest rate since 1967, according to the … Continue reading ▶
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Insurer customer retention requires dedicated strategy

Insurer customer retention requires dedicated strategy

Customer retention is a distant consideration behind growth and profitability for insurers, yet each percentage point of retained business can amount to millions of dollars in premium revenue. Even the best-in-class commercial carriers achieve retention rates in only the mid … Continue reading ▶
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CMS Alert: Upcoming Reduction in Time Frame for Referrals of Delinquent Debts to Treasury

On August 5, 2015, the Centers for Medicare and Medicaid Services (CMS) released an alert indicating that the time frame for referrals of delinquent debts to the U.S. Department of the Treasury will…
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September 2015 Preview: Historical Catastrophe Activity

September 2015 Preview: Historical Catastrophe Activity

Historically, the most active period for Atlantic hurricanes is late August through September, with a mid-September peak. The most significant September tropical event in the last ten years was…
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Have Something to Say About Citizens’ Proposed 2016 Rate Changes for Commercial Property and Homeowners Policies? Here’s Your Chance

If you happen to be at or near the Florida Senate Office Building at the State Capitol Building this morning, the Florida Office of Insurance Regulation (FOIR) is conducting a public hearing in Room 401 at 9:00 AM to discuss Citizens’ proposed 2016 rate changes. Whether the rate increases or decrease, the proposed changes would have a direct impact on premiums paid by those insured under a Citizens commercial property, homeowners, or mobile home policy. This is a unique opportunity to not only
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