Compiling dead animal carcasses to stage an no-fault accident may seem like too much effort for most, however there are some auto insurance fraudsters who will come up with anything to make some extra money from insurance companies.
Some extra money being about $5 million, and some auto insurance fraudsters being an alleged mob associate.
In light of Hurricane Preparedness Week, it is only fitting that insurance companies also have their fair share of preparing for disaster.
Citizens Property Insurance Company in Florida is confident that any storm that passes their way will be able to be managed effortlessly. By limiting the amount of policyholders, they are able to spread the risk to other insurers in Florida. Doing so they now hold a record amount of $7.6 billion in surplus, enough to pay claims of any hurricane that approaches.
As the hurricane season approaches, Hurricane Preparedness Week begins on Monday May 25th and goes through May 31st. Insurance agents are encouraged to keep their clients as prepared as possible to prevent future losses, especially during this time of potentially great disaster.
Hurricane Sandy has taught us that insurance agents may become extremely busy with this catastrophic season. Over a year later, insurance claims are still being submitted on top of the 143,000 insurance claims already in process. To help relieve some of the stress, here is a hurricane preparedness list to keep your clients, and yourself, ready for even the worst of the season.
If insurance companies and carriers are looking for a new route to take, they should consider alternative energy. With tax incentives and a mindful view of the future, investors are approaching this new industry with arms wide open. This, though, calls into question how alternative energy risks can be insured
Farmers Insurance Company filed nine class action suits against nearly two hundred communities in Illinois. They assert that the localities should have been better prepared for the severe weather that brought massive amounts of rain and flooding, increasing the amounts of claims from the insurance company.
That which we call a claim would not be so sweet, but a study administered by Erie insurance showed that insurance agents may be able to predict which of their clients are more likely to get into an accident based on their name.
It should not come as a surprise that to get ahead in the insurance industry, you will need to keep up with technology.
Despite what may seem quite obvious, there are a large amount of insurance agencies that are losing potential profit due to a lack of attention to technology implementation within their agency. This is seen especially in larger agencies, where delegation of tasks may be distributed to the incorrect department, thus losing efficiency and profit.
Procrastination has affected all of us in one way or another. Unfortunately putting off a task to the last minute and expecting to do a thorough job may be a utopian thought. Procrastination not only affects job performance, but it encourages repeat behavior. Is it possible to end the cycle of endless procrastination?
The California Department of Insurance announced today that USAA policyholders will see an average of 16.8% decrease for their homeowner and condominium insurance policies, which will save families an average of $167 annually.
With half of auto insurance shoppers going online to retrieve quotes, it’s not a surprise that insurance agents want buy these prospective leads to follow up with and potentially write more policies. What is startling is the amount of these requests that go by without a single follow-up call or email. Velocify’s recent study revealed that a 17% of the requests are not receiving any response from an insurance agent. The best way to make a lead work for an insurance agent is to simply work the lead.
With almost 3 billion internet users daily, it isn’t a surprise that most consumers gather more information online than finding out from their peers. A study shows that 81% of buyers do research online before purchasing a product or service. As an insurance agent it’s important to adapt with your consumers’ buying habits and move from a person-to-person referral approach to online referrals. This transition is made much easier thanks to Yelp and Google+ pages.
Ride-sharing service Uber is facing 13 separate law suits—2 of which are insurance related—and attacks from 11 different state insurance officials. Insurance officials such as Ohio’s Insurance Director Mary Taylor warn constituents that using such services like Uber and Lyft may leave them at risk because their personal insurance policies will not cover commercial services. Most others would agree, however, that it’s another classic case of established industry players and their lobbyists trying to deter entrepreneurs from taking away business they feel entitled to.
Mapfre, a leading Spanish insurance company, is responding to the law that California Governor Jerry Brown signed on October 3, 2013. This law will allow illegal immigrants to apply for driver’s licenses, California being the tenth state to move in this direction.
With the Terrorism Risk Insurance Act (TRIA) for renewal, many insurance agents questioning whether it should be extended. Originally signed by President George W. Bush in 2002 in the wake of the 9/11 terrorist attack, it was intended to be a temporary relief to stabilize insurance markets. It has since been renewed twice in 2005 and 2007, and last week senators agreed after months of debate to extend the act for another seven years.
In light of the recent Malaysia Airlines Flight MH370 incident, more are increasingly curious about how plane insurance protects passengers and the airlines.
Aviation insurance generally includes two main types of coverage: hull insurance and liability insurance. Hull insurance covers the plane costs, whereas liability covers any damage to property or people—what lawyers like to call ‘wrongful death.’
Starting a career as an insurance agent presents many different paths to choose. One of the main questions most newly licensed agents ask is “captive or independent?”
Both options have their advantages and disadvantages. In the end it is up to each individual to choose which fits best with their work personality.