Contents-365
Protect your sports memorabilia - even if you aren’t getting a Super Bowl XLVI ring
February 3, 2012 | Keith Pequeno
Super Bowl Sunday means many things to many people, whether it’ s tailgating at the stadium, chicken wings and buffalo dip with friends on the couch, or just tuning in for the commercials and half time show. But for one team and staff it means much more- bling and lots of it. Although the league only gives the winning team $5,000 per ring, teams are known to spend much more- Super Bowl XLIV Champion’s the New Orleans Saints rings are believed to be valued around $30,000 each....
Managing Data in a Changing Insurance Environment
February 1, 2012 | Jon McNeill
In the past, the reliable broker who was friendly and knowledgeable had enough going for him that his book of business would grow over time. That's no longer the case. Competition has changed the insurance industry to the point that performance and service dictate to whom clients turn to for coverage....
Fraud. Mitigating it with Expertise
January 26, 2012 | Joel Makhluf
Financial servi
ces fraud rose 6% in 2011, according to the accounting firm BDO. Claims Journal recently ran two front page stories on the topic - one is a $1.1M insurance fraud case in NY and the other details how home insurance is the number one fraud target in the UK.Big deal, right?...
Art Valuation, Picasso and Reality
January 19, 2012 | Rob Chase
Let's talk for a moment about art. Specifically, art valuation and insurance.Oft discussed at museums and increasingly discussed on television shows like Antique's Roadshow, the value of art is actually determined by objective methods more than subjective leanings. I share this thought after reading a few recent articles on art fakes, supposed art thefts and accounts of art damaged by natural disasters and everyday accidents.What occurs to me, and hopefully to the folks who own art and those who hope to sell policies and process claims, is that art runs the gamut in terms of physical form and monetary value. What's hanging on your client's walls - or even being stored at their home or business - might have significant worth that needs to be insured....
Staying prepared for the unexpected this season
January 12, 2012 | Keith Pequeno
Building on Jon McNeill’s previous post, which talked about how insurance professionals can’t always depend on the weather to judge what types of claims they will be seeing, one thing that they can always depend on is that claims will still be coming in. The best approach to claims in any season is to always be prepared....
Mild weather means different types of claims this winter
January 9, 2012 | Jon McNeill
2011 held climate surprises and challenges for anyone who writes policies or insures clients. From rainstorms to severe conditions and even earthquakes, the challenge to all insurance carriers was clear - keeping clients informed and keeping the claims process moving....
Holiday season fires result in $500 million in property damage
December 22, 2011 | Joel Makhluf
The winter holidays are a time for celebration, and that means more cooking, home decorating, entertaining, and an increased risk of fire. According to the National Fire Protection Association, fires started by candles and Christmas trees account for nearly $500 million in direct property loss each year. ...
Finally a chance to get homeowner’s coverage right – for carriers and policy holders
November 15, 2011 | Jim Fini
As Brian Sullivan from Property Insurance Report points out: “Property Insurance is big: with $111 billion at play in the United States – $67 billion in homeowners insurance alone.” Yet, for years, property insurance – especially homeowners – has been so hobbled by inaccuracies that homeowners products...
Risk versus Rate Disconnect
October 31, 2011 | Rob Chase
Profit margins for homeowner’s insurance have always been extremely tight for insurance carriers and things may get worse before they improve according to a recent Aon Benfield report. As covered in Live Insurance News, the report shows potential profit in the home insurance market is dropping and may be attributed to property insurers not pricing homeowner policies in accordance with risk. This may come as a surprise to many consumers who have seen rate increases in their homeowner’s insurance policies, but according to the Aon Benfield report, rate hikes may not be enough to put carriers in the black. The uncertain economic climate compounds these challenges across the board for consumers, carriers and the state insurance regulators who are opposing rate hikes....
Survey finds insurance industry increasing their IT budgets in 2012
October 19, 2011 | Jon McNeill
Swiss Re reported recently that global catastrophic losses for the first half of 2011 will cost the insurance industry around $70 billion. That’s already the second most costly year on record for catastrophic losses, and we still have to add Q3 and Q4 losses for the final total. While some might think these numbers would leave the insurance industry strapped for cash, a recent survey from Novarica, a research and advisory firm focused on technology strategy in insurance and financial services, found that IT spending is expected to increase in 2012. ...