October 12
DISRUPTION Insurers Face Radical Innovators…and Need to be Among Them
It is the rare insurance executive who would argue that innovation will drive a company’s competitive advantage and growth, yet most labor to spark innovation within their organizations. A new KPMG International report states that 48% say they are already being disrupted by new, more nimble, competitors. Based on a survey of 280 insurance executives […]
Mutual Admiration
The Financial Services Round Table notes that arbitration provides an efficient way for customers to resolve disputes with financial companies. A proposed new rule by the Consumer Financial Protection Bureau (CFPB) could push consumers’ arbitration of dispute resolution options back decades. Arbitration awards customers relief more quickly than lawsuits, which must make their way through […]
Quo Vadis, NARAB?
Insurance producers can be forgiven for their skepticism toward regulatory efforts to create a uniform national licensing process. Over the past couple of decades, as producers found it competitively necessary to expand their reach beyond their home state, they were introduced to the wonderful world of state individuality – each jurisdiction with its own set […]
Crime Insurance News: Bitcoin and Fraudulent Impersonation Coverages; Bitcoin Comes to Insurance
Bitcoin seems to be, as Winston Churchill said about Russia, a riddle wrapped in a mystery inside an enigma. Even the name Satoshi Nakamoto, the one claimed to have developed Bitcoin, seems to be an alias for some other person or persons. Nevertheless, in many ways using Bitcoin is not that different from what you […]
Are you Mobile-Friendly?
Unless you’ve been living under a rock for the last few years, you’ve probably caught wind of the Mobile vs. Desktop marketing saga, relating to customers actually buying products online from a desktop, versus buying and searching for products from their smartphone. When four out of five consumers shop on their smartphones and 40% or […]
Why You?
Why would someone choose you to handle their insurance protection? What makes you better than all the other providers out there? Do you really know what your customers think about you and your agency? Do you have any idea what consumers are looking for in an insurance provider? Why choose you, has come up a […]
Be Careful About Replacing ObamaCare
By Marilyn M. Singleton, M.D., J.D. Since the day the Affordable Care Act was enacted, we have been subjected to the “repeal and replace” mantra. Replacement offerings are basically slimmed down versions of the ACA. A few brave souls have proposed a straightforward repeal. Of course, such bills were merely making political hay since Obama […]
The Most Difficult Problem Facing Insurers
Insurance fraud continually takes more money each year than it did the last from the insurance buying public. There is no certain number because most attempts at insurance fraud succeed. Estimates of the extent of insurance fraud in the United States range from $87 billion to more than $300 billion every year. Insurers and government […]
Time Marches on but Does It Get Anyone Anywhere?
On November 16, 2014 the NAIC/Center for Insurance Policy Research issued a paper entitled, “U.S. Group Capital Methodology Concepts Discussion Paper” (the Paper) through the ComFrame Development and Analysis (G) Working Group (hereinafter, “the Working Group”). This Paper was part of the agenda package for the Working Group’s September 24, 2015 meeting. Following is an […]
