My blog has moved to my website! Please visit us at www.insurancewriter.com/blog
There you will find my latest musings on the insurance industry, as well as helpful tips to help you better manage your insurance business.
Wednesday, December 22, 2010
Saturday, February 27, 2010
Diversity a great topic for the insurance industry
I spoke last month at the Arizona Insurance Claims Association, the premier (albeit only!) organization in Arizona dedicated to the property/casualty claims adjuster. When I last spoke there, I talked about the brain drain carriers and agents are experiencing and how Gen Xs and Ys could leverage this exodus to their advantage, but I wasn't sure diversity would go over too well. One of my blog readers asked how it went. Frankly, I was surprised by how interested the audience was in this topic.
To remain competitive in today's rapidly changing and global market, the insurance industry, like any other industry, must have top intellectual talent. And that talent lies in diversity, not just of race and gender, but in diversity of thought.
Studies have repeatedly shown that diverse groups perform better and that a certain amount of healthy conflict must occur before groups arrive at superior decisions. And because the insurance industry is becoming more and more team-driven, the need for training in areas of diversity becomes even more critical. Studies repeatedly show that diverse teams make better decisions.
If your organization would like to explore diversity or inter-generational issues, I present in these critical areas. As an instructor for Insurance Journal's Academy, you are invited to take part in my upcoming seminars or purchase my earlier seminars for your organization.
The link to the Academy is here.
Have a great, productive week.
To remain competitive in today's rapidly changing and global market, the insurance industry, like any other industry, must have top intellectual talent. And that talent lies in diversity, not just of race and gender, but in diversity of thought.
Studies have repeatedly shown that diverse groups perform better and that a certain amount of healthy conflict must occur before groups arrive at superior decisions. And because the insurance industry is becoming more and more team-driven, the need for training in areas of diversity becomes even more critical. Studies repeatedly show that diverse teams make better decisions.
If your organization would like to explore diversity or inter-generational issues, I present in these critical areas. As an instructor for Insurance Journal's Academy, you are invited to take part in my upcoming seminars or purchase my earlier seminars for your organization.
The link to the Academy is here.
Have a great, productive week.
Friday, December 25, 2009
Top Risk Management Trends/Lessons from 2009
In my All Business column, I've covered the top ten risk management trends and lessons from 2009. Read the column here.
Thursday, October 8, 2009
How about that Elvis stamp?
One Christmas I was in a long line in the Garden Grove, California, post office. An elderly woman was in line in front of me and when she finally got to the counter, she ordered a book of stamps. After asking for the book, she qualified her statement by saying with a great deal of irritation, "And none of those darn Elvis stamps, either!" Everyone within earshot tried not to laugh out loud.
Should you use a live stamp or bulk mail for your next promotional piece? While bulk mail may save a few pennies, I always use a real stamp. In fact, I often get creative and use stamps with themes or beautiful pictures just to draw the letter opener’s eye to them.
One of my favorite marketing gurus, Mark Satterfield at his blog Gentle Rain Sales Letters, offers the same advice. “A live stamp makes the recipient pause and say to themselves, ‘I wonder if this is something important?’”
Mark’s blog offers great tips on writing sales copy and other tips for marketing. If we can help you write copy that will produce sales, contact us at 602.870.3230.
We are already helping agents throughout the US with their marketing efforts. Why not call for a free consultation? With over a quarter century in the insurance industry, we understand your business.
Should you use a live stamp or bulk mail for your next promotional piece? While bulk mail may save a few pennies, I always use a real stamp. In fact, I often get creative and use stamps with themes or beautiful pictures just to draw the letter opener’s eye to them.
One of my favorite marketing gurus, Mark Satterfield at his blog Gentle Rain Sales Letters, offers the same advice. “A live stamp makes the recipient pause and say to themselves, ‘I wonder if this is something important?’”
Mark’s blog offers great tips on writing sales copy and other tips for marketing. If we can help you write copy that will produce sales, contact us at 602.870.3230.
We are already helping agents throughout the US with their marketing efforts. Why not call for a free consultation? With over a quarter century in the insurance industry, we understand your business.
Monday, September 21, 2009
Insurance broker bonds: What agents need to know
Occasionally we ask a guest to address insurance agents on important topics. One important topic is insurance broker bonds. Our guest columnist, Kevin Kaiser, a principal with Suretybonds.com, has graciously offered to share his insights on agent bonding with us.
Like their counterparts in the mortgage business, insurance brokers can make a significant difference in the lives of their customers. But a handful of outliers can wreak havoc and upend businesses and lives. It’s because of that potential, however infrequently this occurs, that surety bonds have become mandatory for both mortgage and insurance brokers.
Surety bonds help protect municipal agencies, businesses and individuals in the unlikely event of unethical, misguided or even illegal practices at the hands of an insurance broker. Longtime brokers and agents are likely well-versed in their knowledge of surety bonds. But for new and aspiring brokers, bonding can at times prove a complex, even frustrating experience.
Here are a few things that fledgling brokers need to know about insurance broker bonds.
What bonds protect against
These surety bonds provide a layer of security for consumers if brokers take advantage of their position and expertise. Brokers or agents who engage in any of the following tactics may end up with a bond claim against them:
Surety bonds are available from a host of sources, including surety companies dedicated to providing bonding services. Insurance broker bonds are considered license and permit bonds. Like many other license and permit bonds, each state Insurance Department serves as the obligee for an insurance broker bond. In other words, the bond protects the state against loss. The bond guarantees that an individual broker will follow all applicable state and local laws and regulations. Paperwork must be filed with a broker’s state upon obtaining a surety bond. A surety bond is typically required upon application for a license or a license renewal.
How to Qualify
Currently, the market for insurance broker bonds is relatively stable. These are generally seen as low-risk bonds, especially compared to other commercial bonds within and beyond the license and permit category. Surety companies will typically look at a few key indicators when examining a bond application. These include:
• Credit score.
• Financial strength and background.
• Management structure or leadership team.
For these relatively low-risk bonds, rates won’t vary considerably among surety companies. Sureties usually determine the bond premium after examining the business’s claim history and financials.
Bad credit
Even brokers with less than stellar credit can obtain the necessary bonding. Brokers with bad credit will typically utilize a surety company that specializes in working with agents with compromised credit. Given the increased risk and greater degree of underwriting complexity, these bonds will almost always cost more.
To learn more about how to obtain a surety bond, visit http://www.suretybonds.com/ or email the author, kevin@suretybonds.com
Like their counterparts in the mortgage business, insurance brokers can make a significant difference in the lives of their customers. But a handful of outliers can wreak havoc and upend businesses and lives. It’s because of that potential, however infrequently this occurs, that surety bonds have become mandatory for both mortgage and insurance brokers.
Surety bonds help protect municipal agencies, businesses and individuals in the unlikely event of unethical, misguided or even illegal practices at the hands of an insurance broker. Longtime brokers and agents are likely well-versed in their knowledge of surety bonds. But for new and aspiring brokers, bonding can at times prove a complex, even frustrating experience.
Here are a few things that fledgling brokers need to know about insurance broker bonds.
What bonds protect against
These surety bonds provide a layer of security for consumers if brokers take advantage of their position and expertise. Brokers or agents who engage in any of the following tactics may end up with a bond claim against them:
- Providing false quotes or inflating figures to boost profit.
- Encouraging customers to engage in misrepresentation on applications.
- Telling customers it is permissible to distort their financial standing on applications.
- Encouraging customers to buy insurance products that are inappropriate for their needs.
Surety bonds are available from a host of sources, including surety companies dedicated to providing bonding services. Insurance broker bonds are considered license and permit bonds. Like many other license and permit bonds, each state Insurance Department serves as the obligee for an insurance broker bond. In other words, the bond protects the state against loss. The bond guarantees that an individual broker will follow all applicable state and local laws and regulations. Paperwork must be filed with a broker’s state upon obtaining a surety bond. A surety bond is typically required upon application for a license or a license renewal.
How to Qualify
Currently, the market for insurance broker bonds is relatively stable. These are generally seen as low-risk bonds, especially compared to other commercial bonds within and beyond the license and permit category. Surety companies will typically look at a few key indicators when examining a bond application. These include:
• Credit score.
• Financial strength and background.
• Management structure or leadership team.
For these relatively low-risk bonds, rates won’t vary considerably among surety companies. Sureties usually determine the bond premium after examining the business’s claim history and financials.
Bad credit
Even brokers with less than stellar credit can obtain the necessary bonding. Brokers with bad credit will typically utilize a surety company that specializes in working with agents with compromised credit. Given the increased risk and greater degree of underwriting complexity, these bonds will almost always cost more.
To learn more about how to obtain a surety bond, visit http://www.suretybonds.com/ or email the author, kevin@suretybonds.com
Wednesday, September 2, 2009
Agents must communicate their value
A recent survey of public sector risk managers showed two unsettling trends. 1) When risk managers were asked if they viewed their dealings with their carriers as “a significant, long-term relationship,” only 30 percent of the respondents answered that question in the highest category.
Almost half of the respondents anticipated changing carriers compared with only 36 percent in 2008, a difference of 12 percent. Seventeen percent of respondents reported a “strained” relationship with their insurance carrier and fully 22 percent were considering changing brokers. An additional six percent reported a “strained” relationship with their broker.
What does this survey reveal? Brokers and agents must work hard to keep today’s insurance consumer happy. Providing valuable client services and frequent, thoughtful communication helps insurance professionals retain their client base and build business. Contacting your clients only at renewal or when they make changes to their coverage will no longer suffice. Today’s knowledgeable consumer no longer settles solely for a commodity-based insurance provider relationship. They must able to clearly evaluate the value-added services your agency or brokerage provides. Are you reminding your clients of those services?
Insurance Writer helps agents communicate your message to your clients. Contact us at 602.870.3230 for more information.
Almost half of the respondents anticipated changing carriers compared with only 36 percent in 2008, a difference of 12 percent. Seventeen percent of respondents reported a “strained” relationship with their insurance carrier and fully 22 percent were considering changing brokers. An additional six percent reported a “strained” relationship with their broker.
What does this survey reveal? Brokers and agents must work hard to keep today’s insurance consumer happy. Providing valuable client services and frequent, thoughtful communication helps insurance professionals retain their client base and build business. Contacting your clients only at renewal or when they make changes to their coverage will no longer suffice. Today’s knowledgeable consumer no longer settles solely for a commodity-based insurance provider relationship. They must able to clearly evaluate the value-added services your agency or brokerage provides. Are you reminding your clients of those services?
Insurance Writer helps agents communicate your message to your clients. Contact us at 602.870.3230 for more information.
Monday, August 10, 2009
Build your website quickly and easily
I write website copy for agents and insurance providers. One of the biggest problems my clients find is locating a website designer who 1) is affordable and 2) is easy to work with and dependable. Especially for agents with small marketing budgets, finding the appropriate website designer is almost always a challenge.
While I rarely endorse products because I cover so many in my various columns, one website design option I think will fit many agents’ budgets is AgentMethods. In just a few minutes, agents can achieve a professional website that will help them build their business. With three options available, AgentMethods’ cost is very reasonable to establish a web presence, a must in today’s tech-savvy society. I talked with founder and CEO Aaron Kassover recently and was impressed with his straightforward attitude.
While agents will still want to incorporate customized wording and landing pages for their sites, this template is a great vehicle to build a website for countless agents without extensive computer skills.
Contact Aaron via his website. Once you have your website up and running, I’d be happy to assist you with additional advertising copy that will help drive business to you.
While I rarely endorse products because I cover so many in my various columns, one website design option I think will fit many agents’ budgets is AgentMethods. In just a few minutes, agents can achieve a professional website that will help them build their business. With three options available, AgentMethods’ cost is very reasonable to establish a web presence, a must in today’s tech-savvy society. I talked with founder and CEO Aaron Kassover recently and was impressed with his straightforward attitude.
While agents will still want to incorporate customized wording and landing pages for their sites, this template is a great vehicle to build a website for countless agents without extensive computer skills.
Contact Aaron via his website. Once you have your website up and running, I’d be happy to assist you with additional advertising copy that will help drive business to you.
Sunday, July 19, 2009
Cavalcade of Risk #83
It is my privilege to host this week's Cavalcade of Risk. It is over 113 degrees here in Phoenix by noon on any given day, so in keeping with the weather, I have picked only the hottest posts about risk, both personal and private, and a few important blogs about the upcoming health care transition this country may expect in the coming years.
One note: my blog platform is tricky and will take you out of this blog when you click a hyperlink, so be sure to hit the "back" button to return!
Personal Risk and One Slightly Gross Dog Topic
First, I want to post a powerful post about personal risk and persevering even after adversity blows in. Toni Graybill presents tonig.net: Welcome to My World of Wealth posted at Maximize Health and Wealth.
ID Theft blogger Robert Siciliano, writing at the Blogger News Network, warns about increased risk of identity theft when using an ATM, and offers some helpful tips to mitigate it.
Since I am currently "house poor," here's a post I liked. Rohit presents 5 personal finance lessons we all should re-learn from the present financial crisis posted at eMoneyLog.
As long as we are on personal risk, I am going to include a post about dog health. Who hasn't rushed their dog into the vet and been bitten by a several hundred dollar vet bill? This post gives some general guidelines. Now, I am going to give you a tip that can literally save you hundreds of dollars. This post mentions taking your dog to the vet if diarrhea lasts more than one day. Au contraire mon frere. I have saved literally thousands of dollars during my dog-owning decades with this simple trick: a can of pumpkin.
I own German or Czech shepherds. I am a big promoter of the German shepherd dog and believe in buying imports or dogs bred here from recent European lines. Because breeding standards in Germany and the Czech Republic are much stronger than they are in the US, the health and temperament of imports is generally excellent.
From time to time, my dog Romy will open the refrigerator door and have a feast or I will succumb to human sympathies and feed the pups people food, which doesn't always agree with their digestion. When my dogs get diarrhea, I simply open a can of plain pumpkin and take them off solid food, feeding them pumpkin for a day. The second day I mix in pumpkin and a little kibble or rice, and voila, in almost every case, symptoms solved. Most dogs love the taste, so don't worry about that. If the symptom doesn't resolve in two days, I would consider trotting them off (excuse the pun) to the vet, but I can't recall a time I have had to do so in the past decade and a half since I've been using this trick. For a laugh, visit the "unindicted co-conspirators" at my website.
I believe the high costs of vet care in the US precludes families from adopting dogs, so anything I can do to keep a dog out of the vet I hope keeps more dogs out of shelters.
Risk Management
If you have been following the swirl surrounding the "United Breaks Guitars" video, my post this week reminds us of what can happen when a mega corporation forgets about the power of today's media. If you haven't seen the video, I highly recommend you watch it. It is available at the link offered above.
The folks at Workers Comp Insider looks at cost and compensability issues related to sports injuries at college and at the gym.
Finally, Tim Norris of National RE Insurance Group offers some advice on workers' compensation exposure for the real estate investor at this link.
Health Care
Okay, now that I have probably grossed you out but saved you lots of money, let's move on to health care issues. I ponder why every industrialized nation in the world has some type of universal health care and we have been unable to do so. I know we are moving forward, but I cannot help but worry that what we Americans will end up with will resemble sausage more than filet.
Of concern to many Americans is the need for long-term health care coverage and this post by Jeff Rose at Good Financial Cents offers some tips on when and what type of coverage you should buy.
John Leppard offers Congress Can't Run the Risk of Ignoring Risk posted at Healthcare Manumission.
Wenchypoo is always interesting and doesn't fail this week. We present Wenchypoo's Health Care Proposal posted at Wisdom From Wenchypoo's Mental Wastebasket.
Jason Shafrin presents Public Plan enrollment freeze posted at Healthcare Economist.
Tyler King presents You can't solve a problem that you haven't defined posted at Clarifying Health. Tyler, I couldn't have said it better myself.
Next, Henry Stern, LUTCF, CBC presents Throwing Grandma Under the Train posted at InsureBlog.
Finally, the immodest Jaan Sidorov of the Disease Management Care Blog disagrees with Paul Krugman on the viability of markets for health insurance. He provides theory and evidence that suggest that the market can work and urges Dr. Krugman to get out of the way.
Our roundup of risk is complete. Have a safe and quality week.
One note: my blog platform is tricky and will take you out of this blog when you click a hyperlink, so be sure to hit the "back" button to return!
Personal Risk and One Slightly Gross Dog Topic
First, I want to post a powerful post about personal risk and persevering even after adversity blows in. Toni Graybill presents tonig.net: Welcome to My World of Wealth posted at Maximize Health and Wealth.
ID Theft blogger Robert Siciliano, writing at the Blogger News Network, warns about increased risk of identity theft when using an ATM, and offers some helpful tips to mitigate it.
Since I am currently "house poor," here's a post I liked. Rohit presents 5 personal finance lessons we all should re-learn from the present financial crisis posted at eMoneyLog.
As long as we are on personal risk, I am going to include a post about dog health. Who hasn't rushed their dog into the vet and been bitten by a several hundred dollar vet bill? This post gives some general guidelines. Now, I am going to give you a tip that can literally save you hundreds of dollars. This post mentions taking your dog to the vet if diarrhea lasts more than one day. Au contraire mon frere. I have saved literally thousands of dollars during my dog-owning decades with this simple trick: a can of pumpkin.
I own German or Czech shepherds. I am a big promoter of the German shepherd dog and believe in buying imports or dogs bred here from recent European lines. Because breeding standards in Germany and the Czech Republic are much stronger than they are in the US, the health and temperament of imports is generally excellent.
From time to time, my dog Romy will open the refrigerator door and have a feast or I will succumb to human sympathies and feed the pups people food, which doesn't always agree with their digestion. When my dogs get diarrhea, I simply open a can of plain pumpkin and take them off solid food, feeding them pumpkin for a day. The second day I mix in pumpkin and a little kibble or rice, and voila, in almost every case, symptoms solved. Most dogs love the taste, so don't worry about that. If the symptom doesn't resolve in two days, I would consider trotting them off (excuse the pun) to the vet, but I can't recall a time I have had to do so in the past decade and a half since I've been using this trick. For a laugh, visit the "unindicted co-conspirators" at my website.
I believe the high costs of vet care in the US precludes families from adopting dogs, so anything I can do to keep a dog out of the vet I hope keeps more dogs out of shelters.
Risk Management
If you have been following the swirl surrounding the "United Breaks Guitars" video, my post this week reminds us of what can happen when a mega corporation forgets about the power of today's media. If you haven't seen the video, I highly recommend you watch it. It is available at the link offered above.
The folks at Workers Comp Insider looks at cost and compensability issues related to sports injuries at college and at the gym.
Finally, Tim Norris of National RE Insurance Group offers some advice on workers' compensation exposure for the real estate investor at this link.
Health Care
Okay, now that I have probably grossed you out but saved you lots of money, let's move on to health care issues. I ponder why every industrialized nation in the world has some type of universal health care and we have been unable to do so. I know we are moving forward, but I cannot help but worry that what we Americans will end up with will resemble sausage more than filet.
Of concern to many Americans is the need for long-term health care coverage and this post by Jeff Rose at Good Financial Cents offers some tips on when and what type of coverage you should buy.
John Leppard offers Congress Can't Run the Risk of Ignoring Risk posted at Healthcare Manumission.
Wenchypoo is always interesting and doesn't fail this week. We present Wenchypoo's Health Care Proposal posted at Wisdom From Wenchypoo's Mental Wastebasket.
Jason Shafrin presents Public Plan enrollment freeze posted at Healthcare Economist.
Tyler King presents You can't solve a problem that you haven't defined posted at Clarifying Health. Tyler, I couldn't have said it better myself.
Next, Henry Stern, LUTCF, CBC presents Throwing Grandma Under the Train posted at InsureBlog.
Finally, the immodest Jaan Sidorov of the Disease Management Care Blog disagrees with Paul Krugman on the viability of markets for health insurance. He provides theory and evidence that suggest that the market can work and urges Dr. Krugman to get out of the way.
Our roundup of risk is complete. Have a safe and quality week.
Your RFP response is a critical factor in winning that account
More and more, large organizations seeking professional services like adjusting services, prescription benefits programs or agent / broker services turn to Requests for Proposal (RFP) to choose the best provider. For many service providers, responding to RFPs the first few times can be intimidating. A professional writer can help.
Case Study
A life and health agent in a small town of about 30,000 wanted to compete for a local organization's group health benefits coverage. The organization had gone out with an RFP for broker services the previous year and the brokerage, although submitting a proposal, failed to win the business. The hospital went out for services again last month and the brokerage turned to Insurance Writer for help in preparing the RFP.
As a former risk manager who both wrote and, as a consultant, responded to RFPs, I am in a unique position to help service providers craft excellent responses. I know what purchasing officers look for reviewing RFP responses. Today’s purchasing officer reviews, normally with a team of experienced personnel, many RFPs when attempting to procure services. Your response must stand out from the crowd.
The process we used allowed the agent to answer as many questions as he could in writing in the format of the RFP response. Then in a short series of interviews we determined his hidden strengths and where these assets could flesh out the RFP response. With our help, this agent stands a much better chance to win this bid. As an additional benefit, he can use this same RFP response and its format for future responses since so many RFPs ask for the same information again and again.
Here is the best part. The agent paid less than one percent of his potential commission in this matter to give him the edge he needs to win this important bid. Are you willing to invest a little to win? You will be surprised at how affordable our services are. Call us at 602.870.3230 if we can help.
Case Study
A life and health agent in a small town of about 30,000 wanted to compete for a local organization's group health benefits coverage. The organization had gone out with an RFP for broker services the previous year and the brokerage, although submitting a proposal, failed to win the business. The hospital went out for services again last month and the brokerage turned to Insurance Writer for help in preparing the RFP.
As a former risk manager who both wrote and, as a consultant, responded to RFPs, I am in a unique position to help service providers craft excellent responses. I know what purchasing officers look for reviewing RFP responses. Today’s purchasing officer reviews, normally with a team of experienced personnel, many RFPs when attempting to procure services. Your response must stand out from the crowd.
The process we used allowed the agent to answer as many questions as he could in writing in the format of the RFP response. Then in a short series of interviews we determined his hidden strengths and where these assets could flesh out the RFP response. With our help, this agent stands a much better chance to win this bid. As an additional benefit, he can use this same RFP response and its format for future responses since so many RFPs ask for the same information again and again.
Here is the best part. The agent paid less than one percent of his potential commission in this matter to give him the edge he needs to win this important bid. Are you willing to invest a little to win? You will be surprised at how affordable our services are. Call us at 602.870.3230 if we can help.
Wednesday, July 15, 2009
This week's Cavalcade of Risk is now posted
For a great overview of the healthcare system reforms and other risk-related matters, visit the Cav.
Wednesday, June 3, 2009
Cavalcade of Risk
The new Cavalcade of Risk is posted here. My article on the ADA and injured worker accommodation appears, but the entire issue this month is particularly interesting. Check it out!
Tuesday, June 2, 2009
Thursday, April 16, 2009
Cut advertising costs by hiring direct
Like almost every independent agent or broker I speak with across the country, you are probably trying to shrink your advertising budget yet keep your brand highly visible. Would you like to how? If you are paying your advertising agency to create your insurance or risk management copy, there is a strong possibility they are outsourcing the creation of that copy to me, or someone just like me.
That’s right, you may be paying 40-to-50 percent more for the creation of your material than you should. Don't pay overhead to agencies who either utilize in-house writers inexperienced in insurance, taking much longer to produce copy, or outsource their writing to specialists like me, then mark up those charges.
Call me today for a free consultation. With over twenty years of risk management and insurance experience, I can furnish you with copy that will make your advertising collateral shine.
Monday, December 29, 2008
Common sense risk management
Just before Christmas I was searching for a gag gift for one of my friends. I was shopping with several adjusters, and adjusters and insurance professionals, generally speaking, have very twisted senses of humor. This probably arises as a coping mechanism for dealing with mutilation, foolishness and death on a daily basis. But I digress.
I found a book of postcards titled Grandma’s Dead: Breaking Bad News with Baby Animals. As we read through the postcards, and many of them were quite graphic, we laughed so heartily and for so long that other bookstore customers began to gather around to see what all the fuss was about. Let's face it, in these economic times, everyone is looking for a laugh.
In short, the book is a series of postcard pictures of beautiful baby animals with captions like “Recycling Won’t Work," "The Meteor Can't Be Stopped," or, one germane to this post, “There is no Santa Claus.” Some of the captions are in extremely poor taste, but some are downright hilarious. See a preview at http://www.amazon.com/Grandmas-Dead-Breaking-News-Animals/dp/0061673765/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1230586397&sr=8-1
As I was zooming through a slideshow last night of the people and funds that were hit in the Madoff scandal, I couldn’t help but think of the old adage that rings true especially today: “If it looks to good to be true, it probably isn’t.” One of the fund victims stated that participants questioned why they were consistently achieving about 10 percent return on investment when the global financial markets were melting down. Now they know.
What can we learn from this tragic lesson, which has rocked both charities and personal fortunes and led, so sadly, to one apparent suicide? The lesson is simple, and it is in the book Grandma’s Dead: “There is no Santa Claus.”
.
Unfortunately, the impact of this crash is going to ruin many people’s holidays, probably for years to come.
If you are an agent and would like to help your commercial customers better manage their risk, refer them to my blog on AllBusiness.com at http://www.allbusiness.com/4974114-1.html. Each week I give tips to help small-to-medium sized businesses better manage their risks.
I found a book of postcards titled Grandma’s Dead: Breaking Bad News with Baby Animals. As we read through the postcards, and many of them were quite graphic, we laughed so heartily and for so long that other bookstore customers began to gather around to see what all the fuss was about. Let's face it, in these economic times, everyone is looking for a laugh.
In short, the book is a series of postcard pictures of beautiful baby animals with captions like “Recycling Won’t Work," "The Meteor Can't Be Stopped," or, one germane to this post, “There is no Santa Claus.” Some of the captions are in extremely poor taste, but some are downright hilarious. See a preview at http://www.amazon.com/Grandmas-Dead-Breaking-News-Animals/dp/0061673765/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1230586397&sr=8-1
As I was zooming through a slideshow last night of the people and funds that were hit in the Madoff scandal, I couldn’t help but think of the old adage that rings true especially today: “If it looks to good to be true, it probably isn’t.” One of the fund victims stated that participants questioned why they were consistently achieving about 10 percent return on investment when the global financial markets were melting down. Now they know.
What can we learn from this tragic lesson, which has rocked both charities and personal fortunes and led, so sadly, to one apparent suicide? The lesson is simple, and it is in the book Grandma’s Dead: “There is no Santa Claus.”
.
Unfortunately, the impact of this crash is going to ruin many people’s holidays, probably for years to come.
If you are an agent and would like to help your commercial customers better manage their risk, refer them to my blog on AllBusiness.com at http://www.allbusiness.com/4974114-1.html. Each week I give tips to help small-to-medium sized businesses better manage their risks.
Friday, December 5, 2008
Cavalcade of Risk #67
This is my first hosting of the Cavalcade of Risk, which is made up of some of the tops blog entries on risk management written in the past few weeks. Perhaps it is the economy, maybe it is the holiday, but for whatever reason, most of the submissions have leaned toward personal finance and I have weeded most of them out. Perhaps that's because many of us are currently paper paupers. I don't know about you, but with layoffs abounding in the insurance industry and beyond, I am grateful today for the security provided by this great career.
We did have some great risk management submissions, though. Because I am by trade an insurance marketing person, I read with a cautious eye Wenchypoo's entry, The Con in Lexicon, where we are told how "mere words can rob us blind." I must say, though, I agreed with the entry and even added my own suggestion: Value-Added Tax (VAT). Although I love my Irish scarf, it is not one iota more valuable because I paid my VAT.We have several health insurance-related posts this month, including Richard Eskow at Sentinel Effect, who suggests another approach to the auto bailout: What if the government funded and managed the Big Three's health benefits instead? The Obama team could build a working model of health reform, Richard thinks.
Another health care post is one from Jaan Sidorov at Disease Management Care. In this post, physician and ex-medical director Jaan Sidorov examines how health insurers think about generic drugs and the tricks they use to promote their use and manage their trend.
Also posting this month is Jay Norris from the Colorado Health Insurance Insider, who tells us in his entry that just providing health insurance to the uninsured would still leave us with a pretty big mess. We don't have enough primary care docs, our drugs are too expensive, our hospitals are too focused on turning a profit, we spend more than any other country on our healthcare, and yet our results are mediocre at best.
Joe Paduda of Managed Care Matters gives us the gift of his insight in his blog, We Have to Deal with Costs. Clearly, the nation is at a crossroads in health coverage. The next few years will be interesting and expensive, no matter what happens.
Some companies will do anything to meet analyst and shareholder earning expectations, according to this post. Backdating contracts is one way to achieve this goal. By backdating contracts so that the revenues can be recorded for the current quarter, management is essentially recording future revenues in the current quarter. If you are considering investing, according to Qovax, take time to read both the auditor's report and the K-8s. Better yet, read this post.
In the Sun's Financial Diary, we are told the obvious: That diversification may not work in the current economic market. This article is short on answers, but what the heck, I'm in the holiday spirit.
Carson Brackney, the Personal Finance Analyst, blogs on a topic I have unfortunately experienced firsthand: a major illness sans long-term disability coverage. In Long-Term Disability Coverage Makes Sense, Brackney outlines the top reasons we need this vital coverage. In case you are wondering, I will be working much longer than I anticipated due to my lack of foresight. What are you waiting for? Call your agent.
Here's a post from the Monevator on why the riskiest assets to buy right now could be the safest: US treasuries. This article explains why.
Whenever I see the name Chris Boggs I read him because he is a strong writer and very knowledgeable. I tracked him down on My New Markets, which he edits. Boggs fills us in on Insurance for Bloggers (in three parts). Bloggers, beware!
InsureBlog gives us a really insightful post on sharia-based insurance. Is it good risk management or a cover for terror-enabling? Henry Stern takes a look at this controversial new product. I just have one question. Can women underwrite or handle the claims for the sharia-based coverage? Many interesting avenues to this post, so don't miss it.
In a timely article given that several New York workers' compensation trusts have gone belly up, Julie Ferguson of Workers Comp Insider tells us what happens to your workers' comp claim if your insurer or your employer declares bankruptcy.
In this time of economic turmoil, many of us will be either giving or receiving loans from relatives. This quick post from Bargaineering outlines some tips to help us lend without running afoul of the IRS.This week I tackle public relations and recommend a great book in my blog Risk Management for the 21st Century. Bad PR is a killer to firms large and small, so take a gander.
To end on a humorous note, here is a great entry I found in The Employment Law Post entitled, Booze, Porn Addictions and Interventions: What a Holiday Party. I used to think I was a pretty good boss until I started watching The Office and realized I had more in common with Michael than I cared to admit. If you missed that episode of the office, see if you can find it somewhere. It's a hoot.
If you would like to post in an upcoming blog, feel free to submit to Cavalcade of Risk using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.
Have a safe and risk-averse holiday.
Friday, June 20, 2008
An example of bad business writing
Sorry to dog the English since they usually do have a better command of the English language than do Americans, but here's an example of business writing at is worst.
This was recently disseminated interoffice in an insurance setting in England:
The new Bulletins system was launched on 24 March 2008. This is information regarding how HO Underwriting will utilise the system to communicate changes. Previously, communications specific to the Regions were termed Circulars andthose to Agents were Technical Bulletins. All information will now be issued via the system as Bulletins, so to differentiate between them for the purposes of explaining how the system will be used, we will refer to circulars as "regional instructions" and Technical bulletins as "general instructions".
Regions will receive advance notice of general instructions via e-mail.When published, Regions and Agents will receive the standard e-mail notification produced by the system. If you do not receive the automated e-mails that colleagues get, please contact the Service Desk to check your inclusion in the e-mail group "Networked Group Secretaries" or "UnderwritingBulletins (Advance Notice)" (or a sub-group therein). [Editorial comment: If you didn't get it, how do you know you didn't get it?]
General instructions will be made available for everyone to read and can be accessed through the Bulletin system via the (their internal intranet).(Link on the left side of the Agents page and also on the Underwriting homepage). Some bulletins may only be relevant to the Regional Underwriters (regional instructions), in which case they will be targeted at this group so that others do not receive unnecessary communications.
Therefore, if some bulletins have a limited audience, an individual's view may not include all sequencial numbers, but you will have access to bulletins relevant to yourself. Details are included in the Underwriting Procedures manual, (accessed via the Underwriting Manuals page on (their internal intranet) under: Account Management Programme / Underwriting Bulletins : Guide to issuingUnderwriting Instructions (via the Bulletins system).
Please continue to liaise with your Region regarding clarification of the detail of any bulletins, who can then liaise with HO as necessary. Any problems accessing the Bulletin system itself can be directed to the Service Desk.
Whew! I don't know about you, but I'm lost! Can you really afford to send that kind of communication to your staff? If the information is important enough to communicate, it should be right! Business communications should be crisp, clear and to the point. People can't and won't take the time to "extract" the message from the mess.
This was recently disseminated interoffice in an insurance setting in England:
The new Bulletins system was launched on 24 March 2008. This is information regarding how HO Underwriting will utilise the system to communicate changes. Previously, communications specific to the Regions were termed Circulars andthose to Agents were Technical Bulletins. All information will now be issued via the system as Bulletins, so to differentiate between them for the purposes of explaining how the system will be used, we will refer to circulars as "regional instructions" and Technical bulletins as "general instructions".
Regions will receive advance notice of general instructions via e-mail.When published, Regions and Agents will receive the standard e-mail notification produced by the system. If you do not receive the automated e-mails that colleagues get, please contact the Service Desk to check your inclusion in the e-mail group "Networked Group Secretaries" or "UnderwritingBulletins (Advance Notice)" (or a sub-group therein). [Editorial comment: If you didn't get it, how do you know you didn't get it?]
General instructions will be made available for everyone to read and can be accessed through the Bulletin system via the (their internal intranet).(Link on the left side of the Agents page and also on the Underwriting homepage). Some bulletins may only be relevant to the Regional Underwriters (regional instructions), in which case they will be targeted at this group so that others do not receive unnecessary communications.
Therefore, if some bulletins have a limited audience, an individual's view may not include all sequencial numbers, but you will have access to bulletins relevant to yourself. Details are included in the Underwriting Procedures manual, (accessed via the Underwriting Manuals page on (their internal intranet) under: Account Management Programme / Underwriting Bulletins : Guide to issuingUnderwriting Instructions (via the Bulletins system).
Please continue to liaise with your Region regarding clarification of the detail of any bulletins, who can then liaise with HO as necessary. Any problems accessing the Bulletin system itself can be directed to the Service Desk.
Whew! I don't know about you, but I'm lost! Can you really afford to send that kind of communication to your staff? If the information is important enough to communicate, it should be right! Business communications should be crisp, clear and to the point. People can't and won't take the time to "extract" the message from the mess.
Saturday, May 31, 2008
C-Level executives obtain most of their purchasing information on line
If your business isn't advertising on line, you may be losing access to the key decision makers in today's businesses: C-level executives such as CEOs, CROs, CFOs, and CLOs.
Forbes recently completed a blind survey of 286 C-level executives and found they spend an average of 16 hours weekly on the Web, not including using e-mail. 64 percent of the respondents viewed eight or more Websites per month looking for business and financial information.
Compared to the time the C-execs spent on other resources,if you aren't making use of web advertising, you may be missing your audience.
Here is the time C-execs spent viewing other medium:
Forbes recently completed a blind survey of 286 C-level executives and found they spend an average of 16 hours weekly on the Web, not including using e-mail. 64 percent of the respondents viewed eight or more Websites per month looking for business and financial information.
Compared to the time the C-execs spent on other resources,if you aren't making use of web advertising, you may be missing your audience.
Here is the time C-execs spent viewing other medium:
- TV 8.6 hours per week
- Magazines 6.6 hours per week
- Newspapers 6.6 hours per week
- Radio 5.7 hours per week
Should you rethink your advertising dollars? If so, please call to view our innovative HTML advertising campaigns or White Papers that have helped drive traffic to our clients' sites. We have helped dozens of financial services companies build a strong web presence. We would love to help you deliver a crisp, clear message that reaches your intended audience at a rate that is amazingly affordable.
Call (602) 870-3230 for a rapid response.
Sunday, May 18, 2008
Upcoming speaking engagement
Nancy Germond will address the Loss Executives Association's (LEA) 77th Spring Meeting and Educational Conference in Portland, Main, on June 12, 2008. Her session, "Brain Drain in the Insurance Industry," provides proactive tips for managing, retaining and training insurance industry personnel. With more than one quarter of the U.S. population eligible to retire in the next few years, this topic is critical to the strategic management of insurance organizations.
The LEA is the premier source of education and training of property claims managers nationwide.
Nancy's articles appear in industry trade journals and her weekly column, "Risk Management for the 21st Century," appears on Allbusiness.com.
Saturday, May 10, 2008
Selling workers' compensation coverage
Tired of competing solely on price? Then watch this video and learn:
1) An overview of experience rating
2) Nine key concepts of experience rating that employers need to understand
3) The process of using ModMaster to compute a mod
4) Interpreting ModMaster reports
5) Communicating the 9 key concepts using ModMaster reports, and
6) Taking the next step by introducing WorkCompEdge
1) An overview of experience rating
2) Nine key concepts of experience rating that employers need to understand
3) The process of using ModMaster to compute a mod
4) Interpreting ModMaster reports
5) Communicating the 9 key concepts using ModMaster reports, and
6) Taking the next step by introducing WorkCompEdge
Monday, April 7, 2008
RiskList helps businesses manage risk
Do you want free advice from some of the world's top risk managers? Then join RiskList, a moderated risk management discussion forum.
Click to join RiskList
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