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PIA pressures Oregon Legislature on Cover Oregon
Most of Western Oregon has been covered in snow
and ice for in the recent week, so there has been no official response from the state to a letter
PIA Oregon/Idaho sent to all 90 members of the Oregon Legislature. The association
has extended a hand to help Cover Oregon solve its problems.
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| Industry News from PIA Western Alliance|
Winter weather leads to costly insurance losses
Winter in 2014 in the U.S. has been brutal. A
polar vortex brought bitter cold and snow and ice
to parts of the nation unaccustomed to that type
of weather and to areas used to the cold but not
prepared for the intensity of the vortex.
Insurers on insurers not an economic systemic risk
PIA National reports that seven insurers are working together to
persuade Federal Reserve officials and other regulators that
insurance companies are not risky like big banks and should not
be subjected to the same rules for determining capital levels.
Federal officials are working on new rules for insurance companies
designated systemically important or for those that own banks.
A new Deductible Reimbursement Insurance is now available to all residents of the Western Region (except Alaska). Licensed insurance agents may now sign up on the ZeroDeductible website and offer deductible reimbursement insurance to their clients directly for their auto, home and boat policies.
Click here to learn more!
Cover Oregon's woes growing
KATU-TV and OregonLive via PIA Western Alliance
Cover Oregon — the state's Affordable Care Act health
insurance exchange — is the only exchange in the country that
cannot enroll citizens as originally envisioned. Pressure is mounting
from in and outside the Oregon government to get the exchange
working and to find out what went wrong and why.
FIO grilled by Congress on modernization report
Recently, the House Financial Services Committee's
subcommittee on Housing & Insurance quizzed Federal
Insurance Office Director Michael McRaith about his
one-year late report, "How to Modernize and Improve the
System of Insurance Regulation in the United States." Members of the committee asked McRaith about his vision for
the FIO and its future impact on insurance.
Missed last week's issue? See which articles your colleagues read most.
The Affordable Care Act unaffordable for small business
The National Small Business Association did a survey of 780 small businesses.
The Affordable Care Act was the topic. The
2014 Small Business Health Care Survey
conclusion: Obamacare is keeping many small
companies from growing.
States enroll prisoners in Obamacare
Six states are taking advantage of the
Affordable Care Act. Medical treatment of
prisoners in state prisons and county jails is a
huge expense for the state or county. So why
not give them insurance via the Obamacare
exchange? Oregon — a PIA Western Alliance state — is
doing it. So is Multnomah County in Oregon. In all the enrolling of prisoners could save
states and counties about $6.5 billion a year.
CBO on Obamacare: Does it destroy jobs?
Recently, the Congressional Budget Office
released a study of the Affordable Care
Act — aka Obamacare — and concluded as
the ACA is implemented the number of full-time
workers will drop by 2 to 2.5 million. The
biggest impact will be felt by 2016.
Obamacare: Another delay in employer mandate
The Obama administration is going to
give another year delay for the
employer mandate for businesses with
50-99 employees. They won't have
to insure their full-time workers until
2015. As part of the delay, these employers will have to inform the administration about how
many of their employees are insured but will have until 2016 to actually insure them.
Flood insurance legislation floods congress
The U.S. Senate has voted to delay the flood
insurance rate hikes of the Bigger-Waters Flood
Insurance Reform Act of 2012 for four years. The new
bill titled the Homeowner Flood Insurance Affordability
Act of 2014 (S. 1926) passed the Senate, 67-32. It now goes to the House where it has limited
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Survey: Consumer insurance buying habits
Here's a scary thought. Some $400 million in
insurance purchase dollars could end up in
the hands of banks and other outlets and not
in insurance coffers. This is a conclusion from
a survey done by management consultant
Insurance rates: Holding steady
Two reports and a negative shout out from A.M.
MarketScout's January insurance rate composite
is done. Commercial rates are holding their own
and personal lines fell a bit. Richard Kerr —
MarketScout's CEO — said January's commercial
rates are up overall 3 percent from December to
Personal lines rose 2 percent.
Does your year-end review include an agency audit?
by Curtis M. Pearsall, CPCU, AIAF, CPIA, President, Pearsall Associates, Inc., and Special Consultant to the Utica National E&O Program
At the end of each year, agency ownership/management does
the typical "crunching of the numbers" to assess how the
agency fared. An overall review will include an evaluation of
premium and policy count changes, an assessment of how well various objectives/
metrics were met and a careful dissection of the agency's financial picture. Looking at these issues, as well as producers' hit ratios and by-customer policy
numbers, reveals your status from the business side of the equation.
Lead nurturing 101
By Sladen West
A common mistake among businesses is to automatically siphon all leads the marketing team makes off to the sales team. The sales team may try to act on those leads for a while, but when they find that the majority of those leads are still researching the product, they will quickly become frustrated and dismiss most of the leads sent their way as a waste of time. What is missing in this process is the act of lead nurturing.
Navigating the data deluge: Challenges, opportunities for insurers
Insurance Networking News
Over time, insurers amassed increasingly large amounts of data and steadily improved their data management capabilities. Legacy systems were brought up to spec. Data silos were bridged. New regulatory reporting requirements were accommodated. But these days, advances in technology are generating vast new sources of data, some of which appear to be very relevant to decision-making for carriers.
Around the PIA Western Alliance States
PIA Weekly Industry News
Colby Horton, Vice President of Publishing, 469.420.2601
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Rebecca Eberhardt, Content Editor, 469.420.2608
Gary Wolcott, Writer for PIA Western Alliance, 503.724.9028
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