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Agents react to Wal-Mart, Overstock in insurance: 'We aren't dead or dying, we are evolving'
Recent announcements by giant retailers Wal-Mart and Overstock.com that they are entering the insurance sales game have elicited a healthy response from the insurance industry. Some agents have expressed concern and frustration at the notion that their way of doing business may no longer be relevant, while others acknowledge the industry is changing and that they must change with it.
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PIA National's annual District Lobbying Day
PIA National will hold its annual District Lobbying Day on Aug. 19. That's
the day the association wants you to set up meetings with your member of Congress. If
you can't do it exactly on Aug. 19, then try to get a meeting on a date around that
Around the PIA Western Alliance States
| Industry News from PIA Western Alliance|
TRIA: House Bill markup scheduled for June 19
On June 19, the House Financial Services Committee is
scheduled to hold a markup of the committee's draft
bill to reauthorize the Terrorism Risk Insurance Act. The PIA staff has read much of the bill and have analyzed what has been issued. This, by no
means, is an exhaustive list of changes and it's
possible further changes may be made before or
during the markup.
A push to reduce the cost of auto insurance
Regulators and consumers are always complaining about the high cost of insurance. In some ways, you can make the case that the complaints are legit. But are they the fault of insurance? This statement and question come from a current study on the affordability of auto insurance being conducted by the Federal Insurance Office.
This week's poll: What are your thoughts on auto insurance regulations?
All Risks, Ltd., the Nation’s Largest Independent Wholesale Insurance Provider
Contact our professional underwriters with access to exclusive “A-“ or better rated carriers with competitive rates.
- Storage Facilities (All Lines)
– Aggressive rates and enhanced coverages, plus discounts for association members.
- Restaurants with Delivery (WC) – Single to multi-location/multi-state restaurants are eligible with monthly self reporting plus additional payment plans
- Insurance Agents (E&O) – Comprehensive coverage with varying limits and deductible options for P&C, L&H, MGAs, Wholesalers and more. Many optional coverages available.
- Building Operations (WC) -Direct WC carrier access with low minimum premiums for building operations by owners and contractors.
- Real Estate Owned (REO Property & Liability) - Industry-leading technology to help agencies with financial institutions (regional and community banks) and large investors who service and/or invest in mortgage, vehicle and collateral based loans
Poll results: CNN's take on the American dream
The June 11 issue of Weekly Industry News reported on a
CNN poll that said the American dream has
changed. The poll found 54 percent of us think we are better off
than our parents at our current age. But 63 percent think our children will not be better off than we are at our current age. And 59 percent
said the American dream has become almost impossible to attain.
Obamacare: How consumers learned about exchanges
One of the big problems with the implementation of the
Affordable Care Act was how to get information about
the Obamacare exchanges to the general public. The
Urban Institute's Health Policy Center did a study of
how people got that information and the results are
Insurance CEOs: 2015's insurance worries
Accenture's CEO Briefing 2014 has been released. It is
compiled by The Economist Intelligence Unit and is a
mixture of macroeconomic, geopolitical and global
Cover Oregon update
Oregon is moving forward on its push to recover
millions spent on the failed Cover Oregon website.
The state has agreed to pay $2 million to the law
firm Markowitz Herbold Glade & Mehlhaf PC to
explore the possibility of suing the technology company Oracle.
Towers Watson 1Q CLIPS survey
Towers Watson's CLIPS survey — Commercial
Lines Insurance Pricing Survey — has been
released for the first quarter. It's conclusions
very much agree with other, earlier released
surveys. On average, commercial line rates grew
modestly in the first quarter of 2014. The increase overall hit 4 percent over rates for the first
quarter of 2013.
Tips for preventing internal fraud
Whether a company is big or small, the potential for internal fraud
is there. We often are seeing news reports of such
crimes. The Association of Certified Fraud Examiners
released some startling facts in a
report titled The 2014 Report to the Nations on
Occupational Fraud & Abuse.
Wildfires, the West and Obama
Once again, fires are burning out of control — or are
semi-under control in
the western United States. It's a growing problem
and seems to get worse every year. Just about as
difficult as fighting the fires is finding the money to
AIG's savior Robert Benmoche steps down
AIG President and CEO Robert Benmosche is going to
leave the company. Benmosche will step down in
September. Executive Vice President Peter Hancock
will take over where Benmosche left off.
Burwell approved to head HHS
The U.S. Senate has said yes to Sylvia Mathews Burwell
taking over as secretary of the Department of Health and
Human Services. She's replacing embattled Kathleen
The best, worst states for home, auto bundling
The website InsuranceQuotes.com did a study on the
states that have the best and worst bundling savings for
homeowners and auto insurance. The study was done by
Quadrant Information Services and it used a 45-year-old
woman as its sample. She's married, has a bachelor's
degree, excellent credit and no coverage lapse. The national average for that woman bundling the two insurances is a savings of 15 percent.
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Insurance 2024: Culture change or bust?
Insurance Networking News
Insurance business and technology experts agree that a successful C-level vision is not just about keeping up with technology; it's about more focus on the customer and less on caution-drenched decision making.
Missed last week's issue? See which articles your colleagues read most.
14 insurance industry predictions
Insurance Networking News
Jonathan Kalman, president of Return on Intelligence, offered predictions, takeaways and advice at the recent IASA 2014 Educational Conference and Business Show in Indianapolis, Indiana.
How insurance companies use data to plan for the next big storm
Mother nature can be unpredictable. Without warning, storms arrive and flood homes. Hurricanes take off roofs and devastate communities. High winds blow over trees, damaging cars and other property. Insurance companies have always looked at weather patterns to determine whether to cover individuals and businesses. But in a time when it appears climate change may be contributing to an increase in natural disasters, these companies are now turning to weather analytics firms for greater insight and reduced risk.
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, Editor/Writer for PIA Western Alliance, 503.724.9028
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