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The future of drone use in the insurance industry
After a catastrophe hits, mobile units filled with adjusters are on site to evaluate property damage. Flash forward five years and an insured may never meet the property adjuster handling his or her claim. Instead, a drone is sent to evaluate damage within hours of it occurring. Claims are closed at breakneck speed as adjusters handle a much higher volume. Insurers see fewer workers' compensation claims as adjusters remain safely ensconced in their cubicles. While this scenario may seem too futuristic to imagine, according to industry experts, it's a very real possibility that insurers will be using drones in a number of ways within a few years.
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WSRB: PIA Oregon/Idaho's newest K-Klub member
Why is the Washington Surveying & Rating Bureau joining the PIA Oregon K-Klub?
First and foremost, WSRB supports agents and
always has. They believe the expertise and value that agents bring to their customers
goes far beyond the premium paid for coverage. The old USF&G had a slogan that still
applies, "Consult your insurance agent as you would your doctor or attorney." For more than
100 years, WSRB has served the Washington property insurance industry with products
that are accurate, relevant and timely. Many Oregon agents have, over the years, asked
that we provide services to them.
PIA Western Alliance wishing Ricky Ulloa the best
PIA Western Alliance Membership Coordinator Ricky Ulloa is
leaving. He recently resigned and has taken a position as
personal training sales coordinator at a Portland, Ore./Vancouver, Wash.-area L.A. Fitness.
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!
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Financial firm tax proposed
Rep. Dave Camp, R-Mich., has proposed some
tax reforms. To start, he wants a federal tax on large
financial companies. That will include insurers. Camp wants
a .035 percent tax on financial companies with $500 billion in
assets or more and on all nonbanks considered
systemically significant financial institutions.
Small-business employees see health premium hikes
One of the sales points of the Patient Protection and
Affordable Care Act was lower health insurance
rates. That — at least so far — has not been the case and
won't be the case for 11 million small businesses.
Business: Employers struggle in post-recession US
The National Bureau of Economic Research
declared the Great Recession officially over in
June of 2009. So why doesn't it feel like it
is over? That's how some businesses feel and also
how many people feel.
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The Cover Oregon fiasco: Part 1 — the investigation
The controversy over the nation's worst Obamacare
health insurance exchange rollout continues.
It's Oregon's Cover Oregon. Improvements are being
made to the website and health insurance agents
now can enroll people through the website. But the general
public still cannot enroll online and enrollment is being done the
old-fashioned way — by hand.
The Cover Oregon fiasco: Part 2 — coverage for the poor
The website for Cover Oregon isn't working. It
was supposed to be the place where all
Oregonians could go to get health insurance
and compare prices for different plans. A big
part of the responsibility of Cover Oregon is to
help the state's poor get insurance.
The state still is enrolling people by hand. That has created a new set of problems and another huge controversy for the state.
Oregon has a program to provide pregnancy services to undocumented immigrants.
The Cover Oregon fiasco: Part 3 — Oracle lays off 100
Oracle — the technology firm charged
with doing the software for Cover
Oregon — has laid off 100 of the
software workers trying to fix Cover
Oregon. It's a possible big blow to
getting Cover Oregon's website finally
That leaves 65 software engineers and programmers to get the job done. Those left are
in maintenance and operations.
Translation: the fix is on hold.
Missed last week's issue? See which articles your colleagues read most.
Commercial insurance in 2013: Lucky, unimpressive
Nomura analyzes financial results. Its analyst Clifford Gallant
issued his P&C quarter four earnings. Gallant calls the results
for commercial insurance unimpressive and he sees problems
down the road. "While 2013 was a good year, a harder look
causes concern," he said.
Cyberattack update: Target, cybersecurity survey and what the government is doing
A significant portion of Target's multimillion dollar
loss from its holiday data breach is covered by
insurance. That helped the company's bottom line
when it recently released 2013 financial data.
Obamacare and the uninsured
We are a little less than month away from the
Affordable Care Act's March 31 deadline.
Those that aren't enrolled have until that date to
sign up for health insurance through an exchange
or another source or face a fine. Kaiser Family Foundation did a survey of those
that haven't signed up and the results are
surprisingly not surprising.
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Delayed: Flood reform reforms in the House
We're going to have to wait to see what the U.S. House of
Representatives is going to do with reforms of the Biggert-
Waters Act. House Speaker John Boehner said he will not
consider the bill passed by the Senate. He did, however, agree to look at a set of modifications to
Biggert-Waters being constructed by House Majority leader Eric
Deloitte report: Mergers, acquisitions 2013
Merger and acquisition activity increased in
2013 when compared to 2012. That conclusion
comes from a Deloitte report titled, "2014
Insurance M&A Outlook: Momentum
Continues to Build." It says that there were more
large deals and for P&C firms those deals
doubled them in size.
Of course, that's an aggregate figure.
Worldwide customer satisfaction results
The nonlife insurance market on a worldwide basis is
improving and customers are happy. Capgemini — a
technology consulting firm — issued a report titled, "World
Insurance Report 2014." It paints the relationship between
insurers and customers as improving.
Around the PIA Western Alliance States
Snarfing, drool running down your chin, hurt you kind of funny
The news in and out about insurance has been very
intense lately. It has been so heavy that the Weekly
Industry News staff thinks we all need some relief.
We've found a couple of things guaranteed to elicit a
laugh and we strongly suggest you take advantage of a chance to get a yuck or two. The first involves golf.
The second story involves lawyers.
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