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Insurance industry joins taxis in fight against Uber, Lyft
Travelers and bar-hoppers used to taxi to their destinations. Now many "Uber" to where they want to go.
This evolution from hailing a cab to apping for a Lyft has disrupted the taxi and limousine industries for the past two years. Customers summon a car with a few taps on a smartphone. GPS-enabled maps make it easy for drivers and passengers to find each other. And no cash is exchanged — the fare is automatically deducted from a passenger's credit card, which is linked to the app.
But the dirt-cheap fares of the ride-sharing services that appeal to so many patrons could be coming to an end as two Assembly bills that would regulate Uber, Lyft and similar services work their way through the state Senate.
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Around the PIA Western Alliance States
PIA's 2014 National Agency Marketing Guide: Focusing on success stories
The fifth edition of the 2014 PIA National Agency
Marketing Guide has mailed to PIA members across
the country and is now available to PIA agents online at
www.PIAAgencyMarketingGuide.com. The guide contains hands-on marketing advice from
insurance agents and from some of the insurance
industry's premier experts. It focuses on the strategies
and tactics that working agents are using successfully in
markets across the country. The guide emphasizes their
use of new technologies and how they are transforming
their marketing efforts to take charge of their futures.
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Update: Cybersecurity, law, insurance and more
The Senate Intelligence Committee has passed
legislation to give companies, using what are called
"critical" computer systems, immunity and legal
protections if they share information about hacking
incidents or threats with other companies or the
Obamacare: Some insurers will seek subsidies
To help the Affordable Care Act get off on solid footing
once the Obamacare exchanges opened, the law
allows insurers to get financial assistance from the
federal government if their claims costs are 3 percent more
than premium revenue.
Competitive Rates from exclusive carriers. Contact All Risks, Ltd., the nation’s largest
independent wholesale insurance provider.
- 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.
- Restaurants with Delivery (WC) – Single to multi-location/multi-state restaurants are eligible with monthly self reporting plus additional payment plans
- 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
Senate passes TRIA extension; doubtful in House
Recently, the U.S. Senate passed an extension of
the Terrorism Risk Insurance Act. Now it's on to
the House where it faces an uncertain future. A much
more restrictive bill is in process and some
members say they'll refuse to consider what the Senate
NARAB II amendment included in TRIA extension legislation
The U.S. Senate passed a bill extending the Terrorism
Risk Insurance Act. It has been sent to the House
where it faces an uncertain future. Attached to the bill is
an amendment that creates NARAB II — the National
Association of Registered Agents and Brokers. It creates
a simplified licensing process for agents and brokers
doing business in multiple states.
West Coast earthquakes: An early warning system
Congress is looking at funding an early earthquake
warning system for the dangerous West Coast of
the U.S. where fault lines from California to
Washington pose a major threat to high-density
Refilling the Highway Trust Fund
President Barack Obama and the administration want to
replenish the Highway Trust Fund and do a better
job of funding highway repair in the future. It's a
worthy goal, considering the Council of Economic
Advisers and National Economic Council did a
study that shows more than 66 percent of the nation's roads and highways are in need of repair.
Senate anti-Hobby Lobby vote goes down
Reacting to the U.S. Supreme Court's Hobby
Lobby decision, some Democrats in the U.S.
Senate tried to pass a bill that requires any for-profit
company to provide birth control
insurance coverage, even if they object based
on religious grounds.
It went nowhere.
The General Motors mess
Customers of the recalled GM
Cobalts and Ions want compensation for the loss
of value of their vehicles. It stems from the faulty
ignition switches and the failure of the car
company to recall those cars.
GM does not want them to be allowed to sue.
Missed last week's issue? See which articles your colleagues read most.
A.M. Best 1Q analysis
A.M. Best — who is not alone — took a long look at
the property and casualty industry's 2014 first quarter.
Like the other reports we've seen, the results are
AIG and Bank of America settlement
AIG and Bank of America have settled their fraud
case. The insurance firm originally sued for $10
billion and is settling for $650 million. The bank is
alleged to have packaged and sold housing
mortgages — through Countrywide Financial — to
investors and is said to have lied about their value.
Financial Stability Oversight Council secrecy: It's time for a change
Democrats and Republicans in both houses of Congress aren't
happy with the Financial Stability Oversight Council.
It's the Dodd-Frank Act created group charged with determining
which firms are "too big to fail." Those receiving a systemic risk
designation must follow certain and quite restrictive rules to
insure that they do not harm the entire U.S. economy if they run
into major financial troubles. The FSOC — which is headed by the U.S. Treasury Secretary
— has been very secretive as to how those designations are
made and who is going to be investigated.
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3 ways insurance companies can better court their brokers
Gone are the salad days for many property and casualty insurers, the companies that insure our cars, homes and belongings. The sector is facing many headwinds, including rapidly changing consumer needs, increased risk and rising costs.
Health insurers to refocus marketing efforts to reach uninsured
More than half of previously uninsured Americans who shopped for health insurance under the Affordable Care Act say they first heard about the marketplaces through the news media, while only 4 percent learned about them in a notification from a state or federal agency.
Obesity more dangerous than smoking
The National Cancer Institute did a
study that compared obesity health
problems to those of smoking.
It found the troubles
caused by obesity, like strokes, heart
disease, cancer, diabetes and other
illnesses, can be worse than a heavy cigarette habit.
Washington state on fire
This is an ongoing story, but with the fire
only 2 percent contained, the Carlton Complex
fires in north-central Washington will
likely still be burning out of control by the
time you read this.
Wildfires: The West is on fire
Fires are burning out of control in Oregon
and Washington. At press time, 20 different fires are burning in the two states. As these fires continue to grow, they become taxing on resources. High
temperatures and dry, windy conditions aren't helping; neither is the ongoing
Obamacare: Reaching the uninsured
J.D. Power and Associates did a study of how well
the government did in reaching individuals and
families about how to sign up for the Affordable
Care Act on the federal or state exchanges.
The conclusion: not very well.
Mosquitos: A bit about the bite
First of all, mosquitos don't bite. They suck. And, according to experts, some people seem to be immune to their "bite." Mosquitos like 1 out of every 5 people. So, if you're being bit — or
sucked — regularly, then you're one of those not immune. But why?
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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