November 2010, updated May 2015, still is an annoyance that happens once a week.
And it really is a dilemma. I’ve likely written before that I have 20ish options for insuring a home and all 20 have a different idea of what the same home will cost to rebuild. Scarier than this, is that several use the same backend system that determines the replacement cost. But, there is nothing particularly “sexy” about this topic so maybe that is why it doesn’t get much attention.
Original publish date of October 15 2015
” Why would you give an insurance company more data when they haven’t figured out what to do with what they have?”
I’m giving myself credit, I still believe in one what I was writing three years ago, now I just know more. But, although our methods are better and new tools exist we just haven’t found the blend yet.
To frame this moment, I just caught up on Lemonade’s transparency chronicle and read a good piece via the Washington Post about home construction that survived Hurrican Michael.
Attempted to use some voice to text stuff and it produced some really odd paragraphs. Reinterpreting them a bit below;
- Is your marketing plan simply to produce enough content aka noise, so that one or more algorithms will help people “find” you? I am not sure that, as a strategy, this is much more than hedging your fear of not knowing where the next deal is coming from. Hope is not a strategy, nor is relying on things you do not have control of, like algorithms.
So below you will find a short report that I receive daily. This shows policies that renewed, the average premium change and the percent increase;
Renewal Details by LOB
||Number of Renewals
||Average Premium Change
||Average Percent Change
Now, showing you companies and names is something we shouldn’t and cannot do. So let us focus on a few things;
Incomplete draft from March 15, 2015. I could write this post, with very little variation, this week as well. That is a massive failure. Adding any more to it would be a waste of time.
The setting; a longtime customer is hit with double-digit rate increases two years in a row. First year can be absorbed but by the second they have had enough. The end result; YOU keep the customer. That is the goal right? Find a group of people who trust you and keep their business with you as long as possible. What happens? His $5500 premium drops to $4200. Yes, scary. In that he decides to save some money and drops an umbrella. We also move a child onto their own. So where is the fail?
This is a preview of
Rate increases; the most debilitating piece of the personal insurance puzzle
. Read the full post (421 words, estimated 1:41 mins reading time)
Cleaning out some drafts I apparently never published, the paragraphs below(italics) were from February 2015. Updates and comments in regular type.
Reviewing your insurance could be the most critical piece of personal finance. Until the process can be automated it is on you and me to do it. In this case, since it is just my insurance it is all on me. I first wrote about this over five years ago. If you searched the word “review”‘ on this site you would get several different takes. Mostly coming from a variety of things that happened. Here is a fresher look since my policies just renewed. Yes, it actually happened just shy of three weeks ago and yes the paperwork has been on my desk since late December.
In the last week, a customer left, no news there, but I have donated to a fundraiser they did and do sort of know them. Yesterday, another customer came in with a gift for me and one of our team. Actually very tasty olive oil. The first one checks more “boxes” that most companies look for and spent at least twice as much with us. The second spends half the amount of money and doesn’t “fit” common profiles of what a company wants. Below was written May 2014 and has only been updated thanks to Grammarly.
One of my favorite questions for sure. I’m continually stuck on the notion that you/we should strive to be worth sharing. If you are good enough. If the mission is strong enough. If the offering is good enough, it will be shared. Period.
Advertising itself has been ruined by advertisers. It’s diluted down to a nuisance, an annoyance, worth ignoring than paying attention to, valueless, etc. Had some time on Saturday, more accurately, kids were out being kids and the project I am working on needed more time and not that much thought so it was movies in the background as well as a college football game.
Really liked updating this post from October 2013, still is 100% accurate even if I could change a few things, I didn’t. Being a resource can be interpreted a few ways; you are actually the resource, the one getting things done. Or, you are the resource because you shared one. So some moments from the week;
One of the better things about working with “newer” people is you get to rethink both positive and negative moments. Analyzing a situation and the steps create a refresher course for me and have even helped open my eyes to missed, unnecessary and better steps that can benefit all of us;
This post on closing vs. opening has continued to come up. Sometimes it comes out as ” Just go make some new friends and see what happens…” other times as ” Just see how you can help them..” or “See if he/she is going to that event and if not invite them”