Time for an annual review

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.

Just keep in touch

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.

Anonymous and the Call Center

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;

Dynamic underwriting exists…and somehow it is bad for customers

I’ve had my own run of claims as well as some others going on lately.  Fortunately, an occurrence that could have been claimed, sort of,  and a basic “How to handle a claim post”

Both are still accurate and both are somewhere between far from the truth and not enough.  I’ve long thought insurance functions as much like a credit card or bank loan than what people expect from insurance.  But, maybe I’m also abusing or misusing the word dynamic a bit.

Review and repeat, It’s a cycle disguised as a tag line

Today’s idea comes from a silly, boring post in 2011  Although it was a short, almost lay, post, the message is correct and overlooked.  I’m guilty as charged.

But how do you find ” an average savings of $432….”  when reviewing auto insurance.  Well, the game is more or less rigged.  Some of it can mimic “self-sabotage” but it is really corporate laziness/indifference?  Here are some facts/scenarios to consider;

  • Insurance rates change. Period.  Sometimes a company can do it once a year…if the regulators cooperate.  Certainly every 18 months.

4 updates in 1

Circa October 2010, none of these really need/deserve a full reboot and it looks like I made slight updates in May 2015

Post 1     Post 2   Post 3   Post 4

First, let us take a moment to thank Grammarly.  Like you, I’m busy and miss things.  Old posts had lots of silly, mostly lazy, mistakes.

Your updated disclaimer; I value time more than I did in October 2010 and, as my available time seems to diminish and priorities shift, even more than in May of 2015.  What does this mean?  Well, I am not sure that I held back then and the only stuff I hold back now is proprietary stuff.  Even that is shared with certain audiences.

Customers. Period

But really, I call them Friends and Acquaintances;

“There are no strangers here, only friends you haven’t met yet”  William Butler Yeats

A bit deep on Friends from 2015 coincides with a training session with some pieces that are a bit off

I’ve never quite fully understood the philosophy of  “A, B and C customers….”  In the sense that I completely understand what is being said; focus your time on energy to produce a better outcome.  Great.  But, on the other hand, when you see in insurance today can partially be attributed to widespread use of this kind of attitude.

Paying for loyal rates?

Yup. A couple of times a month we run into something similar.  Long time, likely profitable, customer not exactly being appreciated http://theinsurancebill.com/?p=199

Truth is, I’ll likely be in a similar spot about 10 months from now.  But how can that happen?  You had two NOT AT FAULT accidents.  Exactly  But, because of a lot of things, including a call center order taker and some weak regulations, one driver did not have enough coverage.  That means I need to use my coverage *sigh*.

Not Extinct but Still Endangered

Happy to see that this from 2012 is still relevant http://theinsurancebill.com/?p=188 

On the other hand, it is disappointing to know that although the industry has advanced, it really hasn’t.  The excuses are still the same.  The lack of interest in the customer is still there.

But what has changed?  In theory, there are more tools today to help you “review” your auto and home insurance.  In reality, they may connect to more companies but the tools are not much better.  Carriers are spending more to find people instead of spending more to keep people.

“The System” is stacked

* Reflecting on some older posts in an effort to stir my brain back up and see where my thoughts have gone over the last 8 years*

Today it is off this one, A Day in Court; http://theinsurancebill.com/?p=184

The overall financial system we are in is fascinating.  Tough to say that the good the insurance piece of this system is helping or hurting more.  Yes, it allows entrepreneurship to flourish.  Yes, it is the underlying fabric of the entire financial system.  But, on the other hand, we do a lot of work in the personal insurance and micro-commercial space(think 1-5 employees 6 but rarely 7 figure sales).  This is where you see the dysfunction shine.