Author Archives: The Insurance Bill

09.27.18
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Your car’s value

Extending on What’s My Car Worth from October 2010

Nothing wrong with the post from 2010 or the updates from 2015.  I followed the advice recently, twice.  You can check LinkedIn starting on August 11 2018 for a series of posts related to a claim.  Sadly, these posts continue since claim 2 is still pending.  But, What is a car worth?

2009 Scion Xb is hit, airbags deploy so I know it is totaled.  I spend some time on Kelly Blue Book and then a basic Google search.  I narrow in on $5000.  Total time on this was less than 30 minutes.  BUT, it made a huge difference since State Farm was a bit less.

This is a preview of Your car’s value. Read the full post (486 words, estimated 1:57 mins reading time)
09.26.18
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Language, influence

Here it is, eight years later, a big piece of the thesis that keeps things going.  Started here  

Really could say it started a little sooner which led to my exit from a big corporation.  Lots of things there, one was the proper use of price optimization. Fast forward a few years and I stumbled onto this post…**not able to find it?? Juneish 2012 Pawel Stefanski IBM** which was one of the first times I saw/read someone else illustrating the point.

Sadly, much of the industry has disregarded math and logic and cheapened itself to quotes.  In some cases they, large companies and brokers, have so much money they’ll even pay for new “quotes.”

This is a preview of Language, influence. Read the full post (356 words, estimated 1:25 mins reading time)
09.25.18
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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.

This is a preview of 4 updates in 1. Read the full post (394 words, estimated 1:35 mins reading time)
09.24.18
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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.

This is a preview of Customers. Period. Read the full post (497 words, estimated 1:59 mins reading time)
09.23.18
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Just include it

It’s sort of silly really.  The world advances, the insurance world advances, yet there is still a reason to talk about glass coverage.  This was four years ago, still true.  I recorded a podcast yesterday and said something that I have said before, looks like I wrote it four years ago as well.

“Should it just be included, not even be an option?”

This is a preview of Just include it. Read the full post (234 words, estimated 56 secs reading time)
09.22.18
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Not enough

I’ve adapted a fair amount since this September 2014 post  https://theinsurancebill.com/?p=418

But, maybe reinforced my thoughts is a better way of thinking about it.

  • I define winning, no one else
  • I compete against myself, no one else
  • Anyone interested in purely defining me or my company by numbers only isn’t going to get very far with me
  • Context around numbers is really important
  • Many of the metrics, KPI’s, etc. used in insurance are flawed. And generally not going to work for the next decade and beyond
This is a preview of Not enough. Read the full post (328 words, estimated 1:19 mins reading time)
09.21.18
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More money than you are given

Originally posted 5 years ago, sadly, the situation is a bit worse now; “The real cost of a claim” https://theinsurancebill.com/?p=414

So yesterday I got a new, new car.  It feels better but not good.  Handing in a rental, that felt good.  Of the last 40 days I have had a rental for 39 of them.  *HUGE opportunity in insurance is the rental car situation, similar to using Angies list on the home side*

So I have a new car but I do not have a closed, completed claim and may not for 30-120ish more days.  Why?

This is a preview of More money than you are given. Read the full post (331 words, estimated 1:19 mins reading time)
09.20.18
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What you can do that they can’t

Apparently, I forgot to hit publish in September 2013

 

Enough already, so sad that industry publications continue to write articles about direct writers (state farm, allstate, geico, liberty mutual, etc.) and how the independent agents are competing against them.  Are you really?  Maybe it is time for a solid look in the mirror.  While you are at it maybe you look at your business plan as well.

Some things to consider;

1. Do you really want their customers?  I like leftovers but my wife is a great chef.  Her leftovers are the only one’s I eat, I’m not interested in anyone else’s.  The lesson, focus on what you want instead of what they do not want.

This is a preview of What you can do that they can’t. Read the full post (555 words, estimated 2:13 mins reading time)
09.19.18
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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 https://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*.

This is a preview of Paying for loyal rates?. Read the full post (197 words, estimated 47 secs reading time)
09.18.18
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Convenience, a bad compliment

So apparently I was buying a lot in September of 2012 and just had to write about it  https://theinsurancebill.com/?p=202

If you are a broker, people leave.  Period.  No one is 100% for more than a year or two.  People die, people move, people get rid of cars and homes, etc.  To think you can keep your policy count and customer count growing is a better goal than keeping 100% of your customers.  Often they leave without warning.  This hurts, sometimes.  But, most of us maintain customers because the effort to switch doesn’t match either

  1. The possible savings
This is a preview of Convenience, a bad compliment. Read the full post (378 words, estimated 1:31 mins reading time)