Insurance Policies – Too Clever by Half

By | January 12, 2015

  • January 14, 2015 at 4:56 pm
    Jamie Hays says:
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    Many insurance agents do not get to know their clients well enough to properly insure them. At our agency we do not shy away from telling people the ins, outs, and details of his or her coverage. We do not under insure anyone without having a conversation about how the lack of coverage could negatively impact his or her personal economics. At Farmers Insurance, properly insuring a client is not an option; it is our duty and it is the foundation of our corporate beliefs. Thanks for the article! Jamie Hays

  • January 15, 2015 at 11:29 am
    Bill Wilson says:
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    Chris, excellent article. As usual, you’ve nailed the issue. When we have online direct sales operations claiming they can give you a quote in 15 or even 7 1/2 minutes, what kind of problem solving are they actually doing other than booking as much revenue as possible with the least amount of effort and expense? “Cheap and fast” does not address a consumer’s core issues, even if they are deluded into thinking that.

    The big issue with our independent agent constituency which sells their consultative services, product options, and advocacy is ensuring that they walk the talk. This article and another of your recent articles on “The Commoditization of P&C Insurance” are just the challenges agents need to push them to live up to their standards:

    http://www.burand-associates.com/Adviser/122014.html#Article1

  • January 15, 2015 at 2:37 pm
    insurance_guy says:
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    Great article. Good point regarding surplus lines. My biggest gripe with the surplus carriers is that you can’t see the entire forms and exclusions until the policy is issued. I never want to be perceived as 2-bit agent by my insureds but some carriers could not care less. People would get shocked by some of the things that the underwriters and their marketers say out loud.

  • January 23, 2015 at 5:03 pm
    Expert says:
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    Not necessarily true. If you go to a reputable and professional surplus lines Producer, you should get not only a premium quote, but also a list of the forms and endorsements that will be a part of the policy when it is issued. That’s a standard practice in NJ, and many other states. Then you have the obligation to read, or know, the terms and provision of the forms and endorsements. Harder to find a knowledgeable Producer now – with the Feds having screwed up insurance education so only a 40 hour course being “sufficient” for a P&C Producer. NJ used to be 121, then 140, then 95, now 40 hours. Buyers beware



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