I wonder how the Algorithms treat the Texting while driving crowd on rates. Everyone is losing money on Personal Auto these days and texting/cell use leads the parade on losses.
We are all concerned that the Progressive model will be comparing price and not coverage. Last year, several representatives from my primary carrier’s claims office told a group of agents that they are suggesting to customers that they file E&O claims against their agent if their current home policy coverage won’t cover a loss that their prior policy would have. They were particularly referring to roof coverage. It is one thing to have a claims adjuster deny a claim but, quite another for them to suggest to the insured that they file an E&O claim. I can’t help but, wonder if Progressive may be thinking of using the same tactic when a claim arises.
Mr. Rose says: “[D]o you want to walk into your grocery store and be offered one option for soup? Do you want one option for fruit? No, you want lots of options.” Yes, but I want to UNDERSTAND those options. The more complex the options and the bigger the stakes, the more I want experienced, expert advice.
If I’m wrong about my soup or fruit, I’m out a few bucks (unless I get sick, in which case I hope the seller has good insurance). If I’m wrong about my insurance, I could lose everything.
Mr. Rose thinks Insurance is a commodity.
I wonder how the Algorithms treat the Texting while driving crowd on rates. Everyone is losing money on Personal Auto these days and texting/cell use leads the parade on losses.
Do you have any suggestions on how they could fix this?
It is obvious that distracted driving has led to a sharp increase in accidents, but nobody has any ideas on how to stop it.
Response to this article at InsuranceThoughtLeadership.com:
http://insurancethoughtleadership.com/the-comparative-rating-illusion
We are all concerned that the Progressive model will be comparing price and not coverage. Last year, several representatives from my primary carrier’s claims office told a group of agents that they are suggesting to customers that they file E&O claims against their agent if their current home policy coverage won’t cover a loss that their prior policy would have. They were particularly referring to roof coverage. It is one thing to have a claims adjuster deny a claim but, quite another for them to suggest to the insured that they file an E&O claim. I can’t help but, wonder if Progressive may be thinking of using the same tactic when a claim arises.
Mr. Rose says: “[D]o you want to walk into your grocery store and be offered one option for soup? Do you want one option for fruit? No, you want lots of options.” Yes, but I want to UNDERSTAND those options. The more complex the options and the bigger the stakes, the more I want experienced, expert advice.
If I’m wrong about my soup or fruit, I’m out a few bucks (unless I get sick, in which case I hope the seller has good insurance). If I’m wrong about my insurance, I could lose everything.