Who’s the genius? Did you even read what I wrote? I said the “C” WORKER (I didn’t say anything about them being a “C” student) stays where it’s easy and they don’t have to go deeper and learn more.
“C” STUDENTS can and often become “A” WORKERS once they get in the world and decide they want better for themselves.
Words mean things – STUDENT and WORKER have different meanings.
I agree that morons, idiots and just plain ignorant people work on all sides. I just wish for an industry where everyone strives to learn more. You obvioulsy do.
That’s right – run by us C students…now all you brainiacs will start paying attention to us -who’s laughing now smarty pants? “Oh, I’d never stoop to working in the insurance industry” – HA – Claim denied! Policy Cancelled…
The proof is in the Presidence people – mediocrity will win out- give up now!
Kinda matters where that “C” came from, doesn’t it?
A “C” from Harvard is much different than a “C” from the local community college (no offense intended, just for comparison sake).
As a CPCU myself, I do take take these as “fightin’ words,” but to some extent I agree with them. The industry does often seem to lack basic business sense (especially in the area of underwriting). But I think this is due to a lack of or change in focus when it comes to training new hires to the industry.
I, as a broker, should not have to explain coverage to my underwriters; but increasingly I find myself having to do this. Why – underwriters aren’t trained like they were “back in the day.” They learn how to rate and what their reinsurance contract says, but are not taught basic and optional coverages.
When “training” is complete, they are handed a manual and computer and told to go “underwrite.” Creativity is not welcome – if it ain’t in the manual, they’re stumped.
The really smart “A” and “B” professionals become frustrated and move to the consumer side (as risk managers) or broker side; but the “C” worker falls victim to apathy and the fear of giving up what they “know,” settlng down to continue the in the direction they are headed.
Don’t misunderstand, I don’t mean to say that someone that is a “C” worker now was a “C” student in college. In fact, I’m sure there are a lot of insurance professionals (in all areas of the field) that were magna and summa cum laudes – they just lost the desire to excel and have CHOSEN to be average (“C” workers).
Only those who have a passion for this business act and perform like “A” professionals, EVEN IF they were “C” students in college.
Come on my fellow insurance professionals – strive for the “A”!
I find it interesting that his biggest point is that insurers can’t issue policies by the effective date. Like this is the largest problem we have with our current structure? Also, try releasing quotes 6 weeks prior to renewal date in this soft market and watch your book disappear to others.
Who has been in charge of the education system for the last 50 years? What party backs the teachers union? Hey! It’s the Liberals. Gotcha!!!!!!!!!! Walked right into your own doo again. How come we don’t know who this “bright” CEO is?
So its the liberals fault we are “C” students? And here I thought personal responsibility was gone. I guess we don’t need it when everything can be traced back to the democrats.
I don’t think many of the CSR’s I seen come through lately even meet Average standards. Schools are not teaching them basics and there is no common sense, lack of parenting?. They want top pay but do not have desire to learn the trade. I started at the bottom but I took the initiative to learn the trade on my own. Folks these day don’t want to invest the time or energy they want it given to them.
To The Reaper– Your comments are rarely if ever the subject of the article. Why not go to a political site where you can vent your political frustrations and stay out of what most of us would like to be insurance discussions on this site? You’d be happier and so would most of us.
Well Harrison whats’ the matter. No free speech here? Someone makes an obnoxious comment about “C” students and I make a comment about how our educational system has been suffocated by the Democrats for decades. Don’t teach kids the basic skills of math and reading, noooooooooo. But let’s show them how to put on a condom. Brilliant!!!! Another writer talks about how new people come into the workplace not prepared with necessary skills. What is factually wrong about that. Why don’t you go somewhere else! What else have I said that you find fault with?
Well since you attack dems, shall we talk about how great no child left behind is? Or maybe teach them abstinence instead of teaching safe sex (since a good majority are going to have sex anyway)?
Dustin, another sensitive one. Since when is stating something factual an attack? Do you deny the democrats and teachers unions are not in the same political bed? I was taking a shot at someone who foolishly took a cheap-shot at all those who work in the insurance industry. Go ahead, blame me for standing up to this jerk, who probably is a democrat.
I don’t think it is an attack. I agree that most unions are in with democrats. I don’t particularly see where it matters this man’s policical affiliation. Generally when politics are brought up it puts people on the defensive and no true dialogue is achieved. Things quickly take a turn to mud slinging and name calling (on both sides mind you). My apologies for critizing you. I guess I have become tired of this whole Rep vs. Dem when the lines between the two have become so blurred it doesn’t made a difference any more.
Dustin, you’re a good person! I don’t like the mudslinging either. I just found it hard to believe someone would get up in front of a group of people, CPCU’s no less, and criticize the whole lot. Even though he tried to back-step, the words were already out. I have been in this industry over 30 years and have taken loads of crap from people who I just have to shrug off because I can’t say anything. It got even worse after Katrina. This story just pushed me over the edge. Thanks for your words. No apology needed.
Glad to know we have touched the lives of so many and their hot button for average students.
Alot of the “C” students make a very good living in the insurance industry. As they say anyone can get their insurance license, but it is what you do with it once you get it. Hats off to the average insurance person!
His comments were insulting but even more insulting is the fact the Insurance Journal would give it press. Value-building and constructive criticism is welcomed at all turned by professionals but adolescent labels should be relegated to the school-yard.
It’s also the fact that these companies push, push, push their trainees to get CPCUs all within a two to three years, give them an office, a letter of authority in less than a year and they feel like their kings and queens of the world and are better than others who have been in this industry for years. You have Risk Mgmt degree – nice, a CPCU – nice but you’re only what – 25? What exactly can you do? Do I have to worry that you’ll give more coverage and charge less than what you were supposed to? More than likely – YES. It’s these basics and others young CPCUs don’t usually get. IT’s better to me when you obtain AFTER having spent at least five years in the company or more. It makes it easier to me anyway.
Maybe the A & B students are running companies like Enron, World Com, Countrywide. Maybe the insurance industry is just too boring for them, afterall scamming, lying, cheating, sound like its more fund than working in insurance.
While I take issue with an individual who would be so careless as to state that the insurance industry is run by “C Students”, and I am certainly proof that this is not the case, I do understand the meaning behind his words. I have my own opinion, however, as to the cause of frequent laissez-fare that I encounter in my field: I think it stems from a lack of passion. Question: How many people do you know that actually intended to go into the insurance industry? How many children stand on the playground and voice a fervent desire to become an “underwriter” or an “agent”?
I actually don’t think you have much room to judge new CSRs on their competence, when you can’t even type a grammatically correct short paragraph. Maybe people who live in glass houses should not throw stones.
I was a B-C student. Never finished college. 204 people with 4 year degrees and 100k to spend started at my company the same year as myself. Im the only one left. They all failed. I watched the Harvard guy fail too and go back to his cubical where he belongs. It takes grit, to make it and you don’t get that in college. I honestly feel that my alcoholic father trained me in perfectly for business ownership.
I had a professor in college that claimed we should all try to be “B” students. I find his theory to be very true. If you were an “A” student, it meant you spent too much time studying and not enough time out socializing. “A” students tend to be socially lacking, stuffed shirts that can’t relate to the real world.
“D” students spent a little too much time at the party. “D” students tend to be lazy and lack the drive necessary to make it in the real world.
Make “C”s, add 10 percent for class participation, your a “B” student.
Unless, of course, your father is a senator. Then you can party all you want, get your “C”s handed to your from an Ivy League school, dodge the draft, run a few businesses and a baseball team into the ground and one day be handed the presidency. Then, after that, you can go cut wood at the ranch while your oil buddies rack up $40+ billion in net profits.
Sure, there will be a some employees who achieved a C average as students working in the industry. But to say that this group is the majority of employees is ignorant. Sounds like this unnamed executive spoke without thinking – but I’m sure he is happy with the bonuses his staff of average dolts makes possible for him.
There are a variety of other just-as-plausible reasons why it takes so long to get a new policy issued besides the grades of the employee. Could be the average/below average managers fired too many above-average employees. Could be the average/below average legislators/regulators think up too many legal requirements.
With all of this being said, can you tell me where I fit into the picture? Here’s my story: 25 yr. old, graduated in ’06 with an econ/int’l studies double major, B+ GPA, in the industry since April as a replacement-cost estimator, learning the P/C side, and just passed the first CPCU exam. I’m extremely ambitious and just want to do the best that I can in whatever I’m doing so I can support my family. I’ll be in my current position for another year. What can I expect after that?
I was an A student in high school, Magna Cum Laude with a degree in classical studies and I still lived a perfectly healthy social life. I also love the industry, even though I never thought in 1000 years I would be here. Oh, I am only 24 as well.
Back to the subject, I think I found out why we are all C students….we spend too much time on this site arguing (I am not excluding myself either!)
The speaker that made this comment is all wet. Firstly, our firm issues policies within 7 days and most if not all of our brokerage markets get them to us within 2 weeks. Advanced technology is the answer to quick issue of policies as well as filing data. The article indicates that the slow issuance of policies is the reason that the insurance people are graded “C”. So does issuing policies quickly make them smarter? Don’t think so. Our firm has 12 employees and 7 designations, one of them being a JD.
I am only 26 years old; however, I totally agree with you. I think that any given person can sit in classes, pass tests and get certifications, degrees, etc. But the real world is a lot different. I am a firm believer that you need to work in a field such as insurnace for quite a while (years) before you truly understand and comprehend how it works. Good comment!
I’m going to go with it is the regulators that are the ‘C’ students.
Most of the time it isn’t the insurance comapnies problem that we can’t get updated policies out, it is the fact that it takes FOREVER for the state to approve policies.
Who really cares about this? The only people reading this are in the Industry. The only people’s perception that should matter to you is your customers and your family/friends. Let’s face it, the majority of Insurance executives arrived at their position by attrition, not their mental stature and leadership abilities. Waste of time. If it said we were all “A” students we’d still be arguing that we were under valued and under paid…
By the way, idea here for the owners or shareholders of the company in which the Executive said, “I don’t understand why we can’t issue a policy by the effective date”…get a new executive…one that can actually understand it and fix it.
Then there’s the non-schoolyard take – when was the last time anybody saw a GPA on a diploma? Does your CPCU certificate state your score? No, it doesn’t. All you have to get is passing, and you’re in. Using the GPA analogy is just a way to get people riled up.
It truly is effort in the field that counts. Statements like this are meant to get people motivated to work harder; unfortunately they seem only to accomplish getting people to defend their academics.
Yes, we do spend too much time writing about this BS. It breaks up the monotony.
Only 24, give the industry 15 yrs and you will become somewhat bitter also. I too have a “useless” BA degree. I think a lot of us end up in the industry that way. Can’t seem to get a well paying job based on the liberal arts education.
I recommend that you get out now while you can. Get a teacher’s degree in math. Either that or a job with a municipality or politics. These seem to be the only jobs where you are going to get constant raises, benefits and guaranteed retirement income.
I’ll ask you this though. Can you change a flush valve, or gap a spark plug?
This CEO should be drawn and quartered!! (we really need to bring that back as a punishment)
I was an A/B Honor student in HS, Graduated Cum Laude (only because I partied my freshman year) with a BBA in Management, finished my CPCU, am finishing two MBA’s this May and I can underwrite better than most!
I do agree, however, that there are some dumb underwriters that don’t know how to manuscript or work on something a little more creative — but for the standard markets, that works. It’s why I fit better in E&S — creativity is welcome and encouraged!
Remember, kids, this is just the internet — the CEO can mouth off all he wants when he can hide behind the anonymity the media is giving him.
I let stuff like this roll off my back. Some people are so insecure they can only feel “bright” by denigrating others.
Remember, in our industry more than any other, be careful of the toes you step on today, they may be connected to the *** you have to kiss tomorrow!!!!
My experience is that insurance people are plenty smart enough to deal with lawyers, financial people, and the infinite range of people and businesses they insure. How many industries are so engaged with all sectors of the economy?
As for the old gripe that policies aren’t issued on time, I invoke what I call the “airline legroom principle.” Take a survey, and most people will tell you they want more legroom on their flights. But, when it comes time to book a ticket, most choose the cheapest fare.
Along the same line, insureds may prefer to have policies issued on a more timely basis, but how important is that when it comes to purchasing coverage?
Unfortunately there are very few absolutes in life, and your comments illustrate the simplemindedness of conservatives. I’ve seen the results of the Bush family’s “No child left behind’ BS. As I write this, kids in Florida are putting aside their text books and basic education so they can be trained in how to take the Florida Comprehensive Aptitude Test (FCAT) .
You bring to mind a comment made by an Admiral while I was at the Naval War College, “For every complex problem, there is at least one idiot with a simple solution!”
I don’t think my degree is useless. After all I can tell you how factually inaccurate 300 is and my degree is a great cocktail party conversation starter!
Personally, I think 15 years in any industry will make you bitter. Thankfully I have found work at a great independent agency that treats its employees very well. Of course, you will say just you wait. Things, they’re gonna change! Maybe, maybe not. I tend to be an optimist.
It’s a “bell curve”! Remember what that means? and with the many thousands of people in the industry … it works! Few are at the extreams (A+ & F-). Most will fall in the middle. After 44 years I can attest to the accuracy. I just hope that any individual will aspire to move to the right side of the curve….
Like anything else, some companies have excellent employees, others not so much. I don’t know about management grades, but the general office employees I encounter aren’t the best in the world. Yeah, some people would probably like to label me an elitist actuary, but the fact is there aren’t too many high qualified students saying “I think I’ll go into insurance.”
My useless BA degree was in Education.
After the disappointment passed of finding out that in this world it is NEVER
what you know, only who you know that counts, I moved on. I have known many A
students most of which I would say A is for ***holes. I have an IQ well above average, but you never find me telling everyone that I am smarter than they are.
There is a great deal of difference between education and intelligence. Albert Einstien, I understand, did not do so well in school. Cheer up my friends of the insurance world, we are better than a grade. I am 40 and I am more proud of what I have accomplished in my life than I have ever been at what I accomplished in school. Maybe this “CEO” only feels taller by standing on others.
Who wrote this farcical crapola? When you write an inflammatory article such as this and make it so general, you have lost all journalistic integrity. This is like publishing a rumor. Did the author work for TMZ and cover the Brit situation? I think so.
Have we really become so polarized that every problem is the fault of the Dems or the Reps? Please. Grow up and get real.
The insurance industry is a complicated and heavily regulated business. Companies and agencies have historically been poor at attracting and retaining talent. The industry is slow to adopt new technology. Companies fail to cultivate leaders from inside.
Nobody intends to enter the insurance business, yet we employ 2.3 million people in the US!
What we really need is better PR that elevates our perceived image and educates the public about the tremendous positive impact our industry has on the economy and on people’s lives.
I am an A student CPCU MBA insurance leader working on the carrier side. CJB’s shpiel about teaching coverage to underwriters made me gag. The inference that the C students work on the carrier side and the A students work on the brokerage side is a load of crap. The brokerage side has its share of morons including ones who prance around patting themselves on the back about how smart they are. Come on my fellow insurance professionals – let’s rally around the genius!
Knew the article would be the response leader of the year but really why even print an article by some anonymous exec. if in reality it was? I’m sure all the guys at Enron were A+ students at Harvard and Yale but what did it matter — they ended up scamming a bunch of folks (see the documentary referenced above). At least we’re still around, albiet getting our policies out 60-90 days after the effective date. That has been a problem for decades (e.g. WTC, 9/11) but it is a workflow issue that is obviously complicated and no A student could solve it. Gates is brilliant and rich but he can’t seem to stop the endless e-mail spam attacks on my computer?
Don’t hate on the movie 300. I saw the History Channel version and got what facts I needed but the CGI effects and creative license are so much better.
A grade can be a misleading indicator and/or predictor of someone’s ability to apply what they’ve learned in real business situations. I’ve interviewed applicants who graduated with honors and who mastered the art of parroting answers in response to a test. Many were also functional illiterates when it came to applying what they supposedly learned. In addition, great students don’t necessarily make great employees. I’m sure CitiBank hired all “A” students and look what it got them.
Since when are CPCU’s the benchmark of insurance wisdom? I know every company loves to have staff with the professional designation as it’s viewed as the “mark” of superior beings. The only thing you need to obtain a designation is the ability to absorb large amounts of material and parrot it back on the exams. The exams are kept difficult to as not to dilute the exclusivity of the designation. I passed 5 parts so I have some idea of what’s involved. I voluntarily decided not to continue because I saw no career benefit. When I worked at Prudential, the only thing a CPCU did was prevent you from being promoted. Like they say “Can’t Produce, Can’t Underwrite”.
I admit to being jaded too. And it really is a “who you know and not what you know” mentality in all of corporate america. One our presidents even mentioned that some may think he’s not qualified for the job, but he got it anyway. I am not hating on college graduates – I am one myself but practical application is what really makes a man or woman out of you. I totally agree that some underwriters do not know at all how a policy should be structured, what forms to use, about coverages? These C, D , F employees pass this responsiblity off to the “underlyings” and if the underlyings don’t catch it, most brokers will. In fact, I am seeing more input and forms knowledge coming from the brokers and their assistants more than the people that put the policy together in the office who sent out the wrong forms. It’s a sorry state when the broker has to correct you and then the policy is already several months behind.
If these executives would bother to take a cut in their salaries and get better systems then they’d get better results. Until then, please expect your policy 2 to 4 months AFTER the effective date and endorsements – you’ll get them – EVENTUALLY.
How interesting that, after years of insurance policy makers purposely attempting to dumb down our industry, a CEO complains about how dumb our industry is. When the delivery system becomes the phone, the mail and the computer, even a caveman can do it, right? Only in the insurance and mortgage industry do so many people enter into contract law for so many dollars with so little information about the contract they just signed. There was a C student in the room that day for sure – Mr CEO himself.
Don’t complain about the status quo, Mr CEO. You reaped exactly what you sowed.
Lastly, with the long line of dummies hired into our industry, my future is brighter than ever. Shouldn’t be too hard to shine among these dullards.
Does anyone know the identity of this strange individual? I am curious…I am going to venture a guess, and say it is the Progressive CEO, Glenn Renwick.
In 1993, Carlos I. Miro, a former executive at Transit Casualty and Anglo-American Ins Co testified before the House Subcommittee on Oversight and Investigations chaired by John Dingell (MI).
Mr. Miro stated that when he stumbled into the insurance business following college, he discovered he was an over-achieving “A” student while many people in the industry were “B” and “C” students.
Apparantly it doesn’t matter. Speaking of “C” students,I learned in the second grade that good article should have the
Who? What? When? Where? and the How?.
I think this was published here just to
get us all revved up. Perhaps us “C”
minded insurance professionals are too
threatening and they were afraid of
what we would do to the one who shall remain nameless.
(And I love the movie 300)
I guess all the “A” students are in the Banking Industry … and of course that explains why every 10 years the Federal Government and World Governments have to bail them out from the brink of total collapse.
Transit Casualty was in receivership at the time that statement was made by Carlos I. Miro. If Mr. Miro was so smart why didn’t he stop Martin Frankel?
ok. does it really matter if you get an A from Harvard or your local community college? not really. the bell curve maybe higher at Harvard, but does that really mean you are smarter than the guy at the other school? NO! my best solution: achieve your best no matter what degree you have or grade for that matter. since you will be graded on how well you do your job – not your degree. granted you might get paid more for that degree but in reality many jobs, don’t need a degree – it’s just a competitive environment. i started college and then went to the service for 13 yrs and then over the road trucker for 7. and now i am a happy insurance agent for one company for the past 8 yrs.
i worked hard to obtain where i am at. many of you had to pass a state license test (which is not an easy test, much less take a 40 hr class prior to). many ad’s need even another class/license – their test is not easy either.
i seen remarks regarding the individual who made a comment to the hearing at congress. um… um.. how many of them actually have a degree and what grade? did we ask them that prior to them becoming a candidate or even after they got elected to that seat? NO! you voted based on that fact they could possibly do the job that we asked of them.
this industry is tough. i been in service side for 2 yrs and in sales for the past 6. i know that it does not matter what side you are on, handling a policy or future policy holder is not easy. basically whether you sit in an office or in a call center, you are one-on-one with the person. there are many jobs where you don’t have to face the customer. i think we have a tough job and we do it the best we can. i have goals to make, as well as many of you. these goals challenge us to strive for more sales, more calls to handle and retain our policyholders. if we were just a so-called ‘c’ student, we would strive just to meet minimum requirements without getting fired. i have always strived to be better – thinking i can get an ‘a’ or a+, if lucky. either way, it can mean i get a raise or even a promotion. for a ceo to state the fact he just walked into the insurance industry with an ‘a’ and working with folks who are ‘c’s. um… does that mean all the ‘a’ jobs did not want him? or is the ‘c’ job just as good if not better than the ‘a’ jobs elsewhere!? i think the latter is the best answer – think about it, to pass th cpcu classes are difficult. it’s almost like a degree and you can put that on as a title (like a Dr.).
SO, what do you think? I think we are better than a “C”. don’t let anyone fool you otherwise.
While I believe all industries have their C students/employees, I believe we have far more than we should, especially in management. Management of these companies has no time for their insured’s and are just yes men/women to their supervisors. Their concern is to turn a profit for their stockholders and ultimately themselves through their hidden bonus plans. It’s time for an industry cleaning.
It seems to me that you are comparing apples to oranges…if liberals are running the schools and turning out nothing but “C” students, then why is the insurance industry not full of liberals? to the contrary, the industry is decidedly conservative…but that’s beside the point; liberals would pay every bleeding heart’s claim and companies would go belly up, given your scenario…I think that to a person, insurance professionals perform like “C” students because that is management’s direction; who is in charge of the company? Not liberals, especially after reading all of these stories in Insurance Journal. Sounds like you were offended and wanted to BLAME someone else for the perceived swipe at your performance, credibility and intelligence…
Many years ago when I was in High School, I worked weekends for the local veterinarian. One day he shared with me a study completed at the Veterinary Medicine School at Colorado State University. The results went: “A” students were doing research; “B” students were teaching and “C” students were making all the money practicing Vet Med as they possessed the people skills necessary to provide a service.
Happy to be have been a “C” student, proud to have achieved my MA!
This might hold true for the Certified Insurance Counselor designation. Spend three days in class, reading policies, take an exam, and you are smart. It’s that simple.
Oh, but when you get the designation, then you have to spend every year in their Captive program attending the same boring classes, reading the same policies, without the exam. Now, you are even smarter. And those in the Ivory Tower in Texas certify you are smart because you spent your $400, plus hotel cost, travel, etc. But, you did show up, so you are smart.
It’s an evil money-making program, to which many of us have fallen victim.
We call ourselves CIC’s. There’s the “C” twice.
Give me a “C!” Give me an “I!” Give me a “C!” “C” how smart I am now?
one of the things we deal with at our company is CI but the CI stands for CUSTOMER INTERACTION. again, falls i line with the so-called ‘c’ student. PEOPLE skills and the interaction. i know i love the interaction with folks, but in many cases that still is an ‘a’ result of those actions.
so, everyone – keep your head up high and never tell anyone that you don’t belong, because YOU DO!
Judging by the # answers This comment has stired up a hornets nest.
I am reminded of a comment a friend made, when I said so & so was no rocket scientist, he responded: This ain’t the rocket business.
If we were all C students, we wouldn’t under price the product and believe we can make it up on volume. That takes a genius!
as a restoration contractor I would give those who handle claims an F. You would not believe the mindless stupidity of the claims adjusters we deal with – we are about to give every claim we have to a public adjuster because of the unprofessional mickey mouse BS we have to go thru on every claim. I will however give the claims industry an A+ for writing low-ball estimates and beating up customers on legitimate claims.PUBLIC ADJUSTERS are now a necessary part of the process due to the vast numbers of idiot adjusters that are allowed to operate this way BY THEIR SUPERIORS – remember **** rolls downhill!
Your mistake is that you consider Bush a conservative. He may be more conservative than Clinton, Obama etc… however, he has done his best to outspend the liberals and that is a contest he can not win. Bush is no Conservative.
I agree with this. I’m a 46 year old college graduate with a BS and a Masters degree. I just kind of fell into the insurance industry. When I was younger and going to school and trying to decide “what I wanted to be when I grew up” insurance wasn’t even on my radar screen. I was in the military for a number of years and when I left the military and was looking to start a second career, a friend told me they were hiring at the insurance company I now work for and I applied and the rest is history. The bottom line is that I love working in insurance and wish I had found it much sooner in my life. I’ve been working in insurance for 8 years. By the way, I was a B/C student.
Hi CJB – I think a lot of what you are saying is true….but i think it goes even further than that…i think the new trend now is to hire people with a high school education and “train” (i.e. brainwash) them in a way that they believe that couldn’t go to another company and do as well….then the executives can keep making their 6-figure salaries and ridiculous bonuses and patting themselves on the back while the backbone of the company barely makes enough to live on….
i think these executives know exactly what they are doing in hiring “C” level employees….and i like how they twisting it to make themselves seem like the victims.
A number of years ago, I worked at Chubb. Having the reputation of being the best-at least in part self imposed, in insurance, also meant attracting the best. So we would go to the top nitch schools in the area and competed for the candidates with the highest GPAs. Several years later, we found that we were losng these bright and talented folks because their peers were for the most part VP’s and were pulling down salaries of $150-200k(this was in the days of the Silicon Valley gold rush) and at Chubb you would still be an underwriter making $50-60k.
So, Chubb got smart and then started recruiting at the next tier of schools and all of a sudden, were keeping more of the young college grads without changing what they were offering salary wise. seems like they were more satisfied with working for a fortune 500 company with good-not great pay and bennies and feel that they were being cheated out of their rightful $150k and VP title.
The boys and girls is why insurance companies hire C students. We’ll work cheaper and be more satisfied then harder driving students.
And by the way, I was a “B” student from a state school and where I came from, insurance pay beat working as a manager for Wendys. My area was too poor for really high paying gigs.
All I know is that I graduated from highschool with a C average, I graduated from a state college with a B average, I own an insurance agency that employs several honor students at the highschool and college level. It reminds me of the old adage: “Those that can, do. Those that can’t, teach. And those that can’t teach, teach gym”.
funny how we just happened to enter the industry. i was a vet of the usn for 13 yrs, and became a otr trucker for 7 yrs. loved every minute – again, the interaction of folks. now i stumbled (sounds familiar) into this industry when someone told me the hourly wage. at first i heard the wrong wage, but in the end i have been in the business for 8 yrs now and making almost twice as much as when i first started and definately more than when i was a trucker.
this is good business/job, especially if you love folks and are willing to help them out. what other job can you say (exception of doctors/nurses/teachers) who really enjoy helping others in need?
I am a CPCU, and I have been in the industry for 30 years. For years I have been concerned about the lack of talent in the industry. One of the things that amazes me is the utter lack of insurance education at virtually all levels in our schools. If you are a business major at a college you will learn the basics of accounting, marketing, business law, human resources- but chances are the college does not even offer a course on insurance. Yet, the average business person is expected to make critical decisions on insurance matters for which they are unprepared. If we are going to get C students, I would like to see if we can get some able to spell the word.
I too never graduated from college due to life circumstances, but I did have straight A’s in honor classes throughout high school.
I agree, that it takes a lot more than a degree to make it. In fact a lot of my counterparts with degrees lack the “grit” to make an impact, and I run circles around them. It seems that they feel entitled to money and position. However, knowledge is always a benefit, as long as it doesn’t go to your head (no pun intended).
Regarding Jimmie’s reference to the old adage ” those who can do and those who can’t, teach, and those who can’t teach, teach gym.” My personal experience has been that “those who can do and those who can’t, teach, and those who can’t teach, teach anyway!
February 4, 2008, 3:21 pm CST
Posted By: DesertRat
Comment:
I am continually amazed at the rampant frivolity in our legal system and the juries that return these rediculous awards. I think in the simple minds of our jurors these days they honestly think that they are only doing what is right, taking money from the evil corporate insurance industry and redistributing it to the poor victims.
All the while, they have no clue as to the ripple effect and how their decision will affect their own lives eventually when the cost of goods and services increase as a result of higher premiums across the board.
This country has lost all sense of what Insurance all about. We(society as a whole)no longer care about indemnity but rather view insurance as a lottery ticket waiting to be cashed in on when something bad happens; regardless of our own culpability in the loss.
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Jury awards $350,000 in Blacksburg triathlon lawsuit
Jurors held the town and the event’s race director liable for the crash that killed a cycling participant in 2000.
By Shawna Morrison
381-1665
A Montgomery County jury late Tuesday night awarded $350,000 to a woman involved in a crash that killed a bicyclist during a Blacksburg triathlon more than seven years ago.
Sharon Knight, a Blacksburg resident, had filed a civil lawsuit against the town and the director of the third annual Greater Blacksburg Triathlon, claiming they were negligent in failing to warn passing motorists of the race course.
Triathlon participant Gary Wayne Taylor, a 30-year-old sports promoter from Lynchburg, died midway through the June 18, 2000, competition after his bicycle crashed into Knight’s car.
Knight was heading to church east on Southgate Drive toward Lane Stadium about 9 a.m. that morning when Taylor crashed into the side of her car at the intersection with Tech Center Drive.
Knight has said she saw Taylor run a stop sign at the base of Tech Center Drive and swerved but couldn’t avoid a collision.
She had asked for $750,000 in damages for mental and emotional trauma and damages to her car. I could not sleep or eat a life was over a person someone child can you but yourself in shoes like this for the rest of your life
After listening to two days of testimony in Montgomery County Circuit Court, the jury met for four hours and 15 minutes before returning after 9 p.m. Tuesday with a verdict against race director Beverly Biancur and the town.
Biancur is no longer a town employee.
The town, which sponsored the race, failed to provide personnel or markings to warn passing motorists that they were entering a race course.
Attorneys for the town have said competitors were instructed to follow all traffic signs and laws before the race started.
Knight’s attorney, Thomas DeBusk, couldn’t be reached for comment Wednesday.
Town officials referred calls to Susan Waddell, the attorney who represented the town. She was out of the office Wednesday afternoon.
In a 2002 trial, a jury found that Biancur and the town were negligent in organizing the race and awarded $500,000 in damages to Taylor’s family
Subject Posted By Posted On
Sticking It To The Big Bad Insurance Co. what a joke Feb 4, 2008, 5:19 pm
It’s All About Sticking It To The Big Bad Insurance Co. DesertRat Feb 4, 2008, 3:21 pm
RE: Bicyclist bleeds all over car – damages awarded (to car) Calif Ex Pat Feb 4, 2008, 3:20 pm
An Aside Eli Feb 4, 2008, 2:36 pm
RE: Bogus Verdict Tip of the Iceberg? Feb 4, 2008, 2:20 pm
What puzzles me…. Boring Actuary Feb 4, 2008, 1:30 pm
What about subrugation? IJ Feb 4, 2008, 1:21 pm
What a crock! insurance junkie Feb 4, 2008, 1:07 pm
Bogus Verdict Dread Feb 4, 2008, 12:50 pm
our country is going downhill fast Compman Feb 4, 2008, 12:42 pm
Back to article
State Farm CEO Gets 82% Pay Raise
National News • March 7, 2007
State Farm Insurance’s chairman and CEO received an 82 percent raise after the company posted a record profit last year, a statement from the Bloomington-Ill.-based insurer said this week. …
Back to article
State Attorney Generals And Others Investigate Insurance Industry Charging “Widespread Fraud And Corruption”
Table of Contents Of Agencies Insurance Industry Investigations, Results
(Click on the following links to view)
AGs Introduction – Investigations, Results (various states)
AGs Headlines – Investigations, Results (various states)
SEC Introduction – Investigations, Results
SEC Headlines – Investigations, Results
NAIC, DOIs Introduction – Investigations, Results
NAIC, DOIs Headlines – Investigations, Results
Other Related Headlines – Investigations And Lawsuits Vs. Insurers
Current Events Headlines – Goings-On Of Note
ARTICLES LIBRARY – The Full Text Of Referenced Media Headlines
In Sum
Insurers, Insurance Brokers (Broking) Cos., Reinsurers, Others Investigated
Areas Of Fraud Investigations
Insurance Related Companies Subpoenaed
Some Of The Employee Casualties, Resignations And Departures (10/18/04-8/8/05)
FBIC Reports
On October 14, 2004, NY Attorney General Eliot Spitzer Announced A Lawsuit Brought Against Marsh & McLennan Companies, “The Nation’s Leading Insurance Brokerage Firm”, For “Fraud, Bid-rigging and Antitrust Violations”. The following Major Insurance Companies AIG, Hartford, ACE, and Munich American Risk Partners” were named in the Complaint as Participants.” AG Spitzer said, “The insurance industry needs to take a long, hard look at itself.” “If the practices identified in our suit are as widespread as they appear to be, then the industry’s fundamental business model needs major corrective action and reform.” “There is simply no responsible argument for a system that rigs bids, stifles competition and cheats customers,” he added, “alleging that it steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the firm solicited rigged bids for insurance contracts.” “The Attorney General’s office has uncovered extensive evidence showing that it distorts and corrupts the insurance marketplace and cheats insurance customers.” “Marsh, at times, solicited fake bids” “even as it claimed in public statements that its “guiding principle” was to always consider its client’s best interests.” The “immediate victims of the illegal practices were … mainly large corporations seeking property and casualty coverage, but also small and mid-size businesses, municipal governments, school districts and some individuals.” In a press conference, Attorney General Spitzer indicated, as referenced by the title of his Press Release, “Investigation Reveals Widespread Corruption In Insurance Industry”, that as the investigation continues, it could proceed further into property & casualty, expand into auto, health and other areas of insurance. “Trust me,” Spitzer said upon filing his complaint against Marsh, “this is Day 1”.
New York State Attorney (AG) General Eliot Spitzer Charges “Widespread Fraud And Corruption” And Illegal Activities As Common Practices Against The Insurance Industry. The NY AG Along With A Number Of Other States Attorney Generals (AG) Offices Playing Significantly Lesser Roles, The SEC (The Securities and Exchange Commission), The NAIC (The National Association of Insurance Commissioners), A Handful Of DOIs (The States Departments Of Insurance) And Authorities Also Commit To Investigate.
ATTENTION ALL AMERICANS: Observe And Examine Related Concurrent Investigations And Probes By These State And Federal Government Agencies And Related Institutions And You Be The Judge As To Which Of The Agencies, (If Any), Are Honestly Concerned About Consumers Best Interests Vs. The Self-Serving Interests Of The Powerful Big $$$$$ Insurance Companies And Insurance Industry … Which Of The Agencies, (If Any) Do What They Actually Say They Are Going To Do … And Then Vote Your Judgment In Future Elections According To Their Lack Of Performance To Properly Support Consumers And Your Best Interests.
… And then there was the state of CT (Connecticut) Department Of Insurance Commissioner Susan Cogswell who defiantly refused to investigate and refused all cooperation indicating that there was no such insurance companies frauds or corruption in her agency or state. She was obviously proven repeatedly upon repeatedly to be dead wrong. In spite of the fact that investigations by the Connecticut State Attorney General proved her wrong in this regard on many fronts and in spite of her misplaced arrogance when her agency holds the responsibility to protect Connecticut’s citizens from just such Insurance companies practices, now more than 1 year later, It is truly unbelievable that Cogswell is still CT’s Insurance Commissioner. This speaks volumes for the ethics and disgraceful state of Connecticut’s top political government officials … not only for Insurance Commissioner Cogswell, who if she did not resign, should have been fired, but also for the former Lieutenant Governor M. Jodi Rell who replaced CT Governor John Rowland (Rell took over the Governor’s post when Rowland had to resign in mid 2004 amid scandal facing charges of corruption and impeachment). Rell indicated upon temporarily filling the office that she would clean up the corruption in CT’s government and her office … appears to be nothing more than political rhetoric as no action appears to have been taken to clean up the corruption. With what appears to be corruption as usual in Connecticut, guess there’s good reason for it being the insurance capital of the world? (Note: On April 18, 2007 Thomas R Sullivan was newly appointed as the CT Insurance Commissioner replacing Susan F Cogswell who was removed and assumed the post of Deputy Insurance Commissioner).
NY Attorney General (AG) is the first to contend that the insurance industry is guilty of “Widespread Fraud And Corruption”. How do our country’s major insurers fare? Will the states insurance regulatory authorities continue to have exclusive domain or will the Federal Government step in and have shared oversight authority over our country’s present bad faith big insurer control-based and much needed out of control exclusive state regulated insurance industry? …
I’ve only been in this line of work for a decade or so, but from what I’ve seen, the “C Students” generalization is, if anything, charitable. Being defensive isn’t going to change the simple fact that most of us are indeed idiots. I pray for a day where I don’t have to hassle with some slack-jawed yahoo in Billing, Underwriting, or Claims — but sadly, that day has yet to come. Don’t lie to yourselves – this is an industry driven by greed, not intelligence.
Oh really?! How unfortunate for our industry to have been riddled with the likes of Franz Kafka (novelist who worked as an insurance clerk), Wallace Stevens (Pullitzer Prize winning poet, and former VP of Hartford Ins.), and Charles Ives (composer). I wonder what grades they received? (Or maybe it doesn’t matter.)
TO ANTI-CJB.
Who’s the genius? Did you even read what I wrote? I said the “C” WORKER (I didn’t say anything about them being a “C” student) stays where it’s easy and they don’t have to go deeper and learn more.
“C” STUDENTS can and often become “A” WORKERS once they get in the world and decide they want better for themselves.
Words mean things – STUDENT and WORKER have different meanings.
I agree that morons, idiots and just plain ignorant people work on all sides. I just wish for an industry where everyone strives to learn more. You obvioulsy do.
Rally around that.
I am not commenting on the concept underlying the quote. My sole purpose for responding was to attribute the original quote to Carlos Miro.
As for my personal opinion, I will take a hard-working, overachieving individual over the valedictorian every day!
That’s right – run by us C students…now all you brainiacs will start paying attention to us -who’s laughing now smarty pants? “Oh, I’d never stoop to working in the insurance industry” – HA – Claim denied! Policy Cancelled…
The proof is in the Presidence people – mediocrity will win out- give up now!
Kinda matters where that “C” came from, doesn’t it?
A “C” from Harvard is much different than a “C” from the local community college (no offense intended, just for comparison sake).
As a CPCU myself, I do take take these as “fightin’ words,” but to some extent I agree with them. The industry does often seem to lack basic business sense (especially in the area of underwriting). But I think this is due to a lack of or change in focus when it comes to training new hires to the industry.
I, as a broker, should not have to explain coverage to my underwriters; but increasingly I find myself having to do this. Why – underwriters aren’t trained like they were “back in the day.” They learn how to rate and what their reinsurance contract says, but are not taught basic and optional coverages.
When “training” is complete, they are handed a manual and computer and told to go “underwrite.” Creativity is not welcome – if it ain’t in the manual, they’re stumped.
The really smart “A” and “B” professionals become frustrated and move to the consumer side (as risk managers) or broker side; but the “C” worker falls victim to apathy and the fear of giving up what they “know,” settlng down to continue the in the direction they are headed.
Don’t misunderstand, I don’t mean to say that someone that is a “C” worker now was a “C” student in college. In fact, I’m sure there are a lot of insurance professionals (in all areas of the field) that were magna and summa cum laudes – they just lost the desire to excel and have CHOSEN to be average (“C” workers).
Only those who have a passion for this business act and perform like “A” professionals, EVEN IF they were “C” students in college.
Come on my fellow insurance professionals – strive for the “A”!
I find it interesting that his biggest point is that insurers can’t issue policies by the effective date. Like this is the largest problem we have with our current structure? Also, try releasing quotes 6 weeks prior to renewal date in this soft market and watch your book disappear to others.
Who has been in charge of the education system for the last 50 years? What party backs the teachers union? Hey! It’s the Liberals. Gotcha!!!!!!!!!! Walked right into your own doo again. How come we don’t know who this “bright” CEO is?
So its the liberals fault we are “C” students? And here I thought personal responsibility was gone. I guess we don’t need it when everything can be traced back to the democrats.
I don’t think many of the CSR’s I seen come through lately even meet Average standards. Schools are not teaching them basics and there is no common sense, lack of parenting?. They want top pay but do not have desire to learn the trade. I started at the bottom but I took the initiative to learn the trade on my own. Folks these day don’t want to invest the time or energy they want it given to them.
To The Reaper– Your comments are rarely if ever the subject of the article. Why not go to a political site where you can vent your political frustrations and stay out of what most of us would like to be insurance discussions on this site? You’d be happier and so would most of us.
Well Harrison whats’ the matter. No free speech here? Someone makes an obnoxious comment about “C” students and I make a comment about how our educational system has been suffocated by the Democrats for decades. Don’t teach kids the basic skills of math and reading, noooooooooo. But let’s show them how to put on a condom. Brilliant!!!! Another writer talks about how new people come into the workplace not prepared with necessary skills. What is factually wrong about that. Why don’t you go somewhere else! What else have I said that you find fault with?
Well since you attack dems, shall we talk about how great no child left behind is? Or maybe teach them abstinence instead of teaching safe sex (since a good majority are going to have sex anyway)?
Dustin, another sensitive one. Since when is stating something factual an attack? Do you deny the democrats and teachers unions are not in the same political bed? I was taking a shot at someone who foolishly took a cheap-shot at all those who work in the insurance industry. Go ahead, blame me for standing up to this jerk, who probably is a democrat.
I don’t think it is an attack. I agree that most unions are in with democrats. I don’t particularly see where it matters this man’s policical affiliation. Generally when politics are brought up it puts people on the defensive and no true dialogue is achieved. Things quickly take a turn to mud slinging and name calling (on both sides mind you). My apologies for critizing you. I guess I have become tired of this whole Rep vs. Dem when the lines between the two have become so blurred it doesn’t made a difference any more.
Dustin, you’re a good person! I don’t like the mudslinging either. I just found it hard to believe someone would get up in front of a group of people, CPCU’s no less, and criticize the whole lot. Even though he tried to back-step, the words were already out. I have been in this industry over 30 years and have taken loads of crap from people who I just have to shrug off because I can’t say anything. It got even worse after Katrina. This story just pushed me over the edge. Thanks for your words. No apology needed.
Glad to know we have touched the lives of so many and their hot button for average students.
Alot of the “C” students make a very good living in the insurance industry. As they say anyone can get their insurance license, but it is what you do with it once you get it. Hats off to the average insurance person!
His comments were insulting but even more insulting is the fact the Insurance Journal would give it press. Value-building and constructive criticism is welcomed at all turned by professionals but adolescent labels should be relegated to the school-yard.
Let’s not be so judgemental and make ambiguous comments about the Industry. 1% of AIG Managers are “C” students, with the rest less than a “D”.
It’s also the fact that these companies push, push, push their trainees to get CPCUs all within a two to three years, give them an office, a letter of authority in less than a year and they feel like their kings and queens of the world and are better than others who have been in this industry for years. You have Risk Mgmt degree – nice, a CPCU – nice but you’re only what – 25? What exactly can you do? Do I have to worry that you’ll give more coverage and charge less than what you were supposed to? More than likely – YES. It’s these basics and others young CPCUs don’t usually get. IT’s better to me when you obtain AFTER having spent at least five years in the company or more. It makes it easier to me anyway.
Just a thought…
Maybe the A & B students are running companies like Enron, World Com, Countrywide. Maybe the insurance industry is just too boring for them, afterall scamming, lying, cheating, sound like its more fund than working in insurance.
I missed the original article? Which “brilliant” insurance executive made such a shallow statement? thanks
My first thought when I read the headline was to ask “which department?”
Is he talking about home office or field?
Agents or company employees?
Perhaps he meant the REGULATORS?
ROFLMAO!
While I take issue with an individual who would be so careless as to state that the insurance industry is run by “C Students”, and I am certainly proof that this is not the case, I do understand the meaning behind his words. I have my own opinion, however, as to the cause of frequent laissez-fare that I encounter in my field: I think it stems from a lack of passion. Question: How many people do you know that actually intended to go into the insurance industry? How many children stand on the playground and voice a fervent desire to become an “underwriter” or an “agent”?
Dorothy,
I actually don’t think you have much room to judge new CSRs on their competence, when you can’t even type a grammatically correct short paragraph. Maybe people who live in glass houses should not throw stones.
I was a B-C student. Never finished college. 204 people with 4 year degrees and 100k to spend started at my company the same year as myself. Im the only one left. They all failed. I watched the Harvard guy fail too and go back to his cubical where he belongs. It takes grit, to make it and you don’t get that in college. I honestly feel that my alcoholic father trained me in perfectly for business ownership.
I had a professor in college that claimed we should all try to be “B” students. I find his theory to be very true. If you were an “A” student, it meant you spent too much time studying and not enough time out socializing. “A” students tend to be socially lacking, stuffed shirts that can’t relate to the real world.
“D” students spent a little too much time at the party. “D” students tend to be lazy and lack the drive necessary to make it in the real world.
Make “C”s, add 10 percent for class participation, your a “B” student.
Unless, of course, your father is a senator. Then you can party all you want, get your “C”s handed to your from an Ivy League school, dodge the draft, run a few businesses and a baseball team into the ground and one day be handed the presidency. Then, after that, you can go cut wood at the ranch while your oil buddies rack up $40+ billion in net profits.
Oh Nero, please fiddle me a song.
Put that in your pipe & smoke it.
Sure, there will be a some employees who achieved a C average as students working in the industry. But to say that this group is the majority of employees is ignorant. Sounds like this unnamed executive spoke without thinking – but I’m sure he is happy with the bonuses his staff of average dolts makes possible for him.
There are a variety of other just-as-plausible reasons why it takes so long to get a new policy issued besides the grades of the employee. Could be the average/below average managers fired too many above-average employees. Could be the average/below average legislators/regulators think up too many legal requirements.
With all of this being said, can you tell me where I fit into the picture? Here’s my story: 25 yr. old, graduated in ’06 with an econ/int’l studies double major, B+ GPA, in the industry since April as a replacement-cost estimator, learning the P/C side, and just passed the first CPCU exam. I’m extremely ambitious and just want to do the best that I can in whatever I’m doing so I can support my family. I’ll be in my current position for another year. What can I expect after that?
I was an A student in high school, Magna Cum Laude with a degree in classical studies and I still lived a perfectly healthy social life. I also love the industry, even though I never thought in 1000 years I would be here. Oh, I am only 24 as well.
Back to the subject, I think I found out why we are all C students….we spend too much time on this site arguing (I am not excluding myself either!)
The speaker that made this comment is all wet. Firstly, our firm issues policies within 7 days and most if not all of our brokerage markets get them to us within 2 weeks. Advanced technology is the answer to quick issue of policies as well as filing data. The article indicates that the slow issuance of policies is the reason that the insurance people are graded “C”. So does issuing policies quickly make them smarter? Don’t think so. Our firm has 12 employees and 7 designations, one of them being a JD.
Saints Fan:
I am only 26 years old; however, I totally agree with you. I think that any given person can sit in classes, pass tests and get certifications, degrees, etc. But the real world is a lot different. I am a firm believer that you need to work in a field such as insurnace for quite a while (years) before you truly understand and comprehend how it works. Good comment!
I’m going to go with it is the regulators that are the ‘C’ students.
Most of the time it isn’t the insurance comapnies problem that we can’t get updated policies out, it is the fact that it takes FOREVER for the state to approve policies.
Who really cares about this? The only people reading this are in the Industry. The only people’s perception that should matter to you is your customers and your family/friends. Let’s face it, the majority of Insurance executives arrived at their position by attrition, not their mental stature and leadership abilities. Waste of time. If it said we were all “A” students we’d still be arguing that we were under valued and under paid…
By the way, idea here for the owners or shareholders of the company in which the Executive said, “I don’t understand why we can’t issue a policy by the effective date”…get a new executive…one that can actually understand it and fix it.
Then there’s the non-schoolyard take – when was the last time anybody saw a GPA on a diploma? Does your CPCU certificate state your score? No, it doesn’t. All you have to get is passing, and you’re in. Using the GPA analogy is just a way to get people riled up.
It truly is effort in the field that counts. Statements like this are meant to get people motivated to work harder; unfortunately they seem only to accomplish getting people to defend their academics.
Dustin,
Yes, we do spend too much time writing about this BS. It breaks up the monotony.
Only 24, give the industry 15 yrs and you will become somewhat bitter also. I too have a “useless” BA degree. I think a lot of us end up in the industry that way. Can’t seem to get a well paying job based on the liberal arts education.
I recommend that you get out now while you can. Get a teacher’s degree in math. Either that or a job with a municipality or politics. These seem to be the only jobs where you are going to get constant raises, benefits and guaranteed retirement income.
I’ll ask you this though. Can you change a flush valve, or gap a spark plug?
BINGO, Reaper!!!!
This CEO should be drawn and quartered!! (we really need to bring that back as a punishment)
I was an A/B Honor student in HS, Graduated Cum Laude (only because I partied my freshman year) with a BBA in Management, finished my CPCU, am finishing two MBA’s this May and I can underwrite better than most!
I do agree, however, that there are some dumb underwriters that don’t know how to manuscript or work on something a little more creative — but for the standard markets, that works. It’s why I fit better in E&S — creativity is welcome and encouraged!
Remember, kids, this is just the internet — the CEO can mouth off all he wants when he can hide behind the anonymity the media is giving him.
I let stuff like this roll off my back. Some people are so insecure they can only feel “bright” by denigrating others.
Remember, in our industry more than any other, be careful of the toes you step on today, they may be connected to the *** you have to kiss tomorrow!!!!
My experience is that insurance people are plenty smart enough to deal with lawyers, financial people, and the infinite range of people and businesses they insure. How many industries are so engaged with all sectors of the economy?
As for the old gripe that policies aren’t issued on time, I invoke what I call the “airline legroom principle.” Take a survey, and most people will tell you they want more legroom on their flights. But, when it comes time to book a ticket, most choose the cheapest fare.
Along the same line, insureds may prefer to have policies issued on a more timely basis, but how important is that when it comes to purchasing coverage?
Mr. Reaper,
Unfortunately there are very few absolutes in life, and your comments illustrate the simplemindedness of conservatives. I’ve seen the results of the Bush family’s “No child left behind’ BS. As I write this, kids in Florida are putting aside their text books and basic education so they can be trained in how to take the Florida Comprehensive Aptitude Test (FCAT) .
You bring to mind a comment made by an Admiral while I was at the Naval War College, “For every complex problem, there is at least one idiot with a simple solution!”
I don’t think my degree is useless. After all I can tell you how factually inaccurate 300 is and my degree is a great cocktail party conversation starter!
Personally, I think 15 years in any industry will make you bitter. Thankfully I have found work at a great independent agency that treats its employees very well. Of course, you will say just you wait. Things, they’re gonna change! Maybe, maybe not. I tend to be an optimist.
Sound like the fallacy of mass generalization to me. I am a Finance leader in the insurance industry and graduated 3.8 What a misleading notion.
It’s a “bell curve”! Remember what that means? and with the many thousands of people in the industry … it works! Few are at the extreams (A+ & F-). Most will fall in the middle. After 44 years I can attest to the accuracy. I just hope that any individual will aspire to move to the right side of the curve….
Like anything else, some companies have excellent employees, others not so much. I don’t know about management grades, but the general office employees I encounter aren’t the best in the world. Yeah, some people would probably like to label me an elitist actuary, but the fact is there aren’t too many high qualified students saying “I think I’ll go into insurance.”
My useless BA degree was in Education.
After the disappointment passed of finding out that in this world it is NEVER
what you know, only who you know that counts, I moved on. I have known many A
students most of which I would say A is for ***holes. I have an IQ well above average, but you never find me telling everyone that I am smarter than they are.
There is a great deal of difference between education and intelligence. Albert Einstien, I understand, did not do so well in school. Cheer up my friends of the insurance world, we are better than a grade. I am 40 and I am more proud of what I have accomplished in my life than I have ever been at what I accomplished in school. Maybe this “CEO” only feels taller by standing on others.
Who wrote this farcical crapola? When you write an inflammatory article such as this and make it so general, you have lost all journalistic integrity. This is like publishing a rumor. Did the author work for TMZ and cover the Brit situation? I think so.
I’ll bet it was the same guy who told his underwriting staff he could get monkeys to do their jobs back in the 80’s.
Have we really become so polarized that every problem is the fault of the Dems or the Reps? Please. Grow up and get real.
The insurance industry is a complicated and heavily regulated business. Companies and agencies have historically been poor at attracting and retaining talent. The industry is slow to adopt new technology. Companies fail to cultivate leaders from inside.
Nobody intends to enter the insurance business, yet we employ 2.3 million people in the US!
What we really need is better PR that elevates our perceived image and educates the public about the tremendous positive impact our industry has on the economy and on people’s lives.
To increase good PR I vote to get rid of politicians like Crist and all lawyers.
I am an A student CPCU MBA insurance leader working on the carrier side. CJB’s shpiel about teaching coverage to underwriters made me gag. The inference that the C students work on the carrier side and the A students work on the brokerage side is a load of crap. The brokerage side has its share of morons including ones who prance around patting themselves on the back about how smart they are. Come on my fellow insurance professionals – let’s rally around the genius!
Knew the article would be the response leader of the year but really why even print an article by some anonymous exec. if in reality it was? I’m sure all the guys at Enron were A+ students at Harvard and Yale but what did it matter — they ended up scamming a bunch of folks (see the documentary referenced above). At least we’re still around, albiet getting our policies out 60-90 days after the effective date. That has been a problem for decades (e.g. WTC, 9/11) but it is a workflow issue that is obviously complicated and no A student could solve it. Gates is brilliant and rich but he can’t seem to stop the endless e-mail spam attacks on my computer?
Hey Dustin,
Don’t hate on the movie 300. I saw the History Channel version and got what facts I needed but the CGI effects and creative license are so much better.
A grade can be a misleading indicator and/or predictor of someone’s ability to apply what they’ve learned in real business situations. I’ve interviewed applicants who graduated with honors and who mastered the art of parroting answers in response to a test. Many were also functional illiterates when it came to applying what they supposedly learned. In addition, great students don’t necessarily make great employees. I’m sure CitiBank hired all “A” students and look what it got them.
Oh it was an awesome movie! I was merely poking fun at myself and my degree.
Since when are CPCU’s the benchmark of insurance wisdom? I know every company loves to have staff with the professional designation as it’s viewed as the “mark” of superior beings. The only thing you need to obtain a designation is the ability to absorb large amounts of material and parrot it back on the exams. The exams are kept difficult to as not to dilute the exclusivity of the designation. I passed 5 parts so I have some idea of what’s involved. I voluntarily decided not to continue because I saw no career benefit. When I worked at Prudential, the only thing a CPCU did was prevent you from being promoted. Like they say “Can’t Produce, Can’t Underwrite”.
I admit to being jaded too. And it really is a “who you know and not what you know” mentality in all of corporate america. One our presidents even mentioned that some may think he’s not qualified for the job, but he got it anyway. I am not hating on college graduates – I am one myself but practical application is what really makes a man or woman out of you. I totally agree that some underwriters do not know at all how a policy should be structured, what forms to use, about coverages? These C, D , F employees pass this responsiblity off to the “underlyings” and if the underlyings don’t catch it, most brokers will. In fact, I am seeing more input and forms knowledge coming from the brokers and their assistants more than the people that put the policy together in the office who sent out the wrong forms. It’s a sorry state when the broker has to correct you and then the policy is already several months behind.
If these executives would bother to take a cut in their salaries and get better systems then they’d get better results. Until then, please expect your policy 2 to 4 months AFTER the effective date and endorsements – you’ll get them – EVENTUALLY.
How interesting that, after years of insurance policy makers purposely attempting to dumb down our industry, a CEO complains about how dumb our industry is. When the delivery system becomes the phone, the mail and the computer, even a caveman can do it, right? Only in the insurance and mortgage industry do so many people enter into contract law for so many dollars with so little information about the contract they just signed. There was a C student in the room that day for sure – Mr CEO himself.
Don’t complain about the status quo, Mr CEO. You reaped exactly what you sowed.
Lastly, with the long line of dummies hired into our industry, my future is brighter than ever. Shouldn’t be too hard to shine among these dullards.
Does anyone know the identity of this strange individual? I am curious…I am going to venture a guess, and say it is the Progressive CEO, Glenn Renwick.
Yo Dustin–
De gustibus non disputandum est!
as well as:
Per aspera ad astra!
Go tell the Spartans that we here–obedient to their will–lie.
Yeah, it’s good to have something tweaking the neurons beyond insurance, especially on a bleak winter day.
Ave atque vale!
Ush-Bay est oron-may, et C tudent-say.
Uff-nay aid-say!
In 1993, Carlos I. Miro, a former executive at Transit Casualty and Anglo-American Ins Co testified before the House Subcommittee on Oversight and Investigations chaired by John Dingell (MI).
Mr. Miro stated that when he stumbled into the insurance business following college, he discovered he was an over-achieving “A” student while many people in the industry were “B” and “C” students.
Very clever, Eli. The ranks of CPCU will surely miss someone like you who clearly gets it.
Apparantly it doesn’t matter. Speaking of “C” students,I learned in the second grade that good article should have the
Who? What? When? Where? and the How?.
I think this was published here just to
get us all revved up. Perhaps us “C”
minded insurance professionals are too
threatening and they were afraid of
what we would do to the one who shall remain nameless.
(And I love the movie 300)
I guess all the “A” students are in the Banking Industry … and of course that explains why every 10 years the Federal Government and World Governments have to bail them out from the brink of total collapse.
Well, lets push the response number over the top for a “let’s do nothing Friday” among all of us “C” students.
Give a guess at the number of “D” students that are now writing at the Insurance Journal.
Transit Casualty was in receivership at the time that statement was made by Carlos I. Miro. If Mr. Miro was so smart why didn’t he stop Martin Frankel?
ok. does it really matter if you get an A from Harvard or your local community college? not really. the bell curve maybe higher at Harvard, but does that really mean you are smarter than the guy at the other school? NO! my best solution: achieve your best no matter what degree you have or grade for that matter. since you will be graded on how well you do your job – not your degree. granted you might get paid more for that degree but in reality many jobs, don’t need a degree – it’s just a competitive environment. i started college and then went to the service for 13 yrs and then over the road trucker for 7. and now i am a happy insurance agent for one company for the past 8 yrs.
i worked hard to obtain where i am at. many of you had to pass a state license test (which is not an easy test, much less take a 40 hr class prior to). many ad’s need even another class/license – their test is not easy either.
i seen remarks regarding the individual who made a comment to the hearing at congress. um… um.. how many of them actually have a degree and what grade? did we ask them that prior to them becoming a candidate or even after they got elected to that seat? NO! you voted based on that fact they could possibly do the job that we asked of them.
this industry is tough. i been in service side for 2 yrs and in sales for the past 6. i know that it does not matter what side you are on, handling a policy or future policy holder is not easy. basically whether you sit in an office or in a call center, you are one-on-one with the person. there are many jobs where you don’t have to face the customer. i think we have a tough job and we do it the best we can. i have goals to make, as well as many of you. these goals challenge us to strive for more sales, more calls to handle and retain our policyholders. if we were just a so-called ‘c’ student, we would strive just to meet minimum requirements without getting fired. i have always strived to be better – thinking i can get an ‘a’ or a+, if lucky. either way, it can mean i get a raise or even a promotion. for a ceo to state the fact he just walked into the insurance industry with an ‘a’ and working with folks who are ‘c’s. um… does that mean all the ‘a’ jobs did not want him? or is the ‘c’ job just as good if not better than the ‘a’ jobs elsewhere!? i think the latter is the best answer – think about it, to pass th cpcu classes are difficult. it’s almost like a degree and you can put that on as a title (like a Dr.).
SO, what do you think? I think we are better than a “C”. don’t let anyone fool you otherwise.
I agree we are the “C” students. The “A” and “B” students are the Engineers, Doctors and Lawyers we serve.
While I believe all industries have their C students/employees, I believe we have far more than we should, especially in management. Management of these companies has no time for their insured’s and are just yes men/women to their supervisors. Their concern is to turn a profit for their stockholders and ultimately themselves through their hidden bonus plans. It’s time for an industry cleaning.
It seems to me that you are comparing apples to oranges…if liberals are running the schools and turning out nothing but “C” students, then why is the insurance industry not full of liberals? to the contrary, the industry is decidedly conservative…but that’s beside the point; liberals would pay every bleeding heart’s claim and companies would go belly up, given your scenario…I think that to a person, insurance professionals perform like “C” students because that is management’s direction; who is in charge of the company? Not liberals, especially after reading all of these stories in Insurance Journal. Sounds like you were offended and wanted to BLAME someone else for the perceived swipe at your performance, credibility and intelligence…
Many years ago when I was in High School, I worked weekends for the local veterinarian. One day he shared with me a study completed at the Veterinary Medicine School at Colorado State University. The results went: “A” students were doing research; “B” students were teaching and “C” students were making all the money practicing Vet Med as they possessed the people skills necessary to provide a service.
Happy to be have been a “C” student, proud to have achieved my MA!
This might hold true for the Certified Insurance Counselor designation. Spend three days in class, reading policies, take an exam, and you are smart. It’s that simple.
Oh, but when you get the designation, then you have to spend every year in their Captive program attending the same boring classes, reading the same policies, without the exam. Now, you are even smarter. And those in the Ivory Tower in Texas certify you are smart because you spent your $400, plus hotel cost, travel, etc. But, you did show up, so you are smart.
It’s an evil money-making program, to which many of us have fallen victim.
We call ourselves CIC’s. There’s the “C” twice.
Give me a “C!” Give me an “I!” Give me a “C!” “C” how smart I am now?
funny how you mention CI.
one of the things we deal with at our company is CI but the CI stands for CUSTOMER INTERACTION. again, falls i line with the so-called ‘c’ student. PEOPLE skills and the interaction. i know i love the interaction with folks, but in many cases that still is an ‘a’ result of those actions.
so, everyone – keep your head up high and never tell anyone that you don’t belong, because YOU DO!
This is insulting ! To C students , that is.
Judging by the # answers This comment has stired up a hornets nest.
I am reminded of a comment a friend made, when I said so & so was no rocket scientist, he responded: This ain’t the rocket business.
If we were all C students, we wouldn’t under price the product and believe we can make it up on volume. That takes a genius!
as a restoration contractor I would give those who handle claims an F. You would not believe the mindless stupidity of the claims adjusters we deal with – we are about to give every claim we have to a public adjuster because of the unprofessional mickey mouse BS we have to go thru on every claim. I will however give the claims industry an A+ for writing low-ball estimates and beating up customers on legitimate claims.PUBLIC ADJUSTERS are now a necessary part of the process due to the vast numbers of idiot adjusters that are allowed to operate this way BY THEIR SUPERIORS – remember **** rolls downhill!
Your mistake is that you consider Bush a conservative. He may be more conservative than Clinton, Obama etc… however, he has done his best to outspend the liberals and that is a contest he can not win. Bush is no Conservative.
I agree with this. I’m a 46 year old college graduate with a BS and a Masters degree. I just kind of fell into the insurance industry. When I was younger and going to school and trying to decide “what I wanted to be when I grew up” insurance wasn’t even on my radar screen. I was in the military for a number of years and when I left the military and was looking to start a second career, a friend told me they were hiring at the insurance company I now work for and I applied and the rest is history. The bottom line is that I love working in insurance and wish I had found it much sooner in my life. I’ve been working in insurance for 8 years. By the way, I was a B/C student.
Hi CJB – I think a lot of what you are saying is true….but i think it goes even further than that…i think the new trend now is to hire people with a high school education and “train” (i.e. brainwash) them in a way that they believe that couldn’t go to another company and do as well….then the executives can keep making their 6-figure salaries and ridiculous bonuses and patting themselves on the back while the backbone of the company barely makes enough to live on….
i think these executives know exactly what they are doing in hiring “C” level employees….and i like how they twisting it to make themselves seem like the victims.
leadership sets the environment.
Also, i had no idea people went to college to work in the insurance industry….don’t hate me for saying that, but it’s true!!
A number of years ago, I worked at Chubb. Having the reputation of being the best-at least in part self imposed, in insurance, also meant attracting the best. So we would go to the top nitch schools in the area and competed for the candidates with the highest GPAs. Several years later, we found that we were losng these bright and talented folks because their peers were for the most part VP’s and were pulling down salaries of $150-200k(this was in the days of the Silicon Valley gold rush) and at Chubb you would still be an underwriter making $50-60k.
So, Chubb got smart and then started recruiting at the next tier of schools and all of a sudden, were keeping more of the young college grads without changing what they were offering salary wise. seems like they were more satisfied with working for a fortune 500 company with good-not great pay and bennies and feel that they were being cheated out of their rightful $150k and VP title.
The boys and girls is why insurance companies hire C students. We’ll work cheaper and be more satisfied then harder driving students.
And by the way, I was a “B” student from a state school and where I came from, insurance pay beat working as a manager for Wendys. My area was too poor for really high paying gigs.
All I know is that I graduated from highschool with a C average, I graduated from a state college with a B average, I own an insurance agency that employs several honor students at the highschool and college level. It reminds me of the old adage: “Those that can, do. Those that can’t, teach. And those that can’t teach, teach gym”.
funny how we just happened to enter the industry. i was a vet of the usn for 13 yrs, and became a otr trucker for 7 yrs. loved every minute – again, the interaction of folks. now i stumbled (sounds familiar) into this industry when someone told me the hourly wage. at first i heard the wrong wage, but in the end i have been in the business for 8 yrs now and making almost twice as much as when i first started and definately more than when i was a trucker.
this is good business/job, especially if you love folks and are willing to help them out. what other job can you say (exception of doctors/nurses/teachers) who really enjoy helping others in need?
we as a whole industry — do it the best!
I am a CPCU, and I have been in the industry for 30 years. For years I have been concerned about the lack of talent in the industry. One of the things that amazes me is the utter lack of insurance education at virtually all levels in our schools. If you are a business major at a college you will learn the basics of accounting, marketing, business law, human resources- but chances are the college does not even offer a course on insurance. Yet, the average business person is expected to make critical decisions on insurance matters for which they are unprepared. If we are going to get C students, I would like to see if we can get some able to spell the word.
To Blonde,
I too never graduated from college due to life circumstances, but I did have straight A’s in honor classes throughout high school.
I agree, that it takes a lot more than a degree to make it. In fact a lot of my counterparts with degrees lack the “grit” to make an impact, and I run circles around them. It seems that they feel entitled to money and position. However, knowledge is always a benefit, as long as it doesn’t go to your head (no pun intended).
Regarding Jimmie’s reference to the old adage ” those who can do and those who can’t, teach, and those who can’t teach, teach gym.” My personal experience has been that “those who can do and those who can’t, teach, and those who can’t teach, teach anyway!
February 4, 2008, 3:21 pm CST
Posted By: DesertRat
Comment:
I am continually amazed at the rampant frivolity in our legal system and the juries that return these rediculous awards. I think in the simple minds of our jurors these days they honestly think that they are only doing what is right, taking money from the evil corporate insurance industry and redistributing it to the poor victims.
All the while, they have no clue as to the ripple effect and how their decision will affect their own lives eventually when the cost of goods and services increase as a result of higher premiums across the board.
This country has lost all sense of what Insurance all about. We(society as a whole)no longer care about indemnity but rather view insurance as a lottery ticket waiting to be cashed in on when something bad happens; regardless of our own culpability in the loss.
Sad
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Jury awards $350,000 in Blacksburg triathlon lawsuit
Jurors held the town and the event’s race director liable for the crash that killed a cycling participant in 2000.
By Shawna Morrison
381-1665
A Montgomery County jury late Tuesday night awarded $350,000 to a woman involved in a crash that killed a bicyclist during a Blacksburg triathlon more than seven years ago.
Sharon Knight, a Blacksburg resident, had filed a civil lawsuit against the town and the director of the third annual Greater Blacksburg Triathlon, claiming they were negligent in failing to warn passing motorists of the race course.
Triathlon participant Gary Wayne Taylor, a 30-year-old sports promoter from Lynchburg, died midway through the June 18, 2000, competition after his bicycle crashed into Knight’s car.
Knight was heading to church east on Southgate Drive toward Lane Stadium about 9 a.m. that morning when Taylor crashed into the side of her car at the intersection with Tech Center Drive.
Knight has said she saw Taylor run a stop sign at the base of Tech Center Drive and swerved but couldn’t avoid a collision.
She had asked for $750,000 in damages for mental and emotional trauma and damages to her car. I could not sleep or eat a life was over a person someone child can you but yourself in shoes like this for the rest of your life
After listening to two days of testimony in Montgomery County Circuit Court, the jury met for four hours and 15 minutes before returning after 9 p.m. Tuesday with a verdict against race director Beverly Biancur and the town.
Biancur is no longer a town employee.
The town, which sponsored the race, failed to provide personnel or markings to warn passing motorists that they were entering a race course.
Attorneys for the town have said competitors were instructed to follow all traffic signs and laws before the race started.
Knight’s attorney, Thomas DeBusk, couldn’t be reached for comment Wednesday.
Town officials referred calls to Susan Waddell, the attorney who represented the town. She was out of the office Wednesday afternoon.
In a 2002 trial, a jury found that Biancur and the town were negligent in organizing the race and awarded $500,000 in damages to Taylor’s family
Subject Posted By Posted On
Sticking It To The Big Bad Insurance Co. what a joke Feb 4, 2008, 5:19 pm
It’s All About Sticking It To The Big Bad Insurance Co. DesertRat Feb 4, 2008, 3:21 pm
RE: Bicyclist bleeds all over car – damages awarded (to car) Calif Ex Pat Feb 4, 2008, 3:20 pm
An Aside Eli Feb 4, 2008, 2:36 pm
RE: Bogus Verdict Tip of the Iceberg? Feb 4, 2008, 2:20 pm
What puzzles me…. Boring Actuary Feb 4, 2008, 1:30 pm
What about subrugation? IJ Feb 4, 2008, 1:21 pm
What a crock! insurance junkie Feb 4, 2008, 1:07 pm
Bogus Verdict Dread Feb 4, 2008, 12:50 pm
our country is going downhill fast Compman Feb 4, 2008, 12:42 pm
Back to article
State Farm CEO Gets 82% Pay Raise
National News • March 7, 2007
State Farm Insurance’s chairman and CEO received an 82 percent raise after the company posted a record profit last year, a statement from the Bloomington-Ill.-based insurer said this week. …
Back to article
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State Attorney Generals And Others Investigate Insurance Industry Charging “Widespread Fraud And Corruption”
Table of Contents Of Agencies Insurance Industry Investigations, Results
(Click on the following links to view)
AGs Introduction – Investigations, Results (various states)
AGs Headlines – Investigations, Results (various states)
SEC Introduction – Investigations, Results
SEC Headlines – Investigations, Results
NAIC, DOIs Introduction – Investigations, Results
NAIC, DOIs Headlines – Investigations, Results
Other Related Headlines – Investigations And Lawsuits Vs. Insurers
Current Events Headlines – Goings-On Of Note
ARTICLES LIBRARY – The Full Text Of Referenced Media Headlines
In Sum
Insurers, Insurance Brokers (Broking) Cos., Reinsurers, Others Investigated
Areas Of Fraud Investigations
Insurance Related Companies Subpoenaed
Some Of The Employee Casualties, Resignations And Departures (10/18/04-8/8/05)
FBIC Reports
Introduction – AGs Investigations, Results (various states)
On October 14, 2004, NY Attorney General Eliot Spitzer Announced A Lawsuit Brought Against Marsh & McLennan Companies, “The Nation’s Leading Insurance Brokerage Firm”, For “Fraud, Bid-rigging and Antitrust Violations”. The following Major Insurance Companies AIG, Hartford, ACE, and Munich American Risk Partners” were named in the Complaint as Participants.” AG Spitzer said, “The insurance industry needs to take a long, hard look at itself.” “If the practices identified in our suit are as widespread as they appear to be, then the industry’s fundamental business model needs major corrective action and reform.” “There is simply no responsible argument for a system that rigs bids, stifles competition and cheats customers,” he added, “alleging that it steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the firm solicited rigged bids for insurance contracts.” “The Attorney General’s office has uncovered extensive evidence showing that it distorts and corrupts the insurance marketplace and cheats insurance customers.” “Marsh, at times, solicited fake bids” “even as it claimed in public statements that its “guiding principle” was to always consider its client’s best interests.” The “immediate victims of the illegal practices were … mainly large corporations seeking property and casualty coverage, but also small and mid-size businesses, municipal governments, school districts and some individuals.” In a press conference, Attorney General Spitzer indicated, as referenced by the title of his Press Release, “Investigation Reveals Widespread Corruption In Insurance Industry”, that as the investigation continues, it could proceed further into property & casualty, expand into auto, health and other areas of insurance. “Trust me,” Spitzer said upon filing his complaint against Marsh, “this is Day 1”.
New York State Attorney (AG) General Eliot Spitzer Charges “Widespread Fraud And Corruption” And Illegal Activities As Common Practices Against The Insurance Industry. The NY AG Along With A Number Of Other States Attorney Generals (AG) Offices Playing Significantly Lesser Roles, The SEC (The Securities and Exchange Commission), The NAIC (The National Association of Insurance Commissioners), A Handful Of DOIs (The States Departments Of Insurance) And Authorities Also Commit To Investigate.
ATTENTION ALL AMERICANS: Observe And Examine Related Concurrent Investigations And Probes By These State And Federal Government Agencies And Related Institutions And You Be The Judge As To Which Of The Agencies, (If Any), Are Honestly Concerned About Consumers Best Interests Vs. The Self-Serving Interests Of The Powerful Big $$$$$ Insurance Companies And Insurance Industry … Which Of The Agencies, (If Any) Do What They Actually Say They Are Going To Do … And Then Vote Your Judgment In Future Elections According To Their Lack Of Performance To Properly Support Consumers And Your Best Interests.
… And then there was the state of CT (Connecticut) Department Of Insurance Commissioner Susan Cogswell who defiantly refused to investigate and refused all cooperation indicating that there was no such insurance companies frauds or corruption in her agency or state. She was obviously proven repeatedly upon repeatedly to be dead wrong. In spite of the fact that investigations by the Connecticut State Attorney General proved her wrong in this regard on many fronts and in spite of her misplaced arrogance when her agency holds the responsibility to protect Connecticut’s citizens from just such Insurance companies practices, now more than 1 year later, It is truly unbelievable that Cogswell is still CT’s Insurance Commissioner. This speaks volumes for the ethics and disgraceful state of Connecticut’s top political government officials … not only for Insurance Commissioner Cogswell, who if she did not resign, should have been fired, but also for the former Lieutenant Governor M. Jodi Rell who replaced CT Governor John Rowland (Rell took over the Governor’s post when Rowland had to resign in mid 2004 amid scandal facing charges of corruption and impeachment). Rell indicated upon temporarily filling the office that she would clean up the corruption in CT’s government and her office … appears to be nothing more than political rhetoric as no action appears to have been taken to clean up the corruption. With what appears to be corruption as usual in Connecticut, guess there’s good reason for it being the insurance capital of the world? (Note: On April 18, 2007 Thomas R Sullivan was newly appointed as the CT Insurance Commissioner replacing Susan F Cogswell who was removed and assumed the post of Deputy Insurance Commissioner).
NY Attorney General (AG) is the first to contend that the insurance industry is guilty of “Widespread Fraud And Corruption”. How do our country’s major insurers fare? Will the states insurance regulatory authorities continue to have exclusive domain or will the Federal Government step in and have shared oversight authority over our country’s present bad faith big insurer control-based and much needed out of control exclusive state regulated insurance industry? …
Oct 14 2004 NY Attorney General (
I’ve only been in this line of work for a decade or so, but from what I’ve seen, the “C Students” generalization is, if anything, charitable. Being defensive isn’t going to change the simple fact that most of us are indeed idiots. I pray for a day where I don’t have to hassle with some slack-jawed yahoo in Billing, Underwriting, or Claims — but sadly, that day has yet to come. Don’t lie to yourselves – this is an industry driven by greed, not intelligence.
Oh really?! How unfortunate for our industry to have been riddled with the likes of Franz Kafka (novelist who worked as an insurance clerk), Wallace Stevens (Pullitzer Prize winning poet, and former VP of Hartford Ins.), and Charles Ives (composer). I wonder what grades they received? (Or maybe it doesn’t matter.)
That would be a compelling argument had any of these men been alive in the past fifty years!