What does “growing organically and/or inorganically ” have to do with the insurance business. I can see how their profit was down 70% with a management vision such as that! Guess not charging for a first accident also not such a great idea.
So they got killed with their International Business and had to divest from some of it and then turn around and say they want to grow International Personal Lines. That is the recipe for disaster the way the world is now. They should stick with the American market and try to grow it.
The company has an air force of 5 Gulfstream Jets. The latest aircraft acquisition was a 65 million G650 just this past December. Wonder where the company’s priorities are?
Personally I think they can save significantly from the elimination of those ridiculous personal auto commercials that saturate the airwaves and mislead the general public into thinking all the insurance carriers out there should be giving everyone a “break”
whole heartedly agree with Tim. Shame on Liberty Mutual for misleading the public and bashing the industry with their commercials. Is it any wonder why people hate insurance companies?
I say this to the agent for whom I work frequently. Most of the personal insurance industry has created an image via advertising that the all insurance companies will screw their clients (except for them, of course), and these same ads have completely devalued the product and the agent. People are lead to believe that insurance is a snap and you can get appropriate coverage in 90 seconds, and if anything bad ever happens at all, it will be fixed immediately.
George, I agree. Most of the insurance commercials we see appeal to the low information people at about the third grade level. One of the worst ones is the Progressive ad that tells them to pick their own price. Hello!
All the personal lines companies mislead the ins consumers. Insurance is one small part of the risk management process. Personal lines ins products are misused and misunderstood – by producers and their secretaries.
32, are you retired now? We haven’t had secretaries in a number of years. We call them CSR’s which is Customer Service Reps and they are good at what they do working with the customers, explaining coverage, rating in the operating system, helping file and follow claims etc. Any producer who is misusing or misleading should find other employment.
You guys are all COMPLETELY wrong. Almost all of the losses from 2015 are from the currency devaluation from in Venezuela, and they have now sold that business. It sounds like you are all either unhappy former customers, or unhappy, jealous competitors.
KP, they shouldn’t have been invested in Venezuela to start with. Anyone who has been paying attention for the past several years would have known to steer clear of there. Some actuary probably told them there was money to be made there.
“Jealous” competitors. Jealous of what, a company that has lost 50% of its market share in Work Comp and continues to run work comp combined ratios in excess of 110% in the United States.
The direct sales force often competes with the acquired companies like Safeco for Personal Lines business. They often win because they don’t pay the direct sales person the same commission that they pay agents with Safeco. Renewal commissions with direct are almost nil compared to agents with Safeco. The sales person with Liberty Mutual has to write a much larger volume each year to make a living and automation rules with existing accounts.
What does “growing organically and/or inorganically ” have to do with the insurance business. I can see how their profit was down 70% with a management vision such as that! Guess not charging for a first accident also not such a great idea.
Re-read the article, Jack…………. Then really try to understand it.
So they got killed with their International Business and had to divest from some of it and then turn around and say they want to grow International Personal Lines. That is the recipe for disaster the way the world is now. They should stick with the American market and try to grow it.
The company has an air force of 5 Gulfstream Jets. The latest aircraft acquisition was a 65 million G650 just this past December. Wonder where the company’s priorities are?
Personally I think they can save significantly from the elimination of those ridiculous personal auto commercials that saturate the airwaves and mislead the general public into thinking all the insurance carriers out there should be giving everyone a “break”
JMHO
Tim, you have to admit the Brad girl is cute. Some of the others, not so much.
whole heartedly agree with Tim. Shame on Liberty Mutual for misleading the public and bashing the industry with their commercials. Is it any wonder why people hate insurance companies?
Shame on GEICO, Progressive, Allstate, Farmers for misleading the public and bashing the industry with their commercials.
I say this to the agent for whom I work frequently. Most of the personal insurance industry has created an image via advertising that the all insurance companies will screw their clients (except for them, of course), and these same ads have completely devalued the product and the agent. People are lead to believe that insurance is a snap and you can get appropriate coverage in 90 seconds, and if anything bad ever happens at all, it will be fixed immediately.
No mention of irresponsible personal and commercial auto pricing. Further losses to come…..stay tuned.
Well said commenters. It’s like the GOP primary. Bash each other all the time, not good for any candidate. Farmers commercials are just bad.
George, I agree. Most of the insurance commercials we see appeal to the low information people at about the third grade level. One of the worst ones is the Progressive ad that tells them to pick their own price. Hello!
All the personal lines companies mislead the ins consumers. Insurance is one small part of the risk management process. Personal lines ins products are misused and misunderstood – by producers and their secretaries.
32, are you retired now? We haven’t had secretaries in a number of years. We call them CSR’s which is Customer Service Reps and they are good at what they do working with the customers, explaining coverage, rating in the operating system, helping file and follow claims etc. Any producer who is misusing or misleading should find other employment.
You guys are all COMPLETELY wrong. Almost all of the losses from 2015 are from the currency devaluation from in Venezuela, and they have now sold that business. It sounds like you are all either unhappy former customers, or unhappy, jealous competitors.
KP, they shouldn’t have been invested in Venezuela to start with. Anyone who has been paying attention for the past several years would have known to steer clear of there. Some actuary probably told them there was money to be made there.
“Jealous” competitors. Jealous of what, a company that has lost 50% of its market share in Work Comp and continues to run work comp combined ratios in excess of 110% in the United States.
You’re just kidding about that, right?
Scalable US personsal lines. Meaning to divest direct sales force?
The direct sales force often competes with the acquired companies like Safeco for Personal Lines business. They often win because they don’t pay the direct sales person the same commission that they pay agents with Safeco. Renewal commissions with direct are almost nil compared to agents with Safeco. The sales person with Liberty Mutual has to write a much larger volume each year to make a living and automation rules with existing accounts.