I understand the implication of projected demo groups (age, sex) for health and govt run social insurance programs. But this article IS out of place on IJ. The diversity discussion, other than age and sex, is a political issue, not an insurance issue, so I wonder why IJ allowed it as an ‘insurance article’?
Let’s discuss ACA implications, assuming this article is remotely worthy of publishing on IJ:
The aging of the US population ahead, to 2030 and beyond, means Social insurance programs such as Soc. Sec. and MediCare / Medicaid will be insolvent at that time horizon, unless SEVERAL changes are made soon and every 5-10 years into the future. Benefits must be lowered and eligibility must be tightened, most likely by incremental raising of the min retirement/ eligiblity age. More important, alternatives must be offered by the private insurance / financial service industries to wean US citizens off those Federal Govt PONZI schemes.
IRAs and 401ks are examples of replacements for Soc. Sec, and “HEALTH CARE SPPECIFICCS” is an obvious replacement for ACA, MediCare, and a large portion of Medicaid and MediCare Part D.
MAFGSA = Make America’s Federal Govt Solvent Again
“so I wonder why IJ allowed it as an ‘insurance article’?”
Probably because carriers charge different rates for different age groups, so it’s good to know what kind of portfolio or underwriting rate changes may need to be made in the coming years depending on the pool of potential insureds.
I didn’t bother reading your ACA comment since it’s off-topic and not discussed in the article itself.
I read your post just fine. You said “I understand the implication of projected demo groups (age, sex) for health and govt run social insurance programs”
That’s great, but auto and home insurance is neither a health program nor a gov’t run social insurance program, hence my reply on how the report can be viewed as an “insurance article” posted correctly on an insurance website.
But I really don’t feel like getting into how to write a post to properly express what you’re actually trying to say, so I hope we can be done with this part of the thread and amicably move on.
What is the INSURANCE related purpose of an article that DOESN’T mention the impact of demo shifts on ANY line of insurance?
How is ‘diversity’ related to insurance? Any line of insurance?
You can continue to troll if you want to do so. I’m out of this rabbit hole.
March 14, 2018 at 5:15 pm
Andrew G. Simpson says:
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Tax Cuts
You are right that the article could have made direct reference to insurance but did not. For those interested, here are a few previous IJ stories tying demographics to insurance:
@Andrew: thanks. The discussion of diversity is outside insurance issues as (nearly?) all statutes prohibit rating based on religion, national origin, sexual orientation / preference,…
Age and sex rating factors are very clearly permissible as regards life / health/ auto lines. It seemed the majority of the article focused on ‘diversity’
I have no problem with an article that discusses age, sex, along with a peripheral discussion of ‘diversity’. This article didn’t take that tack. So, I believe it is worthy of criticism.
I also understand you cannot vet every article for specific content.
Thanks for the bibliography of articles that discuss demo factors as regards insurance.
March 15, 2018 at 2:12 pm
Captain Planet says:
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True Trumpian, huh Yogi? Can’t admit when you’re wrong and say sorry, eh?
March 15, 2018 at 7:33 pm
DNCs Coll(F)usion GPShip Strzok an IceberGowdy says:
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@Capt Platitude: re-read my first post. re-read the article. Diversity is a political issue, and insurance rates may not (statutorily) reflect ethnic/ religious/ sexual preference ‘diversity’ factors.
March 15, 2018 at 7:36 pm
DNCs Coll(F)usion GPShip Strzok an IceberGowdy says:
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“True Trumpian” = Libitteral response to a Conservative comment, in an attempt to discredit a post which is unrelated to Trump or politics. Your frustration as an SJW is leading you down rabbit holes.
March 14, 2018 at 1:22 pm
Jack says:
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Tax Cuts- Hillary Clinton once said we needed mexicans to cut grass, build homes and be maids. So diversity is an insurance issue. More trucks with trailers behind them for pinestraw, pickups with toolboxes in the back, and insurance for domestic workers. I’m sure that’s what IJ had in mind.
All I’ve ever said is that estuary’s don’t fully protect land from marine influences. Please stop making up lies and posting solely to troll.
March 14, 2018 at 3:24 pm
Captain Planet says:
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MARCH 12, 2018 AT 4:31 PM
Agent says:
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Boring, boring, boring. Your act is getting very old. Take a hike. No one wants to read your total rubbish.
Reply
March 15, 2018 at 11:18 am
Tax Cuts 4 PolaRich Bears says:
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@Capt Platitude: thanks for re-posting that humor post by Agent.
March 15, 2018 at 1:48 pm
Captain Planet says:
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NOVEMBER 10, 2017 AT 10:29 AM
PolarBeaRepeal says:
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We who read and comment here want adult level conversations on the TOPIC of the related article. If you can’t follow those simple guidelines, post elsewhere…
March 15, 2018 at 7:38 pm
DNCs Coll(F)usion GPShip Strzok an IceberGowdy says:
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@Platitiude: thanks for re-posting my PSA.
March 15, 2018 at 6:08 pm
UW says:
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Maybe because based on this site about 95% if agents are ardent racists and it will affect their businesses.
But you are willing to judge others in a harsh way without ever meeting them. What an open minded, tolerant, understanding comment. 95%!
March 20, 2018 at 9:10 am
Captain Planet says:
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Craig Cornell says:
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But you are willing to judge others in a harsh way without ever meeting them. What an open minded, tolerant, understanding comment…
BUT JUST BEFORE THAT SAID THIS TO ANOTHER POSTER:
MARCH 16, 2018 AT 3:09 PM
Craig Cornell says:
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Sorry to hear your business is going to suffer . . .
Talk about willing to judge another in a harsh way without ever meeting them. Yeah, not exactly an open-minded, tolerant, understanding comment either, there, Craig.
March 19, 2018 at 9:14 am
Captain Planet says:
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MARCH 14, 2018 AT 6:22 PM
Craig Cornell says:
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While trying to teach a fish to do math is pointless . . .
I know this is getting pretty heady for you, but give thinking a try . . .
Dad, are these wings free range? Dad, my WIFI is running slow.
March 19, 2018 at 11:57 am
Captain Planet says:
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PolarBeaRepeal says:
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Trolls are people who have nothing to add to discussions, but who intervene for the sake of disruption to seek reactions, or personal attacks on those whose opinions contrast with their own.
March 14, 2018 at 3:04 pm
CarrierGuy says:
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Are Millennials’ insurance needs different from the over-65 crowd? Their service needs? How many agents can talk about insurance in Spanish, or Chinese, or other languages?
I think there are plenty of implications for the insurance industry in the Census findings. While it might have been nice for the reporter to have included some industry wisdom in the article, a few minutes of thought from any of us can think of several important reasons to care.
Well said. Each age group “requires” slightly different products tailored to their various comfort levels. The older generation probably appreciates agents and physical documents more than younger folks, while younger people lean more towards online transactions and self-service centers. It’s in every carrier’s bests interests to determine not only what their portfolio should look like, but also how their portfolio will change in the future and the best way to cater to whichever groups they’ll be targeting. Having dual-lingual (or more) employees is important if you know you’re can’t sustain your (hopefully profitable!) book of business solely by continuing to target white English speaking dominant ethnic groups.
CarrierGuy and Rosenblatt,
Excellent points all around. I’d also add the younger generations have taken us all to an “Experience Economy”. They are willing to pay more for the experience. Think Starbucks, where they choose to get haircuts (we have a place in town where they specialize in men’s haircuts and you get a glass of scotch), hotel accommodations…you name it, if the experience is unique and superior, they are willing to pay more. I think carriers are going to need to figure this out as well. Change the buying experience and the carrier doesn’t have to be the cheapest on the block. No more monkeys peddling the lowest rates.
And it will go the other way too, for things where people want to economize. Does a 20-something really want or need 100/300 limits that agents are used to selling? As they put off buying homes, should we be paying more attention to renters insurance instead of being laser-focused on home/auto bundles? Will demand shift toward just-in-time insurance for more things, rather than the continuous coverage model we’re used to? Do the “experiences” Captain mentions include protection against the risks associated with them, and who’s best positioned to provide that protection? It probably means we need to focus even more on being trusted risk consultants and identifying those needs that our customers don’t realize they have – which means listening even better. It may also mean hiring more people in the agency who can relate better to the clients we’ll see in the future.
Also their purchasing habits based on convenience, eg ordering through apps, using AirBNB instead of hotels, Uber. Places like Lemonade (but with a different model probably) that make insurance easy will probably be the future.
I understand the implication of projected demo groups (age, sex) for health and govt run social insurance programs. But this article IS out of place on IJ. The diversity discussion, other than age and sex, is a political issue, not an insurance issue, so I wonder why IJ allowed it as an ‘insurance article’?
Let’s discuss ACA implications, assuming this article is remotely worthy of publishing on IJ:
The aging of the US population ahead, to 2030 and beyond, means Social insurance programs such as Soc. Sec. and MediCare / Medicaid will be insolvent at that time horizon, unless SEVERAL changes are made soon and every 5-10 years into the future. Benefits must be lowered and eligibility must be tightened, most likely by incremental raising of the min retirement/ eligiblity age. More important, alternatives must be offered by the private insurance / financial service industries to wean US citizens off those Federal Govt PONZI schemes.
IRAs and 401ks are examples of replacements for Soc. Sec, and “HEALTH CARE SPPECIFICCS” is an obvious replacement for ACA, MediCare, and a large portion of Medicaid and MediCare Part D.
MAFGSA = Make America’s Federal Govt Solvent Again
“so I wonder why IJ allowed it as an ‘insurance article’?”
Probably because carriers charge different rates for different age groups, so it’s good to know what kind of portfolio or underwriting rate changes may need to be made in the coming years depending on the pool of potential insureds.
I didn’t bother reading your ACA comment since it’s off-topic and not discussed in the article itself.
re-read my 1st paragraph. Thanks for your opinion on other issues discussed; i.e. diversity.
I read your post just fine. You said “I understand the implication of projected demo groups (age, sex) for health and govt run social insurance programs”
That’s great, but auto and home insurance is neither a health program nor a gov’t run social insurance program, hence my reply on how the report can be viewed as an “insurance article” posted correctly on an insurance website.
But I really don’t feel like getting into how to write a post to properly express what you’re actually trying to say, so I hope we can be done with this part of the thread and amicably move on.
What is the INSURANCE related purpose of an article that DOESN’T mention the impact of demo shifts on ANY line of insurance?
How is ‘diversity’ related to insurance? Any line of insurance?
You can continue to troll if you want to do so. I’m out of this rabbit hole.
Tax Cuts
You are right that the article could have made direct reference to insurance but did not. For those interested, here are a few previous IJ stories tying demographics to insurance:
Changing Employee Demographics Push Insurers to Focus on Strategic Recruitment
What’s Driving Nonstandard Auto – Technology, Consolidation, Population Changes, Fuel Specialty, Opportunity
What to Know About the Senior Care Market
Diversity Within Insurance Industry Serves Expanding Nonprofits
How Population Shifts Are Changing Personal Lines Insurance
Millennials Prefer Usage-Based Insurance: Survey
The Senior Care Market Still Going Strong
An Aging America Losing Its Appetite for Risk: Viewpoint
Demographic Shifts Impacting Underwriting, Pricing
More Senior Citizens Working Past Retirement Age
New Crash Test Dummies Look More Like Americans: Obese and Aging
Actuaries Have Disappointing News for Americans Including Millennials
Insurance Pros Make Case for Diversity at IICF Conference in California
New MGA Sees Opportunity for Independents in Growing Hispanic Marke
Changing Demographics Offer a World of Opportunity for Enterprising Agents
Baby Boomers Can’t Party and Drive Like They Used To
Why do you keep ask the same question(s) over and over that I’ve already answered?
You just did it here (how this article is related to insurance? I’ve already answered that twice) and you did it over here too https://www.insurancejournal.com/news/national/2018/03/12/482973.htm/?comments
@Andrew: thanks. The discussion of diversity is outside insurance issues as (nearly?) all statutes prohibit rating based on religion, national origin, sexual orientation / preference,…
Age and sex rating factors are very clearly permissible as regards life / health/ auto lines. It seemed the majority of the article focused on ‘diversity’
I have no problem with an article that discusses age, sex, along with a peripheral discussion of ‘diversity’. This article didn’t take that tack. So, I believe it is worthy of criticism.
I also understand you cannot vet every article for specific content.
Thanks for the bibliography of articles that discuss demo factors as regards insurance.
True Trumpian, huh Yogi? Can’t admit when you’re wrong and say sorry, eh?
@Capt Platitude: re-read my first post. re-read the article. Diversity is a political issue, and insurance rates may not (statutorily) reflect ethnic/ religious/ sexual preference ‘diversity’ factors.
“True Trumpian” = Libitteral response to a Conservative comment, in an attempt to discredit a post which is unrelated to Trump or politics. Your frustration as an SJW is leading you down rabbit holes.
Tax Cuts- Hillary Clinton once said we needed mexicans to cut grass, build homes and be maids. So diversity is an insurance issue. More trucks with trailers behind them for pinestraw, pickups with toolboxes in the back, and insurance for domestic workers. I’m sure that’s what IJ had in mind.
Don’t forget workers needed to maintain staircase safety treads. And HO Covg E or Commercial Gen Liability Prem Ops covers.
Polar, pay little attention to Rosenblatt and his comments. He still doesn’t know an estuary from an island.
All I’ve ever said is that estuary’s don’t fully protect land from marine influences. Please stop making up lies and posting solely to troll.
MARCH 12, 2018 AT 4:31 PM
Agent says:
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Boring, boring, boring. Your act is getting very old. Take a hike. No one wants to read your total rubbish.
Reply
@Capt Platitude: thanks for re-posting that humor post by Agent.
NOVEMBER 10, 2017 AT 10:29 AM
PolarBeaRepeal says:
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We who read and comment here want adult level conversations on the TOPIC of the related article. If you can’t follow those simple guidelines, post elsewhere…
@Platitiude: thanks for re-posting my PSA.
Maybe because based on this site about 95% if agents are ardent racists and it will affect their businesses.
Sorry to hear your business is going to suffer . . .
Except I’m not a racist, nor a broker, genius.
But you are willing to judge others in a harsh way without ever meeting them. What an open minded, tolerant, understanding comment. 95%!
Craig Cornell says:
LIKE OR DISLIKE:
Thumb up 0Thumb down 0
But you are willing to judge others in a harsh way without ever meeting them. What an open minded, tolerant, understanding comment…
BUT JUST BEFORE THAT SAID THIS TO ANOTHER POSTER:
MARCH 16, 2018 AT 3:09 PM
Craig Cornell says:
LIKE OR DISLIKE:
Thumb up 1Thumb down 2
Sorry to hear your business is going to suffer . . .
Talk about willing to judge another in a harsh way without ever meeting them. Yeah, not exactly an open-minded, tolerant, understanding comment either, there, Craig.
MARCH 14, 2018 AT 6:22 PM
Craig Cornell says:
LIKE OR DISLIKE:
0
0
While trying to teach a fish to do math is pointless . . .
I know this is getting pretty heady for you, but give thinking a try . . .
Dad, are these wings free range? Dad, my WIFI is running slow.
PolarBeaRepeal says:
LIKE OR DISLIKE:
0
2
Trolls are people who have nothing to add to discussions, but who intervene for the sake of disruption to seek reactions, or personal attacks on those whose opinions contrast with their own.
Are Millennials’ insurance needs different from the over-65 crowd? Their service needs? How many agents can talk about insurance in Spanish, or Chinese, or other languages?
I think there are plenty of implications for the insurance industry in the Census findings. While it might have been nice for the reporter to have included some industry wisdom in the article, a few minutes of thought from any of us can think of several important reasons to care.
Well said. Each age group “requires” slightly different products tailored to their various comfort levels. The older generation probably appreciates agents and physical documents more than younger folks, while younger people lean more towards online transactions and self-service centers. It’s in every carrier’s bests interests to determine not only what their portfolio should look like, but also how their portfolio will change in the future and the best way to cater to whichever groups they’ll be targeting. Having dual-lingual (or more) employees is important if you know you’re can’t sustain your (hopefully profitable!) book of business solely by continuing to target white English speaking dominant ethnic groups.
CarrierGuy and Rosenblatt,
Excellent points all around. I’d also add the younger generations have taken us all to an “Experience Economy”. They are willing to pay more for the experience. Think Starbucks, where they choose to get haircuts (we have a place in town where they specialize in men’s haircuts and you get a glass of scotch), hotel accommodations…you name it, if the experience is unique and superior, they are willing to pay more. I think carriers are going to need to figure this out as well. Change the buying experience and the carrier doesn’t have to be the cheapest on the block. No more monkeys peddling the lowest rates.
And it will go the other way too, for things where people want to economize. Does a 20-something really want or need 100/300 limits that agents are used to selling? As they put off buying homes, should we be paying more attention to renters insurance instead of being laser-focused on home/auto bundles? Will demand shift toward just-in-time insurance for more things, rather than the continuous coverage model we’re used to? Do the “experiences” Captain mentions include protection against the risks associated with them, and who’s best positioned to provide that protection? It probably means we need to focus even more on being trusted risk consultants and identifying those needs that our customers don’t realize they have – which means listening even better. It may also mean hiring more people in the agency who can relate better to the clients we’ll see in the future.
This exchange was extremely pleasant and discriptive… and an absence of agent and yogi! who woulda thought.
Also their purchasing habits based on convenience, eg ordering through apps, using AirBNB instead of hotels, Uber. Places like Lemonade (but with a different model probably) that make insurance easy will probably be the future.