I rather be independent than represent SF. What I mean is you can’t pass the book of business on to your family members after years of building your agency. You retire and poof! ! Cheers!
State Farm and Berkshire are not always the first companies to adapt new technologies, but they are both extremely successful in the long run.
Many companies that focus on technology sometimes lose their grasp on basic items such as basic risk assessment as well as expense management. Both utilize their large data to get closer to long term loss cost estimations.
I have seen some early adopters of predictive modeling fall victim to inadequate analysis of catastrophic risk as well as utilizing data that either lacked full credibility or differed from their own book significantly. Many also anticipate more growth than they achieve and spend too much money on expenses.
Some companies have successfully moved to predictive modeling, but their overall management skill and the talent of their roster is necessary for that success.
Having worked there briefly. They are behind the 8 ball and must act quickly. First, the Agency model, some agents are walking away. Second, they still hold onto and use a DOS Based web system, since older agents refuse to adapt to new technologies. Speaking of which, they have I believe three or 4 OP systems. For everyone 100 applicants, they are lucky to write maybe 10. So why let they potential customers walk. Their life insurance program I am told is not good for the client either. Who knows.
Just so we know how up-to-date your first hand knowledge is, when did you stop working for them? If it’s been a few years, thanks for your input! If it’s been a decade or longer, maybe things have changed since then?
Having been in or observing the industry for over 20 years, they don’t appear to beat up on their customers like some of the companies overreacting to claims or tickets. They also never got into the groups and such, right? and delayed their entry into the “Consumer reporting” which has no relationship to catastrophic events that no one can predict
This was a wonderfully written piece, Susanne.
Not with out bumping their nose all the way. Glad my mom ditched them and went solo..
https://apnews.com/article/ffed2a1b63e3f47076dcbea69c1a703d
I rather be independent than represent SF. What I mean is you can’t pass the book of business on to your family members after years of building your agency. You retire and poof! ! Cheers!
Did you really just post a link to a 30 year old article?
Mr. Buffett was so cocky only a few years ago…
State Farm and Berkshire are not always the first companies to adapt new technologies, but they are both extremely successful in the long run.
Many companies that focus on technology sometimes lose their grasp on basic items such as basic risk assessment as well as expense management. Both utilize their large data to get closer to long term loss cost estimations.
I have seen some early adopters of predictive modeling fall victim to inadequate analysis of catastrophic risk as well as utilizing data that either lacked full credibility or differed from their own book significantly. Many also anticipate more growth than they achieve and spend too much money on expenses.
Some companies have successfully moved to predictive modeling, but their overall management skill and the talent of their roster is necessary for that success.
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Having worked there briefly. They are behind the 8 ball and must act quickly. First, the Agency model, some agents are walking away. Second, they still hold onto and use a DOS Based web system, since older agents refuse to adapt to new technologies. Speaking of which, they have I believe three or 4 OP systems. For everyone 100 applicants, they are lucky to write maybe 10. So why let they potential customers walk. Their life insurance program I am told is not good for the client either. Who knows.
Just so we know how up-to-date your first hand knowledge is, when did you stop working for them? If it’s been a few years, thanks for your input! If it’s been a decade or longer, maybe things have changed since then?
Having been in or observing the industry for over 20 years, they don’t appear to beat up on their customers like some of the companies overreacting to claims or tickets. They also never got into the groups and such, right? and delayed their entry into the “Consumer reporting” which has no relationship to catastrophic events that no one can predict