Ok, I have to admit…. I am a science fiction junky. I love all of it, the technology, the positive hope for the future like Star Trek and the scary parts like Aliens! So, I have been following with interest Google’s Autonomous Vehicles. In case you haven’t heard, Google has a fleet of vehicles driving around California and Nevada with no one on board but a computer.
While I am disappointed that the cars don’t fly like in Back to the Future it is pretty incredible technologically that we have self driven vehicles. Now you’re probably wondering so what? What does this mean to me and why should I care?
The early adopters of this technology will be business. Imagine a service company that has crews delivering products or services all day long. Instead of the employees spending their time navigating the road from point to destination they can be processing invoices, preparing for the next appointment and making calls for future appointments, answering questions by phone and email and even participating in meetings by Skype.
It is all about productivity and for the businesses that outlay huge sums for payroll while employees drive, they will invest in this technology and lower insurance costs because the vehicles do not speed, do not tailgate, get angry or distracted.
Eventually, autonomous vehicles will be a standard feature and will change the way we drive and the insurance industry will need to change with it. Watch for big changes in this category in the next five years! I can’t wait!
Monday, 14 October 2013
Protect Yourself, Important Steps in an Auto Accident
One of my clients recently had an auto accident. He was at an intersection in a lane that went straight. The other party was on his right and turned left into his vehicle. They traded license and insurance information at the scene of the accident just like they were supposed to do.
My client was alone in his car and the other party was alone in their car. Shortly after the accident the other party claimed that my client was at fault and was supposed to turn left and instead went straight. My client informed me that was simply untrue and he was in a lane that was straight ahead and the other party made an illegal left hand turn.
In the end, the insurance carriers for my client and the other party agreed to just pay their own client claims because there was no way to prove who was at fault. So, problem solved right?
Not exactly, had the other party been found at fault it would have been their insurance that would have paid for the damage to my client. Instead, my clients insurance paid for the damage to his own vehicle which was considered an at fault accident. What is the big deal? Well, an at fault accident in most states will stay on your record for five years and you get to pay more insurance premium because of that. Needless to say my client was really upset and felt this was unfair. Some of you will say that you have accident forgiveness with your insurance carrier. That is nice and means that your insurance carrier won’t surcharge you for your first accident however that won’t protect you from the loss of a claims free discount which for most insurance companies is significant. With or without accident forgiveness you’re going to pay more.
Regardless who is at fault insurance is incredibly important to fix your car, fix the other party’s car if you were at fault and pay for your medical bills and the other party’s medical bills. I want all of my clients to be safe and to avoid accidents if they can. If you do have an accident, that is why we have insurance and it will be there to help when you need it. However, if you were not at fault I need some additional information to fight for you.
In addition to trading license and insurance information I want you to take photos. Odds are your phone takes pictures. Even the oldest cell phones have a camera. I realize that having an accident is traumatic and when it happens it is easy to forget but when it is safe to do so take photos of the accident scene. Take photos of where you were and where your vehicle is now. Take photos of the damage to your car and the damage to the other car. Take photos of the license plate on the other vehicle and of the driver of the other car and any passengers. The more information that you have will help your insurance claim and protect you if the other driver was at fault.
I had an accident (my first) this year. I not only took photos of the accident but my phone allows me to take video as well. I had the other driver on video saying that he wasn’t paying attention, he was texting and didn’t see me until it was too late. End of story, he was at fault. And, yes his insurance carrier tried to indicate that we shared blame until I played back the audio from the video with their client apologizing and indicating that he wasn’t paying attention. That was that, they accepted full responsibility.
My client was alone in his car and the other party was alone in their car. Shortly after the accident the other party claimed that my client was at fault and was supposed to turn left and instead went straight. My client informed me that was simply untrue and he was in a lane that was straight ahead and the other party made an illegal left hand turn.
In the end, the insurance carriers for my client and the other party agreed to just pay their own client claims because there was no way to prove who was at fault. So, problem solved right?
Not exactly, had the other party been found at fault it would have been their insurance that would have paid for the damage to my client. Instead, my clients insurance paid for the damage to his own vehicle which was considered an at fault accident. What is the big deal? Well, an at fault accident in most states will stay on your record for five years and you get to pay more insurance premium because of that. Needless to say my client was really upset and felt this was unfair. Some of you will say that you have accident forgiveness with your insurance carrier. That is nice and means that your insurance carrier won’t surcharge you for your first accident however that won’t protect you from the loss of a claims free discount which for most insurance companies is significant. With or without accident forgiveness you’re going to pay more.
Regardless who is at fault insurance is incredibly important to fix your car, fix the other party’s car if you were at fault and pay for your medical bills and the other party’s medical bills. I want all of my clients to be safe and to avoid accidents if they can. If you do have an accident, that is why we have insurance and it will be there to help when you need it. However, if you were not at fault I need some additional information to fight for you.
In addition to trading license and insurance information I want you to take photos. Odds are your phone takes pictures. Even the oldest cell phones have a camera. I realize that having an accident is traumatic and when it happens it is easy to forget but when it is safe to do so take photos of the accident scene. Take photos of where you were and where your vehicle is now. Take photos of the damage to your car and the damage to the other car. Take photos of the license plate on the other vehicle and of the driver of the other car and any passengers. The more information that you have will help your insurance claim and protect you if the other driver was at fault.
I had an accident (my first) this year. I not only took photos of the accident but my phone allows me to take video as well. I had the other driver on video saying that he wasn’t paying attention, he was texting and didn’t see me until it was too late. End of story, he was at fault. And, yes his insurance carrier tried to indicate that we shared blame until I played back the audio from the video with their client apologizing and indicating that he wasn’t paying attention. That was that, they accepted full responsibility.
Sunday, 13 October 2013
Benefits of Insurance Depot
Getting the right type of insurance for your vehicle can be very difficult for you unless and until you do a full search of the market. Deposit insurance is an excellent system that can really help to use the services of good insurance for your car or cars. It provides you with full coverage and even updates your liability coverage within a given period of time. With the help of this system would be able to obtain insurance cover that's within your budget. It also provides you a fast and comprehensive search of different types' car insurance cover.
If you're interested in getting coverage for your vehicle, then looking for a deposit insurance would be better for you. In this article, I especially like to tell you some ways through which you can get insurance cover.
If you're looking for adequate insurance cover, then it's very essential for you to conduct a through market research. You should look for companies that provide effective policies within your budget. Various online sites are operating successfully on the Internet that gives you-all the essential information you need about different types of policies. These websites will also encourage some online businesses that you can contact directly with the help of these websites.
It's the most appropriate place where you can get several different insurance coverings. You can contact the depot auto insurance by phone or with the help of the websites online. You'll see that's found in numerous different places and we sell different types of covers. As for insurance coverage is also necessary questions about your boat and RV coverage.
Get insurance coverage within the budget can be a very hectic job for you. A very beneficial to the search for adequate coverage is to consult the deposit insurance. These stores can offer insurance coverage to everything from health to auto insurance. All websites deposit insurance to provide adequate information about the different types of covers that are available to them. These stores also help maximize coverage to most of your budget.
If you're interested in getting coverage for your vehicle, then looking for a deposit insurance would be better for you. In this article, I especially like to tell you some ways through which you can get insurance cover.
If you're looking for adequate insurance cover, then it's very essential for you to conduct a through market research. You should look for companies that provide effective policies within your budget. Various online sites are operating successfully on the Internet that gives you-all the essential information you need about different types of policies. These websites will also encourage some online businesses that you can contact directly with the help of these websites.
It's the most appropriate place where you can get several different insurance coverings. You can contact the depot auto insurance by phone or with the help of the websites online. You'll see that's found in numerous different places and we sell different types of covers. As for insurance coverage is also necessary questions about your boat and RV coverage.
Get insurance coverage within the budget can be a very hectic job for you. A very beneficial to the search for adequate coverage is to consult the deposit insurance. These stores can offer insurance coverage to everything from health to auto insurance. All websites deposit insurance to provide adequate information about the different types of covers that are available to them. These stores also help maximize coverage to most of your budget.
Best Insurance in Indonesian 2012
Life insurance premium income growth rate (premium immediate closure) 26.02%, insurance general closure of the direct premium growth recorded 20.04%, and reinsurance premiums recorded a growth of 17.65% indirect closure. While the indicator of profit after tax, life insurance industry recorded growth of 41.63%, 43.58% of general insurance, reinsurance and 23.51%. The figures obtained from the 130 companies included in the ranking Insurance Media conducted this year, the 44 life insurance companies, 82 general insurance and reinsurance four companies.
Currently in Indonesia operates four reinsurance companies, 44 life insurance companies, 83 general insurance companies, five social security insurance company, so that overall there are 136 insurance and reinsurance companies. Five insurance companies social security and a general insurance company has not published financial statements, not data processed. In Insurance Award 2012 ceremony that took place on Thursday (07.06.2012) last night, it was decided there were 27 -12 and casualty insurance companies, 12 insurance soul, and a three-reinsurance as Best Insurance 2012.
Twenty-seven insurance companies are best suited to its peer group, ie, reinsurance, insurance companies (life and general) to Rp750 billion to the equity, insurance companies (life and general) to Rp250-750 billion of equity, insurance companies (life and general) to Rp100, 250 billion of equity, and insurance companies (life and general) to Rp100 billion equity down. From 82 general insurance companies that have issued financial balance no later than 30 April 2012, only nine companies that posted losses in 2011. Numbers decline over the previous year, of which 13 companies posted losses.
While in life insurance, there are 44 companies from eight companies that lose money in 2011, better than the previous year by 12 companies. While life insurance assets in 2011 grew 24.66%, from Rp181, 08 trillion a year earlier to Rp225, 74 2011.Dari trillion in assets of that, the life insurance market is still dominated by the 15 largest companies. Visible with 87.69% market share or reach Rp197, 95 trillion.
Compared to 2010, the dominance of these 15 life insurance companies continues to expand, because the previous year only controlled 86.91% market share in terms of assets. In terms of premiums, the company holds a 15 premium income of 78.76% or Rp73, 98 trillion of the total achievement of the overall premium Rp93, 93 trillion. In the meantime, the general insurer also recorded a good performance last year. General insurance gross premium grew 20.86%, from Rp24, 93 trillion in 2010 to Rp30, 13 trillion in 2011. While the underwriting result rose 28.36%, from Rp 5, 03 trillion in 2010 to Rp 6, 46 trillion years ago. gross reinsurance premiums also increased, which is 19.97%. From Rp2, 02 trillion in 2010 to Rp2, 42 trillion in 2011. While the reinsurance underwriting result rose 33.9% to Rp251, 49 billion in 2011, from Rp187, 82 billion in 2010. increase in gross premiums, both general insurance and reinsurance companies, much higher than the gross claims payable by the general insurance and reinsurance companies. Gross claims general insurance companies grew only 9.22% during 2011 to Rp12, 76 trillion. While the gross reinsurance claims even decreased by 0.09% to Rp1, 54 trillion during 2011. A total of 15 general insurance companies with the largest assets, controls 72.47% or Rp38, 72 trillion of total assets of 82 general insurance companies in 2011 amounting to Rp53 , 43 trillion. Asset share of the market leaders are indeed slightly eroded, as in the previous year to reach 73.04%. As for the best insurance companies for 2012 consist of life insurance, PT Sinarmas MSIG Insurance, PT Indolife Pensiontama, PT Life Insurance Inhetalth for equity in excess of Rp750 billion. Medium-750 to Rp250 billion equity PT Cigna Insurance, Life Insurance Adisaranan Wanartha PT, PT Bringin Life Insurance Welfare was named the best insurance.
Currently in Indonesia operates four reinsurance companies, 44 life insurance companies, 83 general insurance companies, five social security insurance company, so that overall there are 136 insurance and reinsurance companies. Five insurance companies social security and a general insurance company has not published financial statements, not data processed. In Insurance Award 2012 ceremony that took place on Thursday (07.06.2012) last night, it was decided there were 27 -12 and casualty insurance companies, 12 insurance soul, and a three-reinsurance as Best Insurance 2012.
Twenty-seven insurance companies are best suited to its peer group, ie, reinsurance, insurance companies (life and general) to Rp750 billion to the equity, insurance companies (life and general) to Rp250-750 billion of equity, insurance companies (life and general) to Rp100, 250 billion of equity, and insurance companies (life and general) to Rp100 billion equity down. From 82 general insurance companies that have issued financial balance no later than 30 April 2012, only nine companies that posted losses in 2011. Numbers decline over the previous year, of which 13 companies posted losses.
While in life insurance, there are 44 companies from eight companies that lose money in 2011, better than the previous year by 12 companies. While life insurance assets in 2011 grew 24.66%, from Rp181, 08 trillion a year earlier to Rp225, 74 2011.Dari trillion in assets of that, the life insurance market is still dominated by the 15 largest companies. Visible with 87.69% market share or reach Rp197, 95 trillion.
Compared to 2010, the dominance of these 15 life insurance companies continues to expand, because the previous year only controlled 86.91% market share in terms of assets. In terms of premiums, the company holds a 15 premium income of 78.76% or Rp73, 98 trillion of the total achievement of the overall premium Rp93, 93 trillion. In the meantime, the general insurer also recorded a good performance last year. General insurance gross premium grew 20.86%, from Rp24, 93 trillion in 2010 to Rp30, 13 trillion in 2011. While the underwriting result rose 28.36%, from Rp 5, 03 trillion in 2010 to Rp 6, 46 trillion years ago. gross reinsurance premiums also increased, which is 19.97%. From Rp2, 02 trillion in 2010 to Rp2, 42 trillion in 2011. While the reinsurance underwriting result rose 33.9% to Rp251, 49 billion in 2011, from Rp187, 82 billion in 2010. increase in gross premiums, both general insurance and reinsurance companies, much higher than the gross claims payable by the general insurance and reinsurance companies. Gross claims general insurance companies grew only 9.22% during 2011 to Rp12, 76 trillion. While the gross reinsurance claims even decreased by 0.09% to Rp1, 54 trillion during 2011. A total of 15 general insurance companies with the largest assets, controls 72.47% or Rp38, 72 trillion of total assets of 82 general insurance companies in 2011 amounting to Rp53 , 43 trillion. Asset share of the market leaders are indeed slightly eroded, as in the previous year to reach 73.04%. As for the best insurance companies for 2012 consist of life insurance, PT Sinarmas MSIG Insurance, PT Indolife Pensiontama, PT Life Insurance Inhetalth for equity in excess of Rp750 billion. Medium-750 to Rp250 billion equity PT Cigna Insurance, Life Insurance Adisaranan Wanartha PT, PT Bringin Life Insurance Welfare was named the best insurance.
Saturday, 12 October 2013
Fed may send mortgage rates higher
Experts in housing markets are closlyh monitoring the Federal Reserve as they nervously await word on whether the agency will start pulling back on its controversial stimulus program, known as quantitative easing according to a report on CCN.
The Fed has been buying $85 billion in mortgage-backed securities and Treasury bonds a month to help support the economy since September last year. The purchases have been credited for the historically low mortgage rates seen this year, which ultimately helped stimulate home sales and boost prices.
Doug Duncan, chief economist for Fannie Mae said that the Fed is expected to announce that it will scale back on its bond-buying program which is expected to cause rates to slowly rise.
The mortgage market has already factored in a modest cutback in the Fed's purchases. Mortgage rates have risen 1.2 percentage points since May when Fed chairman Ben Bernanke mentioned the possibility of reducing the agency's bond-buying program. In June, he noted that the tapering could begin as early as September, if the economic recovery continued on course.
However, even if the Fed started cutting back on its bond purchases this month, many don't expect the cuts to be sizable. "The recovery has been weaker the past couple of months than what the Fed had been talking about," said Duncan. "It would be a surprise if they act aggressively."
Source CNN Money
The Fed has been buying $85 billion in mortgage-backed securities and Treasury bonds a month to help support the economy since September last year. The purchases have been credited for the historically low mortgage rates seen this year, which ultimately helped stimulate home sales and boost prices.
Doug Duncan, chief economist for Fannie Mae said that the Fed is expected to announce that it will scale back on its bond-buying program which is expected to cause rates to slowly rise.
The mortgage market has already factored in a modest cutback in the Fed's purchases. Mortgage rates have risen 1.2 percentage points since May when Fed chairman Ben Bernanke mentioned the possibility of reducing the agency's bond-buying program. In June, he noted that the tapering could begin as early as September, if the economic recovery continued on course.
However, even if the Fed started cutting back on its bond purchases this month, many don't expect the cuts to be sizable. "The recovery has been weaker the past couple of months than what the Fed had been talking about," said Duncan. "It would be a surprise if they act aggressively."
Source CNN Money
U.S. Companies that Offers Pet Insurance as Benefits
Some U.S. Companies now offer pet insurance as a benefit to their employees. Fortune 500 companies that offer pet insurance as a benefit are Hewlett-Packard (HPQ), Amazon (AMZN), Procter & Gamble (PG) and Ford Motor (F). Others companies are Chipotle Mexican Grill (CMG) and Staples (SPLS).
Chipotle began offering the benefit in 2002. Covering one pet costs $10 to $57 a month, depending on coverage plans and deductible. But only about 100 of the eatery chain's 3,000 eligible employees get the insurance because its mostly younger employees have other financial priorities.
Chipotle began offering the benefit in 2002. Covering one pet costs $10 to $57 a month, depending on coverage plans and deductible. But only about 100 of the eatery chain's 3,000 eligible employees get the insurance because its mostly younger employees have other financial priorities.
Friday, 11 October 2013
The real cost of saying 'No'
I sell a product that most of my clients won’t use. Every day I take money from people in exchange for a promise from me and the companies I represent – a promise of restoration – basically that if you experience a financial setback under certain circumstances you will be restored to the financial position you were in before that disaster occurred (stick with me here, it gets more interesting).
The majority of people who turn their hard-earned money over to me in exchange for this promise never experience such a loss. Think about that. They pay but get no material object or physical property in return. So, when people pay for years and years and seemingly get nothing for it, some become embittered about the insurance transaction and the industry in general, and begin complaining about how much they’re paying.
I completely understand this by the way. I mean, I’d rather pay $100 for something I’m not going to use rather than $200, if I’m forced to buy it at all.
So what happens? People search out the cheapest coverage they can find. The decision to buy becomes based solely on whose price is the lowest. Often, the differences only become evident when it comes time to make a claim. Have you ever had to make a home insurance claim? Ever had your home damaged and discovered you did not have sufficient coverage?
Imagine for a second this scenario – your sewer backs up and there’s three inches of black water in your recently re-finished basement. You submit a claim only to find out that you’re not covered for this because you opted to save the $10 premium.
Or, let’s go future-tense here – The Big One is coming, we all know it. You decide that $40 per year is too much to pay for earthquake coverage for your condo or tenants package. Guess what happens when there’s a 7.0 nearby and your house starts rocking? All those broken dishes, toppled LCD and Plasma TV screens, smashed bookcases – none of it will be covered by your insurance policy.
If you’re a home owner and see cracks in the walls and ceilings, broken pipes etc., you’ll be concerned with the possibility of structural damage to your home. Again, if no earthquake coverage was paid for there will be no money from the insurance company to pay for these repairs. (Earthquake coverage for homeowner policies does cost more, depending on home values).
Bottom line (though it’s a tired cliché), you get what you pay for. That doesn’t mean you need to get the most expensive policy you can find either. You just need to make sure you know where the gaps in your coverage are and consider the effects of declining the coverages that would fill those gaps. (My Dad used to remind me all the time that you can choose your actions, but you can’t choose the consequences of those actions – discuss).
So. Now what?
You’re not an ‘Insurance Professional’ and may not know where to start or who to trust. Maybe you’ve put off the idea of home insurance because you think insurance companies just want your money and never actually pay out claims.
Or maybe you’re like I was before I ever bought a policy of my own - I found the whole application process overwhelming so I kept procrastinating, congratulating myself at the end of every month that went by and I’d kept that premium in my pocket. Each day that passed without disaster occurring enabled that once-pressing need for insurance to quietly fade into the background…
That works for a while - until your best friend’s mom loses her house in a fire. Or you hear a story about a relative who didn’t have insurance and had their dishwasher flood their kitchen and damage the neighbour’s place downstairs. The majority of first-time applicants that I see are either those who are buying their first condo, or individuals who’ve heard too-close-to-home stories of financial hardship caused when someone they love didn’t have adequate insurance. All of a sudden it becomes much easier to visualize ourselves in the same predicament.
Once you’ve made the decision to get started, don’t just walk into an insurance agency and HOPE the person behind the counter knows what they’re doing. I can tell you this sad-but-true fact: not all insurance agents are capable of correctly issuing a home insurance policy.
Find someone with a demonstrated ability to ask the right questions, explain the coverage in a manner you understand, provide the right information and arrange the proper coverage. You want to leave their office feeling like, “Wow, that person really knows what they’re doing – that was a great experience.”
How do you find that individual? Talk to your friends and do some research. Ask people you trust about their experiences, read up on the industry and do some homework. Don’t give up because it seems like too much work – it’s too important a subject to ignore. Losses like this do happen every day, and you can’t arrange for insurance after you experience a loss.
If you’re ready to begin having this conversation now, contact me at dfeswick@londondrugs.com for an explanation of our process, and to find out how much it might cost to insure your home.
Written by Derek F
Insurance Services Manager, New Westminster London Drugs
The majority of people who turn their hard-earned money over to me in exchange for this promise never experience such a loss. Think about that. They pay but get no material object or physical property in return. So, when people pay for years and years and seemingly get nothing for it, some become embittered about the insurance transaction and the industry in general, and begin complaining about how much they’re paying.
I completely understand this by the way. I mean, I’d rather pay $100 for something I’m not going to use rather than $200, if I’m forced to buy it at all.
So what happens? People search out the cheapest coverage they can find. The decision to buy becomes based solely on whose price is the lowest. Often, the differences only become evident when it comes time to make a claim. Have you ever had to make a home insurance claim? Ever had your home damaged and discovered you did not have sufficient coverage?
Imagine for a second this scenario – your sewer backs up and there’s three inches of black water in your recently re-finished basement. You submit a claim only to find out that you’re not covered for this because you opted to save the $10 premium.
Or, let’s go future-tense here – The Big One is coming, we all know it. You decide that $40 per year is too much to pay for earthquake coverage for your condo or tenants package. Guess what happens when there’s a 7.0 nearby and your house starts rocking? All those broken dishes, toppled LCD and Plasma TV screens, smashed bookcases – none of it will be covered by your insurance policy.
If you’re a home owner and see cracks in the walls and ceilings, broken pipes etc., you’ll be concerned with the possibility of structural damage to your home. Again, if no earthquake coverage was paid for there will be no money from the insurance company to pay for these repairs. (Earthquake coverage for homeowner policies does cost more, depending on home values).
Bottom line (though it’s a tired cliché), you get what you pay for. That doesn’t mean you need to get the most expensive policy you can find either. You just need to make sure you know where the gaps in your coverage are and consider the effects of declining the coverages that would fill those gaps. (My Dad used to remind me all the time that you can choose your actions, but you can’t choose the consequences of those actions – discuss).
So. Now what?
You’re not an ‘Insurance Professional’ and may not know where to start or who to trust. Maybe you’ve put off the idea of home insurance because you think insurance companies just want your money and never actually pay out claims.
Or maybe you’re like I was before I ever bought a policy of my own - I found the whole application process overwhelming so I kept procrastinating, congratulating myself at the end of every month that went by and I’d kept that premium in my pocket. Each day that passed without disaster occurring enabled that once-pressing need for insurance to quietly fade into the background…
That works for a while - until your best friend’s mom loses her house in a fire. Or you hear a story about a relative who didn’t have insurance and had their dishwasher flood their kitchen and damage the neighbour’s place downstairs. The majority of first-time applicants that I see are either those who are buying their first condo, or individuals who’ve heard too-close-to-home stories of financial hardship caused when someone they love didn’t have adequate insurance. All of a sudden it becomes much easier to visualize ourselves in the same predicament.
Once you’ve made the decision to get started, don’t just walk into an insurance agency and HOPE the person behind the counter knows what they’re doing. I can tell you this sad-but-true fact: not all insurance agents are capable of correctly issuing a home insurance policy.
Find someone with a demonstrated ability to ask the right questions, explain the coverage in a manner you understand, provide the right information and arrange the proper coverage. You want to leave their office feeling like, “Wow, that person really knows what they’re doing – that was a great experience.”
How do you find that individual? Talk to your friends and do some research. Ask people you trust about their experiences, read up on the industry and do some homework. Don’t give up because it seems like too much work – it’s too important a subject to ignore. Losses like this do happen every day, and you can’t arrange for insurance after you experience a loss.
If you’re ready to begin having this conversation now, contact me at dfeswick@londondrugs.com for an explanation of our process, and to find out how much it might cost to insure your home.
Written by Derek F
Insurance Services Manager, New Westminster London Drugs
7 things to consider when you buy travel insurance
While it's not as exciting as choosing your hotel, or deciding which excursions you want to add on to your holiday, making sure you have adequate travel insurance for yourself and your family may be the most important decision you make.
Credit cards and travel agents offer insurance packages, but it's important to have a thorough discussion about where you're travelling to and what you're planning to do, to make sure you have the right coverages in place. Here are 7 reasons why you should purchase separate travel insurance:
1) Anytime, anywhere coverage—Not just your flight, not just a hospital stay…travel insurance protects you on your trip at any time and at any place. This includes medical and family emergencies, travel delays or theft.
2) Provincial health care only goes so far—The provincial government health care plan provides only limited coverage for medical treatment and hospital costs outside of Canada—ambulance services, emergency dental treatment and prescription drugs may not be covered by some provincial health insurance plans.
3) High-risk activities—There's nothing better than learning something new while on holiday, like scuba diving in Hawaii. But check your policy before you book that lesson, or agree to learn from your new friend you met at the beach. Some activities won't be covered unless they're conducted by a company accredited by a known organization in that sport.
4) Medication change—If you've had a prescription change for a medical condition—either increased, decreased, started or stopped—an insurer will consider you to have an "unstable medical condition" for which your treatment is changing. Consult the fine print for the time period after which the insurer will cover you for travel.
5) Destination coverage—Many destinations are experiencing political upheaval. Check the policy to discover what the guidelines are for determining if your destination falls into that category.
6) Unstable medical condition—Policies may not cover a traveller if they are travelling within a certain time period between a medical event, such as having chemotherapy treatment or heart surgery.
7) Rental car protection—If you'll be renting a car at your destination, you want to make sure the vehicle, your belongings and all passengers have adequate coverage.
Vacations can be expensive—not only do you want to protect your health, you want to protect the investment you're making in your holiday. You can speak with one of our advisors at London Drugs Insurance Services to make sure you've considered every contingency, and can have complete peace of mind for your vacation. Visit LD Insurance at http://www.ldinsurance.ca/insurance.aspx#travel to get started!
Credit cards and travel agents offer insurance packages, but it's important to have a thorough discussion about where you're travelling to and what you're planning to do, to make sure you have the right coverages in place. Here are 7 reasons why you should purchase separate travel insurance:
1) Anytime, anywhere coverage—Not just your flight, not just a hospital stay…travel insurance protects you on your trip at any time and at any place. This includes medical and family emergencies, travel delays or theft.
2) Provincial health care only goes so far—The provincial government health care plan provides only limited coverage for medical treatment and hospital costs outside of Canada—ambulance services, emergency dental treatment and prescription drugs may not be covered by some provincial health insurance plans.
3) High-risk activities—There's nothing better than learning something new while on holiday, like scuba diving in Hawaii. But check your policy before you book that lesson, or agree to learn from your new friend you met at the beach. Some activities won't be covered unless they're conducted by a company accredited by a known organization in that sport.
4) Medication change—If you've had a prescription change for a medical condition—either increased, decreased, started or stopped—an insurer will consider you to have an "unstable medical condition" for which your treatment is changing. Consult the fine print for the time period after which the insurer will cover you for travel.
5) Destination coverage—Many destinations are experiencing political upheaval. Check the policy to discover what the guidelines are for determining if your destination falls into that category.
6) Unstable medical condition—Policies may not cover a traveller if they are travelling within a certain time period between a medical event, such as having chemotherapy treatment or heart surgery.
7) Rental car protection—If you'll be renting a car at your destination, you want to make sure the vehicle, your belongings and all passengers have adequate coverage.
Vacations can be expensive—not only do you want to protect your health, you want to protect the investment you're making in your holiday. You can speak with one of our advisors at London Drugs Insurance Services to make sure you've considered every contingency, and can have complete peace of mind for your vacation. Visit LD Insurance at http://www.ldinsurance.ca/insurance.aspx#travel to get started!
Wednesday, 9 October 2013
Motion to Add Municipal Defendant Dismissed
A motion to add a municipality as a defendant was recently dismissed.
In Temporin v. DiVincenzo, 2012 ONSC 5213 (S.C.J.), the plaintiff was injured in a 2007 motor vehicle accident. Although the City of Burlington had been named as a third party, the plaintiff did not move to add it as a defendant until 2012. The plaintiff ordered the police report in 2007, but did not receive officer's notes as counsel had inadvertently neglected to send payment. The notes were ultimately received in 2010 when a follow up request was made. They referred to road conditions consisting of "fierce" black ice. The plaintiff argued that the two year limitation period for adding the municipality began in 2010.
Parayeski J. dismissed the motion. The failure to follow up for police notes until 2010 did not give rise to a discoverability issue. The plaintiff had not exercised reasonable diligence and even though there was no prejudice to the municipality, this did not justify it being added as a defendant post-limitation.
This decision is a good example of the maxim that limitation periods are not enacted to be ignored. The burden is on plaintiffs to act diligently to identify defendants within the appropriate limitation period.
In Temporin v. DiVincenzo, 2012 ONSC 5213 (S.C.J.), the plaintiff was injured in a 2007 motor vehicle accident. Although the City of Burlington had been named as a third party, the plaintiff did not move to add it as a defendant until 2012. The plaintiff ordered the police report in 2007, but did not receive officer's notes as counsel had inadvertently neglected to send payment. The notes were ultimately received in 2010 when a follow up request was made. They referred to road conditions consisting of "fierce" black ice. The plaintiff argued that the two year limitation period for adding the municipality began in 2010.
Parayeski J. dismissed the motion. The failure to follow up for police notes until 2010 did not give rise to a discoverability issue. The plaintiff had not exercised reasonable diligence and even though there was no prejudice to the municipality, this did not justify it being added as a defendant post-limitation.
This decision is a good example of the maxim that limitation periods are not enacted to be ignored. The burden is on plaintiffs to act diligently to identify defendants within the appropriate limitation period.
Deduction of Collateral Benefits at Trial
Brown v. Campbell, (2012) 109 O.R. (3rd) 306 (S.C.J.)
After a jury trial where the plaintiff was awarded damages for past income loss, the defendant asked the judge to reduce the amount by long term disability benefits received the plaintiff. The plaintiff was self-employed and had purchased a long term disability policy for himself. The request for the deduction had not been made at trial, and had first arisen when the final judgment was being taken out. Both parties had addressed the issue in their evidence. The jury award for past income loss did not match either the amount suggested by the plaintiff or the defendant. Justice Nolan refused to make a deduction post trial. She held the defendant should have made be request at trial so she could have charged the jury on it. In addition, since the jury's verdict was less than the amounts submitted by both parties, it appeared the jury had in fact made the deduction in their assessment of the damages.
One issue left open by the Court is whether the disability benefits would have been deductible in any event, given that the plaintiff was self-employed and Justice Nolan noted the law is not settled with respect to whether LTD benefits purchased privately are captured by s. 267.8 of the Insurance Act.
After a jury trial where the plaintiff was awarded damages for past income loss, the defendant asked the judge to reduce the amount by long term disability benefits received the plaintiff. The plaintiff was self-employed and had purchased a long term disability policy for himself. The request for the deduction had not been made at trial, and had first arisen when the final judgment was being taken out. Both parties had addressed the issue in their evidence. The jury award for past income loss did not match either the amount suggested by the plaintiff or the defendant. Justice Nolan refused to make a deduction post trial. She held the defendant should have made be request at trial so she could have charged the jury on it. In addition, since the jury's verdict was less than the amounts submitted by both parties, it appeared the jury had in fact made the deduction in their assessment of the damages.
One issue left open by the Court is whether the disability benefits would have been deductible in any event, given that the plaintiff was self-employed and Justice Nolan noted the law is not settled with respect to whether LTD benefits purchased privately are captured by s. 267.8 of the Insurance Act.
Sunday, 6 October 2013
Excess Insurance
Excess insurers may be interested in the recently reported decision of ACE INA Insurance v. Associated Electric & Gas Insurance Services Ltd., [2012] O.J. No. 6500 (S.C.J.).
ACE insured Toronto Hydro, which was sued over an explosion that occurred in the underground parking of a high-rise apartment building. AEGIS was the excess insurer. Although there was no explicit duty to defend under the AEGIS policy, ACE brought an application that AEGIS had a duty to pay defence costs pursuant to the doctrine of equitable contribution.
The AEGIS policy was an "indemnity policy" rather than a "liability policy". Under its policy, AEGIS limited its indemnity obligation where there is other insurance, and limited its duty to indemnify to defence costs incurred by the insured, not those incurred by a third-party such as ACE. Defence counsel had been appointed by ACE rather than the insured. AEGIS's obligation was only to indemnify defence costs at the end of the litigation, where the costs were not covered by other insurance.
Justice C.J. Brown rejected the argument that AEGIS had an equitable duty to contribute to defence costs despite the clear wording of the policy. There is no equitable obligation to defend where an excess policy precludes a duty to defend. In addition, a relevant factor was that any defence costs paid by AEGIS would reduce the policy limits available to the insured so there was potential prejudice to Toronto Hydro.
ACE insured Toronto Hydro, which was sued over an explosion that occurred in the underground parking of a high-rise apartment building. AEGIS was the excess insurer. Although there was no explicit duty to defend under the AEGIS policy, ACE brought an application that AEGIS had a duty to pay defence costs pursuant to the doctrine of equitable contribution.
The AEGIS policy was an "indemnity policy" rather than a "liability policy". Under its policy, AEGIS limited its indemnity obligation where there is other insurance, and limited its duty to indemnify to defence costs incurred by the insured, not those incurred by a third-party such as ACE. Defence counsel had been appointed by ACE rather than the insured. AEGIS's obligation was only to indemnify defence costs at the end of the litigation, where the costs were not covered by other insurance.
Justice C.J. Brown rejected the argument that AEGIS had an equitable duty to contribute to defence costs despite the clear wording of the policy. There is no equitable obligation to defend where an excess policy precludes a duty to defend. In addition, a relevant factor was that any defence costs paid by AEGIS would reduce the policy limits available to the insured so there was potential prejudice to Toronto Hydro.
Timing of Summary Judgment Motions
At what point in a lawsuit is it appropriate to bring a summary judgment motion?
In Stever v. Rainbow International Carpet Dyeing & Cleaning Inc., 2013 ONSC 4054 (S.C.J.), the defendant brought a summary judgment motion prior to discoveries, alleging there was no issue requiring a trial as the limitation period had expired. Justice Morgan held that summary judgment motions typically proceed after discoveries are complete, or with affidavit evidence and cross-examinations that "go a long way to replicating what will be produced at discoveries." Justice Morgan adjourned the summary judgment until after discoveries had been completed.
Stever is in line with the Court of Appeal's decision in Combined Air, which held:
58 Moreover, the record built through affidavits and cross-examinations at an early stage may offer a less complete picture of the case than the responding party could present at trial. As we point out below, at para. 68, counsel have an obligation to ensure that they are adopting an appropriate litigation strategy. A party faced with a premature or inappropriate summary judgment motion should have the option of moving to stay or dismiss the motion where the most efficient means of developing a record capable of satisfying the full appreciation test is to proceed through the normal route of discovery. This option is available by way of a motion for directions pursuant to rules 1.04(1), (1.1), (2) and 1.05.
In many cases, especially where there is an issue of discoverability, summary judgment is likely not appropriate until discoveries are complete.
In Stever v. Rainbow International Carpet Dyeing & Cleaning Inc., 2013 ONSC 4054 (S.C.J.), the defendant brought a summary judgment motion prior to discoveries, alleging there was no issue requiring a trial as the limitation period had expired. Justice Morgan held that summary judgment motions typically proceed after discoveries are complete, or with affidavit evidence and cross-examinations that "go a long way to replicating what will be produced at discoveries." Justice Morgan adjourned the summary judgment until after discoveries had been completed.
Stever is in line with the Court of Appeal's decision in Combined Air, which held:
58 Moreover, the record built through affidavits and cross-examinations at an early stage may offer a less complete picture of the case than the responding party could present at trial. As we point out below, at para. 68, counsel have an obligation to ensure that they are adopting an appropriate litigation strategy. A party faced with a premature or inappropriate summary judgment motion should have the option of moving to stay or dismiss the motion where the most efficient means of developing a record capable of satisfying the full appreciation test is to proceed through the normal route of discovery. This option is available by way of a motion for directions pursuant to rules 1.04(1), (1.1), (2) and 1.05.
In many cases, especially where there is an issue of discoverability, summary judgment is likely not appropriate until discoveries are complete.
Thursday, 3 October 2013
Are You Part of the 98%?
According to a survey by Nationwide Financial, almost no consumers who are married, partnered or have dependents had enough life insurance to replace their income. The survey showed that 98% of the consumers questioned did not have enough insurance to replace their lifetime income.
The average consumer surveyed will earn $1.5 million in a lifetime and has $300,000 in life insurance coverage. This would replace 16% of they will earn before retirement, even though 33% of those surveyed said their most important consideration when purchasing life insurance was replacing their income.
The survey found that consumers are willing to pay $99 a month on average to insure their family. For this amount, a healthy 35-year-old man can purchase a 20-year term life policy worth more than $2.3 million, and a healthy 35-year-old woman can purchase more than $2.6 million in life insurance, but only 29% of those surveyed believed they could afford enough life insurance to replace their income.
Two-thirds of those who have life insurance are “somewhat” or “very certain” they have enough insurance to replace the income they or their spouse or partner would make during the remainder of their working careers. However, when asked how long their family could maintain its standard of living if a breadwinner died, 62% say they either don’t know, or think they could do so for just four years or less.
And while 35% of those surveyed worked with an insurance agent or financial advisor to figure out how much life insurance coverage they need, 20% say they simply guessed how much coverage they needed.
If you are unsure as to the proper amount of life insurance for you, use either the Life Insurance Needs Calculator or the Human Life Value Calculator to determine what is appropriate for you. It’s Life Insurance Awareness Month—a great time to make sure you have enough coverage.
The average consumer surveyed will earn $1.5 million in a lifetime and has $300,000 in life insurance coverage. This would replace 16% of they will earn before retirement, even though 33% of those surveyed said their most important consideration when purchasing life insurance was replacing their income.
The survey found that consumers are willing to pay $99 a month on average to insure their family. For this amount, a healthy 35-year-old man can purchase a 20-year term life policy worth more than $2.3 million, and a healthy 35-year-old woman can purchase more than $2.6 million in life insurance, but only 29% of those surveyed believed they could afford enough life insurance to replace their income.
Two-thirds of those who have life insurance are “somewhat” or “very certain” they have enough insurance to replace the income they or their spouse or partner would make during the remainder of their working careers. However, when asked how long their family could maintain its standard of living if a breadwinner died, 62% say they either don’t know, or think they could do so for just four years or less.
And while 35% of those surveyed worked with an insurance agent or financial advisor to figure out how much life insurance coverage they need, 20% say they simply guessed how much coverage they needed.
If you are unsure as to the proper amount of life insurance for you, use either the Life Insurance Needs Calculator or the Human Life Value Calculator to determine what is appropriate for you. It’s Life Insurance Awareness Month—a great time to make sure you have enough coverage.
Are You an “Ant” or a “Grasshopper”?
Hard as it is to believe, there are only a few more months until the December holidays. And then we are back to January—and those pesky New Year’s resolutions. You know: lose weight, exercise more, get a handle on our finances.
And we mean to follow through. We really do. But something happens—or more precisely, life happens—and we just don’t have the time or energy or the incentive to do the things we said we wanted to do.
Remember the story of the ant and the grasshopper? The ant worked hard all summer, gathering wheat grains to store for winter. And the grasshopper? He just hopped around, enjoying the sunshine and laughing at that sweaty ant. Well, once winter hit, the grasshopper wasn’t laughing, but was cold and miserable and hungry. And the ant? He had plenty of food and could now toast his toes in front of his warm fire.
The point is, instead of waiting for January 1 to make your next set of New Year’s resolutions, start now working on those you made eight months ago, working on the principle that there is no time like the present. Here are four quick tasks to undertake—one for each week of this coming month—to get your financial life under control and heading in the right direction. (You’re on your own with the diet and exercising!)
1. Start saving now. Have a set amount of money deducted from your paycheck and sent directly to a “don’t touch no matter what” savings account. Self-employed? Do your own auto-deduction from your checking account. (Bonus tip: save your change and once a month, make a coin drop to your account. Or go even further: Don’t spend those one dollar bills but instead save them. When you get 10, deposit them. It’s amazing how quickly your savings balance will grow!)
2. Review your life, business, auto and home policies. Do you have enough coverage—and the right kind? Can you increase your deductibles to save a few dollars? Do you need to add any extra options, riders or increase existing coverage amounts? Schedule a session with your insurance agent for a complete evaluation of your existing policies. (Bonus tip: Not sure how much life insurance you need? Check out the LIFE’s Life Insurance Needs Calculator.)
3. Pull your credit score. Go to Annual Credit Report.com—one central site where you can request a free credit file disclosure (also called a credit report) once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Look for any errors or unexpected information and then get it corrected—ASAP!
4. Create a workable financial plan. Do you know where your money goes each month? Take a look at your income and outgo. Are there expenses you can reduce or eliminate? If so, use the extra money to either pay down debt or save for a rainy day. Consider the “Latte Factor”: the concept that many small purchases can add up to a significant expenditure over time. For example, a $3 coffee five days a week is an expenditure of $780 a year. Settle for a regular cup of joe at half the price, save the rest and, at minimum without factoring in interest, you’ll have $390. Every little bit helps, whether it’s spending more or adding more to your monthly payments.
By the end of September, you’ll be in better shape financially, and feel more secure and less stressed about your overall financial plan.
And we mean to follow through. We really do. But something happens—or more precisely, life happens—and we just don’t have the time or energy or the incentive to do the things we said we wanted to do.
Remember the story of the ant and the grasshopper? The ant worked hard all summer, gathering wheat grains to store for winter. And the grasshopper? He just hopped around, enjoying the sunshine and laughing at that sweaty ant. Well, once winter hit, the grasshopper wasn’t laughing, but was cold and miserable and hungry. And the ant? He had plenty of food and could now toast his toes in front of his warm fire.
The point is, instead of waiting for January 1 to make your next set of New Year’s resolutions, start now working on those you made eight months ago, working on the principle that there is no time like the present. Here are four quick tasks to undertake—one for each week of this coming month—to get your financial life under control and heading in the right direction. (You’re on your own with the diet and exercising!)
1. Start saving now. Have a set amount of money deducted from your paycheck and sent directly to a “don’t touch no matter what” savings account. Self-employed? Do your own auto-deduction from your checking account. (Bonus tip: save your change and once a month, make a coin drop to your account. Or go even further: Don’t spend those one dollar bills but instead save them. When you get 10, deposit them. It’s amazing how quickly your savings balance will grow!)
2. Review your life, business, auto and home policies. Do you have enough coverage—and the right kind? Can you increase your deductibles to save a few dollars? Do you need to add any extra options, riders or increase existing coverage amounts? Schedule a session with your insurance agent for a complete evaluation of your existing policies. (Bonus tip: Not sure how much life insurance you need? Check out the LIFE’s Life Insurance Needs Calculator.)
3. Pull your credit score. Go to Annual Credit Report.com—one central site where you can request a free credit file disclosure (also called a credit report) once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Look for any errors or unexpected information and then get it corrected—ASAP!
4. Create a workable financial plan. Do you know where your money goes each month? Take a look at your income and outgo. Are there expenses you can reduce or eliminate? If so, use the extra money to either pay down debt or save for a rainy day. Consider the “Latte Factor”: the concept that many small purchases can add up to a significant expenditure over time. For example, a $3 coffee five days a week is an expenditure of $780 a year. Settle for a regular cup of joe at half the price, save the rest and, at minimum without factoring in interest, you’ll have $390. Every little bit helps, whether it’s spending more or adding more to your monthly payments.
By the end of September, you’ll be in better shape financially, and feel more secure and less stressed about your overall financial plan.
Sunday, 29 September 2013
Mediating An Insurance Coverage Dispute
I read a very interesting article today about a hypothetical insurance coverage mediation in a publication that you need to subscribe to in order to have access - so I cannot link to it here. But for those of you who have access, you can read the article in LexisNexis® Mealey's™ Litigation Report, Insurance Bad Faith Volume 23, Issue #16 · December 24, 2009. It is titled, "The Mediation", and was written by John J. Pappas of the law firm of Butler Pappas Weihmuller Katz Craig LLP.
My wife, Vickie Pynchon, is a full time mediator and arbitrator who writes a blog devoted to the practical and academic issues raised by commercial mediations and arbitrations called Commercial ADR. I passed the article along to her. She posted an interesting commentary on the mediation that John had described, with her thoughts about what the hypothetical parties might have done to better achieve their goals and how they perhaps in fact did.
As Vickie says, there is no right or wrong that you can point to with any certainty. My own take on these issues, based not on the academic training that Vickie has had, is that she is correct that the early offers and counter-offers in the stratosphere or the basement are a total waste of time and do nothing to define the ball-park that the players want to play ball in. I also agree with John's last comment in the endnote to his article: both fact and truth are difficult to pin-down in such a process, but are not necessary for resolution. That perhaps is the greatest lesson for those involved in mediations who want to resolve the conflict, as most any mediator will likely tell you at some point during the course of a long day.
My wife, Vickie Pynchon, is a full time mediator and arbitrator who writes a blog devoted to the practical and academic issues raised by commercial mediations and arbitrations called Commercial ADR. I passed the article along to her. She posted an interesting commentary on the mediation that John had described, with her thoughts about what the hypothetical parties might have done to better achieve their goals and how they perhaps in fact did.
As Vickie says, there is no right or wrong that you can point to with any certainty. My own take on these issues, based not on the academic training that Vickie has had, is that she is correct that the early offers and counter-offers in the stratosphere or the basement are a total waste of time and do nothing to define the ball-park that the players want to play ball in. I also agree with John's last comment in the endnote to his article: both fact and truth are difficult to pin-down in such a process, but are not necessary for resolution. That perhaps is the greatest lesson for those involved in mediations who want to resolve the conflict, as most any mediator will likely tell you at some point during the course of a long day.
Options When You Have Damage from a Prior Accident
A client called me yesterday with an interesting dilemma. Said that recently, when his car was parked on the street, it was hit by a Fire Truck on a call. Kind of unusual as Fire Truck Drivers are usually pretty good at what they do.
Nevertheless, he was concerned because on the same side of the car there was some damage from a prior accident and wanted to see if he could get that fixed at the same time. He also wanted to make sure the paint matched the rest of the car. So here's the advice I offered to Steve.
The insurance company is only going to pay for the damage that was a direct result of the accident caused by the Fire Truck. Nothing more, nothing less.
Your best bet is to make a deal with the body shop OUTSIDE of the parameters of the insurance company settlement. Here's why.
Anytime you repair a car there are some fixed expenses that are there regardless of the size of the job. The car has floor time, rack time, parts to order, paint booth time, drying time, set up the paint sprayer time, set up the sander time, on and on and on. The body shop will appropriately include most of that in the estimate for the insurance portion of the repair. Then the body shop might to ahead and fix your "other fender" for less because they have to go through all that set up stuff anyway.
Talk to your estimator at the shop see if you can't make a bettter deal. I bet you can.
Nevertheless, he was concerned because on the same side of the car there was some damage from a prior accident and wanted to see if he could get that fixed at the same time. He also wanted to make sure the paint matched the rest of the car. So here's the advice I offered to Steve.
The insurance company is only going to pay for the damage that was a direct result of the accident caused by the Fire Truck. Nothing more, nothing less.
Your best bet is to make a deal with the body shop OUTSIDE of the parameters of the insurance company settlement. Here's why.
Anytime you repair a car there are some fixed expenses that are there regardless of the size of the job. The car has floor time, rack time, parts to order, paint booth time, drying time, set up the paint sprayer time, set up the sander time, on and on and on. The body shop will appropriately include most of that in the estimate for the insurance portion of the repair. Then the body shop might to ahead and fix your "other fender" for less because they have to go through all that set up stuff anyway.
Talk to your estimator at the shop see if you can't make a bettter deal. I bet you can.
Friday, 27 September 2013
New Minor Injury Guideline
The new Statutory Accident Benefits Schedule (SABS) came into effect September 1, 2010. Among the key amendments, there has been a reduction of medical and rehabilitation benefits from $100,000.00 to $50,000.00. In some cases, this will be further reduced to $3,500.00 under the new Minor Injury Guideline (MIG).
The MIG applies to accidents that occurred on or after September 1, 2010, and replaces the Pre Authorized Framework for Grade I and II whiplash associated disorders. Section 268.3 of the Insurance Act requires that the MIG be considered in any determination involving the interpretation of the SABS.
An insured person’s impairment comes within this Guideline if the impairment is predominantly a minor injury. “Minor injury” is defined in the new SABS as a “sprain, strain, whiplash associated disorder, contusion, abrasion, laceration or subluxation and any clinically associate sequelae”. Each of these conditions are further defined to specify the severity of each to move it out of the “minor injury” category. For example, “whiplash associated disorder” is defined as “a whiplash injury that does not exhibit objective, demonstrative, definable and clinically relevant neurological signs, and does not exhibit a fracture in or dislocation of the spine”.
The objectives of the MIG are to speed access to rehabilitation for persons who sustain minor injuries in auto accidents, improve utilization of health care resources, provide certainty around cost and payment for insurers and regulated health professionals, and be more inclusive in providing immediate access to treatment without insurer approval for those persons with minor injuries.
Many accident victims may now find their benefits reduced to $3,500.00 and if they do not have a tort claim, they may have little alternative for additional medical coverage. The Financial Services Commission of Ontario expects the MIG to capture 30%-40% of accident claims.
Section 18(2) provides for an exclusion from MIG if the insured person’s health practitioner determines and provides compelling evidence that the insured person has a pre-existing medical condition that will prevent the insured person from achieving maximal recovery from the minor injury if subject to the $3,500.00 limit. This exception raises the question of what the courts will consider to be “compelling evidence”.
The MIG applies to accidents that occurred on or after September 1, 2010, and replaces the Pre Authorized Framework for Grade I and II whiplash associated disorders. Section 268.3 of the Insurance Act requires that the MIG be considered in any determination involving the interpretation of the SABS.
An insured person’s impairment comes within this Guideline if the impairment is predominantly a minor injury. “Minor injury” is defined in the new SABS as a “sprain, strain, whiplash associated disorder, contusion, abrasion, laceration or subluxation and any clinically associate sequelae”. Each of these conditions are further defined to specify the severity of each to move it out of the “minor injury” category. For example, “whiplash associated disorder” is defined as “a whiplash injury that does not exhibit objective, demonstrative, definable and clinically relevant neurological signs, and does not exhibit a fracture in or dislocation of the spine”.
The objectives of the MIG are to speed access to rehabilitation for persons who sustain minor injuries in auto accidents, improve utilization of health care resources, provide certainty around cost and payment for insurers and regulated health professionals, and be more inclusive in providing immediate access to treatment without insurer approval for those persons with minor injuries.
Many accident victims may now find their benefits reduced to $3,500.00 and if they do not have a tort claim, they may have little alternative for additional medical coverage. The Financial Services Commission of Ontario expects the MIG to capture 30%-40% of accident claims.
Section 18(2) provides for an exclusion from MIG if the insured person’s health practitioner determines and provides compelling evidence that the insured person has a pre-existing medical condition that will prevent the insured person from achieving maximal recovery from the minor injury if subject to the $3,500.00 limit. This exception raises the question of what the courts will consider to be “compelling evidence”.
Thursday, 26 September 2013
What is an "accident"? - Supreme Court of Canada
Justice Binnie, writing for the Court, has emphasized that in ordinary speech “accident” does not include ailments proceeding from natural causes.
In this case, the plaintiff had unprotected sex with three women and acquired genital herpes, which in turn caused an unusual complication that resulted in his total paralysis. The question at the trial-level was whether his paraplegia qualified as an accident (“bodily injury occasioned through external, violent and accidental means”).
The trial judge answered yes. This was affirmed by the Court of Appeal.
The Supreme Court of Canada today said no.
Justice Binnie noted in his reasons that the definition of “accident” has been the subject of much judicial discussion over many years.
Justice Binnie concluded by stating that an “accident” insurance policy should not be converted into a “comprehensive insurance policy for infectious diseases contrary to the expressed intention of the parties and their reasonable expectations.”
Further, at para. 63, Justice Binnie wrote, “To conclude that Mr. Gibbens’ acquisition of herpes was “an accident” despite the absence of any mishap or trauma other than the acquisition of a sexually transmitted disease in the ordinary way would simply serve to add sexually transmitted diseases to the list of Critical Diseases in the group policy contrary to the intent of the policy.”
What’s the lesson from this case? Perhaps it is this. A basic principle of accident insurance, which is often forgotten, is that an accident must be fortuitous and unexpected. Injury caused by accident does not include infirmity caused by disease or old age in the ordinary course. Accident insurance is not designed to provide coverage for events that will inevitably happen to us all, such as getting old or developing pain. There is no guarantee of a payout on any kind of insurance policy - except for paid-in-full life insurance given the fact that death is a certainty!
Alzheimer's Update: Good news (for once)
SoIB Gail S tips us to this recent story in the Dayton Daily News, recounting an award-winning therapy that's deceptively simple:
"Three years ago, Wright State University professor Dr. Govind Bharwani was given a challenge: Find a way to help people living with Alzheimer’s disease so they are less prone to becoming confused, agitated, withdrawn and falling."
And it appears that he has, in fact, succeeded:
"The therapy works by providing each person with their own “memory box” filled with family photos, books and movies they love and other special items."
Once you think about it, it's kind of intuitive: one of the reasons that Alzheimer's patients become so frustrated is that loss of "connection" to the world. I recall that, with my mother, I eventually realized that she wasn't having "good" days or "bad" ones, so much as "today she's in her own world" versus "our world" days. What better way to restore (or at least enhance) that connection than re-establishing treasured experiences?
Another benefit is that this is all done with no drugs, which can be expensive and often have undesirable side effects. Research is now continuing to see how (or if) this can be applied to those living at home with this dread condition.
"Three years ago, Wright State University professor Dr. Govind Bharwani was given a challenge: Find a way to help people living with Alzheimer’s disease so they are less prone to becoming confused, agitated, withdrawn and falling."
And it appears that he has, in fact, succeeded:
"The therapy works by providing each person with their own “memory box” filled with family photos, books and movies they love and other special items."
Once you think about it, it's kind of intuitive: one of the reasons that Alzheimer's patients become so frustrated is that loss of "connection" to the world. I recall that, with my mother, I eventually realized that she wasn't having "good" days or "bad" ones, so much as "today she's in her own world" versus "our world" days. What better way to restore (or at least enhance) that connection than re-establishing treasured experiences?
Another benefit is that this is all done with no drugs, which can be expensive and often have undesirable side effects. Research is now continuing to see how (or if) this can be applied to those living at home with this dread condition.
Wednesday, 25 September 2013
Euthanasia in Netherlands up 13% in 2012
“The number of Dutch people killed by medical euthanasia has more than doubled in the 10 years since legislation was changed to permit it, rising 13 per cent last year to 4,188 . . . One explanation for the steep rise of Dutch cases is the introduction last year of mobile euthanasia units allowing patients to be killed by voluntary lethal injection when family doctors refused.”
Is this bad news or good news? Does the growing use of euthanasia mean the Dutch are actually becoming less happy? Could it be the Dutch are less happy than Americans - even though - on the prestigious, European-based "Happy Planet Index" - Netherlands ranks 67th while the U.S. ranks only 105th?
Even after 10 years, I still think it's not yet possible to know the answers to these kinds of questions. We can measure transactions and form opinions, but can those tell us whether the Dutch are doing the right thing? I think not. And besides, what does euthanasia have to do with happiness?
Decisions about caring for people at the end of life remain among the most significant and difficult decisions facing families today. The Dutch model for euthanasia is a meaningful effort to help families deal with these decisions and therefore deserves the careful observation and analysis that it is receiving.
Officially the Dutch model relies on families and family physicians to reach decisions about euthanasia. That does not entirely avoid the future possibility that someday, the Dutch national health care program, or some other government's program - say, in the U.S. - may actually prescribe euthanasia as a matter of law or regulation, in order to save money. That’s my idea of the ultimate death panel. Brave New World indeed.
History shows that governments insist on participating in financial decisions when they are paying for the outcomes. In other words, a government health care program cannot pretend to be a fair and impartial third-party, because it is an interested participant in the outcome. It's a conflict of interests that won't go away.
How can America avoid that possible future? For one thing, the public cannot afford to rely on lawmakers; we must do our best to watch what other governments - such as the Netherlands - are doing. And for another, we must watch what our own government is doing.
Is this bad news or good news? Does the growing use of euthanasia mean the Dutch are actually becoming less happy? Could it be the Dutch are less happy than Americans - even though - on the prestigious, European-based "Happy Planet Index" - Netherlands ranks 67th while the U.S. ranks only 105th?
Even after 10 years, I still think it's not yet possible to know the answers to these kinds of questions. We can measure transactions and form opinions, but can those tell us whether the Dutch are doing the right thing? I think not. And besides, what does euthanasia have to do with happiness?
Decisions about caring for people at the end of life remain among the most significant and difficult decisions facing families today. The Dutch model for euthanasia is a meaningful effort to help families deal with these decisions and therefore deserves the careful observation and analysis that it is receiving.
Officially the Dutch model relies on families and family physicians to reach decisions about euthanasia. That does not entirely avoid the future possibility that someday, the Dutch national health care program, or some other government's program - say, in the U.S. - may actually prescribe euthanasia as a matter of law or regulation, in order to save money. That’s my idea of the ultimate death panel. Brave New World indeed.
History shows that governments insist on participating in financial decisions when they are paying for the outcomes. In other words, a government health care program cannot pretend to be a fair and impartial third-party, because it is an interested participant in the outcome. It's a conflict of interests that won't go away.
How can America avoid that possible future? For one thing, the public cannot afford to rely on lawmakers; we must do our best to watch what other governments - such as the Netherlands - are doing. And for another, we must watch what our own government is doing.
Employment Practices Liability
A popular insurance text starts with, “The growth of federal and state legislation dealing with employment discrimination and sexual harassment, the changing legal views on wrongful termination, and the increasing tendency of aggrieved parties to turn to the courts for settlement of such disputes have caused insurers to specifically exclude coverage for such employment-related claims in the commercial general liability policy.”
To fill this gap, a number of insurers are offering employment practices liability (EPL) coverage as an endorsement to the commercial general liability policy or as a stand-alone policy. Independently developed by each company, the EPL coverage forms vary by company, however, most policies are similar in terms and conditions.
EPL policies are usually written on a claims-made basis, which means that for a claim to be covered, it must occur during the policy term. Extended reporting periods from one to three years can be added for an additional premium.
In addition to damages paid for judgments or settlements, the cost of defense is covered. However, it is usually paid from the limit of liability, not in addition to the limit of liability. Most EPL policies specifically cover back pay. Back pay is commonly awarded to successful claimants in discrimination and wrongful termination actions.
Typically, the definition of “insured” in an EPL policy includes the corporation, its directors and officers, its employees, and, in most policies, its former employees. Some policies limit the definition of “insured” to include only managerial employees.
The deductible for this coverage ranges from $1,000 to $250,000, depending on underwriting factors. One difference from other types of policies is that the EPL policy usually requires the insured to participate in losses exceeding the deductible. The amount that the insured contributes after the deductible has been satisfied is based on the “participation rate.” Participation rates are usually 5 to 10 percent, but can reach as high as 25 percent depending on underwriting factors.
To fill this gap, a number of insurers are offering employment practices liability (EPL) coverage as an endorsement to the commercial general liability policy or as a stand-alone policy. Independently developed by each company, the EPL coverage forms vary by company, however, most policies are similar in terms and conditions.
EPL policies are usually written on a claims-made basis, which means that for a claim to be covered, it must occur during the policy term. Extended reporting periods from one to three years can be added for an additional premium.
In addition to damages paid for judgments or settlements, the cost of defense is covered. However, it is usually paid from the limit of liability, not in addition to the limit of liability. Most EPL policies specifically cover back pay. Back pay is commonly awarded to successful claimants in discrimination and wrongful termination actions.
Typically, the definition of “insured” in an EPL policy includes the corporation, its directors and officers, its employees, and, in most policies, its former employees. Some policies limit the definition of “insured” to include only managerial employees.
The deductible for this coverage ranges from $1,000 to $250,000, depending on underwriting factors. One difference from other types of policies is that the EPL policy usually requires the insured to participate in losses exceeding the deductible. The amount that the insured contributes after the deductible has been satisfied is based on the “participation rate.” Participation rates are usually 5 to 10 percent, but can reach as high as 25 percent depending on underwriting factors.
Tuesday, 24 September 2013
To Shovel or Not to Shovel? Ohio law
As far as Ohio law goes, homeowners don’t have a legal obligation to shovel sidewalks due to a natural accumulation of snow and ice, but this doesn’t mean you shouldn’t at least try to maintain them.
In December 1993 the Ohio Supreme Court upheld this law when a guest attempted to sue a homeowner in Franklin County for a slip and fall outside of the homeowner’s house.
In the case Brinkman v. Ross, the court ruled that you are walking at your own risk when Mother Nature calls. The case stemmed from a visit by the Brinkman’s to the home of the Ross’ in February 1989. Ms. Brinkman slipped outside the Ross home breaking her ankle. She sued her hosts in Franklin County Court of Common Pleas. The court threw out the complaint, indicating that it had long been established that Ohio homeowners are not obligated to remove natural accumulations of snow and ice.
The decision was reversed in the court of appeals, saying that if a homeowner knows of a hazardous condition and invites guests to visit, there is an obligation to at least warn them. The case then went to the Ohio Supreme Court where the judgment was overturned.
It’s up to your guests and other pedestrians to assume that due to the nature of Ohio winters, there’s always a risk of a slip or fall due to the natural accumulation of ice and snow.
Local snow removal ordinances
Local municipalities may invoke snow removal ordinances. If your city or township has an ordinance that requires residents to keep walkways free of snow and ice, then you have a responsibility to maintain your sidewalks. Some Ohio cities with snow removal ordinances levy fines for not removing snow in a timely manner while others issue warnings.
However, a local ordinance does not automatically implicate a homeowner if someone slips and falls on their uncleared property.
Examples of local snow removal ordinances/requirements
Below are links to information and/or ordinances for a handful of Ohio communities. The Ohio Insurance Institute suggests checking with your local municipality on any snow removal policies or requirements. Many provide this information online.
In December 1993 the Ohio Supreme Court upheld this law when a guest attempted to sue a homeowner in Franklin County for a slip and fall outside of the homeowner’s house.
In the case Brinkman v. Ross, the court ruled that you are walking at your own risk when Mother Nature calls. The case stemmed from a visit by the Brinkman’s to the home of the Ross’ in February 1989. Ms. Brinkman slipped outside the Ross home breaking her ankle. She sued her hosts in Franklin County Court of Common Pleas. The court threw out the complaint, indicating that it had long been established that Ohio homeowners are not obligated to remove natural accumulations of snow and ice.
The decision was reversed in the court of appeals, saying that if a homeowner knows of a hazardous condition and invites guests to visit, there is an obligation to at least warn them. The case then went to the Ohio Supreme Court where the judgment was overturned.
It’s up to your guests and other pedestrians to assume that due to the nature of Ohio winters, there’s always a risk of a slip or fall due to the natural accumulation of ice and snow.
Local snow removal ordinances
Local municipalities may invoke snow removal ordinances. If your city or township has an ordinance that requires residents to keep walkways free of snow and ice, then you have a responsibility to maintain your sidewalks. Some Ohio cities with snow removal ordinances levy fines for not removing snow in a timely manner while others issue warnings.
However, a local ordinance does not automatically implicate a homeowner if someone slips and falls on their uncleared property.
Examples of local snow removal ordinances/requirements
Below are links to information and/or ordinances for a handful of Ohio communities. The Ohio Insurance Institute suggests checking with your local municipality on any snow removal policies or requirements. Many provide this information online.
INSURANCE TIMES AWARDS 2013
Panel 1
Broker Innovation of the Year
09:00 3 Dimensional Insurance Ltd
09:10 Avantia Group
09:20 Insurance Tailors
09:30 Insurancewith.com
09:40 Professional Insurance Agents LTD
National Broker of the Year
10:00 Hastings Direct
10:10 Oval Insurance Broking
10:20 Bluefin
10:30 Coversure
Personal Lines Broker of the Year
11:00 Be Wiser
11:10 NCI Online
11:20 The Insurance Factory
11:30 Higos
11:40 Hastings Direct
Training Programme of the Year - Broker
12:50 Aon
13:00 Bluefin
13:10 Jelf
13:20 Hastings Direct
13:30 Pound Gates
Commercial Lines Broker of the Year
13:50 Inspire Insurance Services
14:00 Pound Gates
14:10 Miller Insurance
14:20 Swinton Commercial
14:30 Gallagher Heath
Independent Regional Broker of the Year
15:00 Stackhouse Poland Ltd
15:10 Kingsbridge
15:20 Bennett Christmas
15:30 Gauntlet Enterprise
15:40 Autoline Insurance Group
Panel 2
Insurance Brand Campaign of the Year - Insurer to Broker
09:00 Zurich
09:10 Rural Insurance
09:20 NIG
09:30 Covea
09:40 Allianz Commercial
Insurance Brand Campaign of the Year - Broker to Specialist Audience
10:00 Animal Friends Insurance
10:10 Bennetts
10:20 Equity Insurance Partnerships
10:30 Bluefin Sport
10:40 Oval Insurance Broking
Insurance Brand Campaign of the Year - Mass Audience
11:10 LV=
11:20 Equity Insurance Partnerships
11:30 Hughes Insurance
11:40 Ageas
11:50 Direct Line for Business
Claims Initiative of the Year - Business Partner
12:50 Cunningham Lindsey
13:00 LAS Claims Management
13:10 GAB Robins
13:20 Direct Group
13:30 Validus-IVC
Insurer Innovation of the Year
13:50 AIG
14:00 Aviva
14:10 Zurich
14:20 NIG
14:30 Allianz
End Customer Service Initiative of the Year
15:00 GAB Robins
15:10 Covea Insurance
15:20 Ageas
15:30 Healthy Pets Insurance
15:40 Cunningham Lindsey
15:50 Jelf
Panel 3
Business Partner of the Year
09:30 EC3/Legal
09:40 NewLaw Solicitors
09:50 Acturis
10:00 Bexhill
10:10 Absolute Partnership
Loss Adjuster of the Year
10:30 Cunningham Lindsey
10:40 Garwyn
10:50 Crawford&co
Claims Initiative of the Year - Broker
11:20 Hastings Direct
11:30 Club Insure by NDML
11:40 Jelf
Training Programme of the Year - Insurer
12:50 AIG
13:00 Allianz
13:10 AXA Commercial Lines and Personal Intermediary
13:20 Sterling
13:30 UK General Insurance
Claims Initiative of the Year - Insurer
13:50 Allianz
14:00 Covea
14:10 AIG
14:20 Sterling
14:30 Zurich
MGA of the Year
15:00 Connoisseur Underwriting
15:10 Insurethebox
15:20 Arista Insurance
15:30 The Nexus Group
15:40 UK General Insurance Group
Broker Innovation of the Year
09:00 3 Dimensional Insurance Ltd
09:10 Avantia Group
09:20 Insurance Tailors
09:30 Insurancewith.com
09:40 Professional Insurance Agents LTD
National Broker of the Year
10:00 Hastings Direct
10:10 Oval Insurance Broking
10:20 Bluefin
10:30 Coversure
Personal Lines Broker of the Year
11:00 Be Wiser
11:10 NCI Online
11:20 The Insurance Factory
11:30 Higos
11:40 Hastings Direct
Training Programme of the Year - Broker
12:50 Aon
13:00 Bluefin
13:10 Jelf
13:20 Hastings Direct
13:30 Pound Gates
Commercial Lines Broker of the Year
13:50 Inspire Insurance Services
14:00 Pound Gates
14:10 Miller Insurance
14:20 Swinton Commercial
14:30 Gallagher Heath
Independent Regional Broker of the Year
15:00 Stackhouse Poland Ltd
15:10 Kingsbridge
15:20 Bennett Christmas
15:30 Gauntlet Enterprise
15:40 Autoline Insurance Group
Panel 2
Insurance Brand Campaign of the Year - Insurer to Broker
09:00 Zurich
09:10 Rural Insurance
09:20 NIG
09:30 Covea
09:40 Allianz Commercial
Insurance Brand Campaign of the Year - Broker to Specialist Audience
10:00 Animal Friends Insurance
10:10 Bennetts
10:20 Equity Insurance Partnerships
10:30 Bluefin Sport
10:40 Oval Insurance Broking
Insurance Brand Campaign of the Year - Mass Audience
11:10 LV=
11:20 Equity Insurance Partnerships
11:30 Hughes Insurance
11:40 Ageas
11:50 Direct Line for Business
Claims Initiative of the Year - Business Partner
12:50 Cunningham Lindsey
13:00 LAS Claims Management
13:10 GAB Robins
13:20 Direct Group
13:30 Validus-IVC
Insurer Innovation of the Year
13:50 AIG
14:00 Aviva
14:10 Zurich
14:20 NIG
14:30 Allianz
End Customer Service Initiative of the Year
15:00 GAB Robins
15:10 Covea Insurance
15:20 Ageas
15:30 Healthy Pets Insurance
15:40 Cunningham Lindsey
15:50 Jelf
Panel 3
Business Partner of the Year
09:30 EC3/Legal
09:40 NewLaw Solicitors
09:50 Acturis
10:00 Bexhill
10:10 Absolute Partnership
Loss Adjuster of the Year
10:30 Cunningham Lindsey
10:40 Garwyn
10:50 Crawford&co
Claims Initiative of the Year - Broker
11:20 Hastings Direct
11:30 Club Insure by NDML
11:40 Jelf
Training Programme of the Year - Insurer
12:50 AIG
13:00 Allianz
13:10 AXA Commercial Lines and Personal Intermediary
13:20 Sterling
13:30 UK General Insurance
Claims Initiative of the Year - Insurer
13:50 Allianz
14:00 Covea
14:10 AIG
14:20 Sterling
14:30 Zurich
MGA of the Year
15:00 Connoisseur Underwriting
15:10 Insurethebox
15:20 Arista Insurance
15:30 The Nexus Group
15:40 UK General Insurance Group
Monday, 23 September 2013
Red Nose on Insurers?
I thought it was appropriate to raise awareness of a practice employed by defendant insurance companies which the Government now recognise as being one of the factors behind the increasing number of personal injury claims in the motor industry.
Basically, defendant insurers are realising that there is money to be made in personal injury claims and so, when one of their insured has an accident, they are now quizzing them to determine whether or not they have a valid claim for personal injury. If they do, the insurer ’sells’ the claim to one of their panel solicitors who acts for the insured against another major insurer.
We understand that the price or ‘referral fee’ for such claims can be up to £750 so it doesn’t take a genius to work out that it is quite a money spinner. Unfortunately, they are all at it which means that an insurer may make more money by selling claims but they are then having to pay out for more claims made against them!
So what do they do? Well, they blame claimant personal injury lawyers and claims management companies for driving up the number of claims. They back Lord Jackson’s reforms shouting loudly of ‘increasing lawyers fees’ and the ‘compensation culture’ – basically pointing the finger at everyone bar their own industry. Problem is of course they have been rumbled. Lawyers fees per claim can’t be increasing – they are fixed and Lord Young’s report on the ‘Compensation Culture’ concluded it was a myth created by the media.
So why change anything? Why bother looking at one way costs shifting, reducing success fees or removing recoverability of After the Event insurance? Why not ban insurance companies from receiving referral fees. In one fell swoop this would remove the incentive and would in one go reduce the number of claims.
Will ATE Insurance Survive?
Since the Jackson reforms came into force, we have been busy liaising with our panel of solicitors through visits and calls. The overall impression we get is that times are tough for them.
Many have yet to work out where they are going to get their work from – they were far too busy with the mass of work taken on prior to the changes to be able to make plans. Some firms have sorted themselves out but they are in the minority. Most if not all have a bleak outlook for the future and are thinking of moving into other areas of work – for example financial mis-selling claims.
The result of this is a significant downturn in ATE policy numbers. We are not alone. We are advised that numbers are down across the whole industry. When you couple the reduction in claims with the fact that solicitors are allowing clients to choose not to protect themselves with a policy (costing £80 for goodness sake!) then the future is looking ‘troubled’ for many ATE insurance providers.
The good news is the fact that historically, premium payments have been deferred until the end of claims. This means that most insurers have a lot in reserve but this is only going to shore things up for a year or two. What happens then?
Well I believe many ATE insurers will pull out of the market. It will not sustain large unwieldy organisations whose overheads drive up premiums. What will happen will be that there will remain a handful of specialist providers but I suspect premiums will rise as volumes reduce.
We will still be here. The numbers we are now insuring means we will continue to do business and those numbers will improve as firms begin solving the problem of where their work will be coming from.
The ATE landscape will however have been irreparably changed as a result of the reforms.
Many have yet to work out where they are going to get their work from – they were far too busy with the mass of work taken on prior to the changes to be able to make plans. Some firms have sorted themselves out but they are in the minority. Most if not all have a bleak outlook for the future and are thinking of moving into other areas of work – for example financial mis-selling claims.
The result of this is a significant downturn in ATE policy numbers. We are not alone. We are advised that numbers are down across the whole industry. When you couple the reduction in claims with the fact that solicitors are allowing clients to choose not to protect themselves with a policy (costing £80 for goodness sake!) then the future is looking ‘troubled’ for many ATE insurance providers.
The good news is the fact that historically, premium payments have been deferred until the end of claims. This means that most insurers have a lot in reserve but this is only going to shore things up for a year or two. What happens then?
Well I believe many ATE insurers will pull out of the market. It will not sustain large unwieldy organisations whose overheads drive up premiums. What will happen will be that there will remain a handful of specialist providers but I suspect premiums will rise as volumes reduce.
We will still be here. The numbers we are now insuring means we will continue to do business and those numbers will improve as firms begin solving the problem of where their work will be coming from.
The ATE landscape will however have been irreparably changed as a result of the reforms.
Sunday, 22 September 2013
How Often Should You Be Tweeting?
A recent study conducted by Track Social looked at how often brands should be tweeting in order to get desired results. When reevaluating your insurance marketing strategy, have you thought about this factor? The amount of influence you have on your followers and community may be more than you realize. In order to engage and interact with them, you should be following best practices at all times.
The research followed the activity of major brands on Twitter to determine how the frequency of their tweets affected the amount of retweets they received in a given day. The results from the study indicated that tweeting strong and often is the best way to get your name out there. This is because the data collected showed that brands who tweeted 2-5 times per day got more retweets per tweet, up to 300%, compared to when they tweeted only once a day. Twitter is a fast moving social media outlet that is constantly evolving. This is why you must be committed to tweeting enough to get noticed by your audience, or your account may suffer.
Furthermore, after 5 tweets per day, the response per tweet decreased, suggesting that going higher than 5 may not benefit your insurance agency. Response per tweet is important to consider because it impacts engagement levels, the visibility of your agency and your message, and your overall reputation. Keep in mind that it is the response per day, rather than per tweet, that represents the total amount of interaction you are having with your consumers.
When you decide to tweet, make sure your message is worthwhile and interesting to your audience. It is important as an insurance agency to be saying something relevant and not tweeting for the sake of tweeting. It is possible to increase tweet frequency by managing your time well and altering your insurance marketing strategy. Taking these necessary steps will allow your agency to connect with your community on a whole new level!
The research followed the activity of major brands on Twitter to determine how the frequency of their tweets affected the amount of retweets they received in a given day. The results from the study indicated that tweeting strong and often is the best way to get your name out there. This is because the data collected showed that brands who tweeted 2-5 times per day got more retweets per tweet, up to 300%, compared to when they tweeted only once a day. Twitter is a fast moving social media outlet that is constantly evolving. This is why you must be committed to tweeting enough to get noticed by your audience, or your account may suffer.
Furthermore, after 5 tweets per day, the response per tweet decreased, suggesting that going higher than 5 may not benefit your insurance agency. Response per tweet is important to consider because it impacts engagement levels, the visibility of your agency and your message, and your overall reputation. Keep in mind that it is the response per day, rather than per tweet, that represents the total amount of interaction you are having with your consumers.
When you decide to tweet, make sure your message is worthwhile and interesting to your audience. It is important as an insurance agency to be saying something relevant and not tweeting for the sake of tweeting. It is possible to increase tweet frequency by managing your time well and altering your insurance marketing strategy. Taking these necessary steps will allow your agency to connect with your community on a whole new level!
Is Social Media Marketing Overwhelming You?
A recent post from Social Media Today takes an in-depth look at the overwhelming nature of Social Media Marketing.
Are you constantly thinking about all the “things you should be doing in social media” to help reach your business goals? Are you feeling a bit bullied by the thoughts “post here”, “tweet this” and “share”? If so, you are certainly not alone. Many of us begin to feel anxious by the never ending possibilities posed by social networking—and with everything you do on the Internet so instant, and so very public, it’s natural to feel a bit nervous. So what can you do to ease the social-induced tension?
Before you send your next tweet or update your status, take a moment to think to yourself:
Remember that social media is used to both build and strengthen your brand—and truly helps you position yourself at the forefront of your customers’ minds. Always consider how your social media efforts are helping to drive target traffic to your agency and strive to convey one, uniform voice on all social platforms you use. Remain true to yourself and true to your agency. Being genuine is key!
Are you constantly thinking about all the “things you should be doing in social media” to help reach your business goals? Are you feeling a bit bullied by the thoughts “post here”, “tweet this” and “share”? If so, you are certainly not alone. Many of us begin to feel anxious by the never ending possibilities posed by social networking—and with everything you do on the Internet so instant, and so very public, it’s natural to feel a bit nervous. So what can you do to ease the social-induced tension?
Before you send your next tweet or update your status, take a moment to think to yourself:
- Why am I doing this?
- What purpose does this serve?
- Is there a better way of doing this that is more in alignment with what goals I am trying to achieve?
Remember that social media is used to both build and strengthen your brand—and truly helps you position yourself at the forefront of your customers’ minds. Always consider how your social media efforts are helping to drive target traffic to your agency and strive to convey one, uniform voice on all social platforms you use. Remain true to yourself and true to your agency. Being genuine is key!
Saturday, 21 September 2013
How Well Do You Know Your Customers?
You may have a thorough understanding of your customers on a face to face level, but what about your community online? This may be a bit more difficult to tackle, especially if you have a large number of followers. As an insurance agent, you rely on your customer service skills to interact and connect honestly with your clients. Having this experience will allow you to transition easily into the digital sphere, where you can apply what you know in order to engage and learn more about your customers.
Some important goals to keep in mind when it comes to your insurance social media strategy include learning more about your audience so you are able to better direct your products and services. Also, allow your customers to get to know you better, not just as a business, but the people behind your business as well. Did you ever think about whether you not your audience has an idea of who you are and what your values are?
The reason social media should be utilized fully in your agency is so you can really get to know your customers, as if you are reading their minds. Notice that those you follow are always on their social accounts, sharing their every thought, preference, and desires. Use this to your advantage so you can get more in touch with who your audience is.
As for your agency, the more you open up, the better the response will be. What you put into your social efforts is exactly what you will get out of it, so remain dedicated to the community that relies on you the most. If you think about it from a customer’s perspective, you would agree that when you know about the people behind the business, you feel more comfortable and therefore, more likely to buy. Try creating posts about employee spotlights and even have agents post on the business page wall.
All of these suggestions are meant to help you work on engaging your audience more fully. Give your customers what they want in an authentic fashion. This will help you create an online presence that is inviting and friendly, which is exactly what you need to boost your agency upwards on the social ladder!
Why Having a Mobile Site is Important for Your Insurance Agency!
According to AdWeek, 72% of consumers believe it is important for brands to have a mobile-friendly site. So what does this mean? You should be going mobile with your insurance marketing strategy! Some studies show at least a third of companies don’t have a mobile-specific site, despite the fact that 67% of people say they are more likely to buy a product or service from this type of site. If you are ready to take your brand to the next level, here are some useful tips to join the mobile revolution.
Many modern consumers have smart phones, and with them, surf the mobile internet. Now they have access to anything and everything in the palm of their hands. Companies must get on board with this concept. Since people want the fast, inexpensive, and compatible option, joining the mobile revolution is one way you can catch the attention of prospects in the insurance industry.
Being sure your mobile site’s web design is responsive is a crucial part of the user experience. Here are some tips of what to include in your responsive design:
- The design of the website should alter itself depending on the size of the screen being used, whether it is a tiny phone screen to huge flat screen television.
- The content must be relevant to the mobile user. Instead of having long pieces of content, be straightforward and deliver a simple message.
- The experience should be clean and easy to navigate through. The images and text should have the ability to be altered to best suit the needs of the consumer.
- Advance your presence on the mobile web is by integrating social media onto the platform. This can help you engage your customers better and build your social media audience in the process.
- Highlight your onsite blog. Install a plug-in that optimizes the blog for mobile browsers so visitors can scroll vertically and horizontally.
- Shorten “dead time” on your site to help eliminate “bounce rates” for a friendlier experience.
Is your insurance agency ready to join the mobile revolution? Whether your clients are searching for your website on their mobile devices or computers, your company must adapt to their needs. In order to satisfy these requirements, you must understand the current value in a mobile friendly site. Work your way towards going mobile to not only earn trust, but build your business as well!
Friday, 20 September 2013
Stay organized and on top of your Insurance Social Networking!
With so many meetings, events, and tasks to complete during the day, sometimes you may feel overwhelmed. However, there are ways to organize your time efficiently, especially when it comes to your social media. The customer comes first, whether you are seeing them in person of having a conversation online. Therefore, by understanding and relating to your audience, you can enhance your skills!
According to Social Media Today, the two most common questions businesses ask when creating a social media presence are what should be posted on the platforms and how often should you be posting. Typically, from these questions, the best place to start is by creating a social media editorial calendar.
The calendar should be a tool that will plan what content you want your audience to read about as well as getting your name out there. Three key components to consider include:
1. Human Resources
Rather than simply automating your posts, make them “human”. This means you can have someone within the company informing the audience about what’s going on in the office, contests in the works, and activities employees are involved in. In addition, whenever a blog post goes up on your website, you can set on which day you want to post that information on your social media networks.
2. Level of Engagement
There will be periods in the social media strategy where you will be boosting your level of engagement on selected platforms (i.e. for contests and giveaways). During these periods, dates should be booked to drive traffic to the different platforms and your insurance website. This can be done by tagging, putting up pictures, and sending out emails.
3. Search Engine Optimatization Tactics
Any search engine optimatization tactics that are planned based on content will influence your social media editorial calendar. You depend on your blog as a tool for content marketing, which is why you should plan when and what to publish based on the right day, right time, and the right keywords. These details should be listed in the calendar for individuals responsible for putting the plan into action.
According to Social Media Today, the two most common questions businesses ask when creating a social media presence are what should be posted on the platforms and how often should you be posting. Typically, from these questions, the best place to start is by creating a social media editorial calendar.
The calendar should be a tool that will plan what content you want your audience to read about as well as getting your name out there. Three key components to consider include:
1. Human Resources
Rather than simply automating your posts, make them “human”. This means you can have someone within the company informing the audience about what’s going on in the office, contests in the works, and activities employees are involved in. In addition, whenever a blog post goes up on your website, you can set on which day you want to post that information on your social media networks.
2. Level of Engagement
There will be periods in the social media strategy where you will be boosting your level of engagement on selected platforms (i.e. for contests and giveaways). During these periods, dates should be booked to drive traffic to the different platforms and your insurance website. This can be done by tagging, putting up pictures, and sending out emails.
3. Search Engine Optimatization Tactics
Any search engine optimatization tactics that are planned based on content will influence your social media editorial calendar. You depend on your blog as a tool for content marketing, which is why you should plan when and what to publish based on the right day, right time, and the right keywords. These details should be listed in the calendar for individuals responsible for putting the plan into action.
Boastful drivers miss out on cheap car insurance
Motorists are a competitive bunch who often blur fact with fiction about the way they and other road users drive.
More than three-quarters (78%) rate themselves as above average when behind the wheel, while a 22% boast they are ‘excellent’ drivers.
Younger drivers thought most highly of their skills, with 26% believing they are ‘excellent’ on the roads.
But what drivers think and the truth about their skills seem poles apart.
One insurer, Aviva, collected 700,000 miles of driving data through a mobile phone app drivers activated to record their journeys in cars and vans.
Each driver had to clock up 200 miles to gain a rating between 1 (poor) and 10 (excellent).
The prize was up to a 20% car insurance discount.
Despite nearly 80% of drivers rating themselves as above average, the app only granted the maximum discount to 19%, while half of all drivers were rated average and gained a 10% off their premiums.
And while many of the drivers complained older drivers were unsafe, the opposite was true as drivers aged between 50 and 60 years old averaged a score of 7.5 out of 10 against an all-driver average of 7.0.
Other drivers picked on as unsafe include young men and van drivers.
The firm’s Heather Smith said: “We don’t believe such stereotypes exist and in fact, we believe that it’s how you drive, not who you are that matters when it comes to driving ability.”
The research also revealed that although most drivers learn their skills from their parents, half thought they were better drivers than their parents and 32% believed they were better drivers than their partners.
Men were most likely to over rate their skills – with 30% scoring themselves as excellent drivers, while only 16% of women bragged they were excellent.
Not only did men believe they were better drivers than women, they also consider they are more vigilant (40%).
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Thursday, 19 September 2013
First Launches Van Insurance
First Insurance, your number one for insurance, is pleased to announce that van insurance has now been added to its comprehensive list of insurance policies, following the launch of First Van.
For many van owners their van isn’t simply a method of transport, but often the workhorse that powers the business. If you’re a tradesman for instance a van is your very livelihood, carrying your tools to and from jobs. That is why it is an absolute necessity to find the correct cover for transporting your products or tools.
As specialists in van insurance, First Van have both the knowledge and expertise to find you the best quote to meet your individual needs and, like you, take pride in our work so will always ensure customers are correctly covered, giving you full peace of mind to go about your business.
Whether you use a van for personal or commercial use, First Van is able to provide the expert cover you need for a full range of vans and commercial vehicles.
To celebrate its launch, First Van is also offering the following discount to customers:
£40 off to anyone who buys a van policy through our First Van website if they quote ref FVSM1
This fantastic introductory offer is valid until 30th June 2013, however after that date you will still be able to save up to 20% off your van insurance with First Van.
Finding a great deal on your van insurance really shouldn’t be a drag. Just take a few minutes to get a quote online and First Van can help you find a van policy to suit your needs and budget
For many van owners their van isn’t simply a method of transport, but often the workhorse that powers the business. If you’re a tradesman for instance a van is your very livelihood, carrying your tools to and from jobs. That is why it is an absolute necessity to find the correct cover for transporting your products or tools.
As specialists in van insurance, First Van have both the knowledge and expertise to find you the best quote to meet your individual needs and, like you, take pride in our work so will always ensure customers are correctly covered, giving you full peace of mind to go about your business.
Whether you use a van for personal or commercial use, First Van is able to provide the expert cover you need for a full range of vans and commercial vehicles.
To celebrate its launch, First Van is also offering the following discount to customers:
£40 off to anyone who buys a van policy through our First Van website if they quote ref FVSM1
This fantastic introductory offer is valid until 30th June 2013, however after that date you will still be able to save up to 20% off your van insurance with First Van.
Finding a great deal on your van insurance really shouldn’t be a drag. Just take a few minutes to get a quote online and First Van can help you find a van policy to suit your needs and budget
How can I make my driving more eco-friendly?
With an increasing focus on environmental awareness in the motoring industry, there are some really simple ways to ensure your driving is as ‘green’ as can be. Whilst there are a whole host of options available when purchasing a new car or investing in new green motoring technology, for those on a stricter budget, simply changing your driving habits can result in more eco-friendly driving.
Reduce those emissions
Greenhouse gases, produced by cars and other vehicles, are responsible for helping trap the sun’s rays within the Earth’s atmosphere – the main cause of global warming. With global warming leading to extreme weather conditions, the melting of the polar ice caps and a rise in sea levels, reducing emissions is crucial as a means of decreasing this problem.
As car manufacturers introduce more eco-friendly cars into their latest production lines, with sales of electric and hybrid cars currently booming, driving in the future should become a more environmentally friendly experience, however it is still possible to reduce your emissions for any vehicle by following a few simple tips:
The most important thing to consider is whether driving is even necessary in the first place. The most environmentally friendly car will be the one at a standstill in the driveway as this isn’t producing any emissions at all. Take into consideration whether your journey can be made on foot, on a bicycle or by using public transport and if that’s the case, your emissions will be immediately reduced to zero!
With heavy, jerky and sudden movements putting a strain on the engine, one of the simplest ways to reduce emissions is by altering your driving style. Concentrate on smooth, flowing driving and if you were to see an obstacle ahead such as a traffic light, ease down on the brakes rather than accelerating fast then hitting the brakes hard.
Whilst we all ideally want to reach our destination as quickly as possible, the higher your speed, the more emissions your car will be producing so lowering your speed is a very effective way of reducing emissions.
We all love luxury features that come as standard in many new cars nowadays such as heated seats and air conditioning but these are responsible for using a lot of energy. Switching off internal components when you’re not using them will increase fuel efficiency and improve your green driving.
Ensure you remove any excess weight from your car. The more your car is carrying, the harder your vehicle needs to work to carry them around everywhere. If you have a roof rack on your car and only use it occasionally, it is worth removing as this will increase fuel consumption by causing aerodynamic drag.
Having your vehicle regularly serviced is key to ensuring it is running efficiently. Marked increases in fuel consumption could be the first sign of a faulty component or poorly inflated tyres. Provided you have a well-looked car you can be safe in the knowledge you are not wasting any energy whilst driving.
Keep your insurance company up to date
Whether you’re looking to invest in a brand new eco-friendly car or not, these tips should help you in reducing your carbon footprint and making you a more environmentally friendly driver. Were you to make modifications to your car, be sure to keep your car insurance company informed as this will likely affect your insurance premium.
Reduce those emissions
Greenhouse gases, produced by cars and other vehicles, are responsible for helping trap the sun’s rays within the Earth’s atmosphere – the main cause of global warming. With global warming leading to extreme weather conditions, the melting of the polar ice caps and a rise in sea levels, reducing emissions is crucial as a means of decreasing this problem.
As car manufacturers introduce more eco-friendly cars into their latest production lines, with sales of electric and hybrid cars currently booming, driving in the future should become a more environmentally friendly experience, however it is still possible to reduce your emissions for any vehicle by following a few simple tips:
The most important thing to consider is whether driving is even necessary in the first place. The most environmentally friendly car will be the one at a standstill in the driveway as this isn’t producing any emissions at all. Take into consideration whether your journey can be made on foot, on a bicycle or by using public transport and if that’s the case, your emissions will be immediately reduced to zero!
With heavy, jerky and sudden movements putting a strain on the engine, one of the simplest ways to reduce emissions is by altering your driving style. Concentrate on smooth, flowing driving and if you were to see an obstacle ahead such as a traffic light, ease down on the brakes rather than accelerating fast then hitting the brakes hard.
Whilst we all ideally want to reach our destination as quickly as possible, the higher your speed, the more emissions your car will be producing so lowering your speed is a very effective way of reducing emissions.
We all love luxury features that come as standard in many new cars nowadays such as heated seats and air conditioning but these are responsible for using a lot of energy. Switching off internal components when you’re not using them will increase fuel efficiency and improve your green driving.
Ensure you remove any excess weight from your car. The more your car is carrying, the harder your vehicle needs to work to carry them around everywhere. If you have a roof rack on your car and only use it occasionally, it is worth removing as this will increase fuel consumption by causing aerodynamic drag.
Having your vehicle regularly serviced is key to ensuring it is running efficiently. Marked increases in fuel consumption could be the first sign of a faulty component or poorly inflated tyres. Provided you have a well-looked car you can be safe in the knowledge you are not wasting any energy whilst driving.
Keep your insurance company up to date
Whether you’re looking to invest in a brand new eco-friendly car or not, these tips should help you in reducing your carbon footprint and making you a more environmentally friendly driver. Were you to make modifications to your car, be sure to keep your car insurance company informed as this will likely affect your insurance premium.
Why Take Out Critical Illness Insurance?
Many of you will have considered taking out life insurance although it could be argued that not enough people have actually arranged such cover. However, very few will have taken out critical illness insurance perhaps because it was felt to be too expensive or the benefits were not that apparent.
critical illness insurance could pay off your mortgage
Critical illness insurance provides valuable cover at a time of need
After all, it is easier to understand life insurance and how it works. Quite simply, if you have a life insurance policy in place and you die the policy will usually pay out.
Critical illness cover does not appear as straightforward with so many different types of critical illnesses included in the policy and people can become confused as to when such a policy would pay out. Furthermore, you may be wandering why you would wish to arrange critical illness insurance.
Although there are many types of critical illnesses covered, the ones that tend to pay out the most frequently are for a heart attack, being diagnosed with cancer or having a stroke.
If you were to have one of these illnesses it could have a detrimental effect on how you run your life. For instance, you may find yourself confined to a wheelchair, need regular nursing care or need to adapt your home to better cope with the illness.
All of these things cost money and this is where a critical illness policy could prove beneficial. The proceeds of such a policy could be used to make your life that little more comfortable such as assisting in a move from a house to a bungalow if you find it impossible to get up and down stairs. The monies could be used to provide private nursing care.
If you were so poorly and had to give up work, thus loosing a substantial amount of your income, how would you maintain your mortgage repayments? A critical illness policy could provide you with sufficient funds to completely clear your mortgage and even to clear any other liabilities such as credit cards and loans.
A critical illness policy provides peace of mind in the knowledge that, should you suffer a specific critical illness, funds could be forthcoming to make your life a little more comfortable. You really should consider getting a quote
critical illness insurance could pay off your mortgage
Critical illness insurance provides valuable cover at a time of need
After all, it is easier to understand life insurance and how it works. Quite simply, if you have a life insurance policy in place and you die the policy will usually pay out.
Critical illness cover does not appear as straightforward with so many different types of critical illnesses included in the policy and people can become confused as to when such a policy would pay out. Furthermore, you may be wandering why you would wish to arrange critical illness insurance.
Although there are many types of critical illnesses covered, the ones that tend to pay out the most frequently are for a heart attack, being diagnosed with cancer or having a stroke.
If you were to have one of these illnesses it could have a detrimental effect on how you run your life. For instance, you may find yourself confined to a wheelchair, need regular nursing care or need to adapt your home to better cope with the illness.
All of these things cost money and this is where a critical illness policy could prove beneficial. The proceeds of such a policy could be used to make your life that little more comfortable such as assisting in a move from a house to a bungalow if you find it impossible to get up and down stairs. The monies could be used to provide private nursing care.
If you were so poorly and had to give up work, thus loosing a substantial amount of your income, how would you maintain your mortgage repayments? A critical illness policy could provide you with sufficient funds to completely clear your mortgage and even to clear any other liabilities such as credit cards and loans.
A critical illness policy provides peace of mind in the knowledge that, should you suffer a specific critical illness, funds could be forthcoming to make your life a little more comfortable. You really should consider getting a quote
Life Insurance Claims Payout Myth
Why do some people think that life insurance companies will do whatever they can to avoid paying out what can be a substantial sum of money when they receive a claim following the death of a policy holder? On what basis do they come to that assumption?
All too often insurance companies come in for criticism when they refuse to pay out whether it be for life assurance, critical illness insurance, income protection insurance and health insurance to name but a few.
Legitimate life insurance claims will be met by life insurance companies
Your family can be assured that life insurance companies will payout for legitimate claims
You need to bear in mind that when you apply for life insurance you usually have to answer a number of questions relating to such things as your health, age, whether you engage in any hazardous pursuits, height and weight and occupation. A number of factors, including the answers that you provide, will dictate whether the life insurance company want to obtain further information about you and your health. In the later case, they may decide to write to your doctor and/or ask you to have a medical.
However, in many cases, they make their decision about providing you with life insurance on the information that you have provided on the life insurance proposal and that forms the basis on which they agree to provide the life cover. Therefore, it is vitally important that you answer the questions on the life insurance proposal truthfully and accurately.
If you deliberately provided the life assurance company with false information you leave yourself open to having your proposal declined without the policy even starting. If it does commence and you subsequently die during the term of the life policy and the life insurance company’s claims department find out that you have not disclosed relevant information about the likes of your health before the policy starts then they would be within their rights to decline the claim and not pay anything out. In which case the premiums that you have been paying, perhaps for years, would have been wasted and, worse still, your intended beneficiaries could struggle from a financial perspective as they would not receive the life policy proceeds.
Furthermore, why should policyholders who provide correct information potentially suffer because of those very few who do not disclose relevant information?
You may be interested in the following statistics that perhaps gives you some peace of mind that, as long as the information that you have provided to the life insurance company is correct, you need not worry about them paying out should you die.
Aviva, who are the largest insurance company in the UK, have recently provided the following information. In 2012, they paid out £475 million in respect of claims for life insurance, critical illness insurance and income protection insurance. The number of life insurance claims that they paid out against totalled 10,880 – that was 385 more than in 2011. About 99% of all life insurance claims were paid out with only 0.7% being declined because of non-disclosure on the part of the policyholder.
Wednesday, 18 September 2013
Reaching out to the Local Media to Get Your Insurance Agency’s Name Out There!
Have you been making an effort to get your agency’s name known in the community? There is a fine line to be mindful of when promoting your company. You don’t want to sound like you are bragging, entitled, or annoying about letting your community know who you are. However, you want to spread the word in a way that engages your customers so you will be in their minds when they have insurance questions, concerns, or needs. So how can you do this in a professional, appealing manner? Reach out to your local media friends!
Wondering where to get started? Whether or not you know someone in the journalism or media industry, you should make a real effort to network. You never know who knows who. Here are some tips to connect with the local media to enhance your insurance marketing strategy to get your name out there:
Wondering where to get started? Whether or not you know someone in the journalism or media industry, you should make a real effort to network. You never know who knows who. Here are some tips to connect with the local media to enhance your insurance marketing strategy to get your name out there:
- Get to know your local outlets by reading and watching the news. This can give you an idea of who you want to reach out to.
- Identify the reporters, newspapers, TV, and radio stations in your community that you want to target. Collect their contact information and reach out to them. Also, be certain that they are a relevant connection and can really help your agency.
- If you don’t feel comfortable calling, try composing a brief and direct email. Introduce your agency and describe why you want to make a connection with the particular local media source. This can be a “pitch” type of message, but keep it personal as well.
- Offer an interview to a reporter if you are holding an event or attending one within your industry. Since you are an expert on insurance, a news source may be more likely to listen to what you have to say.
- Make an effort to show how your story is significant, timely, and can impact the news source’s audiences as well as your own.
- Promote your good news on social networks. If you share your coverage within the community about what your agency is doing, whether it is a charity event or receiving an award, your local media will have an easier time showcasing your value.
- Your goal at the end of the day is to satisfy your customers with quality protection. However, in order to do so, you must communicate with other sources in order to get the word out there. Insurance is something everyone needs, so let the local area know you are the agency they can go to for support!
The September Social Schedule
Get those planners and excel sheets ready! We’ve got the September Social Schedule right here, right now.
Here are 15 social media ideas that will keep you from sitting idle on social:
1. On Monday September 2nd: Happy Labor Day!
2. In light of National Baby Safety Month, post an article or your own BLOG promoting baby safety tips for parents.
3. September is World Leukemia and Lymphoma Awareness Month. Be sure to recognize this and spread the word. There are always ways to support a great cause.
4. “By all these lovely tokens September days are here, with summer’s best of weather and autumn’s best of cheer.” –Helen Hunt Jackson
5. CALL TO ACTION: What is your favorite thing about the month of September?
6. Take a moment to Remember 911.
7. How about an Insurance Tip Tuesday post? “Is your teen heading off to college? Give us a call and we may be able to save you money on his or her auto insurance policy!” Fans and followers will want to hear ALL about a low mileage discount!
8. Remind fans and followers to check-in with their watercraft coverage (if applicable) if they are storing away summer toys.
9. September 16th is National Play-Doh Day. Embrace your inner-child!
10. Oktoberfest begins on September 21st. If there are local events going on, promote them!
11. CALL TO ACTION in light of Better Breakfast Month: Eggs or Pancakes?
12. Find a cool infographic on Pinterest (insurance-related or not!) and post it! There are plenty of health-related ones (for those who focus on health insurance.)
13. September 22nd is Business Women’s Day! Give a special shout out to all the working ladies—especially the ones working for your agency!
14. Fun Fact Friday; Insurance Style! “Did you know that increasing your deductible will result in a lower monthly premium?” This may seem like common knowledge to you, but your fans and followers may be surprised!
15. September 27th: Happy Birthday, Google! (What would we ever do without you?!)
We hope that these ideas have sparked some creativity inside you. There are plenty of ways to keep social—sometimes you just need a little inspiration from the Insurance Bloggers!
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