Editors' Featured
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Catastrophe Models Don’t Tell Entire Story, Says Pioneer Clark
Karen Clark, who pioneered catastrophe modeling for property/casualty insurers, thinks insurers, rating agencies and regulators have become over-reliant on the models. The models are great tools but they are not always the best tool for all purposes and do not give the complete picture. Other approaches must also be used, says the consultant who now [...]
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Choosing the Entrepreneurial Route at Lockton
Lockton, the world’s largest, privately owned, independent insurance broker, has more than 3,800 associates. One of them is 37-year old Amy Oswick, who switched from working for financial services firms to the more entrepreneurial environment of an independent agency. Today she is a young producer and very happy to have made the career shift.
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How to Find Cyber Insurance for the Uninsurable
When the University of California sought cyber liability insurance, it found no one wanted to write the coverage. Chief Risk Officer Grace Crickette shares how her two years of persistence paid off in finding a Lloyd’s syndicate that reverse underwrote the coverage — paying claims only as long they meet certain standards.
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Lloyd’s Director Luke Savage on 2010 Results, Japan, What’s Ahead
Luke Savage – Lloyd’s Director of Finance, Risk Management and Operations – talked with the IJ about Lloyd’s financial results for 2010, which were released on Wednesday, March 30.
They reflected the year’s natural catastrophes. The loss estimates for the Japan quake/tsunami should be available by mid-May. Savage added that it is too early to tell [...] -
Young Agents Aid in Business Perpetuation
Being a young agent requires a little bit of a thick skin, according to Denny Christner, parner with BayRisk Insurance Brokers in Alameda, Calif. Younger agents sometimes have to work harder at convincing potential customers that they have the right work ethic and product knowledge. But on the upside, Christner said the opportunities for young [...]
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Young Agents Recommend Career Path to Next Generation
Once again, Insurance Journal asked young independent agents about their opinions on the industry, their agency and their choice to become an agent. The vast majority of agents feel good about their choice to become an agent and most say they will stick with insurance for the long-haul. This podcast talks with three young agents — Bryan [...]
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Game-Changing Developments Challenge Agents
The rise of the virtual consumer. The massive growth of social media. The unending expansion of direct-written insurance products. All are among the potential challenges to insurance agents profits as carriers re-evaluate their distribution models. Rebecca Amoroso, leader of the insurance practice at Deloitte, says those are just some of the “game-changing developments” reshaping the [...]
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Hartford Steam Boiler Addresses Farm Owner’s EPL Exposures
The current economy has led to an increase in employment practices liability claims for businesses of all description, not just commercial insureds and Fortune 500 companies. Even smaller businesses, such as farms, are becoming more vulnerable during this tumultuous time.
Jeff O’Shaugnessy, vice president with Hartford Steam Boiler, has been working to educate farm owner insureds [...] -
Working on Your Agency vs. Working in Your Agency
Shirley Lukens, principal of Reagan Consulting knows a thing or two about agency best practices. She helped launch the first Best Practices study back in 1992 and has been the steward of the program ever since. Listen in as Lukens talks with Peter Van Aartrijk and Rick Morgan about the program and the common traits [...]
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Unrest in Captive Insurance World Benefits the GlobalGreen Agency Brand
Ray Spears, Jeff Wilson, and Charles Donaldson in 2007 established GlobalGreen Insurance Agency as the brand name for the franchise network of independent agencies developed and operated by St. Louis, Mo.-based Equity One Franchisors. Spears, a former banker, said the idea behind the network is to provide opportunities to agents — many of whom [...]
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Soft Market Is Finally Ending, Really, Says SNL Financial
Could the long soft market really be over? Several recent reports concluded it is not over. But now Virginia-based SNL Financial might be the first to conclude otherwise. SNL says fourth quarter reports show that the market is indeed hardening and it has the numbers from 2,500 carriers to prove it. Insurance Journal’s Andy Simpson [...]
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California Earthquake Authority Targets $5 Million to Help Agents Sell Earthquake Insurance
With 70 percent of Californians living within 30 miles of an active earthquake fault, the California Earthquake Authority wants to help residents protect their most valuable assets. CEA CEO Glenn Pomeroy shares the incentives his organization is offering to independent agents to help them sell 15,000 new earthquake insurance polices by August 1.
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Mortgage Brokers’ E&O in the Spotlight
Given the continuing foreclosure crisis in America, mortgage brokers—and the people who write mortgage brokers’ errors and omissions insurance—are in the spotlight. Jim Donovan, senior vice president at Liberty International Underwriters, discusses the issues mortgage brokers and their insurance providers are facing today. He spoke with Insurance Journal’s Andrea Wells.
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IBM’s Watson: Insurance Jobs in Jeopardy?
Recently, the TV-show Jeopardy’s two biggest champions were defeated by an IBM computer named Watson in a “Man vs. Machine” challenge. IBM engineers spent four years building the artificial intelligence that went into Watson but IBM has higher aspirations for Watson than game show player. The firm sees a future for Watson in businesses including [...]
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Gridlock in a Divided Congress? Maybe Not.
The nation now has a divided Congress: Republicans control the House, Democrats control the Senate. For many, this is a recipe for gridlock. But Leigh Ann Pusey, president and CEO of the industry’s American Insurance Association, isn’t so sure. In this interview with Insurance Journal’s Andy Simpson, she predicts the Obama Administration and a divided [...]
Featured
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Norwood on Workers’ Comp
John, principal of Norwood & Associates, has been an lobbyist for insurance and financial services sectors across several decades. Norwood offered a focused looking at the all-important workers’ compensation issue, and he gave his thoughts on health insurance exchanges. In fact, Norwood forecast that 2012 will rank as an important one when it comes to [...]
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Lobbyist Norwood Analyzes Consumer Watchdog Legislation
John Norwood is one of California’s best known legislative advocates for the insurance and financial services sectors. Norwood spoke to the Insurance Journal about legislation and regulation, including a proposal by a consumer advocacy group that would establish prior approval for healthcare insurance and would make major changes to auto insurance and homeowners insurance in [...]
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At-Home Insurance Careers for Disabled Veterans
For insurance agents Gary Trippe and Jim Pender, the idea for DVIC, or Disabled Veterans Insurance Careers, which aims to guide disabled veterans into careers in insurance, evolved in part from their own personal experiences with disabled family members. In this interview with Insurance Journal’s Andy Simpson, the two share their dream of an organization [...]
Popular
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Entrepreneurial Technologists
This year the Entrepreneurial Insurance Alliance (EIA), sponsored by MarketScout, named Vertafore and Risk Metrics, as winners of it 2011 Entrepreneurial Award in technology. Vertafore’s WorkSmart and Risk Metrics’ Insurance 360 technology products received recognition from the EIA as being some of the industry’s most innovative concepts in technology. Each year, the EIA receives hundreds [...]
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How Insurance Distribution Is Changing
Retail and wholesale brokers face the challenge —and opportunity— of redefining their relationships and value proposition in today’s changing insurance distribution world, according to Glenn Hargrove, president, MarketScout Wholesale, Dallas, Tex. In this interview from the recent Western Insurance Agents Association’s Insurance Industry Roundtable in California, Hargrove outlines the value proposition of agents and brokers [...]
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Interesting Times in Medical Liability
The medical liability market continues to perform well even as the nation struggles to implement health care reform. Robert Allen, senior vice presidents at Torus Insurance, says many health care institutions are implementing new strategies to be successful in today’s health care reform world. In this interview with Insurance Journal’s Andrea Ortega-Wells from the annual [...]
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Pat Ryan Asks, ‘Are You Happy?’
Patrick Ryan is an innovator who sees opportunity. And it was opportunity that drove him to launch Ryan Specialty Group in early 2010. Success lies in hiring “good people,” Ryan says. In this interview from the annual National Association of Surplus Lines Offices (NAPSLO) annual convention in San Diego, Ryan says his newest venture gave [...]
Random
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California Wildfires: Insurance Industry Assesses Impact
Wildfires are still destroying property, homes and businesses in southern California.
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Neal Abernathy, Swett Crawford/Atlanta / NAPSLO 2003 Annual
Interview with Swett Crawford/Atlanta Exec VP, Neal Abernathy, at the NAPSLO 2003 Annual Meeting
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Hank Haldeman, The Sullivan Group/President, CIWA / NAPSLO 2003 Annual
Interview with The Sullivan Group Exec VP, Hank Haldeman, at the NAPSLO 2003 Annual Meeting
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Greenberg Interview, Take 1: World Leaders
C.V. Starr & Co. Chairman Maurice “Hank” Greenberg has been on the world insurance stage for
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