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Norwood on Workers’ Comp

bpedroso — Tue, 31 Jan 2012 05:12:12 +0000

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 workers’ comp reform, and the year will bring even more dramatic change, or at least debates, on health insurance.

Lobbyist Norwood Analyzes Consumer Watchdog Legislation

bpedroso — Tue, 31 Jan 2012 05:10:13 +0000

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 California.

How Calif. Agent Started His Agency

mtolk — Wed, 11 Jan 2012 21:21:11 +0000

Yes, finding markets is a challenge. So is financing. And the soft market doesn’t help. But Phil Hakopian managed to overcome these and other obstacles to launch his Rancho Cucamonga, Calif. agency, Cornerstone Commercial Insurance Services. In this interview with Insurance Journal from the recent WIAA Insurance Industry Roundtable, Hakopian says if he can do it, so can others.

Smartphone Marketing for Agents

mtolk — Wed, 11 Jan 2012 21:16:41 +0000

Just when agencies thought they had a handle on digital marketing, and the value of local search from Google, along came the smartphone revolution. In this Insurance Journal interview at the recent WIAA Insurance Industry Roundtable, Michael Jans, president of Bend, Ore.-based Agency Revolution, an agency consulting firm, discusses how marketing has changed and what agencies need to know about the smart phone challenge and the newest wave in marketing.

How Insurance Distribution Is Changing

mtolk — Wed, 04 Jan 2012 22:31:52 +0000

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 and discusses the future of distribution.

Agency Exchanges: Big Brother for Small Agent

mtolk — Wed, 04 Jan 2012 22:31:44 +0000

Richard Kerr is bullish on exchanges for small agencies. That’s understandable given that he is founder and CEO of Dallas, Texas-based insurance exchange MarketScout. In this interview from the recent Western Insurance Agents Association’s Insurance Industry Roundtable, Kerr discusses how exchanges have evolved and why he thinks they are the wave of the future for small agencies. He says that while exchanges provide markets for agencies, they can also offer a lot more.

As the Market Turns, What Is Broker’s Role?

mtolk — Wed, 04 Jan 2012 22:31:34 +0000

The soft market is turning, perhaps not dramatically but it is turning, says Jerry Sullivan, chairman, The Sullivan Group, in Los Angeles. If carriers decide they must raise prices, will customers pay them? As the market turns, what role should brokers play? Sullivan gives his views in this interview with Insurance Journal from the recent Western Insurance Agents Association’s Insurance Industry Roundtable, starting with what is happening to rates.

Cyber Monday Raises Cyber Risk

bpedroso — Mon, 28 Nov 2011 15:39:43 +0000

Cyber Monday may be one on of the most profitable days of the year, but it is also one of the riskiest for those in the cyber fraud industry.

Brokers: Overcome Fear of Patent Insurance

bpedroso — Wed, 23 Nov 2011 17:22:11 +0000

Garrett Koehn, president of Northwestern U.S. for Crump Insurance Services, authored his first intellectual property and technology related coverages in 1995, working Yahoo, Excite, and others in the Silicon Valley. Here in an interview at the 2011 PLUS Conference with Insurance Journal and Claims Journal, Koehn discusses one form on IP insurance, patent insurance, and why brokers must overcome their fear of it.

Trends in Professional Liability Claims

bpedroso — Tue, 15 Nov 2011 19:07:54 +0000

With certain professions seeing a rise in claims, Gerry Merritt, president of Hanover Professionals, discusses the reason for the increase and the main targets of such claims, in this interview with Claims Journal and Insurance Journal at this years annual PLUS conference in San Diego.

The Impact of Social Media on EPLI Loss Trends

bpedroso — Tue, 15 Nov 2011 19:07:37 +0000

Cathy Padalino, vice president and EPL Product Manager for Chubb, discusses employment practices liability insurance loss trends and the impact of social media on EPLI claims with Claims Journal and Insurance Journal at this years PLUS conference in San Diego.

The Scope of Intellectual Property

bpedroso — Tue, 15 Nov 2011 19:07:13 +0000

Robert Fletcher, president of the Intellectual Property Services Corp., explains a business’s IP, how it is valued, and the costs associated with litigating IP claims, in this interview with Claims Journal and Insurance Journal at this years PLUS conference in San Diego.

Interesting Times in Medical Liability

bpedroso — Mon, 14 Nov 2011 18:26:26 +0000

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 National Association of Surplus Lines Offices (NAPSLO) annual convention in San Diego, Allen says the day of individual health care practitioners is slowly going away. This trend, he adds, is creating new growth opportunities for insurance industry professionals.

Catastrophes’ Impact on the Market

bpedroso — Mon, 14 Nov 2011 18:25:57 +0000

Michael J. Carr, senior vice president of excess and surplus property for Liberty Mutual Underwriters, has more than 18 years of experience managing, developing, and underwriting in the E&S property business. When he was at the National Association of Professional Lines Office convention in San Diego earlier this month he spoke about how the year’s catastrophes have affected the market.

Pressure to Merge

bpedroso — Thu, 10 Nov 2011 17:21:44 +0000

The soft market and tough economy has placed pressure on some wholesale brokerage firms to merge. Neal Abernathy, CEO of Swett & Crawford, thinks the surplus lines industry will see more consolidation in the future thanks to the rising cost of doing business today. In this interview with Insurance Journal’s Andrea Ortega-Wells from the annual National Association of Surplus Lines Offices (NAPSLO) annual convention in San Diego, Abernathy says while there will always be a place for smaller wholesale firms, especially specialists, large organizations may dominate as insurance carriers and retail brokers continue to limit the number of wholesale partners they choose to do business with.

The Future for NAPSLO

bpedroso — Thu, 10 Nov 2011 17:20:05 +0000

Brady Kelley, the new executive director of the National Association of Surplus Lines Offices (NAPSLO), is not a newcomer to the insurance industry. He brings to NAPSLO a unique view in insurance regulation. Kelley spent the last 13 years working with the National Association of Insurance Commissioners with oversight in the divisions of finance, products and services, and technical services. In this interview with Insurance Journal’s Andrea Ortega-Wells from the annual National Association of Surplus Lines Offices (NAPSLO) annual convention in San Diego, Kelley discusses his first impression of NAPSLO’s well-known annual convention and his hopes for the future of the association.

Bartosh Tech Commitment Comes from the Top

bpedroso — Thu, 10 Nov 2011 17:19:46 +0000

Brian Bartosh, chairman of ASCnet User Group, took some time to talk with Insurance Journal about the group’s vision and technology. Bartosh is president of Alpena, Mich.-based Top O’ Michigan Insurance, his father’s agency. He joined Top O’ Michigan in 1979 as a sales representative. Today he serves as president and shareholder.

Getting Better

bpedroso — Thu, 10 Nov 2011 17:19:05 +0000

The surplus lines industry continues to outperform the overall property and casualty industry year after year; but that performance gap is shrinking. Profitability in surplus lines isn’t quite what it used to be. But industry innovator Patrick Ryan, chairman and CEO of Ryan Specialty Group says there’s a lot of interest right now in surplus lines. And there’s a reason for that. That reason is innovation, a key attribute to surplus lines. In this interview with Insurance Journal’s Andrea Ortega-Wells at the annual National Association of Surplus Lines Offices (NAPSLO) annual convention in San Diego, Ryan shares his thoughts on why the surplus lines industry will keep its lead and why he believes now is the right time to grow.

Downsized Partnerships in Surplus Lines

bpedroso — Thu, 10 Nov 2011 17:18:39 +0000

The surplus lines industry is getting smaller, at least in terms of the number of wholesale partners retail brokers are choosing to do business with. Patrick Ryan, chairman and CEO of Ryan Specialty Group, says that Aon’s announcement this year to limit its wholesale partnerships to just two brokers — Ryan Specialty Group and AmWins — is a trend that will continue. It comes down to cost, he says in this interview with Andrea Ortega-Wells from the annual National Association of Surplus Lines Offices (NAPSLO) annual convention in San Diego. Ryan says the industry will continue to see downsized partnerships, even at the carrier level. Even so, he doesn’t believe the surplus lines industry will see more carriers bypassing wholesale partners to go direct to agents. That trend may even “shift back.”

Pat Ryan Asks, ‘Are You Happy?’

bpedroso — Thu, 10 Nov 2011 16:52:13 +0000

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 opportunities to many good people already in the surplus lines industry. Ryan is a believer that more people leave, before they go. Here’s what he had to say about why so many professionals joined the ranks, and continue to join, Ryan Specialty Group today.

How to Buy Agency E&O

bpedroso — Tue, 08 Nov 2011 23:56:09 +0000

Not all agency errors and omissions policies are the same. So what are the major differences? Also, how does an agency know what limits to buy? Lisa Doherty is CEO of Business Risk Partners, which counts insurance agency E&O as one of its specialties. Doherty discusses what to look for when buying E&O and whether now is a good time for agencies to shop around for coverage, in this interview with Insurance Journal and Claims Journal.

Substantial Catastrophes

bpedroso — Mon, 31 Oct 2011 19:48:55 +0000

Beazley Group’s Judy Patterson took some time out of her schedule at the National Association of Professional Surplus Lines Offices to offer her take on subjects like catastrophes, risk, rate stabilization and surplus lines. One thing that’s important to note, she says, is that this year has seen an almost unprecedented level of substantial catastrophes, carving into surplus carriers’ performance. On a high note, she says “we have seen some signs of rate stabilization this year, particularly over the past three or four months.”

Emerging Risks at Lloyd’s

bpedroso — Wed, 26 Oct 2011 16:07:49 +0000

As the leading surplus lines market, Lloyd’s does a lot to stay on top of emerging risks. Part of that effort includes a team of emerging risk researchers based in London. In this interview from MarketScout’s Entrepreneurial Insurance Symposium in Dallas, Hank Watkins, president of Lloyd’s North America, describes the emerging risk unit at Lloyd’s and how an emerging risk is identified.

The Lloyd’s Market

bpedroso — Wed, 26 Oct 2011 16:07:34 +0000

Lloyd’s has built a reputation over the years as being one of the most innovative insurance markets in existence today. But despite that reputation, the famous Lloyd’s underwriting room may never change, says Hank Watkins, president of Lloyd’s North America. In this interview from MarketScout’s recent Entrepreneurial Insurance Symposium in Dallas, Watkins describes the Lloyd’s market, its unique set up, and why the face-to-face interaction that happens in Lloyd’s underwriting room is so important.

A View From the HUB

bpedroso — Tue, 25 Oct 2011 22:41:02 +0000

Being on the same page, with the same mind set and the same interests made all the difference for the group of entrepreneurs that founded what is now known as HUB International Ltd. Rick Gulliver, president of HUB, says there’s not one hero in the success of HUB; but rather a group of heroes that turned a small group of 11 Canadian brokerages producing just $38 million in revenue collectively in 1998 to a powerhouse organization with some 250 offices in North America, producing $645 million in property/casualty revenue in 2010. In this interview from MarketScout’s recent Entrepreneurial Insurance Symposium in Dallas, Gulliver discusses the idea that became HUB International.

Does Innovation Miss the Mark?

bpedroso — Mon, 24 Oct 2011 22:37:59 +0000

Michael Lee, founder, chairman and CEO of the Tower Group, doesn’t believe innovation runs deep in the insurance industry. The insurance industry is not known as being one of the most innovation industries in the financial services world, and that reputation is somewhat deserved, Lee says. But that trend is changing, and continues to change. In this interview from MarketScout’s annual Entrepreneurial Insurance Symposium in Dallas, Lee explains what parts of the insurance world do a good job at innovating and where innovation may be lacking.

Expanded Perils

bpedroso — Thu, 20 Oct 2011 20:29:09 +0000

In the Middle East, in Egypt, in Tunisia, in Libya, during the Arab Spring of this year, a wave of revolutionary activity drew the eyes and ears of the world. In insurance, such activities beg an important question: What do clients with insurable assets in countries undergoing violent change need to know? For one, they need to know the difference between war, terrorism and political violence. But most importantly, they need to know their policies, says Robert Cruz, vice president of war, terrorism and political violence for Bermuda-based Hiscox USA. Cruz’ mission is to get his brokers and their clients in the Middle East, and even in Europe, to understand the full scope of “the expanded perils” that overseas operations can face. The right coverage can protect assets should any number of a host of unthinkable events unfold, such as insurrection, coup d’état, mutiny, revolution. Bottom-line: Companies with international operations need to be sure they’re buying the right coverage.

Claims Journal Print Edition

bpedroso — Thu, 20 Oct 2011 18:39:47 +0000

Claims information our readers want about the topics they care most about, will soon be available in a print edition. Claims Journal Magazine will provide regional, national, and international news from claim industry experts who will focus on the news and trends that effect your business. Subscribe today!

Intermediary Value

bpedroso — Tue, 18 Oct 2011 19:55:01 +0000

The prolonged soft market and tough competition in the property/casualty insurance industry have opened the door for at least two surplus lines carriers to go direct to retail agents in the last year, bypassing the wholesale broker on some pieces of business. But will that trend continue? Thomas J. Curtin, co-chairman, founder and CEO of CRC Insurance Services, doesn’t think so. While Curtin respects the decision of carrier executives to change their business model, he believes such changes prompt adversarial reactions from many in the surplus lines industry. Curtin says the biggest change to distribution models will come from technology. In this interview with Insurance Journal’s Andrea Ortega-Wells from the annual National Association of Surplus Lines Offices (NAPSLO) annual convention, Curtin says surplus lines brokers must develop and deliver a service that is representative of the cost to retain maximum value in the industry.

The Uncertainties of Global Exposures

bpedroso — Fri, 07 Oct 2011 18:44:23 +0000

A property and casualty insurance company with clients in 190 countries needs to be able to respond effectively to the ever-evolving nature of global risk. At the 2011 MarketScout Entrepreneurial Symposium in Dallas, Texas, David Bresnahan, president of Lexington Insurance Company spoke with Insurance Journal about some of the challenges that companies with global operations face. He says insurers like Lexington, which has locations in 190 countries, must have an innovation-focused culture in order to be able help their customers negotiate the uncertainties that come with changing worldwide exposures.

Program Management: An Alignment of Interests

bpedroso — Thu, 06 Oct 2011 19:00:09 +0000

QBE the Americas, a division of Australia’s QBE Group, conducts property and casualty insurance business in 10 countries. While QBE is well-established worldwide, its profile as a single unified brand is not as visible in the United States as the company would like says Rob Byler, who was appointed president of the New York-based unit’s program business in 2010.

QBE subsidiaries Praetorian and General Casualty enjoy name recognition in the United States, Byler says, and QBE now has the opportunity and the initiative in place to spread the message about the underwriting depth, the balance sheet capacity and solid performance that QBE has to offer.

At the 2011 Entrepreneurial Insurance Symposium in Dallas, Byler, who has extensive experience in program management and development, spoke with Insurance Journal about the processes involved in developing and designing successful insurance programs.

Entrepreneurial Technologists

bpedroso — Thu, 06 Oct 2011 18:50:29 +0000

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 of applications for the most entrepreneurial, innovative, and new insurance concepts, but only a select few receive the honor of receiving an award at the MarketScout annual Entrepreneurial Insurance Symposium. In this interview with Insurance Journal, Vertafore’s Susanna Morgan and Risk Metrics’ Kevin McCarthy explain their innovative ideas in insurance technology, and what WorkSmart and a new version of Insurance 360 promise to deliver for the industry.

Thinking Globally, Operating Locally

bpedroso — Mon, 03 Oct 2011 23:25:53 +0000

All insurance is regional, according to conventional wisdom, so maintaining strong local relationships is more important than ever in an increasingly global marketplace. As president of field operations for Navigators Management Company and former president of Lloyd’s North America, few understand the need to balance regional and global perspectives better than LoriAnn Lowery-Biggers. To successfully bring products and services to market that meet the particular needs of clients worldwide means being able to communicate intelligently on a global platform while realizing that execution and implementation occurs at the local level. Lowery-Biggers, who recently spoke at the 2011 MarketScout Entrepreneurial Symposium in Dallas, Texas, says carriers that are willing to take calculated risks and don’t shy away from innovation will be among those that thrive going forward.

Triage Nurses Cut Costs in Workers’ Comp

bpedroso — Mon, 26 Sep 2011 21:47:04 +0000

What if a business could lower its workers’ compensation claims costs by as much as 30 percent by simply taking care of the injured worker at the onset of injury? That’s exactly what some businesses have done after using triage services provided by Company Nurse, an innovative firm offering the services of a 24/7 triage nurse hotline for injured workers. Unlike a nurse case manager, triage nurses enter the workers’ comp injury process at the front-end of a claim. This early intervention is delivering good results for businesses, the insurance industry and of course the employee, says Paul Binsfeld, founder and CEO of Company Nurse. After years of working in workers’ compensation, Binsfeld continued to see a lack of compassion for injured workers. He envisioned an environment that would take better care of the injured worker, while leading to better cost control outcomes. His plan is working. In just over four years, Company Nurse has grown more than 200 percent, and saves employers that use triages saves 15 percent to 30 percent on workers’ comp costs in the first year alone. Binsfeld, who recently spoke at the 2011 MarketScout Entrepreneurial Symposium in Dallas, Texas, says the idea to create Company Nurse was just the right thing to do. In this interview, he shares his view on the triage injury concept and how it’s making a difference for workers, employers and the workers’ comp industry.

PURE Innovation

mtolk — Fri, 16 Sep 2011 23:00:41 +0000

During his 25-year career in the property/casualty insurance business, Ross Buchmueller has specialized in protecting the assets of wealthy clients. So it was a natural progression when he founded PURE, a six-year-old reciprocal insurance company that operates in the high net worth market niche. In an interview with Insurance Journal, Buchmueller describes the process of taking PURE from idea to execution, and discusses the entrepreneurial spirit that is vital to the insurance industry.

Catastrophes, Premiums, and the Cycle

bpedroso — Fri, 19 Aug 2011 10:00:30 +0000

In this interview with insurance Journal’s Charlie Boyle, Jerry Sullivan, head of the Sullivan Group, speaks out on some insurance industry essentials concerning catastrophes, premiums and the Cycle.

Managing the Risks of Summer Festivals

bpedroso — Wed, 17 Aug 2011 15:19:56 +0000

Crowd control, stage collapse, food safety – these are concerns facing carriers that insure summer festivals. In a recent interview with Claims Journal, Paul Holehouse, senior risk‑control consultant for Fireman’s Fund Entertainment, and Jerid Schmickle, director of underwriting, discussed the carrier’s behind the scenes preparation for the recent 2011 Lollapalooza concert in Chicago, Ill.

Generating Consistent Referral Sources

bpedroso — Mon, 15 Aug 2011 12:00:02 +0000

Marty Karriker, president of Charlotte Insurance, talks with Tim Sawyer about generating consistent referrals by partnering with other businesses to create leads.

When does Business go to Lloyd’s, and Why?

bpedroso — Fri, 12 Aug 2011 10:00:05 +0000

Jerry Sullivan, the head of the Sullivan Group, sat down with Charles Boyle of insurance Journal to talk a bit about Lloyd’s of London, and what kind of business is best placed there and why.

How Natural Catastrophes Impact the Reinsurance Industry

bpedroso — Fri, 05 Aug 2011 10:00:07 +0000

In this interview with Insurance Journal’s Charles Boyle, Jerry Sullivan, head of the Sullivan Group, explains how and why natural disasters have an impact on the (re)insurance industry, that goes beyond individual catastrophes as major losses, which have continued to increase, affect premiums and capital flows.

Brokering the Hot Cyber Liability Market

bpedroso — Tue, 02 Aug 2011 23:38:20 +0000

With data breaches in the news, cyber liability insurance is gaining recognition. The market is expected to triple in size over the next few years. Brokers need to understand the risk and know what’s covered and what’s not under the various policies being offered, advises Graeme Newman, CFC Underwriting in this report from Insurance Journal’s Bobbie Dodge.

How New NRRA Regulations and California’s AB315 Will Change the Surplus Lines Industry

bpedroso — Mon, 01 Aug 2011 22:49:20 +0000

Jerry Sullivan, the head of the Sullivan Group, gives his views, largely positive, on how the Dodd-Frank NRRA regulations will require changes in the way the surplus lines industry operates, in this interview with Insurance Journal’s Charles Boyle.

Creating Co-Op Dollars For Your Agency

bpedroso — Mon, 01 Aug 2011 12:00:11 +0000

Tim Sawyer sits down with Ed Gilman of Gilman Insurance Group as he shares his strategy for helping you create co-op dollars for your agency.

Insurance Journal is Now on the iPad

bpedroso — Tue, 26 Jul 2011 19:36:16 +0000

Introducing the Insurance Journal iPad Edition. Everything you’ve come to expect from the leader in property and casualty information and more.

Dedicated, Passionate Leadership

bpedroso — Mon, 18 Jul 2011 12:00:51 +0000

Adam DeGraide sits down with a group of insurance professionals to talk about how they implement passionate leadership into their agencies.

Insurance Journal iPad Edition

bpedroso — Thu, 07 Jul 2011 20:08:42 +0000

The magazine you turn to for the most up to date information on property and casualty insurance is now on the iPad. Check out the great features included in the digital edition of Insurance Journal.

Event Planning

bpedroso — Mon, 04 Jul 2011 12:00:24 +0000

In this episode, Tim Sawyer asks Stuart Ganis, Vice President at Astonish Results, about what it takes to make event planning work for your business.

How Technology is Changing Accident Reconstruction

bpedroso — Wed, 29 Jun 2011 17:00:59 +0000

Despite detailed accident reports, witness accounts and damage photos accident reconstruction can be tricky business. That’s where the annual ARC-CSI Crash Conference, held in Las Vegas, comes in. Live, full scale crash tests and technical presentations provide in-depth collision reconstruction and investigation education.

Effective Management Through Metrics

bpedroso — Mon, 20 Jun 2011 12:00:13 +0000

In this episode of the eMarketing Minute, Adam DeGraide talks with Wake Clinard, President of Clinard Insurance Group, and Charlie Downey, President and CEO of Downey Insurance Group, about the importance of measuring everything traffic to closing ratios so you can better keep track of your business’s progression.

Consolidation Nation

bpedroso — Mon, 13 Jun 2011 18:52:55 +0000

The big state agency that oversees insurance producers in New York State will soon become a whole lot bigger — and that’s left a lot of agents in the Empire State wondering just how that will affect them.