Personally, I have long been fascinated by the insurance industry. It is comforting to know that an industry deals in ensuring people have protection in the event of theft, fire, or a serious car accident, and are taken care of in terms of medical and recovery costs. I have had the opportunity to work at the Kitchener branch of Marsh Canada Ltd., in the summers between 2013 and 2017. I performed many tasks related to data-entry, processing reports and entering claims information to the corporate system, which helped to ensure that sales and service people had adequate information. This gave me a solid introduction to the insurance industry, but from a technical, low-skill perspective. Interviewing Andrew Clark, the leader of Aligned Insurance, a flourishing new company, presented a great opportunity to get some insight as to what the industry is like from a high-level, managerial perspective. Andrew Clark founded Aligned Insurance, Inc. in March of 2014, making the business nearly four years old. The business is an insurance brokerage that deals in commercial insurance sales and service, with 1,400 clients across Canada. As of 2018, Aligned Insurance has three branches which are located in Toronto, Vancouver, and Calgary, and they have a National …show more content…
He wanted to take what he had learned and apply it to a new venture in which he would have full control over his unique vision. Thus, he began to develop Aligned Insurance’s 18 Points of Differentiation. For example, Aligned Insurance differentiates itself by having specific tiers of service, each with clearly delineated levels of policy coverage and service provided. As well, Aligned Insurance deals exclusively in Business Insurance, which means unlike other brokerages such as Marsh and Aon, Aligned Insurance will never be backlogged with personal lines service work, and they put the commercial client
Elliott, Stuart. “Allstate Adds Villain, With Car Insurance as the Hero.” New York Times. New
RBC first established its insurance platform in the early 1980s where it promoted creditor and basic travel insurance, as those were the few products that can be promoted by bank employees under Canada’s Bank Act. Through the acquisitions of various insurance companies, they eventually entered the life, health, property and casualty insurance markets; demonstrating significant growth in the industry and eventually being level in the playing field among other large insurance competitors (McLaren, Babin, & Schuster).
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
State Farm® Insurance has a strong media presence. I believe that virtually everyone has seen and remember at least one of the funny State Farm® commercials, either on regular TV or through online media services that support videos, including YouTube, Facebook, and others. Although the commercials are humorous, when someone needs to contact or file a claim with their insurance company, the situation is serious. Therefore, how the company is presenting its name should be seriously taken into consideration, and its underlying message should be argued.
Lilienthal, Heather. (2000). “Insuring for the later years.” Des Moines Business Record. 16 (36), 2.
Insurance companies exist to make money. They are not concerned with your needs which include great coverage at an affordable price. Their agenda consists of offering superfluous offers, causing you as a customer to lose money on frivolous items that won’t ever benefit you.
Business Insurance News, Analysis & Articles. Web. The Web. The Web.
Approximately a year and a half ago, a Farmers Insurance Group recruiter identified the opportunity to purchase a book of business with approximately 1000 existing policies in force. The benefits of purchasing the book of business included a $10,000 start-up bonus and the potential ability to achieve a 6% override bonus on the annual collected premium for all of the existing
When it comes to the first goal looking at our peers, GEICO strives to be the highest-rated peer in categories such as severity and parts usage. In many aspects based on the currently available information, GEICO is behind one of its peers. These peers are not identified in the reports but that should not affect the handling of the claim. As a division, customer service is also a major focus by the company. Loyalty and seasoned business make more money for GEICO than customers who consistently change insurance companies. By keeping these customers happy, GEICO ensures their long-term viability as a source of income for the company. Finally, auto damage adjusters are responsible for keeping claims severity low and handling claims in the most cost-effective manner possible. Auto adjusters write estimates and value cars and writing an estimate too high or not getting an accurate value affects the company’s profit, which is shared with associates. These goals are just some of the many the auto damage department has on an everyday basis. While specific goals are always changing within the company, providing excellent customer service and a disciplined balance sheet are always ones AD strives to
The problem with whole life insurance isn’t the product itself, it’s the existence of universal life, term insurance, and other investment opportunities. Term life
There are numerous problematic concerns of nature pertaining to health care that are unforeseen and all may possibly not be addressed by government, privatization or through subsidies. The nature of the issue is that countless individuals in society are deficient or without any accessibility to health care and insurance coverage. Since the expenses of health care are encumbering patients’ capabilities to afford medical treatment and management. Asymmetric information affects the health care and insurance market because those with superior facts have an economical benefit. Routine transactions frequently consist of improper/imperfect information individuals are acquainted and well-informed about his or her individual wellbeing than prospective insurance companies and health care managers or providers. Consumers (patients) have a history of non-communicable maladies e.g. diabetes, hypertension, congenital heart disease, smoker, alcoholism and the like to cover-up health complications in an effort to obtain lower insurance premium to keep insurance organization from charging higher insurance premium.
The insurance industry needed a vehicle to transfer billions of dollars of catastrophe risk to an entity capable enough to manage it. The only entity able to cope with these large risk...
After hours of independently researching the field of Actuarial Science, I contacted Mr. Michael Miller. Mr. Miller is the Director of Insurance Pricing at Catlin Inc., a private insurance company in Atlanta, Georgia. With a Masters of Science in Mathematics and classification as a Fellow of Casualty Actuarial Society, Mr. Miller has thrived in the field of Actuarial Science for twenty years. He has even achieved the position of President of the Casualty Actuarial Society of the Southeast.
J. David Cummins, A. S. (1999). Changes in the Life Insurance Industry: Efficiency, Technology and Risk Management: Efficiency, Technology, and Risk Management. Springer.
The life cycle of an insurance claim is the process of an health insurance claim. It goes from the time the claim is submitted by the provider to the time it is paid by the insurance carrier. There are four basic steps to the life cycle of an insurance claim. Those four steps are submission, processing, adjudication, and payment or denial. It all begins with the patient initial phone call setting up an appointment. Even if the patients is new or past or is calling because of an referral, the phone call is critical. You must ask the patient questions to get more information regarding the reason to the appointment. For example, did they confirm the date of birth, or verify the necessary insurance information regarding eligibility and benefits.