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BLOG: By SPAN Systems Driverless cars are not just on papers anymore. In fact, outcome of the research & technology such as parking assistance systems and collision avoidance systems are already in many cars. However, a full-fledged automatic vehicles post lot of challenges to state laws & insurance policies. By end of year 2020 Google has plans to launch a self-driving car which would ...
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A Key to Improve Insurance Agency Performance In the current digital world and ever evolving Insurance industry, Managing General Agents (MGAs) have to rely hugely on the data for increasing agency performance that comes from their day to day performance metrics, marketing campaign metrics and also individual agent performance. The most significant changes to the overall performance of ...
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Hacking is the process of exploiting vulnerabilities to gain unauthorized access to systems or resources. Hackers steal confidential data like income details, credit card details and social security numbers for identity fraud or theft. Hackers, in most of the cases target the organizations that stores the above mentioned details of various individuals. In some cases hackers do look for passwo...
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While no bones were broken in a horrific kart racing accident, eighteen year old Ayrton Climo of Reston, VA remains hospitalized and in a coma outside Quebec, Canada. Based on clear policy language, his family is responsible for their personal living expenses in Canada while he recovers. When Ayrton’s well enough to travel, his family is also responsible for the approximately $20,000 to tran...
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We are very happy to announce that a BIG upgrade is just around the corner for your P&C Insurance Community! We are delivering an entirely new look and feel to the community, with upgraded features as well. We've learned a lot during our first two years and can't wait to show you all the new "stuff" we have in store for you. Watch for more information and notifications about ...
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'Janitor Work’ Is Key Hurdle to Insights proclaims an article in today's NY Times. For all the pronouncements about big data and using it to profoundly change the insurance landscape, the grunt work of cleansing and organizing information is Ground Zero. Just ask anyone who has been involved in a system conversion and you will hear stories of dirty that would make Mike Rowe of D...
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Insurance and technology continue their meteoric rise in important and complexity. Today’s policy language mixed with the supporting technology would make even Google or Watson go into a “wait” state. With all the increased complexity there is an appalling decrease in ongoing training when it comes to both insurance and technology. There is a misplaced false hope that simply by h...
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Tablets and apps are everywhere! You cannot receive an insurance technology email, blog or advertisement that does not tout tablets as the solution for any and every need you might have. I wonder if they are really a solution looking for a need, but that is a topic for another day.   This Sunday morning I personally used a tablet at my place of worship to follow the message outline, rea...
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Remember the loud and bombastic response the market had when Netflix announced changing their membership from a physical to digital model? Well, last week, Netflix announced their quarterly financials. In the words of Sonny and Cher - "And the beat goes on." While the details are below, their reach, revenue and profitability continue to grow.   It will be those leaders and org...
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One of the great lies perpetrated on the insurance buying public is that all insurance is the same. The sources of the continual and repeated falsehood come from media and ads. The great comparison and leveler, King Price, is venerated and touted as the way and only truth when it comes to insurance comparison.   But the simple truth is that insurance is not simple, nor is it all the sam...
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The ongoing tsunami of self-service insurance permeates every nook and cranny of the insurance media marketplace. Every time I read an article predicting the imminent demise of independent agents, my blood boils at how the self-professed pundits have absolutely no clue about insurance (until they find out that they have no coverage on their house, then all hell breaks loose.)   Case in ...
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Bill Jenkins has joined the P&C community as a Luminary, bringing over 35 years of industry experience as a CIO, board member, and thought leader. He posseses strong data management, project management, systems development, and insurance operations knowledge, and is frequent speaker at industry events. Welcome to the community, Bill!
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Best wishes to the P&C community for a fantastic 4th of July weekend!
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While most of us here in the States are still in planning mode for the 4th of July weekend, our friends to the North are in the midst of celebrating Canada Day today. Our very best wishes for a happy holiday to a nation filled with friendly people, incredible scenery, and vast natural resources. Happy Canada Day!
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Google has integrated a basic yet compelling service called IFTTT. It's pronounced like "gift" but without the g and stands for IF This Then That. IFTTT lets you create powerful connections with one simple statement — if this then that. Without any programming or complex configuration you can set up rules to help you manage data and your life. Here are a few simple ex...
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I recently watched (yet again) Ghostbusters and it weaved it magic spell (yet again.) Alexander Huls gives us five reasons in his recent article including geeks and technology. In what ways have geeks and technology changed the way insurance is sold and serviced?   Here are Alexander's observations of Ghostbusters:   1. The (Entrepreneurial) Geeks Shall Inherit ...
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The "F" word that we don't like to say but it's whispered throughout the insurance industry is FREE. Think of all the free services that agents, brokers and insurance carriers offer. Perhaps the worst offender is when agents issue Certificates of Insurance which cost  between $7 and $18 per form, yet 50% of them are at least inaccurate, or worse imply coverage where none e...
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All forms are D.O.A. (Dead-on-Arrival.) Now this might sound harsh, but the reality is that forms are created with information as of a point of time. And since the form is cut off from any possible changes or updates, the form is potentially out of date when it’s delivered. There are a host of possible changes and informational updates that can invalidate the form. Mid-term endorsement,...
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“Big data rhetoric is at an all-time high.” “Technology vendors tout products with claims that seem incredible.”   These quotes from a recent WSJ Blog point to two upcoming Forrester reports on the tantalizing topic of Big Data (Source:http://blogs.wsj.com/digits/2014/05/27/beware-big-data-hype-reports-warn/ ). It is interesting to note that while the term i...
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While it's common to think of Memorial Day weekend as the unofficial start to Summer and all the fun associated with it, let's not forget that the holiday itself is a solemn occassion meant to ensure that we never forget those who have given their lives in service to their country. At some point during the backyard BBQ or neighborhood get-together consider taking a moment to reflect on ...
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Wal-Mart and Overstock are entering the marketplace, but independent agent marketplace penetration has basically remained the same since the early 1990's which is long before the internet, tablet computers or smart-phones (source: www.iii.org). We are wasting our time, energy and voice over the wrong problems. If you will allow me to get on my "soap box" for a moment, we (insuran...
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The results of TransUnion's most recent auto insurance shopping survey indicates that shopping rates for auto insurance were down about 3 percent in the 12 months ending Feb 2014 relative to a year earlier, which in turn was down from 15.4 percent for the 12 months ending Feb 2013: http://www.insurancejournal.com/news/national/2014/05/13/328911.htm This seems somewhat at odds with recent...
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I'm sure we all would agree that the insurance industry is not exactly considered to be most the most innovative and creative bunch of people... But you might be tempted to admit that when it comes to TV advertising campaigns, the industry has done a pretty good job of creating a series of creative campaigns that are among the most recognizeable and memorable on TV. P&C360 recently posted ...
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What are your thoughts/reactions to the recent Vertafore/Progressive announcement?   After carefully reading the recent press release on the new Progressive/Vertafore interface, you will notice the conspicuous absence of ACORD standards being mentioned. The interface is described as a "direct download." Since the use of ACORD standards is predominantly highlighted in any press...
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With $50 worth of materials and a 3-D printer, Jeremy Simon was able to give Jose Delgado a new, more functional and easily replaceable prosthetic left hand. But the really big news is that it not only works better, but it replaced a traditional $42,000 prosthetic device (1).   Being risk adverse by nature, the insurance industry almost never coexists with anything radical. But there ar...
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Very cost effective video chat solutions are available for agents, carriers and service providers to bring remote personal service to clients and prospects. I pay about $100 annually for unlimited access for personal or group video service via PC's, Apple and Android devices. Banks are an example of leveraging this technology, but you don't need a safe full of cash to deploy. http:...
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The toothless and feckless federal government is looking for another intrusion into an industry that effectively serves the public interest in a financially responsible manner. While the federal government has been asleep at the switch during the housing and stock market debacles, the insurance industry percolates along, bringing safe and secure to the insurance buying marketplace.   Re...
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The sports world is buzzing over the controversary related to efforts to "unionize" college athletes, giving them the ability to use collective bargaining to negotiate compensation benefits, essentially designating them as employees of the colleges and universities they play for. ESPN recapped the situation fairly well with this video and article. There are wide-ranging implications rela...
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One of the 10 great PowerPoint slides of the year   https://image-store.slidesharecdn.com/acd45e82-56d5-11e3-8433-12313d14bd6b-large.jpg       ...
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The Senate approved a bill to address the upcoming crisis with flood insurance rates. It unwinds some of the changes introduced by the Biggert-Waters Flood Insurance Reform Act of 2012. It is being sent to President Obama for his signature. There are major concerns about whether this addresses the long term health of the National Flood Insurance Program.  See the link below... h...
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Market Luminary is pleased to announce that the P&C community has another new Luminary - Srikanta Prakash C  (CSP) . CSP is a Senior Project Manager with a global service provider, and joins us to share information and ideas related to the challenges of bringing offshore outsourcing services to the North American market. CSP has 19 years of I.T experience, primarily focused on handling In...
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We are pleased to announce that the P&C community has a new Luminary - Chirag Pancholi. He joins us to share information and ideas related to business planning, insurance trends, and many other interesting topics. To give you a little background, Chirag is an insurance industry senior executive with expertise in Distribution, Insurance Software and Sales. He is also a board member and consulta...
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I posted a video today that demonstrates where one manufacturer (Corning) is taking us with respect to innovative uses of "intelligent glass displays." This stuff will knock your socks off! If you think today's iPads or touchscreens are cutting edge, this stuff makes that technology look like a rotary telephone. Check it out at this link. And that brings us to this week's discuss...
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Ever since the news was released about the high profile data breach at Target recently, in which tens of millions of customers private and financial data was stolen, retail businesses large and small have been scrambling to make sure they are not the next "targets" (pun intended) of these cyber criminals. But it may be that their fear is driven more by the public relations backlash, than...
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With 2013 about to expire, we will all soon turn our focus to the promise of the new year. But before we do, let's take a few minutes to discuss the biggest stories of 2013 - those that directly impacted the P&C Insurance industry. Of course, any discussion of this sort is subjective, and a matter of personal opinion. In my humble opinion, we have to include the impact of the Affordable Ca...
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Wishing all of our members, luminaries and friends a very Merry Christmas and Happy Holidays as we close out 2013 and head into 2014. All of us here at Market Luminary hope you have the opportunity to enjoy the holiday season with your friends and family. We look forward to serving you all in the coming year!
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Businesses of all shapes and sizes are breaking out their "crystal balls" in an attempt to project the economic conditions under which they will operate in 2014. Over the last several years a sluggish economy and gridlock in Washington has hampered the growth of most businesses, and kept large amounts of capital on the sidelines. But some economic prognosticators are projecting a rosier ...
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During the Thanksgiving holiday many of us take the time to think about the aspects of our personal lives that we are thankful for. Things that can't be purchased like the love of family; our health; our relationships. More so than any other holiday, Thanksgiving creates a pause in our frenetic lives that allows us - even encourages us - to be thankful for the simple things that are far m...
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Do you contact your clients regularly to offer a review of their insurance needs? Everyone else is contacting your clients. An agent’s clients are bombarded daily with solicitations from direct writers, agency companies, and other agents. Join in on the conversation with your clients so you have a voice in the room if you’re at all interested in improving retention. It is expensive...
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Definition: Consult-speak: taking a subject, making it sound confusing with the result of an elevated hourly rate.   While only Moses came down the mountain with the tablets of God, "consult-speak" is where only they have the tablets (not iPad nor Android) of truth and speak in a language designed only to confuse and support their hourly rate.   Watch and ...