Tag Archives: insurance

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Maryland Insurance Regulators Set Up Facebook Page to Help Consumers

Maryland residents with questions about insurance now can follow the Maryland Insurance Administration on Facebook to find useful tips from the state regulatory agency. The site includes a listing of events across the state where agency representatives will visit to answer consumers’ questions. Residents also can view videos and find links to timely consumer tips.

“A key aspect of the Maryland Insurance Administration’s mission involves educating the residents of our state about the choices available to them as consumers of insurance products,” says Maryland Insurance Commissioner Therese Goldsmith. “Facebook is a great way to get our message out to Maryland residents. The more informed consumers are, the better equipped they are to make purchasing decisions that are right for them.” The site can be viewed by anyone with an Internet connection, including those who do not have Facebook accounts.

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Will Social Networks Sell Insurance?

The research firm Gartner recently published a business development analysis which looked into social networks’ need for a sound revenue stream, and came to the conclusion that to maintain viability and competitiveness, these platforms will soon enter the financial services industry. One Gartner analyst, Juergen Weiss said, “Offering insurance products to their communities would be a natural extension of social media providers’ financial services strategies and would allow them to capitalize on their extensive set of information they constantly collect about their users.”

face to face relationships
face to face relationships

Free image courtesy of FreeDigitalPhotos.net

Insurance is changing. It was not that long ago that we called travel agents to book flights and business trips. People can get insurance quotes for life, auto, and home through websites. Most young people are not hanging out at the local country club or lunch counters with insurance agents.

Insurance agents need to know how to engage clients and prospective clients online because that’s where they network and transact business. But you should never lose your appreciation for building and nurturing personal face-to-face relationships. Doing so puts you at risk of being disintermediated—whether by another agent or a computer.

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Frank Crystal & Company Launches Online Liability Tool

Frank Crystal & Company, a large agency headquartered in New York City, has launched an online excess liability quiz at www.whatsmyliability.com. The tool allows individuals and their financial advisors to assess their risk exposures and make an informed decision regarding their excess liability coverage.

Risk and liability

“Financial advisors and wealth managers are constantly coming to us with questions regarding liability,” says Jonathan Crystal, executive vice president of Frank Crystal & Company. “This tool is an innovative approach to a common problem.”

Affluent individuals often don’t know how much liability insurance they need, and until now, there hasn’t been a way to quantify it. Too often decisions are determined based upon one’s net worth, but net worth is only one of the many factors that need to be taken into consideration.

The risk factor quiz guides users through a series of 15 questions all designed to determine each user’s individual risk. After answering all of the questions, users are instantly presented with their suggested number, up to $100 million. The answer depends upon each family’s unique profile, financial position, lifestyle, and the risk of exposure associated with their family.

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The Anderson Report on Agency System Selection Now Available

I am pleased to be able to announce the official release of the updated Anderson Report on Agency System Selection. The information available in this special report has taken me years to learn. See the press release below for detailed information. Feel free to contact me if you have any questions.

Technology Anxiety? New Anderson Report
Helps Agencies Select Management Systems

NASHVILLE, Tenn. (November 30, 2009)—The continuing soft market and recession are putting the squeeze on independent insurance agents and brokers, causing a 2.8% job loss rate for agents and brokers in the past year, according to the Bureau of Labor Statistics. Streamlining is the key, but agencies need to stay up on technology to compete, says Steve Anderson of The Anderson Agency Report.

Anderson recently introduced a special report to aid agencies in that evaluation and selection process. The Anderson Report on Agency System Selection (www.AgencySystemSelection.com) walks agencies through the process, reviewing the specific technology-vendor options available for firms of any size.

“The problem we find from our surveys and client interactions is that the whole technology realm is too complicated and too expensive for many agencies to grapple with during an economic downturn,” says Anderson. “They simply don’t have the resources for a costly team of tech evaluators right now.”

A recent study found that 59% of insurance executives are unhappy with their existing systems, and agencies are looking for ways to improve their technology without breaking the budget, Anderson says.

Choosing an agency management system can be difficult. “The expertise of insurance agencies is selling insurance; computer concepts and terminology can be intimidating to agency owners, managers and users alike,” the report says. “In addition, despite industry consolidation over the years, agents still face a wide range of choices in the technology marketplace.” There are more than 30 options, and each has its particular advantages and disadvantages depending on the carriers represented, number of employees, mix of agency business, and number of locations, to name just a few, Anderson says. For example:

  • Should the agency stay with the current vendor and upgrade the software? Or should it look at an entirely new system from another vendor?
  • What real benefits will the agency obtain from specific system features?
  • Is the agency capable of maintaining its own system, or should it let someone else manage the computer systems by going with a hosted system (known as software as a service, or SaaS)? Who will watch over the system?

Agencies can walk through a standard process on their own to evaluate different vendor systems and pick the one that’s best for their agency, says Anderson. In general, the firm must determine where it is now and where it wants to go. Then it can begin to evaluate what system would best fit into its current operations—or best replace a system with which it is unhappy. “The purchase of an agency management system is not first and foremost about computers,” says the report. “It’s about the agency, the way it operates now, the way it will operate next year and the years beyond. A detailed system review is an opportunity for an agency to closely examine its business and make decisions about the kind of agency it wants to become.”

Anderson has developed a five-part course on how to go through the agency system selection process. The course—currently free—is e-mailed in five segments. Agents can register to receive the e-mails (one a day for five days) by going to https://steveanderson.com/choosing-the-best-agency-management-system/.

About Anderson: Based in Nashville, Tenn., Steve Anderson (www.SteveAnderson.com) is one of the insurance industry’s top consultants and speakers. He delivers keynote addresses, lectures, seminars and conference programs, in addition to individual agency consultations, helping clients maximize productivity and profits by smart use of technology. He is executive editor of The Anderson Agency Report (TAAR), a monthly newsletter dedicated to providing independent agents with the technology information they need to more effectively manage and grow their agencies. He is also president of The Anderson Network, Inc., which was formed to help agents and brokers maximize productivity and profits using practical technology. A licensed independent agent for more than 30 years, Steve has worked as a manager and producer in two agencies.

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New Insurance Program for the Apple iPhone

It’s a common practice to pay a few dollars per month to insure your mobile phone against accidental damage or loss. In fact, every phone we’re aware of can be insured—except the iPhone. That’s about to change.

Safeware, located in Columbus, Ohio, has announced the availability of the first comprehensive insurance program for the Apple iPhone 3G and the newest iPhone 3GS. Safeware has provided insurance coverage for electronics for over 25 years. The program they have created offers full coverage against accidental damage, liquid spills, power surges, drops, falls, collisions, floods, fires, vandalism, and theft.

Safeware has launched a dedicated Web site to specifically support and service iPhone customers. The site allows visitors to obtain instant no-obligation quotes, make online policy changes, and submit new claim requests. The site also provides news and resources specific to the iPhone 3G, 3GS, and upcoming product releases. You can also obtain a quote by calling Safeware directly at 1-800-800-7071.