201012 Contact Center World - Customer ServiceSteven Callahan
This executive interview discusses tips for improving customer service. The interviewee believes customer service has gotten worse due to overworked employees and overreliance on offshore resources. They note that while mistakes will happen, it is how companies recover from mistakes that matters most. The interviewee's top tip is to empower frontline employees with the tools and resources they need to do their jobs well. They also stress the importance of simplifying processes so employees can easily wow customers.
Liberty Mutual is a large private insurer that offers voluntary auto and home insurance benefits through employer and membership groups. They have over 14,000 affinity relationships and the largest sponsored auto and home program. Liberty Mutual provides discounted group rates, payroll deduction options, and assistance enrolling and filing claims to make insurance easy for members. They aim to offer savings, convenience, and a high level of customer satisfaction.
The decision to automate your agency or to change your current Agency Management System is a challenging endeavor—figuring out which one to choose, even more so.
Major events like hurricanes Andrew and Katrina and 9/11 taught insurers to use geographic information systems (GIS) to better understand risks. GIS allows insurers to analyze exposure down to the street level and better model catastrophe loss scenarios. It provides underwriters important information about risks and helps claims departments respond faster to events. While initially used mostly by reinsurers, more insurers now see GIS as strategic for managing catastrophe exposure.
The property and casualty insurance industry has seen declining profits in recent years due to lower investment returns and high claims costs. Fraud represents a significant portion of claims costs, estimated at $30 billion annually in the US alone. Predictive analytics can help insurers more efficiently identify fraudulent claims, recover costs through subrogation, optimize staff scheduling, and improve loss reserving. Early adopters of predictive analytics in claims processing are seeing returns of over 100% and improved customer retention compared to companies that have not adopted these techniques.
20140826 I&T Webinar_The Proliferation of Data - Finding Meaning Amidst the N...Steven Callahan
Joint presentation with I&T's covering the proliferation of data available to insurance companies today and a high level view of searching for value and leveraging the relevant and useful buried in all of the trivia.
This eGuide provides you and your insurance agency the resources needed to better understand your accounting system and consider new ways to make it run more efficiently and effectively.
Topics covered include:
-Cash vs accrual accounting
-Switching to a new accounting system
-Integrated accounting
-Tracking commission
201012 Contact Center World - Customer ServiceSteven Callahan
This executive interview discusses tips for improving customer service. The interviewee believes customer service has gotten worse due to overworked employees and overreliance on offshore resources. They note that while mistakes will happen, it is how companies recover from mistakes that matters most. The interviewee's top tip is to empower frontline employees with the tools and resources they need to do their jobs well. They also stress the importance of simplifying processes so employees can easily wow customers.
Liberty Mutual is a large private insurer that offers voluntary auto and home insurance benefits through employer and membership groups. They have over 14,000 affinity relationships and the largest sponsored auto and home program. Liberty Mutual provides discounted group rates, payroll deduction options, and assistance enrolling and filing claims to make insurance easy for members. They aim to offer savings, convenience, and a high level of customer satisfaction.
The decision to automate your agency or to change your current Agency Management System is a challenging endeavor—figuring out which one to choose, even more so.
Major events like hurricanes Andrew and Katrina and 9/11 taught insurers to use geographic information systems (GIS) to better understand risks. GIS allows insurers to analyze exposure down to the street level and better model catastrophe loss scenarios. It provides underwriters important information about risks and helps claims departments respond faster to events. While initially used mostly by reinsurers, more insurers now see GIS as strategic for managing catastrophe exposure.
The property and casualty insurance industry has seen declining profits in recent years due to lower investment returns and high claims costs. Fraud represents a significant portion of claims costs, estimated at $30 billion annually in the US alone. Predictive analytics can help insurers more efficiently identify fraudulent claims, recover costs through subrogation, optimize staff scheduling, and improve loss reserving. Early adopters of predictive analytics in claims processing are seeing returns of over 100% and improved customer retention compared to companies that have not adopted these techniques.
20140826 I&T Webinar_The Proliferation of Data - Finding Meaning Amidst the N...Steven Callahan
Joint presentation with I&T's covering the proliferation of data available to insurance companies today and a high level view of searching for value and leveraging the relevant and useful buried in all of the trivia.
This eGuide provides you and your insurance agency the resources needed to better understand your accounting system and consider new ways to make it run more efficiently and effectively.
Topics covered include:
-Cash vs accrual accounting
-Switching to a new accounting system
-Integrated accounting
-Tracking commission
n this guide, we cover some quick tips to help your agency run faster and smarter, keeping you a cut above the rest. The details of daily agency workflow can become simultaneously tedious and overwhelming.
Purchasing property and casualty insurance revised sep 2013Don Meincke
The document provides information on purchasing property and casualty insurance. It discusses factors that determine auto and home insurance rates such as credit, location, vehicle type, and claims history. It recommends working with an independent insurance agent who can help select proper coverage limits and compare options from multiple insurers. The document also outlines various types of auto, homeowner and business insurance policies and coverages to consider, including liability, medical payments, loss of income benefits, and optional additions like water backup protection.
This article takes the viewer through the Accounting Aspects related to Insurance under IFRS and the Income Tax requirements in India. It also touches upon the Direct Tax Code and its impact on Insurance based deductions.
Insurance is a form of risk management used to hedge against uncertain losses by spreading risk among many. In India, the first life insurance company started in 1818 and the Insurance Act of 1938 first regulated the industry. The industry was nationalized in 1956 with the formation of LIC. Common insurance services include fire, marine, and other policies. Marketing involves product mixes, pricing based on risk, sales through agents and digital means, and promotions using various media. Emerging services include online payments, call centers, partnerships with banks, and customer relationship management.
This document discusses the marketing mix in the insurance sector. It outlines the 7Ps of marketing: product, price, place, promotion, people, process, and physical evidence. For each P, it provides examples of factors to consider such as mortality rates, interest rates, expenses, branch locations, advertising channels, relationships with agents, customer-friendly processes, and using technology and intermediaries.
Regulation of the insurance industry in India is governed by the Insurance Act of 1938, the IRDA Act of 1999, and the Insurance Amendment Act of 2002. The IRDA has prescribed accounting formats and standards that insurance companies must follow.
There are two main types of insurance business - life insurance and general insurance. Financial statements for both include a revenue account, profit and loss account, and balance sheet. The revenue account shows incomes and expenses, the profit and loss account shows profits appropriated to shareholders, and the balance sheet records assets and liabilities. Additionally, life insurance companies must prepare a receipts and payments account and segmental reporting.
Insurance & strategies for promoting insurance product & servicesAnkit Gautam
This Ppt will give you all a Brief description of Insurance Sector its
Evolution, Services in Insurance Sector & Strategies for promoting Insurance products & Services in Market.
1-Insurance Marketing
AGENTS AND BROKERS
A successful sales force is the key to success in the financial services industry. Most insurance policies sold today are sold by agents and brokers.
Agents:An agent is someonewho legally represents the principal and has the authority to act on the principal’s behalf.
Brokers:A broker is someone who legally represents the insured even though he or she receives a commission from the insurer.
2-TYPES OF MARKETING SYSTEMS
Life Insurance Marketing
Distribution systems for the sale of life insurance have changed dramatically over time.
Major life insurance distribution systems:
Personal selling systems
Financial institution distribution systems
Direct response system
Other distribution systems
1-Personal Selling Systems:
2-Financial Institution Distribution Systems
3-Direct Response System
3-Property and Casualty Insurance Marketing
Independent agency system
Exclusive agency system
Direct writer
Direct response system
Multiple distribution systems
Accounting in insurance companies basic conceptsAvik Saha
Financial accounting in insurance companies follows basic accounting concepts and principles:
1) It uses a double-entry bookkeeping system to record and track financial transactions where every transaction has equal and opposite entries in at least two different accounts.
2) Financial statements including the balance sheet, income statement, and cash flow statement are prepared to report on the company's financial position and performance.
3) The accounting equation, where assets always equal liabilities plus owner's equity, must be maintained to ensure accurate bookkeeping.
n this guide, we cover some quick tips to help your agency run faster and smarter, keeping you a cut above the rest. The details of daily agency workflow can become simultaneously tedious and overwhelming.
Purchasing property and casualty insurance revised sep 2013Don Meincke
The document provides information on purchasing property and casualty insurance. It discusses factors that determine auto and home insurance rates such as credit, location, vehicle type, and claims history. It recommends working with an independent insurance agent who can help select proper coverage limits and compare options from multiple insurers. The document also outlines various types of auto, homeowner and business insurance policies and coverages to consider, including liability, medical payments, loss of income benefits, and optional additions like water backup protection.
This article takes the viewer through the Accounting Aspects related to Insurance under IFRS and the Income Tax requirements in India. It also touches upon the Direct Tax Code and its impact on Insurance based deductions.
Insurance is a form of risk management used to hedge against uncertain losses by spreading risk among many. In India, the first life insurance company started in 1818 and the Insurance Act of 1938 first regulated the industry. The industry was nationalized in 1956 with the formation of LIC. Common insurance services include fire, marine, and other policies. Marketing involves product mixes, pricing based on risk, sales through agents and digital means, and promotions using various media. Emerging services include online payments, call centers, partnerships with banks, and customer relationship management.
This document discusses the marketing mix in the insurance sector. It outlines the 7Ps of marketing: product, price, place, promotion, people, process, and physical evidence. For each P, it provides examples of factors to consider such as mortality rates, interest rates, expenses, branch locations, advertising channels, relationships with agents, customer-friendly processes, and using technology and intermediaries.
Regulation of the insurance industry in India is governed by the Insurance Act of 1938, the IRDA Act of 1999, and the Insurance Amendment Act of 2002. The IRDA has prescribed accounting formats and standards that insurance companies must follow.
There are two main types of insurance business - life insurance and general insurance. Financial statements for both include a revenue account, profit and loss account, and balance sheet. The revenue account shows incomes and expenses, the profit and loss account shows profits appropriated to shareholders, and the balance sheet records assets and liabilities. Additionally, life insurance companies must prepare a receipts and payments account and segmental reporting.
Insurance & strategies for promoting insurance product & servicesAnkit Gautam
This Ppt will give you all a Brief description of Insurance Sector its
Evolution, Services in Insurance Sector & Strategies for promoting Insurance products & Services in Market.
1-Insurance Marketing
AGENTS AND BROKERS
A successful sales force is the key to success in the financial services industry. Most insurance policies sold today are sold by agents and brokers.
Agents:An agent is someonewho legally represents the principal and has the authority to act on the principal’s behalf.
Brokers:A broker is someone who legally represents the insured even though he or she receives a commission from the insurer.
2-TYPES OF MARKETING SYSTEMS
Life Insurance Marketing
Distribution systems for the sale of life insurance have changed dramatically over time.
Major life insurance distribution systems:
Personal selling systems
Financial institution distribution systems
Direct response system
Other distribution systems
1-Personal Selling Systems:
2-Financial Institution Distribution Systems
3-Direct Response System
3-Property and Casualty Insurance Marketing
Independent agency system
Exclusive agency system
Direct writer
Direct response system
Multiple distribution systems
Accounting in insurance companies basic conceptsAvik Saha
Financial accounting in insurance companies follows basic accounting concepts and principles:
1) It uses a double-entry bookkeeping system to record and track financial transactions where every transaction has equal and opposite entries in at least two different accounts.
2) Financial statements including the balance sheet, income statement, and cash flow statement are prepared to report on the company's financial position and performance.
3) The accounting equation, where assets always equal liabilities plus owner's equity, must be maintained to ensure accurate bookkeeping.
1. Letting Your Teens Drive
Okay, they turn 16 and then we’re compelled to let them drive or else they’ll keep on making us drive them
around the town. Having a teenager is tough, but having a teenage driver is a whole different scenario. Getting car
insurance for your teens might be a bit costly but it will surely save you a few benjamins once they get into
trouble. And as the adage goes, “it is always to stay safe rather than sorry”.
At some point, they have to be independent and stand on their own two feet. Unfortunately, they all want the
freedom that comes when they get behind the wheel of a car. Statistics show that drivers below 24 years old are
4x more likely to die than older drivers. It is due to inexperienced and recklessness which comes from being
overconfident. Because of this statistics, most insurance companies charge between 50-200% more than the
average when insuring a teenage driver especially for young men.
Most states require that adolescent needs to be at least 16 so they can be placed in an insurance policy. If they are
under 18, you need to add them as a driver on your car insurance policy. This may be costly for you as drivers
under 25 years old have the highest premiums of all age groups. Some factors will also be looked into like age,
gender, your location, the type of vehicle, and how often does an adult accompany the adolescent driver. Male
adolescents have higher premiums than females as they are more at risk for collision. Also, sporty, expensive or
large cars will cost more to insure as they are capable of causing serious and costly damage.
It could also save you money if you let your teen take a DRIVER’S EDUCATION COURSE or learn from
professional instructors as most insurers offer discounts for teens that have successfully completed this course and
signed an agreement about safe driving style to avoid tickets.
Most auto insurers believe that good students make responsible drivers that’s why they make a GOOD
STUDENT DISCOUNT. They give 5-10% premium discount if your kid has grade point average of at least B,
staying out of trouble, or if your child goes to college or university as this means that they are leaving home. You
can stress out the importance of having good grades to your kids if they really want to drive.
Another cheap option to save money is to add your child to your policy if you have an excellent driving record. If
you have a single car driven infrequently by your teenage kid, the premium should be affordable. But if you have
poor driving record or have an expensive car, then you might want to consult with your agent first or check as
many quotes as you can to check your options to save better. Your premium skyrockets if you put a teen behind
an expensive car because insurance providers will always have the notion that your child drives all the family
cars. So, it can also be wise to buy a secondhand, cheap car and insure it in your child’s name.
Most teens like to park anywhere so it’s also safe to protect your car from theft. You have the option to install
safety features in the car like fit better locks, and immobilizer. Verify with your insurance provider if they’ll
reimburse you for the money you’ll spend on safety features.
Alcohol or drugs mixed used while driving is a Financial Suicide. Oftentimes, this cause of accident is not
included in the coverage so take time to get as many car insurance quotes as possible and read all especially the
small prints to see exactly everything that they cover. You can also discuss discount options with sales agents
before finalizing your decision. You’ll surely be able to save money if you invest it with time and effort.
Get and Compare Free Auto Insurance Quotes Now!