insurance 12/8/2020 – gtg

If you are like most insurance professionals today, life is good. You built a nice practice or a successful agency. You live a comfortable life in the suburbs with a country club membership, a yacht on the lake, and a vacation home in Florida. I am stereotyping, of course. It is a fact, however, that most insurance professionals have great and rewarding careers, and we’ve grown increasingly accustomed to the good life our industry provides.

While the insurance industry is comfortable, it could be argued that it is lacking in innovation. Why change our business model when it has been the backbone of our success for the past 60 years? I know that some of you will disagree –- in less than 20 years, we have witnessed this industry make the transition from paper rate manuals and binders to state-of-the-art online quoting and rating platforms. Insurance agents now make use of smart technology, and some carriers have even introduced usage-based insurance policies.

Here is the real danger: in a world where business models change overnight, the industry is not innovating fast enough. Take a good look around you — consider what Uber did to the taxi and limo business in a matter of 2 short years. Think about what Zenefits is doing to the employee benefits market. It is a matter of time until some Silicon Valley startup comes up with a technology to make most of us (underwriters, brokers, and agents) obsolete.

Imagine the following news release:

Google announces a whole new way to insure large commercial trucks. The joint venture with Freightliner and Samsung offers an entirely different way to manage your truck insurance program. Imagine that your truck comes equipped with a factory built-in system that includes:

GPS unit to track location, speed, and the direction of travel.
Camera system to capture video feed of the driver, road, trailer, and all sides of the truck.
Completely integrated Log Book system
Safety analytics to help motor carriers identify problematic behaviors and trends — and to reduce the cost of compliance.
Driver recognition system that monitors the overall health of the driver and alerts the motor carrier if the driver exhibits patterns of fatigue or impairment.
Truck Insurance premiums are calculated as a composite rate based on a number of variables, including miles traveled, area traveled, time of travel, presence of unsafe “events” such as hard braking or fatigue. Each driver is individually underwritten, in real-time, based on hundreds of factors. At the end of the month, the system calculates the monthly vehicle insurance rate and automatically charges the motor carrier’s bank account.

The technologies described above already exist, and it is only a matter of time until someone connects the dots and flips our traditional carrier-broker-retailer business model upside down. How many of you think that this is a real game-changer? How many of you think that this will make the jobs of thousands of underwriters, brokers, and agents obsolete? It is not a matter of “if” but a matter of when this technology will get implemented.

It’s time that we go out of our comfort zones and start embracing radical changes to our business models. We need to start working on all levels to make sure we are prepared for what’s ahead.

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Due to the numerous car accidents that often occur on the roads, it is advisable that drivers should have car insurance that will help them recover financially if ever they are involved in one. Car accident insurance will provide the one insured with the financial help that is needed by him/her to surpass that certain moment in his/her life.

Handling Your Insurance Claims
Being involved in a car accident, it may be difficult for you to deal with both your insurance company, as well as the insurance company of the other party involved. There are things that you should do and there are also things that you should avoid doing when handling your car insurance claims.

The things that you should do include:

• Put down notes with regard to the details of the other party’s insurance.
• Contact your insurance company immediately after the injury or accident. It is advisable that the first person that you should contact in the case that you are not injured in the accident is your insurance agent.
• Take time in reading as well as understanding your insurance policy because it will help you in knowing your policy coverage which will enable you to make the needed claims.
• Be honest and frank when it comes to insurance investigators. This is essential because if you are not honest and frank with them, they might deny your claim due to fraudulent reasons.
• Do your best in getting many facts about the accident that just occurred. Included here are getting the witnesses’ contact numbers as well as taking photos of the injuries that you obtained and the damage to the car.

Meanwhile, here are some things that you should avoid doing:

• Accept any checks as a full and final payment until you are certain that is just and fair compensation for the losses you suffered due to the accident.

• Waiting until the last minute when filing your insurance claim. Insurance companies oblige insurance owners to file a claim within a specified period of time after the injury or accident. Do not ignore the time limit that was set because the claim might not be accepted as valid.

• Admit to any type or kind of liability. Only stick to the facts of the accident without giving your opinion. It is the insurance investigators’ job to collect all the important pieces of evidence as well as the facts that will be used to determine who is liable for the incident.

• Sign document that will be a waiver or release of any kind. If unsure what the document you are asking to sign is about, ask the help of an attorney.

• Take the word of your insurance agent, especially when it comes to the value of a settlement or a claim. Insurance companies may try to provide you with lower estimates of your losses compared to your actual losses. Do not accept the estimates that they are providing for you without making your own estimate.

Car Accident Insurance Lawyers Will Lessen the Burden for You

There are lawyers who are willing to assist you if you are having trouble of any kind when it comes to your car accident insurance. In addition, when you or someone you know is involved in a car accident, these lawyers will provide you with the necessary help that you need in order for you to get a good insurance claim.

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