Simmonds on Insurance
Issue 104 Since The Year 2000
You'll notice this is a different format from other newsletters I have sent. I have decided to be more conversational. Brings out my softer side (wink).
I'm pushing more and more of my content onto the internet for people to use.
www.BankInsuranceBlook.com. - The blog version of my book, Simmonds on Bank Insurance.
www.WorkCompBlook.com. - Blog version of Simmonds on Workers' Compensation Insurance.
Both books are still for sale at my Store. Some still want the soft cover version. In fact, I have had to order two more printings of my bank insurance book since the Blook was first posted. Go figure!
Speaking of my website, I have just been through another redesign. This is the forth version in 9 years. I think it's important to continue to evolve websites to provide greater value.
Several months ago I finished my white paper on employment practices insurance. I have added that to my blog, InsuranceBuzzer.com. The permalink for the EPL paper is Here.
Many in the industry are asking when prices are going to go up. My answer is, any time now. We have been in a several year market of lower prices. Agents have seen volumes drop dramatically on existing accounts. They are waiting for higher prices and better times.
AM Best (the widely used insurance company rating service) recently announced that it expects that the insurance industry will see an overall 80% drop in net income for 2008. The inner circles of many insurers are looking for ways to increase revenues. That means increasing premiums.
Insurance buyers still have power though. This is not (I think) going to be a hard market where insurance is unavailable for many. Competition will continue for good business. This is a matter of price, not capacity.
My Advice For Insurance Buyers, Getting The Best Renewal Quotes:
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I've recently completed Jeff Jarvis's book, What Would Google Do. In addition to what a Google car would look like and how Google would run a real estate sales company, he discusses the Googley insurance company and what it would look like. I'm going to take up the challenge and give my ideas in the next few days on my Blog. Check it to see when it's been posted.
Your comments and suggestions are always welcome.
Regards,
Scott Simmonds, CPCU, ARM, CMC
Unbiased Insurance Consulting
Phone 207-284-0085
Fax 802-992-4027
Scott@ScottSimmonds.com
www.ScottSimmonds.com
See My Insurance Blog - www.InsuranceBuzzer.com
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