American Agent & Broker June 2011
Cover Story
Ride the Green Train to...Where?
Not too many years ago, "green" looked like the new black for property-casualty insurance agents. Now, many see green in shades of gray due to the slow economy, lack of capital investment and no definitive compass to where green growth will occur and how it will be sustained.
Features
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Changes in Child Care
The child care industry isn’t what it used to be—or what it will be. Coverages have changed and the market has shrunk as a result of the recession. But as the economic recovery gains momentum and employment gradually rebounds, independent agents can successfully grow in this business.
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Sell Value
For the best independent agents, it’s all about selling value. Consider, for example, the case where a devastating fire destroys an insured’s home. Then, consider the credibility established and the loyalty earned by the agent who counseled his customer to purchase guaranteed replacement coverage, enabling the insured to replace her...
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Agents Rank Travelers Top Commercial Carrier
Independent agents gave The Travelers top honors as the best overall commercial carrier in a 2010 biennial study of agents’ opinions of U.S. commercial carriers. The Flaspohler Research Group conducted the survey of 250 agents in partnership with National Underwriter.
Columns
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Writer’s Cramp
Be careful when taking an insurer’s pen
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Keep It Simple
June brings us memories of days when as kids we’d find a shady spot to get out of the sun and heat, lay back on the grass, gaze at the clouds and daydream of ways to solve all the problems of the universe. Ah, the longing for those simpler times...
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Smart Agency Processes
Continuing our discussion of how to apply a disciplined process to handling financial matters, we now turn from credit policy to the other four areas that need to be addressed.
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Exploding e-Wallet
New technology eliminates credit cards and cash
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It's All About the Price
What do you do when a buyer says "It’s all about price this year"? Prospects and clients don’t want to pay too much for insurance. Neither do you. This is true whether the market is hard, soft, or anywhere in between.
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nGI: Garrett Droege
Commercial Risk Advisor/Producer, JJ Wade Agency
Departments
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Fear of Flying
Are you afraid to travel? Just as vacation season begins, the media bombards with concerns about travel safety, with many worried that traveling in the U.S. will become more dangerous if al-Qaeda tries to retaliate for last month’s ambush and killing of Osama bin Laden.
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Industry Not Broken, but Misunderstood
At a concert in Atlanta this spring, Colin Meloy, the lead singer of the alternative rock band The Decemberists, led the audience in singing a few lyrics. "Maybe you shouldn’t pursue a career in this," he jokingly said. "Maybe you should go to work in insurance."
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IQ: Judge Dismisses Hulk Hogan's Suit Against Wells Fargo
A lawsuit filed in Florida by professional wrestler Hulk Hogan was thrown out of the ring by a judge this month.
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IQ: Retiree Concerns: Inflation, Interest Rates and Health Care Costs
Today’s seniors are living longer and spending more time in retirement than ever before, and many are worried their savings won’t last, according to a report form the Society of Actuaries.
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IQ: Grads May Not Get Health Insurance from Mom and Dad: eHealthInsurance Survey
According to a national survey of college students, graduates and parents, conducted in April 2011 by global insights firm Kelton Research and sponsored by eHealthInsurance (EHTH), 38 percent of parents do not plan to keep their adult children on their health insurance plan until age 26, despite the fact that...
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IQ: Dogs Take $90M Bite Out of State Farm in 2010
State Farm calls dog bites a "serious public health problem" and says it paid $90 million on about 3,500 dog-bite claims last year.
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IQ: Survey: Only Half of Couples Discuss Finances Prior to Marriage
According to a new Country Financial survey, only half (51 percent) of couples addressed how they would manage their collective finances before marriage. Despite this, 86 percent of all married Americans reported being honest with their spouses about their financial state during their engagement.
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Ready for NRRA?
By the time this column is printed, surplus line insurers and brokers will have roughly 45 days to adjust to the biggest change to impact their business in generations. The Non-admitted and Reinsurance Reform Act (NRRA) will stand many long-held assumptions on their heads. Surplus line brokers, corporate risk managers...
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Go Above and Beyond
Value-added services for personal lines? You are kidding, right? Offer value-added services to personal lines customers? That’s for business owners, not homeowners.
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Still Afloat
Once again, we face a looming expiration of the National Flood Insurance Program (NFIP), with the program’s authorization set to expire on September 30 of this year. NFIP has received temporary reauthorizations eight times since 2008 and has gone into technical lapse on several occasions.
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Market Directory: Child Care and Social Services
