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KileAnderson
USA
875 Posts |
 Posted - 04/09/2004 : 21:34:21
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Gale,Your last paragraph is kind of what I've been thinking for quite a while. While many jobs are being exported overseas, you can't have a guy build a house in Thailand then ship it to Oklahoma. Not one that anyone would want to live in, anyway. They level of homeownership in the country is at an all time high. Those homes need to be maintained by plumbers and carpenters and electricians and with every home there is, generally, a homeowners policy. While small everyday claims can be handled by call centers, there's no way that major cats will ever be handled over the phone. Every article I read about weather says we are heading into a more unstable patern over the next decade and that means more storms and more damage.
Dr. Gray predicts 14 systems this year, 8 canes, 3 major. That's well above the 100 year average of 10 named storms. California is due for another big shakeup any day now and somewhere out in the atlantic basin lurks the son of Andrew. Population densities along the Atlantic and Gulf Coasts are far greater than they were 12 years ago. The big one that sets the industry on its ear is right around the corner. Ghostbuster told me so. |
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ChuckDeaton
USA
373 Posts |
Posted - 04/09/2004 : 21:39:55
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| In my opinion insurance should be catastropic in nature. Certainly everyone with a $250 deductible paid a yearly premium, year after year, for that deductible. After a period of time the premium adds up. Personally I have always had a $1,000 deductible and invested the difference in premium. After 20 years, 10 of an up market, compounded, I self insure and invest the whole premium. |
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ChuckDeaton
USA
373 Posts |
Posted - 04/09/2004 : 21:58:22
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| The 2% deductible will force the use of less expensive, do it yourself, roofing materials. |
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Gale
USA
231 Posts |
Posted - 04/09/2004 : 22:25:52
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OK folks we now know it was Chuck that killed the adjusting industry by going with high deductibles. [:)]
Actually Chuck is the smart one here and I agree with Chuck. Life is full of risk and if you are not willing to take a few it is going to cost you big bucks. I know an insurance agent that claims he carries $5K deductible on his medical coverage and only pays like 25% of what most pay. He like wise invest the difference and is well ahead of the game but if a $200K bill popped up his standard of living will not be lowered.
A huge waste I see in the US today is parents buying new cars for 16 year olds and paying for collision coverage instead of getting them a nice used car and just go with liability. While this is each one's own business and not an issue to the upper 2% of the US it also sets up a parent to provide support for many years to come if they expect that child to maintain that life style but that is another subject for another thread.
The insurance industry is a financially smart industry as is all segments of the gambling industry and that is why they control much of the equity in this country. When you are the house you get to control the payout on most days because you can keep changing the rules to insure that fact.
If it were not for the fact it is a financially smart industry then most of us would not be hanging around it to help them be more successful at what they do so well. Just think what would happen to our economy if we all had to insure ourselves. We could never borrow any money for a car or house and if we were to succeed some how just one disaster could put us in the “poor house” for life.
A big "Thanks" to the insurance industry for helping feed my family.
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Todd Summers
USA
99 Posts |
Posted - 04/10/2004 : 02:21:05
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| BTW, anyone (w/underwriting experience) care to venture a guess on answering my previously posted questions? |
Edited by - Todd Summers on 04/10/2004 02:30:33 |
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MysteryCat
USA
23 Posts |
Posted - 04/10/2004 : 03:06:14
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Here, Here,
Originally posted by Gale...
[Just think what would happen to our economy if we all had to insure ourselves. We could never borrow any money for a car or house and if we were to succeed some how just one disaster could put us in the “poor house” for life.
A big "Thanks" to the insurance industry for helping feed my family.]
However...
Higher deductibles and increasing "no claims" DIRECTLY affect "feeding my family". It is a sound strategy, financially, for the carrier, but not for me or my family, or for any I/A.
I am wondering that "when the big one hits" we are all going to be doing something else and the carriers will be scratchin their heads wondering why they can't get their claims handled. |
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JimF
USA
1014 Posts |
Posted - 04/10/2004 : 08:49:52
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Awww MystyCat, don't be such a skeptic.
Vendors and carriers would just pick up the phone and call down to Leonards and ask for more warm bodies. Hundreds and thousands of them.
Last week's housewives, yardboys, cab drivers, ranch hands, secretaries, tarpots, 7/11 clerks. You name 'em.
They're all there rip roarin', rarin' and ready to go. Quite anxious to join us on this trip down the yellow brick road.
With over 40,000 licensed warm bodies to choose from in just one state alone, finding 'adjusters' shouldn't be a problem.
Of course, if they're looking for REAL adjusters, then there would be a REAL serious problem. |
Edited by - JimF on 04/10/2004 08:56:57 |
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adjuster12
USA
21 Posts |
Posted - 04/10/2004 : 12:06:20
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| well said, Jim |
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Johnd
USA
110 Posts |
Posted - 04/11/2004 : 18:29:53
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| You most certainly are right on Jim, and where else can a fine x-burger-flipper earn a whopper of a paycheck like almost $200. a day. Just cannot understand why they all are not adjusting. Probably will also drive up the wages at Burger King, etc...... |
John Durham
sui cuique fingunt fortunam |
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Gale
USA
231 Posts |
Posted - 04/12/2004 : 13:57:09
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This could be of interest to those interested in being paid immediately for a loss.
www.ultimate-corp.com
www.fasttrackclaim.com |
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Debby
USA
10 Posts |
Posted - 04/12/2004 : 14:25:08
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| Gale- To your referral link all I can politely say is "Good Grief"! |
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Johnd
USA
110 Posts |
Posted - 04/12/2004 : 14:54:50
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Topic = "The Future of CAT Adjusting"
If you are an old line well experienced CAT adjuster, probably just fine.
IF NOT, start looking for gainful employment. The insurance companies are trying to make you obsolete and appear to be having some success. With the number of adjusters, (see JimF's post above) available and little or no CAT work it will only be a matter of time before only the strong and well financed few survive. If you do not fit this profile, read the sunday want ads. If you are sincere about wanting to succeed in this vocation, follow the advice of the knowledgeable in the industry and take as many educational courses as you can afford and have time to complete. This is the only salvation you have to becoming obsolete.
This is a business with a growing number of adjusters competing for a diminishing number of claims. What do you think will happen? |
John Durham
sui cuique fingunt fortunam |
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Gale
USA
231 Posts |
Posted - 04/12/2004 : 14:55:27
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| Debby this has been talked for years so some day it is bound to happen. We will see if now is that time. |
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Dale
USA
1 Posts |
Posted - 04/12/2004 : 22:10:22
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In my opinion a system to adjust property claims online will not eliminate or reduce the number of field claim adjusters. It will utilizes adjusters more efficiently by referring only those claims that need an adjuster.
The fastTrackClaim(TM) system was designed to adjust and conclude cases of low severity and high frequency. These are claims typically handled by telephone adjusters in initial handling units. The only exceptions to this are self insured and contract repair program claims.
For those who may remember years back a fast track claim was a claim reported to and settled with a check on the spot by the agent. It helped the agent maintain rapport with the client and settled the high frequency low severity non-complicated claims for the carriers. Over time this process vanished due to greater production demands on agents and the carriers wanting all claim checks issued internally. Computers and the power of the internet can now accomplish this service faster and more efficiently to improve claim customer service, reduce loss adjustment expense and control severity.
Computers, artificial intelligence and system technology will never be able to completely replace the investigation skills, damage verification and reasoning skills of an adjuster. |
Dale |
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fivedaily
USA
258 Posts |
Posted - 04/12/2004 : 22:24:28
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I have to say that Dale makes very good points. As a staff adjuster I am measured on the volume of claims I close. And if I can close a claim over the phone in the first phone call I am that much better for it.
I have no problem with companies attempting to cut the cost of handling claims, as long as service is not sacrificed. Insurance is not a commodity.
Jennifer |
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Future of CAT Adjusting industry?
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