Means Test Definition
A belief maintaining that social insurance programs should be created for the benefit of society's lower socioeconomic groups, rather than the portion of society whose wealth and position means they do not need financial help.
Keystone, CO- Peak Performance started out strong and fast with a panel discussion led by Westport, Fireman’s Fund and Hull & Company as well as the 30 plus retail agency delegates representing the supply chain within the property/casualty industry.
technology errors and omissions Bruce Coates of Westport, representing the reinsurance side of the business on the Peak Performance panel, explained that the industry is in a learning curve between the retailers, insurance carriers, wholesalers/MGAs and reinsurers. Many professionals in the supply chain are new to a hard market and everyone is being educated during the course of selling, submissions and binding business. The effects of 9/11 have dramatically accelerated change in price, strict underwriting and what was going to happen anyway due to certain habits of all the players in the last ten years.
errors and omissions real estate professionals Panelists Jeff Schmidt and Laura DeBarros of Fireman’s Fund were very informative on what the traditional carriers are seeking. It seems profit is a key when it comes to loss ratio with a homogeneous book of business. However, if there’s profit and the book of business includes a line of vans that delivers goods within different industries they’ll take a hard look at it. A comment by Laura DeBarros about the government getting involved in picking up part of the claims/losses during 911 sparked a few ears. Ms. DeBarros mentioned it would push the insured/business owners to lobby for reduced rates and create a push towards checks and balance. Many of the delegates were not real excited about any government participation.
New Jersey Auto Insurance Dave Bice of Hull & Company was a colorful speaker and represented the wholesale part of the panel. Mr. Bice was on the money as a wholesaler stating that Hull & Company was open for business and will speak with agencies regardless of their past performance with Hull & Company within reason. Hull & Company being over 300 million looks to create and nurture long term relationships with their agency force regardless of a hard market or soft market. It was conveyed that the more accurate the submission with addresses, name’s, loss runs and expiration dates as an example the better.
Willimantic insurance ct Larry Neilson, President and CEO of National Marketing Services moderated the panel. Larry led the delegates into a discussion that ended the first day with an amazing success story. Todd Phelan of Phelan Insurance in Versailles, OH spoke about last minute rates being delivered on renewals and new business from carriers and wholesalers. Larry Neilson mentioned, “This confirms the disconnect between the retailers, carriers, wholesalers and reinsurers”.
Finance and Insurance Products dealerships “It’s apparent that all the players in the supply chain of the property/casualty industry are in the beginning of an educational process. Many new agency owners have taken over their fathers agencies or were hired on out of college never to have experienced a hard market.” added Mr. Larry Neilson. Ironically Todd Phelan sat right next to his father Jim Phelan a well-respected and long time independent agency owner for many years.
risk advisors These comments and open discussion led a perfect segue for Jeff Neilson, President of Programbusiness.com, to demonstrate a solution to connect and communicate at all levels of the supply chain within the property/casualty industry. Jeff Neilson talked about and demonstrated how retail agencies can utilize a search engine within the programbusiness.com site for free to locate markets in placing specialty or program business. The search engine, which is easily accessed on the home page by hitting the magnifying glass, allows the retail agency to search over 7,000 coverages and programs by key word or product to locate thousands of wholesalers and carriers. Once that screen is filled out, the next option is the state or all states, which can be chosen to provide you with a potential market. The attraction about this site is that it’s not tied to an i