The good hands people wash them, or

Dave Siciliano

Dave Siciliano

Final Approach
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Dave Siciliano
how the property insurers increased earnings.

Think good customer service is disappearing? You're not alone. When the property casualty companies looked for ways to increase earnings to boost there stock price, they hired a premier consulting firm, that recommended among other this, to cut claims payments. So, what you thought was a pretty clear cut claim, gets low balled and dragged out.

Made my blood boil to read this.

http://tinyurl.com/2j5732

Best,

Dave
 
It doesn't sound returns are too bad for insurance companies for this to be generated by investors:
Omaha, Nebraska-based Berkshire Hathaway generated 51 percent of its $11 billion profit in 2006 from insurance.
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The policy holder accepts a certain risk with whatever they wish to insure so they must be willing to pay the premiums. I don't have an issue with that.

I'm all for insurance companies making a profit on the risk. But, to not pay out as promised makes them worse than the worst in customer service. If risk is high, charge for it. But, pay out when the time comes.
 
I saw a stat to the effect that the U.S. casualty insurance industry netted $4.3 billion in 2005 ... after Katrina.

Bob Hope said he once looked closely at that insurance logo with the cupped hands, and noted that they were all middle fingers. :rolleyes:
 
I just dumped State Farm after 30-something years partly because of how they shafted hurricane victims. They've had other snafus like insisting on inferior replacement auto parts.

My agent was shocked that I would actually cancel, "You've been with us a long time." Yeah. And?
 
mikea said:
My agent was shocked that I would actually cancel, "You've been with us a long time." Yeah. And?
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Never use "insurance" and "loyalty" in the same sentence. You just make yourself crazy. The claims department doesn't even have the phone number of the marketing department. Claims adjusters do not get salary reviews based on how many friends they make for the company.
 
I have been insured with USAA since I first started buying insurance, and have been repeatedly impressed with the efficiency and fairness of their claims adjusting practices, in both automobile and homeowners' claims.

When I had a severe water leak at our "country place," USAA's adjuster was there promptly and aggressively helped in getting corrective measures started. He then generated an estimate which was computer- created, and appeared reasonable, but we weren't sure about it.

But get this.

They mailed out a check, and the check was based upon their estimate, but it was in no way a limit- there was no release language on the check, and the adjuster subsequently called us up, and told us to let him know if the estimate proved to be inadequate.

As it worked out, the estimate for repair was almost exactly right. The drying cost a fair bit more, and was paid immediately upon notification.

The best way for insurance carriers to control costs, short of fraudulently denying claims (as described in the attached article), is to quickly adjust and pay claims.
 
Spike, they just knew who they were dealing with. It seems your reputation preceeds you.
 
SCCutler said:
I have been insured with USAA since I first started buying insurance, and have been repeatedly impressed with the efficiency and fairness of their claims adjusting practices, in both automobile and homeowners' claims.
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I've heard over and over again the two best insurance companies to have are USAA and Amica. Both are truly superb customer oriented companies. The catch is... they don't take just anyone. You have to have a near spotless driving record to get a policy with Amica. I once had a claim against one of their insureds. They paid faster than any other company I had ever seen. So, if you can get on board with either one?
 
KennyFlys said:
I've heard over and over again the two best insurance companies to have are USAA and Amica. Both are truly superb customer oriented companies. The catch is... they don't take just anyone. You have to have a near spotless driving record to get a policy with Amica. I once had a claim against one of their insureds. They paid faster than any other company I had ever seen. So, if you can get on board with either one?
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We have Amica and they don't do high risk (although they did insure both my teenage daughters) and they are a little more expensive, but the customer service is great. Always paid claims promptly and easy to work with. Any company could take lessons from Amica and do better.
 
NC Pilot said:
We have Amica and they don't do high risk (although they did insure both my teenage daughters) and they are a little more expensive, but the customer service is great. Always paid claims promptly and easy to work with. Any company could take lessons from Amica and do better.
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Amica here, too, since I first needed insurance. Always outstanding service. My parents have had Amica for decades, but also carried boat insurance through USAA when they owned the sailboat. USAA was, likewise, excellent.
 
I'm with USAA and have always had claims paid promptly. We did disagree once on a motorcycle that was stolen; I couldn't replace it for what they wanted to pay. In the end, I sent some info and they paid a bit more.

I was just struck with the fact that this is a pre-contemplated, overt business strategy recommended by someone like McKinsey. It sometimes seems I need to hire a full time complaint person in light of service being given. Fewer and fewer people stand behind their work. More stuff is throw-away if it breaks. Just replaced a Whirlpool refrig. three years old. Repairman quote over $600 and a new one was just over $800. Warranty didn't cover diddley after that period.

Just a few items as of late:
The defective alternator on the plane.
Picture developer promised pics while nieces were here; didn't get them done, didn't apologize and said they were now there if I wanted 'em.
Verizon disconnected my niece's phones while a bill was in dispute.


Best,

Dave
 
isnt USAA only available to vets or children of vets? im in the market for (cheap) car insurance
 
Tony: It started off as being for military officers and has evolved quite a bit to family, enlisted and even reservists. I do believe you need some military affiliation.

Best,

Dave
 
well nearest ive got is a deceased grandfather who was in Panama in the 50s. i suppose ill just try to save a bunch of money with Geico
 
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i may check it out. at this point im really just trying to get the cheapest liability i can in order to not get 300 dollar lack of insurance tickets when (if) i get pulled over. if i was back to school and didnt need my car for important things like pulling my glider trailer, id probably just sell it to pay for school.
 
Geico wasn't even a great deal when they catered to only government employees. While I was in the Navy, other companies always beat their premiums.
 
yabut they got funny commercials :)

right now im on progressive. i just need to shop around and see if theres anything cheaper.
 
tonycondon said:
yabut they got funny commercials :)

right now im on progressive. i just need to shop around and see if theres anything cheaper.
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Call a local insuance broker. You'll prolly end up at a "Claim denied! Now what was it that happened?" company but at least you'll have the proof of insurance.

You get to pay the under 25 and single male penalty - and rightly so. :D We all did. Trust me. Getting old (or married) is not worth the savings on insurance. There are worse things than expensive insurance.
 
I too have USAA and appreciate thier service. I'd expect nothing less from my carrier. I once returend $$$ to USAA because we were able to get something fixed better and less expensivly than the orginal estimate that we got and USAA paid us. I dunno perhaps they have got that somewhere in thier files.

As for the other Insurance Carriers, the Bloomberg Article comes as no surprise to me. IMO it is a greedy dirty business. And everyone thinks its lawsuits that drive up premiumns :no:
 
Dave Siciliano said:
I was just struck with the fact that this is a pre-contemplated, overt business strategy recommended by someone like McKinsey. It sometimes seems I need to hire a full time complaint person in light of service being given. Fewer and fewer people stand behind their work. More stuff is throw-away if it breaks. Just replaced a Whirlpool refrig. three years old. Repairman quote over $600 and a new one was just over $800. Warranty didn't cover diddley after that period.
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IMO, just because you get an MBA from a top tier school, and are supposedly of the top .1% of intelligence, doesn't mean you'll do Good Things.

One of the (ostensibly) larger reasons I got out of consulting.

Cheers,

-Andrew
 
I've been insured with Farmers for over 20 years and have had nothing but outstanding customer service and claims payment. I still cannot find another company that comes close to their premiums either.
 
And contrary to the other experiences, I've been with State Farm for 37 years and have had good experience with them. Agents have varied in their effectiveness, but the company has been OK.
 
Dave Siciliano said:
Tony: It started off as being for military officers and has evolved quite a bit to family, enlisted and even reservists. I do believe you need some military affiliation.
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Yes, some military affiliation. My wife's now-deceased father was a career navy officer. So she got in by virtue of him and she's in for life. I got in by virtue of her, but if we were to get divorced, I'd be kicked out.
 
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