Word on the Street

It's the series finale for the podcast but the birth of a new show for the Web

Fortunately for fans of the "Word of the Street" podcast, this is not a bittersweet ending. While the saying goes that all good things must come to end, you could look at the podcast's final episode this way. I've accomplished what I set out to do with "Word on the Street," and now we're moving on to something that I believe will be even better. On Sept. 23 at 3 p.m., I will co-host the premiere of a new weekly Webcast series with Paul Banuski. IIABNY Live! will feature a mix of plain talk, analysis from the experts, audience participation and a healthy dose of irreverence that I believe you will find entertaining. Yes, I'll have to share the stage with Paul. But even better, I get to share the stage with you. In the near future, you'll be able to go to IIABNY's Web site at www.iiabny.org to sign up for IIABNY Live! Stay tuned.

-- Jamie Deapo

Jamie Deapo cuts to the bottom line on compensation disclosure and insurer survey

IIABNY's Capital Event, scheduled Feb. 8 and Feb. 9 in Albany, and the prospect of 200 independent agents gathered in one place got me to thinking about what might currently be on the minds on the minds of those agents. Click here and take a few minutes to listen to these bottom line issues that I believe will be the talk of the town at the State Capitol.

-- Jamie Deapo

If you are already using a news reader or aggregator, subscribe to "Word on the Street" by clicking on the "Subscribe to my Podcast" link in the right column of this Weblog. If you want to subscribe and aren't already using a news reader or aggregator, here are links to a couple among the many software applications available: Bloglines and News Gator.

Jamie Deapo says fate of producer comp disclosure in NY was sealed at the start

My belief is that New York State insurance regulators will mandate producer compensation disclosure no matter how ill-advised. As the final form of this unnecessary regulation takes shape, it is imperative that the state Insurance Department listens to agents and brokers, as well as their representatives, to make sure the regulation doesn't impose such burdensome requirements that it hurts the public, insurance producers and the state's overall insurance industry. Click here to hear my take on this crucial issue.

-- Jamie Deapo

Vol. 5, No. 1

One of the most frequent comments I get from agents is about the growing competition in the marketplace. Some of those agents seem lost on what they need to do to keep their clients from walking out the door and heading across the street to another agency or dialing up an (800) number or clicking on a Web site to buy a policy. The good news is there's plenty an agency can do to keep that from happening. Click here, and you'll hear the specifics on how to address the issue.

-- Jamie Deapo

Vol. 4, No. 8

Throughout the year, the denial of claims for late notice was among the top three issues New York's independent insurance agents and brokers were talking about in 2008. The other two, contingency commission and mandatory disclosure, as well as the State Insurance Fund, also generated the most attention in my discussions with insurance producers in the Empire State. It didn't matter whether I was in Garden City or New York City. Jamestown or Cooperstown. Trumansburg or Plattsburgh. Freeport or Port Jefferson. You get the picture. Check out which of these three major issues was numero uno in '08 by clicking here.

-- Jamie Deapo

Vol 4, No. 7

You might call being on the road a tale of the good, bad and the ugly. There are the long hours behind the steering wheel, unhealthy fast food and hotel beds that are either too soft or hard. Maybe that’s the bad or ugly. For me, being out of the office offers a lot of good because it means talking face-to-face with agents and brokers. I learn so much from the conversations I participate in while I'm on the road. Most recently, I learned concern among New York’s agents and brokers in the fate of so-called contingency commissions did not cool off over the summer. Plus, the New York State Insurance Fund’s lack of regulatory oversight remains a major sore point for many agents. Let’s keep the dialogue going. Listen to my latest podcast post by clicking here, then let me know what you think. Post a comment to this blog, send me an e-mail message, talk to me directly over the phone or stop me the next time you see me on the road.

Vol. 4, No. 6

Recently, the most talked-about subject among New York's independent insurance agents and brokers have been the three public hearings the state Insurance Department and attorney general's office held in July to address the issue of producer compensation and disclosure. Although I didn't sit in personally on the hearings, which were held in Buffalo, Albany and New York City, I watched the live Webcasts posted by the Insurance Department. While representatives of the producer community performed admirably as they delivered their testimony, the line of questioning they faced was another story. Check out the impression I and others felt were left behind by the hearing panelists by clicking here.

-- Jamie Deapo

Vol. 4, No. 5

The end of the New York State Legislature's session has often been, at best, a mixed bag for the state's independent insurance agents and brokers. This year is different, fortunately. A package aimed at bringing relief to the homeowner's market, especially in coastal areas, passed both houses as did legislation that limits insurers’ ability to deny coverage based on late notice of claim and addresses the current crisis among group self-insured trusts. The news was so good I had to go in front of the camera to tell you about it. Click here and also learn what else needs to happen both at the State Capitol and across the state.

-- Jamie Deapo

Vol. 4, No. 4

One bedrock of our economy is the ability of businesses to compete against each other on a level playing field. Sadly, in New York state, there is a glaring exception to this fundamental rule of capitalism. The New York State Insurance Fund competes against private carriers for workers' compensation insurance business, but the quasi-state agency is regulated differently, is not subject to the same laws that apply to its competitors and seems intent on taking New York toward a monopolistic market. As even a Cave Man knows, consumers, whether they are individuals or commercial interests, sufffer when no one has to compete for their business. Fortunately, a solution has been proposed to rein in the State Insurance Fund. Click here and listen to my explanation of why this proposed legislation should pass through the New York State Senate and Assembly unimpeded with major support from independent insurance agents and brokers. Then, let me know what you think by posting a comment on this blog or e-mailing me directly.

Vol. 4, No. 3

Volunteer leadership has a fine role model in IIABNY's outgoing Chair of the Board, Stephen R. Zogby. Over the past 12 months, Steve has led the Independent Insurance Agents & Brokers of New York board of directors with a steady and thoughtful, if not flashy, leadership style. Just days before his one-year term as the association's top elected official ends, he sat down with me before a revealing camera lens to reflect on IIABNY's achievements and the major issues faced by the association's members since he took office in May 2007. As you'll see by clicking here, our nearly 16-minute long conversation also includes a look into the future of the Independent Agency system.

-- Jamie Deapo

Vol. 4, No. 2

Insurance is rarely boring as any agent or broker will attest. Something seems to always happen inside or outside the office to draw one's attention. It's not just the sudden resignation of a governor. Insurers can revive a nearly forgotten practice. Regulators can move homeowners in and out of flood plains. And, trade publications can return to old ownership. Take a listen to what I have to say about all this and more by clicking here. Then. let me know what you think by posting a comment on this blog or e-mailing me directly. We have plenty to talk about.

-- Jamie Deapo