Word on the Street

Vol. 4, No. 1

If you think the pace of developments in New York's insurance industry seem to quicken in 2007, don't expect 2008 to be any less newsworthy. Therefore, I'm picking up the pace, too, with the first of many more podcast entries this year. Ever hear of "Knowledge Check"? How about "Ask Tim"? Check out these and anything else I think you ought to hear about as we open the new year by clicking here. Then, let me know what's on your mind by posting a comment or e-mailing me directly. I'm sure we'll have plenty to talk about.

-- Jamie Deapo

Vol. 3, No. 9

The pace of developments in the insurance industry, like others in New York, usually cools in the heat of a hot summer sun. Not this time, though. The aftermath of workers' compensation reform, a continued slide in the homeowners insurance market serving the state's coastal areas and a new policy allowing undocumented immigrants to apply for a New York driver's license without a Social Security number made for an exceptional summer. Now, things really get serious. Hear my views on these and a few other issues by clicking here. Then, let me hear yours by posting a comment or e-mailing me directly.

-- Jamie Deapo

Vol. 3, No. 8

The Risk and Insurance Management Society created quite a stir recently when it released a statement on contingent commissions. It drew the attention, some might say scorn, of many agents and brokers. I know because some angry producers have told me so. I also understand why they're so upset. Click here and give me a listen to find out more why agents are offended by RIMS's position.

-- Jamie Deapo

Vol. 3, No. 7

Scientists say dinosaurs faced an unavoidable worldwide catastrophe that sealed their fate millions of years ago. Today, independent agents and brokers need not suffer the same fortunes as those four-legged behemoths. They can determine if they’re still viable businesses 10, 20 or 100 years from now. They have a choice to act even as hundreds of millions of dollars from an ever-growing list of competitors are hurled at them each year like gigantic fireballs falling from the sky. Take a listen to my latest entry by clicking here, and then let me know what you think agents and brokers can do to ensure their survival.

Vol. 3, No. 6

A soft market shouldn't mean a hard head or one that's buried in the sand. Agents and insurance company representatives, as well as industry observers, say commercial lines, for the most part, is now in the midst of a soft market characterized by rollercoaster pricing and underwriting. If this cyclical trend is anything like the last one of five years ago, the industry is likely to respond badly. Click here to listen to my latest podcast posting and learn how the mistakes of the past can be avoided.

-- Jamie Deapo

Vol. 3, No. 5

Thanks to those responses about  my last Podcast.  Also, what does flood insurance and New York's newly admitted direct response auto carrier have in common? Click here to check out my latest Word on the Street Podcast post and find out. 

-- Jamie Deapo

Vol. 3, No. 4

Progressive raised eyebrows when it announced last week that it was folding its Drive Insurance from Progressive brand back into its more established corporate brand. The insurer told IIABNY that its consumer research found that after two full years, its agent brand had failed to meet corporate expectations. In essence, Progressive discovered that trying to market two brands simultaneously is extremely difficult. Now, click here and hear the lesson I think independent agents should also learn from the demise of Drive.

-- Jamie Deapo

Reminder about podcasting:  Most computers are already equipped with software to play this podcast, such as Windows Media Player, RealPlayer or iTunes, so they can easily play back these audio files for listening. A user who wants to see or hear the podcast can also subscribe to the feed in special "podcatching" software (a type of aggregator, also called news or RSS reader), which periodically checks the feed and automatically downloads new programs as they become available. Typically, the podcatching software (Pluck, Bloglines, News Gator, Juice Receiver) also transfers the program to a desktop or portable media player, such as an iPod.

Vol. 3, No. 3

The miles can really pile up while driving around the state of New York. From the Syracuse area to Long Island and Albany in between, I've been on the road quite a bit since my last posting, and it's both gratifying and enlightening to hear from the independent insurance agents and brokers I talked to along the way. I saw both optimism and frustration, which, perhaps, reflects the diversity of New Yorkers in general and the independent agency system, specifically. For a fuller description of my experience, click here. Then, let me hear back from you.

-- Jamie Deapo

Vol. 3, No. 2

Many consumers are unaware of the value independent insurance agents and brokers bring to the process of purchasing the "right" policy. It is a big reason some turn, on their own, to a unfamiliar voice on the other end of the phone or, even more impersonal, a site on the World Wide Web. When they do, unfortunately, there's a chance they wind up either underinsured, overinsured or not covered at all for the risk they actually face. It's up to independent agents and brokers to let consumers know they can provide expert counsel every step of the way in the buying process. Click here to find out what agents and brokers should be telling their existing and prospective clients. Then, let me hear from you.

Contest details: Click here for a chance to win an Apple iPod nano. Please note that contest entries will accepted through Jan. 31.

-- Jamie Deapo

Vol. 3, No. 1

Many insurance agents and brokers feel they are being singled out for the misconduct of a few, even for the decisions made by insurer made in the aftermath of a hurricane. The feeling is understandable. When I hear such grumblings, though, I have a few questions to ask in return. Of those questions, the basic one is: What have you done to respond to the assault you see on your livelihood? There are many steps agents and brokers in New York can take to further their interests and those of their clients. Click here to listen to my latest podcast posting and find out some of the steps agents and brokers can take immediately  to further their cause in Albany and elsewhere.

Contest details: Click here for a chance to win an Apple iPod nano. Please note that contest entries will accepted through Jan. 31.