Senior-living facilities: a niche with powerful potential for agents

By American Agent & Broker

This linked article is located on American Agent & Broker's website, http://www.agentandbroker.com/, and, according to the article, is "an edited transcript of [American Agent & Broker's] conversation [with] Greg S. Thompson, CPCU, president of Thomco, which has been involved in this field for more than a decade."

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"Seniors are looking for accommodations that will enable them to live as independently as possible while providing any supporting services they may need.

ON THE life side of the insurance business, few markets are more coveted than the senior market. But senior citizens these days are buying more than annuities, securities and trust services. They also are looking for comfortable accommodations that will enable them to live as independently as possible while providing any supporting services they may need as they age..."

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Talk about an education! This article is packed full of information on this difficult--and lucrative--class of business. It's long, but keep reading until the end...it's worth it! -Karen, AVRECO

Dispelling the myths of electronic filing

By Ted Baker
Advanced Automation / Dallas, Texas
Agent & Broker Online

"(The following article was adapted from Mr. Baker's presentation at the AMS User's Group convention, which was held in April in Nashville, Tenn.)"

"IN MY 25 years in the insurance industry (in addition to being a consultant, I confess I'm also a recovering producer), I've worked with many agents and brokers seeking to improve their workflow. New technology is often an important part of the effort. To improve workflow, however, agencies must analyze their workflow before making technology decisions. They must also realize what technology can and cannot do..."

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I found this article on electronic filing to be extremely helpful, especially in its clarification on the differences between "electronic filing" and "going paperless." I hope you find it helpful as well! -Karen, AVRECO

Big "I" Disputes OFCC Group Inaccuracies on Optional Federal Regulation of Insurance

June 22, 2005
The Insurance Journal

"The Independent Insurance Agents & Brokers of America issued the following statement from CEO Robert A. Rusbuldt in response to an inaccurate characterization from the OFCC regarding the association's position on Optional Federal Regulation of Insurance..."

Producers In Slugfest Over Middle-Market Accounts

"Superior size helps, but doesn’t guarantee knockout to win over buyers"

By Mark E. Ruquet
National Underwriter

"With producers of all sizes challenged to make up for lost revenue in a rapidly changing marketplace, the battle for middle-market business—however one defines such a target—is becoming something of a free-for-all, industry observers warn..."

CPCU Society Names Dobbs Keynote Speaker for 61st Annual Meeting

June 17, 2005
The Insurance Journal

"The CPCU Society, the professional association for more than 26,000 CPCU-credentialed insurance industry professionals, has named Lou Dobbs keynote speaker for its 61st Annual Meeting and Seminars..."

NAIC Requests Balanced Approached to Insurance Regulation at Hearing

June 16, 2005
The Insurance Journal

"The National Association of Insurance Commissioners (NAIC) testified on Thursday before the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises regarding the impact of the SMART proposal on state insurance regulation..."

Group asks for optional federal charter

by Mark A. Hofmann
June 14, 2005
Business Insurance

"WASHINGTON—A broad coalition of insurers, financial institutions, agent groups and trade associations have written to the Senate Banking Committee in support of an optional federal charter for insurers..."

S&P Conference: With End of Contingent Commissions, Brokers Finds Ways to Plug the Hole

June 14, 2005
The Insurance Journal

"Insurance brokerage executives at Standard & Poor's insurance conference, 'Insurance 2005: Under the Microscope,' expressed confidence Tuesday that brokers would survive the sunset of the contingent-commission era through a combination of higher premium commissions, a broader array of insurance products for their clients, and better alignment of costs and expenses..."

Big 'I' States Opposition to Optional Federal Charter Plan

June 14, 2005
The Insurance Journal

"The Independent Insurance Agents & Brokers of America does not support a proposal to establish an optional federal charter (OFC) for insurance regulation, but continues to support the proposed State Modernization and Regulatory Transparency (SMART) Act legislation, expected to be introduced in the House this summer, according to a statement released today..."

Experts See Volatile Market Ahead

By Sam Friedman
National Underwriter

"Big buyers in strongest position, but price hikes for most head downward"

"To offer readers deeper insights into the trends shaping the commercial insurance market, as well as to give everyone a head’s up on the challenges ahead, National Underwriter assembled a panel of experts from across the industry spectrum for a roundtable discussion..."

Learn More About New Medical Malpractice Legislation from ISMIE

June 14, 2005
ISME

Click the title in order to view the "Highlights of SB 475, Comprehensive Medical Litigation Reform Adopted by Illinois General Assembly May 31, 2005."

Compensation Study Shows More Agencies Hiring Risk Managers

June 13, 2005
The Insurance Journal

"Larger insurance agencies today are more likely than not to employ a director of risk management, a claim specialist and a loss control specialist, according to Business Management Group Inc.'s 2005-2006 Non-Producer Compensation & Benefits Survey..."

AVRECO Medical Professional 3 CE Seminar Makes an Strong Impact

At AVRECO's Medical Professional 3 CE Seminar in Oak Brook, IL, Ted Baran (AVRECO's Vice President of Sales & Marketing) made opening remarks to a roomful of agents from Illinois, Wisconsin, and Indiana. Presenter Fran O'Connell (Shand Morahan) focused on two major aspects of healthcare professional liability: medical malpractice for doctors, dentists and surgeons; and the professional liability exposures of related healthcare services such as labs, clinics, and home health agencies. She spoke at length about new healthcare technologies such as telemedicine, bariatric surgery, life sciences, pain management practices, hospitalists, and internet-based physician services, risk factors associated with these new technologies, and their relative impact on premiums. During a break in the presentation, AVRECO raffled off Cubs and White Sox to two lucky winners, Phyllis Algrim of Connor & Gallagher Insurance Services Inc. and David Petersen of Mortenson Matzelle Meldrum. Seminar attendees were also able to participate in a lively discussion that covered many aspects of Medical Professional Liability. For more information on the seminar, please contact Ted Baran at (312) 294-5623 or tbaran@avreco.com.


Did you miss the seminar? Click HERE to view a brief slideshow of the event.

As EPL Comes Of Age, Smaller Companies Get Insurer Attention

"Despite lack of HR departments, small firms might actually be better risks"

By Steve Tuckey
National Underwriter

"Employment practices liability insurance is not just for big companies anymore. Indeed, a recent announcement of price reductions of up to 40 percent by NAS Insurance Services in Encino, Calif., created some buzz that the under-500 employee market for EPLI coverage consists of much better risks than once imagined..."

Healthcare Technology's Impact on Medical Malpractice

Authors: Kristin McMahon, Special Counsel, Kerns, Pitrof, Frost & Pearlman; Jack McCarthy, President, Risk Management Foundation of the Harvard Medical Institutions; Robert W. Goodson, Esq., Partner, Wilson, Elser, Moskowitz, Edelman & Dicker, LLP; Joshua Stein, Chief Underwriting Officer, OneBeacon Professional Partners; Dianne O’Donnell, Vice President, AVRECO; Karen Zyck, Editor, AVRECO

"The impact of technology on healthcare, from the standpoint of both doctors and patients, has clearly been a positive one. For many, advances in the understanding and treatment of operable diseases have meant a second chance at life. New and simplified procedures enter the medical field almost daily, often with the added benefit of increased hospital productivity and ease of surgical performance. Put together, these advances should lead to fewer patient deaths or hospital-related injuries and an overall decrease in physician and surgeon error. So why aren’t we seeing a corresponding decrease in medical professional liability premiums? A recent panel discussion at the annual Crittenden conference aimed to analyze the current state of healthcare technology and to assess its impact on medical malpractice premiums..."

Wharton Study Finds Agents, Brokers Play Critical Role in Buying Process

June 8, 2005
By Andrea Ortega-Wells
The Insurance Journal

"Profit-based contingent commissions align the interests of independent agents and brokers and the insurer so that correct pricing of policies is achieved, thereby alleviating adverse selection, reports a new study by two Wharton School of Business scholars. (Click here to download the full study [PDF Format]). The research was conducted in response to recent investigations into brokering practices that allege contingent commissions are anti-competitive and detrimental to insurance buyers..."

Insurance Educators Create New Professional Training Designation

June 7, 2005
The Insurance Journal

"The Society of Insurance Trainers & Educators has created the Insurance Training Professional (ITP) designation in order to recognize excellence in professional trainers. The designation recently announced to the SITE membership requires both training and insurance knowledge..."

AVRECO Adds EPLI Online Rating Capability

June 1, 2005
The Insurance Journal

"Chicago-based wholesaler AVRECO announced that retail agents can receive fast, online indications for employer practices liability insurance risks..."

Study Reports Medical Malpractice Payouts Rise Only 4%; Doctors Go to Cap States

June 1, 2005
The Insurance Journal

"Contrary to popular belief, growth in malpractice payments was consistent with increases in health care spending between 1991 and 2003..."