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Go Back   FZ1OA Message Board > FZ1 & Fazer Owners Association > "Off Topic" Discussion

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Old 05-11-2018, 07:40 PM   #21
isleoman
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I'm part of a family of impotent wussies that can't change a tire so my Mommies' only option for us is Liberty Mutual.

Not really.


If you haven't seen their commercials in front of the Statue you won't get my dis of the company for their dis of the American male child. Terrible company dumped them this year and save about a thousand.
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Old 05-12-2018, 08:01 AM   #22
Duken4evr
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Time for a full no holds barred stream of consciousness expose of the insurance industry from a long time industry insider. Sorry if I offend anyone with my little tirade, but the non politically correct unvarnished truth hurts sometimes. Here we go...

I was a at a continuing education insurance seminar all day yesterday - need the credits from it to maintain my WY property adjusting license. This has occurred to me before, but it came into sharp relief yesterday, as this was a really big conference. There were probably 500 people in the room, 80% of them women. The vendor saleswomen were all moderately to pretty hot looking, as physical attractiveness is a requirement to be a female in sales. Of the insurance carrier employees present, there was one bonafide fit and trim hot chick, one pretty attractive woman, and the rest I saw during my causal and non exhaustive survey were 50 pounds or more overweight plain Jane cubicle drone walking houses who have clearly given up. The men present were not any different - a typical "insurance crowd".

You see, the insurance industry tends to be populated by people that are at about the same level as your average cubicle dwelling government bureaucrat. The only people that are seemingly alive at all are those who do front lines field claims work - we climb high roofs, we crawl in crawl spaces, deal with sometimes pretty salty contractors. It is a pretty varied job. I worked at a company of almost 4,000 people and it was well known at the highest levels that I was the "motorcycle guy". Apparently, in an organization populated by people who have no spine, someone who dares to ride is a real oddity. I was also an oddity as I care about my diet and fitness. Wow right?

The Underwriting side (the one we are discussing in this thread) is even worse - overwhelmingly populated by pasty risk averse people who have completely given up on life. Comfortably numb in their secure decent benefits but lowish paying cubicle dwelling jobs, beaten down and hassled by micromanaging miserable wenches who have clawed their way up to the middle management level which comes with the prestige of a small "hard office" with a door. These middle management doormats have no power though, it is the executives overseeing this sad sack of a kingdom, one awash in quite a bit of money, that call the shots. I have experienced the imperious dismissiveness firsthand from people I used to know back in the day, that sold their souls and rose to higher levels in the kingdom, who now truly believe they are all that, and their sh%t doesn't stink.

The insurance industry is a large slow moving fat with cash whale led by unimpressive people who tend to grossly overestimate their abilities. It should come as no surprise the industry is under constant attack by nimble, clever and aggressive forces that are working against it and succeeding in relieving it of large amounts of cash. Aggressive roofing contractors, public adjusters pushing bogus property claims, aggressive plaintiff attorneys kicking the industry's ass and obtaining large jury verdicts in injury cases using what is known as the "reptile theory" appealing the juror's most basic instincts. Meanwhile, the industry generally cheaps out on it's defense attorneys, getting what it pays for, penny wise and pound foolish. No high powered attorney with a brain is going to be working as "house counsel" for a carrier - a place for sub par attorneys to hide out and slowly die under a crushing caseload. The outside defense firms are better, but the good ones won't do a lot of carrier work as the carriers use a company called "Bottomline" which reviews their bills (already at a below market per hour rate) and hassles them for alleged overages.

Personal lines insurance is a pretty effed up industry. It needs men who have a pair, women who are strong, to say enough of this BS. It needs to pay it's defense attorneys and to fight for you, the policyholder, instead of rolling over constantly and overpaying 3rd party injury claims to make them go away. All too often, when it does choose to fight, the carriers get their butts kicked in the courtroom because their defense team sucks. Sometime cases are severe and worth the policy limit early on, but they don't get settled because underpaid overworked and incompetent handlers crap in their pants and/or are micromanaged to death with long to do lists, instead of given settlement authority. An extreme example of this - in my office, back in the pre computer era, I literally heard of a "bad" file being hidden in the ceiling tiles by it's adjuster. He freaked out, so he literally buried it, hoping it would go away. Naturally, truly bad and deserving cases do not get better with time. The acoustic ceiling tile finally let go under the file's weight, and that is how they found it, fortunately in time to do something with it! That guy got fired, a brand new trainee, I was his replacement and the year was 1988. Good times!

The insurance industry needs to use it's considerable resources to push for legislation and change their tactics and kick some ass to make the cost of insurance lower for all of us, instead of the current regimen of getting it's impotent and incompetent ass kicked, and then passing the cost along to consumers. The industry's opponents are pushing for and have passed legislation that is beneficial to them but counter to society's interests. It has been awhile since I have heard of the industry sponsoring legislation to turn back this tide.

Given the harsh reality of the current claims environment in many states, there are a growing number of companies who really don't want to do personal lines auto and homeowner insurance anymore. As I mentioned in my earlier post, Florida is a pit of Hell insurance claims environment, but other states are drifting in that direction too. Colorado where I live is going downhill fast. The large companies still participate in the market, but for more than a few of them, their real heart and soul desire is being your financial services company, not your personal lines insurance company. They want to sell you life insurance and manage your investments, not insure your house and car. This trend probably explains some of the rate increases too - if a company does not want the business, it raises the price and hopes fewer will sign up.

The insurance companies really do not want or even need your auto, homeowners business, and for sure they don't give a rat's ass about minuscule revenue from motorcycles, boats and RVs - they really don't. They make their money investing their large wad of "reserve" assets, and pay out more in claims than they receive in premium, which is expressed as the "combined ratio". The combined ratio can typically be 1.15 or so. Imagine you run a business that pays out 15 cents more on every dollar than it takes in via premium. How excited about that are you about that really? Lets say you run an insurance company that is 100 years old that accumulated a multi billion dollar asset horde over several generations from market growth. Wouldn't you prefer to simply invest that endowment horde, dabble in managing the investments of customers so you have something resembling a purpose in life, and participate less in the stressful, aggravating and money losing actual work that comes with the auto and homeowners insurance business? You could then go about your work managing a sleepy unassailable financial empire in granite encrusted beautifully hushed fancy luxurious office building splendor, on a pretty piece of land. Sounds like a good gig, and I can think of one carrier that fits this behavior to a "T" and not too subtle of a hint, they insure military and their families.

Don't get me wrong, these companies are not going out of business - for many the income thrown off from that generational asset accumulation more than covers the "loss" of their doing business, but let's face it, doing that business is just plain aggravating, so why bother? There were some younger companies (Progressive Insurance is a good example) that teetered during the financial crisis. They didn't have the gigantic unassailable wad that the ancient carriers have.

Some of the carriers have cut or simply allowed claim staff size to go down via attrition, with fewer and generally burned out staff people to handle claims from business they really don't have their heart in. Carriers value customers who pay premium and do not make claims. Of course they are happy to take your money, until you become a "problem" and make a claim. I experienced this myself. My rates with GEICO went up 2K a year after I made a $4,000 claim for hitting a deer with my new truck. I had been with them for 14 years, claim free. I shopped around and State Farm was a good fit, a bit cheaper than GEICO was before they set my rate quote on fire. Clearly, GEICO did not want my business. I expect State Farm will treat me the same if I make a claim with them. The lesson? Do not make small claims and keep an eye on your rates if you do have to make a claim.

As a retired insurance adjuster who survived the front lines for all those years, now working as a self employed independent adjuster, the trend toward less interest in participating in the actual auto and homeowners business is great, as I fill a need for carriers, who hire me as a non benefits but good hourly rate on demand 1099 independent contractor to take up the slack. Fortunately my retirement package includes health benefits due to my excruciatingly long 29.5 year (just could not quite manage that last 6 months) tenure. The job paid OK but the fringe benefits were good, so I hung in there. Just sitting here on my pension and health benefits, happily feeding off scraps from that big stupid insurance whale at a good hourly rate.

Had the opportunity early in my career to go the "Home Office" exec route back in the 90s. Could have sold my soul back then but didn't, and that decision served we well as I got to live life on my terms, choosing to live where I wanted to live, to do what I wanted to do, which did come at a cost of course, but like so many things that are arduous but pay off in the end, it was worth it. That "wrong" decision to not chase the corporate brass ring is also serving me me well now, as it gave me a load of front line experience to apply to this new independent endeavor. Damn, I earned this...

Wow. 30 years in the industry, I guess I had some "buildup". I feel so much better now, like I just took a big fat dump.
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Last edited by Duken4evr; 05-12-2018 at 02:23 PM.
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Old 05-12-2018, 10:41 AM   #23
scubadoguk
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I had State Farm for years and years, mainly for the lower cost on my bikes. Recently (about 2 years ago), I shopped around and got quotes from the insurance broker my sister uses. I'm literally paying less than what I was with State Farm, and I have MORE coverage. I now have Travelers for home & 3 cars, and Safeco for my bikes.

My recommendation is to shop an insurance broker, not one single carrier. The broker can compare rates from multiple carriers for you.
State Farm dropped us after 40 yrs because we had 2 claims for water damage, one a o-ring that went in a washing machine that was a fault at the factory. second for a broken pipe in a concrete floor.we paid the deductible but still got dropped. we now have a much higher premium with another carrier that has all our insurance bundled. So I would say stay away from State Farm
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Old 05-12-2018, 12:07 PM   #24
theunderfighter
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Originally Posted by Duken4evr View Post
Wow. 30 years in the industry, I guess I had some "buildup". I feel so much better now, like I just took a big fat dump.
Beautiful as always Craig.
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Old 05-12-2018, 02:04 PM   #25
Duken4evr
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Beautiful as always Craig.
I feel like I just wrote my work memoir!

Thanks for reading all that
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With experience of a tortured youth, we turn up the music and go in search of the truth.

Wise man said - "Don't go bagger too soon".


Get your FI maps right here:

http://www.mediafire.com/download/nr...1_Map_Pack.zip

Akra full exhaust mindless stationary rev out Video: http://www.youtube.com/watch?v=w5UNYBqHd7M
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Old 05-12-2018, 06:54 PM   #26
okaugust
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You should be in tech, if you want to feel better about your job.
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Old 05-13-2018, 09:03 AM   #27
Duken4evr
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You should be in tech, if you want to feel better about your job.
I have dirt bike riding friends who are Sales Engineers who were both stream rollered when Oracle bought their companies. They make good money, but have no job security.

IT does sound rough. Two quarters to make quota and then pack your bags. Brutal, as a good sized sale takes awhile to bring to fruition. My career was more of a slow death by 1,000 cuts
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With experience of a tortured youth, we turn up the music and go in search of the truth.

Wise man said - "Don't go bagger too soon".


Get your FI maps right here:

http://www.mediafire.com/download/nr...1_Map_Pack.zip

Akra full exhaust mindless stationary rev out Video: http://www.youtube.com/watch?v=w5UNYBqHd7M
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