Liberty Mutual to Phase Out 8 Regional Insurance Brands

Liberty Mutual Insurance announced it is planning to retire its regional brands in 2013 to focus on the more recognizable Liberty Mutual brand.

“We’re retiring the brand names of our eight commercial lines regional companies that sell exclusively through independent agents so we can use the Liberty Mutual Insurance brand name in all markets,” Liberty Mutual Insurance spokesperson Chris Goetcheus told Insurance Journal. Read more..
(Ref: Insurance Journal, Jan 10, 2013)

Kobylowski Confirmed as N.J. Commissioner of Banking and Insurance

Kenneth Kobylowski, who has been serving as acting commissioner of New Jersey Department of Banking and Insurance for the past one year, was recently confirmed by the State Senate to be the new commissioner. Kobylowski has been serving as the acting commissioner since February 2012 when then-commissioner Tom Considine left the post to become the chief operating officer of MagnaCare, a health plan management company. Read more..

(Ref: Insurance Journal, Jan 3, 2013)

P/C Insurers’ Loss Reserves Continue to Surprise Analysts

Analysts at two rating agencies, Fitch and Moody’s, believe property/casualty insurers’ prior-year loss reserve takedowns will continue to outpace reserve additions in 2013.

The analysts spoke about P/C industry reserving trends as they reviewed their year-end outlooks and 2013 forecasts with Insurance Journal recently. Read more.. 

Ref: (Insurance Journal, Dec 27, 2012)

New Insurance Laws Taking Effect in 2013..

With 2013 just around the corner, a number of states are preparing to implement new insurance-related laws. Insurance Journal highlights some of the changes that will take place around the country. 

CALIFORNIA

In 2013, the California workers’ compensation benefit delivery system will undergo regulatory changes as part of SB863, the Workers’ Compensation Reform Package, which was passed in the 2012 legislative session. Read more...

(Ref: Insurance Journal, Dec 19, 2012)

Build A World-Class Insurance Sales Culture..

Selling insurance isn’t like it used to be. Not many people just walk-in or call ready to do business anymore. And when they do, they expect more – more knowledge, more professionalism, more choices, a good deal, or a better price. If your agency doesn’t have a world-class sales culture built into it, then it’s set up to fail.

So how do you build a world-class sales culture? Here’s a step-by-step mini guide to help get you started:

Step 1. Identify Agency VALUES
Step 2. Make Sure Everyone Knows
Step 3. Incorporate Those Values into Sales Calls
Step 4. Set Up Measurable Goals
Step 5. Set a Deadline
Read In Detail..
(Ref: Insurance Journal, Dec 13, 2012 )

Free vaccine program by GlaxoSmithKline..

GlaxoSmithLkine the British drug maker said Monday it is launching a U.S. program for adults who don’t have health insurance, to receive free vaccines.
Low-income adults who meet eligibility requirements will be covered by the program. Vaccines included are, whooping cough, diphtheria, tetanus and hepatitis A and B. For women Cervarix will also be included for those women ages 19 through 25. Read more...
(Ref: USA Insurance News, Dec 6, 2012)

Liability Insurance Shows Signs of Deteriorating Performance: Conning

The benign period for liability insurance results may have run its course. Current trends in loss frequency, tort filings, and reserve releases suggest that an inflection point may have been reached, according to a new study by Conning.

“The U.S. liability insurance front has been relatively quiet in recent years,” said Jerry Theodorou, analyst at Conning. “Decreasing loss frequency and an ample reserve position have supported satisfactory results even in the face of falling premium rates in the past decade’s soft market. Our analysis indicates, however, that the benign period for liability insurance results may be coming to an end. If current trends continue, the tort environment is expected to worsen for the defense bar, with adverse loss frequency and severity trends likely emerging for insurers.” Read more..

[Ref: Insurance Journal Nov 29, 2012]