News
More claims send home insurance costs up
It seems Mother Nature has unleashed her ire on Oklahoma over the past few years, pummeling the state with tornados, hailstorms, wildfires, blizzards and now earthquakes, of all things. Some home insurance policy holders, in turn, find themselves being hit with higher insurance rates. One Tulsa World reader noted how his homeowners insurance was increasing from $856 to $1,501 a year due to the rise in nationwide disasters, as his insurance company explained to him. While there is no way to quantify what percentage homeowners' insurance has...
read moreSmall Business Owners Trust Independent Insurance Agents
SMALL BUSINESS OWNERS TRUST INDEPENDENT INSURANCE AGENTS AND COMMERCIAL INSURANCE CARRIERS SIGNIFICANTLY MORE THAN OTHER FINANCIAL SERVICES BUSINESSES New Study Also Concludes that Trust is a Key Consideration When Small Business Owners Select a Property and Casualty Agent and Carrier WORCESTER, Mass. (November 10, 2011) – The Hanover Insurance Group, Inc. (NYSE: THG), a leading provider of property and casualty insurance products nationwide, today announced the results of a new survey that demonstrates small business owners trust...
read moreIt’s A New Comic, Charlie Brown! ‘Real Time Eddie’ Debuts In His Own Cartoon Series
PEARL RIVER, NY (October 18, 2011) — "Speed," a new cartoon series featuring independent agency system mascot Real Time Eddie, debuts this month. Through online and print ads in insurance trade media as well as in email messages, postings on Eddie’s own Facebook page and blog, and trade association publications, the cartoon series invites independent agencies to look for the newest opportunities for real-time connectivity. The new comic strips feature the Real Time Eddie character-created in 2007 by the...
read moreStudy: Improved Fire Protection Could Mean Insurance Savings for Oklahoma Homeowners
If Oklahoma communities improve fire protection services it could result in major savings on homeowners’ policies for local families, according to presenters at a recent legislative study. “There are some very basic things that communities can do to improve their fire suppression rating, which would also improve the cost of homeowners’ insurance,” said state Rep. Joe Dorman, D-Rush Springs. “Too many Oklahoma communities are currently rated poorly and there is much room for improvement.” ISO, a private entity in the insurance...
read moreBig “I” Study Suggests Industry May be on Road to Recovery
Best Practices Study shows profits held constant and minor organic growth improved. IIABA announced today the release of its 2011 Best Practices Study, which found that organic growth improved, albeit modestly, and profitability held constant across most of the study’s six revenue groups. “The results of this year’s Best Practices Study indicate good news after several years of negative growth, shrinking profit margins and declining agency values,” says Madelyn Flannagan, Big “I” vice president of agent development, research and...
read more4 Overlooked Documentation Errors That Can Cause E&O
For years, E&O seminars have focused on the issue of documentation. This is primarily due to the premise that the quality and depth of file documentation is a major factor in determining which direction an E&O claim goes. Solid documentation can literally stop a potential claim in its tracks while poor documentation may hurt your agency defense more than you can imagine. Most agencies have an expectation for documentation. Is this expectation actually documented and thoroughly known by all staff? It should be if you truly want to...
read moreISO HO 2011 Program State Approvals—New Webinar Explains It All
Register for the Nov. 2 education session today. The ISO HO 2011 program has been approved in all states, except Alaska, Connecticut (effective Feb. 1, 2012), Florida, Hawaii, Louisiana, Maryland, Massachusetts, Minnesota, New York, North Carolina, Oklahoma (effective Nov. 1, 2011), Pennsylvania, Puerto Rico, Texas, Virginia, and Washington. All of the listed states are still on the ISO HO 2000 program, except for Pennsylvania and Washington, which have special programs, and Puerto Rico and Virginia, which are still on the ISO HO 1991...
read moreOAA introduces welcome page on Facebook
OAA rolled out their new welcome Facebook page today. Please take a moment to visit our page, and give us a thumbs up! Be sure to check out why agents are joining…more commissions, more bonuses and more markets. http://www.facebook.com/pages/OAA/189243281137790
read moreAlliance Forms Partnerships For Success
For Tony Caldwell, Ken Anderson and Chris Torres, the recession has been good. So good, in fact, that the pair and their company, the Oklahoma Agents Alliance, is planning to expand – this after billing more than $142 million in premiums this year. “Our growth rate has outstripped even our own optimistic early projections,” said Caldwell, OAA owner and partner. “We have enjoyed an average annual compound growth rate of 31 percent over 10 years, and that’s been through some of the hardest economic times the...
read moreNCCI: Workers Comp Claim Frequency Up in 2010
Claim frequency for workers compensation injuries increased 3% in 2010, marking the first increase since 1997. Although claim frequency is up, the good news is that NCCI Holding’s latest data reveals that the growth in average indemnity and medical cost per claim slowed in 2010. 2010 Overall Trends * Claim frequency for lost-time claims in Accident Year (AY) 2010 was 3% higher than in AY 2009, according to preliminary estimates. Prior to this year’s uptick, claim frequency had been declining at an average rate of 4.3% per year...
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