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Earlier quoted context omitted.
Who cares? It's just business.
Investors for one, I get annoyed at overly generous executive pay because it costs me money.
I wonder which part of the business they laid off those folks from. The article doesn't say. In general, there are 3 main parts of an insurance company that are "in house": underwriting, claims, and accounting. Accounting isn't really something that can be automated or outsourced. You can't automate claims, but you can outsource. You can automate/outsource _some_ underwriting and/or parts of the underwriting process.…
All I see in the article is the discussion of "profits". I would think the PR department could come up with something about "trying to keep costs competitive for our customers" or something like that. Instead they're telling California and Florida customers to take a hike ... along with 11% of their employees. When is the last time we heard a company enact a company-wide, 50% cut in officer's salaries and a freeze on…
All I see in the article is the discussion of "profits". I would think the PR department could come up with something about "trying to keep costs competitive for our customers" or something like that. Instead they're telling California and Florida customers to take a hike ... along with 11% of their employees. When is the last time we heard a company enact a company-wide, 50% cut in officer's salaries and a freeze on…
I hate to be that person, but this is the future. Because of climate change, more of our country is barreling towards "uninhabitable". It's not Farmers fault that we released too much CO2 and now wildfires and hurricanes are way worse and getting even more worse. If the people of California and Florida want insurance so they can build matchbox houses in high risk disaster zones, then they can start a public insurance…
This has always been the case in Florida. Insurance simply costs more to compensate for risk. Flood insurance is separate in the US (and very costly).
California might have more to do with the regulatory and legal environment.
> now wildfires and hurricanes are way worse and getting even more worse.
What happened to the climate/weather distinction? So, every hot day and hurricane is evidence if the earth warming? Every cold day and blizzard is a temporary local weather event, not indicative of the long term trend?
I really don't think an insurance company should have 24,000 employees. Even 240 employees sounds like too many to me. They serve 10 million customers. Nearly every customer should be able to use an entirely automated online form for signing up and for making insurance claims. Claims should be settled entirely with the customer uploading a 1 minute video showing what damage occurred, plus the bill to fix it. Assume 1…
You seem to have found an edge in the insurance business, which will enable you to offer more competitive premiums and win business from existing insurers. Best of luck!
All I see in the article is the discussion of "profits". I would think the PR department could come up with something about "trying to keep costs competitive for our customers" or something like that. Instead they're telling California and Florida customers to take a hike ... along with 11% of their employees. When is the last time we heard a company enact a company-wide, 50% cut in officer's salaries and a freeze on…
I mean I rather companies just be more clear and simplistic w/ their language.
I really don't think an insurance company should have 24,000 employees. Even 240 employees sounds like too many to me. They serve 10 million customers. Nearly every customer should be able to use an entirely automated online form for signing up and for making insurance claims. Claims should be settled entirely with the customer uploading a 1 minute video showing what damage occurred, plus the bill to fix it. Assume 1…
> Claims should be settled entirely with the customer uploading a 1 minute video showing what damage occurred, plus the bill to fix it. And your plan for when clients are unwilling or unable to conform to your idealized filing process would be what? Simply don’t reimburse them? Or when they’re unsure what’s covered ? Or have some other question that’s urgent and not covered by an online FAQ? It’s a highly regulated i…
I really don't think an insurance company should have 24,000 employees. Even 240 employees sounds like too many to me. They serve 10 million customers. Nearly every customer should be able to use an entirely automated online form for signing up and for making insurance claims. Claims should be settled entirely with the customer uploading a 1 minute video showing what damage occurred, plus the bill to fix it. Assume 1…
> Claims should be settled entirely with the customer uploading a 1 minute video showing what damage occurred, plus the bill to fix it. And your plan for when clients are unwilling or unable to conform to your idealized filing process would be what? Simply don’t reimburse them? Or when they’re unsure what’s covered ? Or have some other question that’s urgent and not covered by an online FAQ? It’s a highly regulated i…
All I see in the article is the discussion of "profits". I would think the PR department could come up with something about "trying to keep costs competitive for our customers" or something like that. Instead they're telling California and Florida customers to take a hike ... along with 11% of their employees. When is the last time we heard a company enact a company-wide, 50% cut in officer's salaries and a freeze on…
If someone said I’m going to start free climbing the tallest buildings in the world - but I need insurance - the company will tell you to get lost because the risk outweighs the reward. This is what insurance companies are doing all over the place (fl/ca) because those environments are truly becoming uninsurable.
But then people are shocked and awed when the situation happens with them. Why? An insurance company is not a charity it’s just a profit engine. Don’t get mad at the dog for barking at the mail man :)
I really don't think an insurance company should have 24,000 employees. Even 240 employees sounds like too many to me. They serve 10 million customers. Nearly every customer should be able to use an entirely automated online form for signing up and for making insurance claims. Claims should be settled entirely with the customer uploading a 1 minute video showing what damage occurred, plus the bill to fix it. Assume 1…
Well, when you have claims involving million, you probably want to spend more then 10 minutes investigating a claim. Insurance fraud is a real thing. Otherwise I agree, there is likely a lot that can be done to make the processes more efficient.
It just doesn't make sense to spend more than 10 minutes on them.