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This book presents the results of research on the reasons for individual life and health insurers have not been very successful in the sale of pesticides in the environment market. The author concludes that the main obstacle to the success of the new heavy company, which believes it is very treatable! It introduces the concept of RAD – Rapid Assessment & Delivery – significantly reduce business costs and delays between the time request. . . more>>
Insurance Coverage for All — And How Insurers Can Afford to Provide It
Mary was well ahead of its time when she wrote this book, and it is so far ahead of its time even now! Do I have a little profile of her in my own book “The Edge of the expert” because he is the perfect mentor. Insurance companies and managers would be wise to listen.
If you want to know where the insurance industry should be addressed to devour this book. You learn a lot.
Rating: 5.5
But will they buy?
Maria Thomson, FSA, MAAA industry has a service with his new book, “provide insurance coverage for all … and how insurers can provide.” In this small book (88 pages, including notes, you can have it at the end of a session) is a thick book desire to be written. But it is interesting to read a number of different issues and should lead to lively debate and I hope that further analysis. basic philosophy
Thomson is that insurance is a good thing, and we should all have more of it. He has an excellent job of recalling the lines of insurance, where penetration is low, and where larger would be useful, for example, to their target population – for example, workers in the middle class, as the coverage Disability Insurance Plan. The need for insurance is a concept that could benefit from further analysis: All men are created equal, and the need for the type and amount of coverage appropriate for different sections of the population differ from the age composition of the family, marriage, life stage, resources and wealth, access to government social programs and risk tolerance, to name a few. The relative aging of the population, decline in the dependency ratio is a child, increasing the number of two families over the past 20 years and the growth of alternative and more attractive form of investment, it hardly surprising that life insurance has dropped possession. work Thomson
the decrease of the property can be summarized as follows: •
insurance companies have abandoned the middle-market focus on the rich.
• The majority of people inadequate insurance coverage for their needs.
• Sales in the traditional model is increasingly expensive. ·
traditional subscription is slow and costly, making the purchase. This leads to < p> their recommendations for the industry: · Developing products
simple. · Focus on
faster and simpler question of process.
· develop alternative channels such as worksite marketing and bancassurance.
debate on the rise and fall of the market rate was for me one of the most interesting sections of this book. The intriguing question is why the market Flow Assurance, died rather than develop a form of distribution such as Avon, Tupperware or Longaberger models. I want to know more about the financial services market to read, which probably has not met Thomson in the U.S. says it has succeeded in Europe. It has been tried in Canada and some Canadian experience could be useful.
discussion of product development with emphasis on the needs of the target is useful for expanding merit. One of the interesting consequences of focusing on the need for the basic product is that you end up with products rather disorder that do not fit easily into existing “bucket”. ” p> to find ways to offer broader coverage is many households, we must not forget the insurance. According to Thomson, some 52 percent of households own a life insurance group, slightly more than their own, individual life insurance (Table 2 2, p. 14). The proportion of households with life insurance is covered later, if you are 65 (as a proxy for retirees) and those excluded in single-parent households (as a proxy for the “necessity”), which together represent about 34 percent of all households in the census of 1990. Despite its size and the relative importance of life insurance ( and the reference group) market of “Cinderella” of the industry, too often those who come from a more traditional ignored. underwriting and issue life-
group already meets some important criteria that Thomson should be issued to the industry (“a well-protected insurance policy immediately,” p. 9): life group is widely available, the products are simple, and the acquisition and production process is simple and fast. Most employees (and members of these plans as dependents) are now covered with the emission limit guaranteed if the employee meets the criteria to actively work (or no-charge confinement in the cases of nationals). The prices are very competitive with those produced individually subscribed for the same reasons that Thomson’s model describes the costs and benefits of risk assessment. Workers can not gain access through a coverage plan paid by the employer often competitive with unions or professional associations.
So why the insurance group “Cinderella” declaration? Can perhaps because it relies on employers for marketing, and employers have more pressing matters advantages over their heads. Or perhaps it is because insurance companies sell to this group, which is not good work to promote the product or the employer (first sale) or employee (second sale). Or perhaps due to the fact that there are only a small group in the life of the product summer, although there are important innovations in recent years:
· Group Universal Life
• pursue interest accounts (accounts · the acceleration of beneficiaries) of
benefits for the terminal or serious illness.
· portability / Direct declaration on employment termiation.
Although there are questions, I would like to see addressed in detail, Thomson has a useful book stimulating and I recommend you to write all actuaries and non-traditional and the marketing people.
Rating: 5.4