Practice management

A failure to process claims in a timely manner and a failure to use compliant policy forms top the list of complaints filed in the P&C and life/health insurance markets, according to Wolters Kluwer Financial Services. Other continuous challenges cited were a failure to properly embed regulatory requirements into claims, underwriting and distribution processes.

In a follow-up post, Steve Kloyda talks further about the art of prospecting. Do you agree with his thoughts? Your success in sales starts and ends with prospecting Skeptics say that prospecting is dead. It’s not. And it never will be. The decision to prospect is yours alone. Yes, the old way of selling has changed, but prospecting continues to be the foundation of all successful businesses and salespeople. So what is prospecting? …

Although concerned about challenges in the business environment, brokers and consultants are confident they will find a variety of ways to prosper, according to MetLife’s Broker and Consultant Study released last week.

For many advisers, adapting to market changes is very difficult. The reality is that it’s always been necessary, but now it is absolutely essential. In fact you need to embrace change and also be a catalyst for change. At my company, we started examining our value proposition several years ago. We recognized that we needed to bring greater value to our client relationships and that we needed to be more strategic in our thinking. We…

Middle-income baby boomers, those earning between $30,000 and $74,000, are vastly underserved in terms of preparing for retirement, according to a new Insured Retirement Institute report, “Middle-Income Boomers and Retirement: Tapping the Significant and Underserved Middle-Income Market.”

The fall open enrollment season is around the corner, and HR professionals are beginning their preparations for this busy time of year. One piece of the open enrollment puzzle that should not be overlooked is communication. In fact, I can make an argument that communication is the most important part of an employer’s overall open enrollment efforts. …

Forty-two percent of workers are living paycheck to paycheck – another reason clients have to help employees wring maximum value from their compensation.

According to a new LIMRA report, “Voluntary Worksite Benefits: Penetration and Market Potential,” almost one-third of all employers are considering offering new voluntary benefits to replace existing benefits that are paid entirely or in part by the employer. This would potentially affect between 19 million and 45 million employees over the next two years, LIMRA estimates. Interest in voluntary is particularly high among large organizations (1,000 or more employees); half of these firms show interest in transitioning their existing benefits to voluntary.

In today’s BeAdvised, Bob Arnoff blogs about ethical concerns for brokers and advisers around the new health care reform bill. How are you preparing for the switch? What do you plan to do about the dilemma he talks about?

As a result of Standard & Poor's decision to lower the United States’ credit rating, it lowered to 'AA+' from 'AAA' its long-term counterparty credit and financial strength ratings on the member companies of five U.S. insurance groups.

The U.S. IDI market saw a significant drop in premiums between 2008 and 2009, and while that drop continued between 2009 and 2010, it was far less severe, according to global consulting and actuarial firm Milliman Inc. Even with the premium drop, there is an underlying strength in claim experience and overall profitability, Milliman concludes in its annual IDI market survey.

What does being a benefits adviser mean to you? EBA wants to spark your creative thinking — and recognize you for your effort.

Default retirement options can be a good thing; they give employees a chance to gain benefits without having to stress over choices. But, they can also be a bad thing; not all default options fit individual employees’ long-term goals or plans.

Applied Systems, an insurance technology company, is providing a forum where insurance professionals can engage in conversation about insurance, technology and related topics through its blog: http://blog.appliedsystems.com.

It’s the Super Bowl of benefits communications as companies work feverishly to develop and distribute newsletters, booklets, websites, calculator, videos, etc. to inform employees about benefit changes and enrollment deadlines

The U.S. wealth management industry has responded to the economic environment much like a surfer would at high tide, seeking opportunities for lift during the storm. If the economic downturn of 2008-2009 could be compared to low tide, 2010 looked to be the year waves might once again crest to a high point. The wealth manager’s ability to recover was short-lived, however, when a flash crash on May 6, 2010 caused the Dow Jones Industrial Average to plunge 900 points, only to recover within minutes.

The passage of the Patient Protection and Affordable Care Act was the wake-up call our industry needed. On March 23, 2010, brokers woke up to realize that our livelihood could be wiped out with a swipe of the President’s pen. However, for far too long, many of us were reluctant to face the other threats that existed on traditional business practices. …

Recently, Mark Lacher was asked to present in a sales seminar for a client. But before he began , several people asked, “Why are you presenting to us, aren’t you in insurance?”

Despite a down economy, customers are willing to pay for more quality from their health insurance providers, according to a recent survey. In fact, close to 50% of those queried say they are willing to pay more for quality customer service.

With social media so pervasive in our daily lives, it’s easy overlook the fact that enterprise-ready tools to help companies capitalize on the technology are still nascent.