Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: rocksmopar]
#2761795
04/09/20 08:10 AM
04/09/20 08:10 AM
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Joined: Dec 2007
Posts: 19,968 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,968
Puttin' on the foil in Charles...
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I keep telling my daughter to get in the insurance profession..Such a lucrative business.
How can Allstate give back hundreds of millions and not say the premiums are too high?
What a racket..
Because they're not paying out much in claims right now. Not many people are driving. Claim volume and claim severity has plummeted in the past month.
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761817
04/09/20 09:26 AM
04/09/20 09:26 AM
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Joined: Dec 2007
Posts: 19,968 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,968
Puttin' on the foil in Charles...
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Also, effective today, we're doing the following for 1st responders and health care workers:
- deferring payment of deductibles - free pickup of damaged vehicles at whatever location is convenient for the customer, free delivery of repaired vehicles to their preferred location - free rental vehicles for those policyholders who do not have rental coverage
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761840
04/09/20 10:59 AM
04/09/20 10:59 AM
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RWG75
Unregistered
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RWG75
Unregistered
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Meanwhile, our company went from our usual 6,000 member virtual workforce (including me), to having over 40,000 people working virtually, in the span of 3 weeks. That includes acquiring and configuring the necessary hardware, changing our IT capacity (networks, VPN, etc) to handle the increase, etc. 34,000 additional people in 3 weeks. The IT guys generally hate remote office technology. Some of it is a legit, if outdated, concern about network security. Some of it is a lack of basic support skills. Easier to go up a couple flights of stairs, sit down at the machine and fix the printer connection that walk a user through it. Too often it's just plain arrogant ego because it wasn't their idea. In the same way that the true function of the HR department is to defend the company against it's employees, the true function of the IT department is to defend the corporate network from the users. Neither of them exist to be helpful to the average employee. I used to work for a call center hardware OEM. As our management tools shifted toward network based solutions I had to work with a lot of IT departments at a lot companies in a lot of industries. My experience with them was pretty consistent but some were worse than others and none of them were user friendly. Another fairly common push back is the productivity argument - making sure the worker bees are in the hive when they're supposed to be AND actually making honey. It's also nothing that can't be addressed by management doing their job. I've been out of it for at least 10 years and when I left the technology to record everything happening in your cubicle existed and I installed some of it and took note of how little of it actually got used. I've busted more slackers getting over while being bored enough to play with the systems for a couple hours when baby sitting new installs than the entire supervisor staff did all day. Telecommuting can be great for the company, the employee, the customers and the environment. I'd like to hope that those lessons can be learned during this plague and that it leads to a new normal. I have serious doubts about it happening.
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: ]
#2761846
04/09/20 11:06 AM
04/09/20 11:06 AM
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Joined: Dec 2007
Posts: 19,968 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,968
Puttin' on the foil in Charles...
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Another fairly common push back is the productivity argument - making sure the worker bees are in the hive when they're supposed to be AND actually making honey. It's also nothing that can't be addressed by management doing their job. I've been out of it for at least 10 years and when I left the technology to record everything happening in your cubicle existed and I installed some of it and took note of how little of it actually got used. I've busted more slackers getting over while being bored enough to play with the systems for a couple hours when baby sitting new installs than the entire supervisor staff did all day. The dirty little secret? Your average-to-excellent performers tend to work more when they work from home, not less. Employers will never acknowledge that, but it's true. The slackers will do less, which is to be expected. That's why effective leaders root out slackers and performance manage them. They either improve and stay, or they don't and go.
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761915
04/09/20 01:27 PM
04/09/20 01:27 PM
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Joined: Jan 2003
Posts: 3,923 Richmond, Indiana
19swinger70
master
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master
Joined: Jan 2003
Posts: 3,923
Richmond, Indiana
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When we are all permitted to go back to our normal lives, they will claim that there has been a spike in auto accidents, and jack everyone's rates up 50%.
1970 340 swinger. sublime 1967 barracuda fastback BB 55 Plymouth Project
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: 19swinger70]
#2761917
04/09/20 01:32 PM
04/09/20 01:32 PM
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Joined: Dec 2007
Posts: 19,968 Puttin' on the foil in Charles...
not_a_charger
Mr. Big Shot Moparts Moderator
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Mr. Big Shot Moparts Moderator
Joined: Dec 2007
Posts: 19,968
Puttin' on the foil in Charles...
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We absolutely expect a short term spike in accidents. The roads are going to be jammed with impatient people who have been cooped up for a month or more. It won't be a trend, and any carrier smart enough to recognize this for what it is...a chance to earn new customers...is going to rate accordingly, meaning they aren't going to raise rates because of this. Also, if you're a good customer, the last thing they want to do is jack your rate after something like this and risk losing you. Customer retention is king. Then again, what would I know, right?
Earning every penny of that moderator paycheck.
DBAP
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: not_a_charger]
#2761949
04/09/20 03:09 PM
04/09/20 03:09 PM
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Joined: Jan 2003
Posts: 3,427 PA
PLATINUM6BBL
master
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master
Joined: Jan 2003
Posts: 3,427
PA
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The most valuable customer an insurer has is a current customer. Refunding premiums as a goodwill gesture will absolutely generate goodwill and reduce the chances of an existing customer shopping around. Also, the rates we pay are based on underwriting data that cannot and did not account for the current situation. As a result, everyone is overpaying a bit.
One other thing...the carriers who were already very profitable (most notably, my employer) are very likely going to cut rates in the next few months in an attempt to take business away from the competition. State Farm is terrified right now, as they have been bleeding market share for years, and they are terrible at underwriting, but the are going to have to give premium refunds anyway, and they know that even though they are going to do it, Geico and us are going to come after their customers harder than ever, and they can't stop it. I wish we could find an insurer that wasn't so dang expensive. Have 7 vehicles insured and costs are around 1100 a month with State Farm. Unfortunately they were the lowest of all that were checked.
1969-1/2 A12 LOH Road Runner A4 w/ M6S 13.34 at 104 PSMCDR 9/06 in Mopar Action 8/07 12.95 at 105.94 F.A.S.T. 11/06
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Re: Allstate/ Liberty Mutual et al to give refunds of 15%
[Re: tboomer]
#2762002
04/09/20 06:35 PM
04/09/20 06:35 PM
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Joined: Dec 2009
Posts: 20,647 in a cattle trailer down by th...
Guitar Jones
Paddle faster! I hear banjo music!
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Paddle faster! I hear banjo music!
Joined: Dec 2009
Posts: 20,647
in a cattle trailer down by th...
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$50/vehicle would leave me with a $22/month premium. I'm good with that, even if it is just one month.
"Follow me the wise man said, but he walked behind"
'92 D250 Club Cab CTD, 47RH conversion, pump tweaks, injectors, rear disc and hydroboost conversion. '74 W200 Crew Cab 360, NV4500, D44, D60 and NP205 divorced transfer case. Rear disc and hydroboost conversion. 2019 1500 Long Horn Crew Cab 4WD, 5.7 Hemi.
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