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Do You Have Friday the 13th Insurance?

As you may have noticed, today is Friday, July 13. Friday the 13th is traditionally seen by some better safe than sorry superstitious individuals as a day when one must take care to avoid catastrophe terminal embarrassment certain doom being unlucky. We here at Big I New York are, of course, above such silliness. As a rule, our staff members are stupid reckless confident enough to go on about their lives as if it were any other day.

However, when if the predictable unexpected happens, insurance is there to say I-told-you-so pay for the financial fallout. Here, in no particular order, from the home office in Harpursville, New York, are the top five Friday the 13th hazards and how prudent superstitious individuals and businesses avoid big trouble an eternal curse OMG-what-were-you-thinking accidental loss:

Ladders. Look, if you insure contractors, you know all about New York's scaffold law. Many scaffold law claims involve someone standing on a ladder and suddenly finding himself subject to the earth's gravitational pull in a most unwelcome way. The ladder shifts, it moves, it spins, it does the hokey-pokey, whatever, and a worker falls and gets hurt. But what about if someone walks under the ladder? The ancient Egyptions caught onto this one 5,000 years ago. Fortunately, while many Commercial General Liability insurance policies exclude coverage for an employee falling off a ladder, relatively few exclude coverage when someone tempts fate by walking under one. So far.

How the Insurance Agent Saved Christmas

Photo by mario. Used under a Creative Commons Attribution 2.0 license.

So it's December 23, the last business day before Christmas. Seems like a good time to post something in the spirit of the holiday. I could play the curmudgeon and rant about some of the Christmas music one hears this time of year, but I won't do that (other than to note that the songwriters and performing artists who have given us the song "Last Christmas" have yet to pay for their crimes.) Or I could attempt an inspiring sermon about the importance of peace on insurance disputes and good will toward adjusters. But that would be weird. Or I could jot a few tried-and-true quick lines about the importance of loss prevention at this time of year, lest these guys show up at your door. But, let's be honest here, I'm basically lazy.

And because I'm basically lazy, I've decided to re-post a painful moving piece of poetry I first penned 10 years ago this month and published in IIABNY Insider. The poem tells the story of a character I shamelessly ripped off adapted from a popular work by the late Theodor S. Geisel, known to the masses as Dr. Seuss. I'm flattered that my tripe contribution to holiday literature has been reprinted by organizations such as Big I Virtual University and the Massachusetts Association of Insurance Agents, even as I question their editorial judgment. Apparently, others have found value in my poem as a space filler holiday message.

IIABNY, Google Announce Pending Merger

(April 1, 2016) - Internet giant Google and the Independent Insurance Agents & Brokers of New York (IIABNY) today announced that they intend to merge, positioning the technology company to re-enter the insurance market that it abruptly left earlier this year. Spokespeople for both Google and IIABNY declined to reveal the terms of the deal, citing confidentiality concerns while stakeholders evaluate it. However, it is believed that Google put up at least $10 million in cash for New York’s oldest insurance producer trade association.

Google’s purchase of IIABNY will give the company access to the data and markets of the association’s 1,750 member agencies in the Empire State. The move will allow Google, which announced weeks ago that it was shuttering its Google Compare insurance shopping service, to compete on a wide scale in the property-casualty insurance market.

IIABNY President and CEO Dick Poppa said, “We are very excited to join forces with Google. Their reputation for innovation and excellence, not to mention their ability to track the activities of everyone who goes online, makes them a natural partner for IIABNY and its member independent insurance agencies. We look forward to a very successful relationship.”

IIABNY Chair of the Board Todd Rockefeller noted, “This new venture with Google will give IIABNY and its members access to a wide range of sophisticated technology tools. Independent insurance agencies in New York will now have improved search engine optimization, along with the ability to know what their clients are doing before the clients themselves know.” He added that the IIABNY logo would likely change on a daily basis following the merger.

Neither Poppa nor Rockefeller would comment on rumors that they had been granted Google stock options.

Should Google stockholders and IIABNY members approve the merger, Google would enter into the trade association business for the first time. Industry observers have speculated that Google and IIABNY may launch the largest captive insurer in the U.S. Poppa declined to comment, calling all such speculation “premature.”

“However,” he added, “I must say that, when I retire later this year, I’m really going to miss saying to our members, ‘Happy April Fool’s Day’.”

How To Be a Good Customer

This slideshare deck and Calvin speak for themselves. If you work with customers, you will appreciate this.

Tips from Calvin and Hobbes on how to be a good customer from Freshdesk Inc.

IIABNY, GEICO Launch NY-Only Direct-To-Consumer Sales Channel

(April 1, 2015) — The Independent Insurance Agents & Brokers of New York today announced that it has reached an agreement in principle with insurance giant GEICO to offer customized auto insurance directly to consumers. The new program, tentatively titled the Custom Retro Automobile Program, will go online later this month. It will be the first time that IIABNY, New York’s oldest independent insurance producer trade organization, has offered insurance products directly to consumers.
 
“The success enjoyed by our competitors in the direct-to-consumer distribution channel has not escaped our notice,” observed IIABNY Chair of the Board James D. Sutton. “Clearly, there are opportunities in today’s marketplace. IIABNY would be remiss if it failed to pursue them.”
 
The program will be available on a new web site, www.nycarz.com. Consumers who prefer the do-it-yourself route will be able to select a bundle of auto insurance coverages that fits their budgets. To help them make informed decisions, IIABNY Assistant Vice-President of Research Tim Dodge will produce a series of videos to be posted on the association’s Instagram page. Instagram, a popular photo-sharing Web site, allows users to post videos up to 15 seconds in length.
 
“How long does it take to tell someone to pick the least expensive option?” Dodge noted. “15 seconds is plenty.”
 
IIABNY President and CEO Richard Poppa added, “We could not be more excited about this new venture with GEICO. It is a true privilege for IIABNY to partner with one of the biggest names in the insurance industry as we enter what is admittedly an unfamiliar marketplace for us.” He neither confirmed nor denied reports that GEICO’s popular television commercial character “The Gecko” will make an appearance at the launch event, scheduled to take place prior to the New York Yankees’ opening day game at Yankee Stadium.
 
Concluding his remarks, Poppa added, “Did you fall for this? Happy April Fools’ Day. Oh, and … gotcha.”

Upselling 101

​Everyone knows that it's much more profitable to sell new products to existing customers than it is to get new customers, right? Watch the video below. These two are the masters of upselling. I hope you get a good laugh out of it.

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Holiday Greetings

It's Thursday afternoon, and I'm closing up the Geek Cave for the week. I want to get a head start on my Christmas shopping. Before I go, I just want to thank all of you for the support you've given this blog and the podcast during 2011. I hope you've enjoyed reading and watching as much as I enjoyed creating it.

Whichever of the three major holidays (Christmas, Chanukah and Kwanzaa) you celebrate, or if you don't celebrate any of them, I wish you a happy and blessed time over the next several days. Rest up, because 2012 will be even busier than this year was. Why, someone in the office just told me something about there being an election next year. I wonder if there's anything in the papers about that...

I'll leave you with some holiday giggles, courtesy of an a capella Celtic music group from Denver called Pandora Celtica. If you like this song, I heartily encourage you to check them out. 

Always look on the geek side of life. 

Santa-is-Missing

(Drag your mouse over the left side of the box to access the PLAY button)

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This is Indeed a Hairy Proposition

It's fair to say that a surprise announcement coming out of Cincinnati was the mane event in the insurance world yesterday. Head & Shoulders, a leading brand of anti-dandruff shampoo, announced that it has purchased an insurance policy from Lloyd's of London covering Pittsburgh Steelers' safety Troy Polamalu's hair for $1 million. A Lloyd's spokesman described the 29 year-old player's tresses as "truly legendary." Polamalu, who is of Samoan descent, has reportedly not cut his hair in seven years, making it something of a trademark for him, though Steelers fans are also quick to point out his 20 tackles and three interceptions during the 2009 season. I suppose his on-field accomplishments should be noted, but come on -- we're talking about hair that has its own Web site.

I admit it: I'm envious of the underwriters who put this deal together. When I was a commercial lines underwriter, I worked on boring stuff like contractors and factories and shopping malls. No one ever sent me an application for coverage on anyone's hair, let alone hair for which the NFL should invent a new category of holding penalties. This is the height of insurance geekery, the likes of which other insurance challenges cannot compete. Retros? Yawn. Multi-layer property coverage on a downtown Los Angeles skyscraper, including earthquake coverage? Ho-hum. Liability insurance for the entire World Cup tournament? That is so last June. Specialty insurance on an athlete's locks? Now we're talkin'.

As a card-carrying insurance geek, I can't help but contemplate the following questions regarding this stunning development:

• What causes of loss does the policy cover? Dryness? Discoloration? Sudden pattern baldness? Entanglement occuring as Polamalu lays a devastating hit on an unfortunate wide receiver? How did the underwriter negotiate this? "Okay, we'll cover scalp injuries arising out participation in football games, including warm-ups, pre-game excercises, practices, and showers and grooming after the game, but no way am I covering split ends."
• What are the exclusions? Is the policy null and void if he wakes up some morning and decides it's time for a mohawk? What about bad hair days?
• Is there a deductible? If so, is it a flat dollar amount or some percentage of the value of the loss? Does the percentage grow as the amount of the loss grows? "No deductible if it can be fixed in an afternoon at a salon. Anything worse than that, the first five percent is out of pocket."
• How will Lloyd's figure out what a loss is worth? Does it depend on the percentage of hair that's damaged? The true exposure here is the ends. He doesn't appear to have much in the way of bangs, and anyway he's wearing a helmet during those times of maximum threat to his coiffure. Does Head & Shoulders have coverage for potential lost income from sales of Polamalu's specialty shampoo, Hair Endurance for Men?
• Finally, how the heck do you figure out a price for something like this? No matter how the underwriter determined the premium, the price probably makes as little sense as the average airfare. Pump a few drinks into him and I'm sure the underwriter will admit he pulled the price out of his...hat.

Mark August 30, 2010 as a day to remember in insurance history. A new opportunity for insurance professionals everywhere has appeared. A new subject of coverage, a new source of revenue. However, if you're in a position to capitalize on this development, I suggest you do so in a hurry. If it turns out to be merely a fad, you will once again learn that sad lesson of life:

Hair today, gone tomorrow.

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IIABNY Inks Joint Marketing Pact With GEICO

(Apr. 1, 2009 -- DEWITT, NY)  The Independent Insurance Agents & Brokers of New York today announced it has signed an agreement with auto insurer GEICO to form a joint venture. The four-year deal gives the insurance giant access to the not-for-profit trade association’s 1,800 member agencies in return for cash and options on stock in Berkshire Hathaway, GEICO’s parent company. IIABNY did not disclose the amount of the contract, but sources hinted that it is in the eight-figure range.

As part of the agreement, IIABNY will display the GEICO logo along with the Trusted Choice® logo on all web sites, advertisements, letterhead, business cards, and other promotional materials. On top of the payments to New York’s oldest insurance producer trade association, GEICO plans to establish an advertising fund for use by IIABNY members.

“As a long-time admirer of GEICO’s operations, I am very pleased that our two organizations have agreed to work together,” said Neal Sullivan, IIABNY chair of the board and president of Sullivan Insurance Agency in Mahopac. “The professionalism of IIABNY’s member agents combined with GEICO’s advertising prowess and low, low prices will provide a synergy that will benefit both organizations.”

A joint advertisement featuring GEICO’s trademark caveman at a sporting event in the Carrier Dome in Syracuse is planned. IIABNY is headquartered in Dewitt, New York, a Syracuse suburb.

IIABNY President and CEO Dick Poppa said, “A fifteen-minute phone call can save you fifteen percent. In our case, it earned much more than that. We are very pleased to be able to partner with one of the most respected names in insurance.”

“If you believed one word of this, all I can say is happy April Fool’s Day,” Poppa added.