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Insurance Coverage for All -- And How Insurers Can Afford to Provide It

Thomson, Maria

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ISBN 10: 1566984181 / ISBN 13: 9781566984188
Published by Actex Pubns Inc, 2002
Used Condition: Good Soft cover
From HPB-Ohio (Dallas, TX, U.S.A.)

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Item may show signs of shelf wear. Pages may include limited notes and highlighting. Includes supplemental or companion materials if applicable. Access codes may or may not work. Connecting readers since 1972. Customer service is our top priority. Bookseller Inventory # mon0000684912

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Bibliographic Details

Title: Insurance Coverage for All -- And How ...

Publisher: Actex Pubns Inc

Publication Date: 2002

Binding: Paperback

Book Condition:Good

About this title


This book presents the results of research on why individual life and health insurers have not been highly successful at selling protection products in the mid-market.  The author concludes that the primary impediment to success is the cumbersome new business process, which she considers to be very treatable!  She introduces the concept of RAD - Rapid Assessment & Delivery - to dramatically reduce new business costs and the turnaround time from taking an application to delivering a policy.  For a preview of the first chapter, look the book up on Google.

From the Author:

Most of my career with various insurance companies has been devoted to working on life and health product lines designed to address the insurance needs of the general population.  These products were sold through a variety of alternate distribution channels: direct mail, worksite, association group, banks, and so on.  Most of these products were voluntary - individuals had to choose to buy them. 

I saw the viability of direct mail fade, as responses to solicitations dropped and the price of mailing lists escalated.  The worksite channel was complicated, due to its being a multi-level sale requiring enrollment teams.  Therefore growth in this channel was very slow until recently, as more enrollment services and worksite sales specialists have become available.  Bank insurance never showed much movement, except for annuities and (thanks only to a recent regulatory change) P&C products.  Stockbrokers only wanted to sell investment-oriented products with the tax advantages of insurance.

In the last two decades the industry has embraced mutual funds, deferred annuities, variable products, and fancy trust arrangements - all designed to help customers grow their assets, shelter them from taxes, and pass the wealth on to heirs without sharing it with Uncle Sam.  The insurance and other financial needs of the affluent have been increasingly addressed, while the insurance needs of the bulk of the American population have been increasingly neglected.  As a result, in the quarter century that I have been in the insurance business, Americans' insurance safety net has been gradually shrinking away.  With medical coverage in decline, disability coverage nearly non-existent, and life coverage increas-ingly inadequate, many developed nations now have a far better com-bined social and private insurance safety net for their citizens than what is now in place for the average American.

And has the insurance industry grown fat and happy during these changes?  No.  Although premium revenue continues to increase every year, such revenue is increasingly concentrated in the hands of a few large financial services conglomerates.  The number of insurers, further-more, has been declining at an alarming rate.  Oddly, even the largest insurance families struggle to maintain strong ROEs that are competitive with other types of industries that want to attract capital.

Since starting my consulting firm ten years ago, I have been working to help financial services companies - particularly insurers - resolve their most difficult issues.  This has led me to give much thought to, and learn well, just what those issues are.  It has struck me that none is more critical than the need for the insurance industry to understand how to profitably sell products to the average person in the modern environ-ment, and to begin doing so.
This insight has taken me on my journey aimed at identifying the key obstacles to achieving this objective, and how they might be over-come. 

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