P&C Insurance & Claim Adjusters: So Critical, Yet So Misunderstood!
Another oldie but goodie, this post originally appeared in April 2010.
Property & casualty insurance may well be the most misunderstood segment of the insurance industry and the financial services industry.
Insurance is perceived as a commodity until a policyholder has a claim.
The policyholder's interaction with an insurance adjuster is often the first and only time they have interacted face-to-face with anyone other than their agent.
It is only then that most policyholders take a deeper interest in their insurance policy, want to speak with a representative, and want to understand all of the details of the policy. But often at that point it is too late.
Mr. Don Adams, President & CEO of Bear River Mutual Insurance Company concluded an executive panel he moderated today at the NAMIC 2010 Personal Lines Seminar by stating, “We are a noble industry. When accidents happen, the government talks about it, the neighbors gossip about it, we do something about it.”
I agree. We restore people’s property and their lives to their pre-loss condition. And for the most part, the industry as a whole does it really, really, well.
The property &casualty insurance industry had nothing to do with the financial meltdown. P&C carriers did not require any government funds to bail them out. It is important to realize that when we hear about AIG’s role in the financial crisis, they are referring to the financial services division and not their insurance division.
So go out and find a P&C insurance professional and give them a hug today!