Is it Right to Shop for Automobile Insurance Quotes via Advertisement?

 Nowadays, whenever we turn on our television sets there isn’t any instance where we are not disturbed by a number of automobile insurance advertisements. The automobile insurance industry has always been very competitive. The market is so cutthroat that every insurance firm wants to snatch away the customer from others throat. This has further added to the problem of getting automobile insurance quotes. As a result of this the process of acquiring theses automobile insurance quotes has become difficult and frustrating.

The commercial war between the various automobile insurance lenders has rapidly increased because of advertisement and television and thus has further made life miserable for a person looking for an automobile insurance quote. People cannot figure out what to do and what not to do. They are confused that which deal they should go for.

A lot of these ads show that that there a number of ditzy women who are asking unknown people what kind of deductible should they get. Then there’s an ad in which trust-inspiring personalities having good voice quality are trying to tell us that these people are what is known as the "safety" people. There are cartoon characters, which are popular having fake accents, and these do not make any sense related to the automobile insurance quotes. Then we have a blistering, cheery saleswoman who talks to a number or confused customers that come to the shown automobile insurance store for getting the best automobile insurance quotes. But the main difficulty, which these commercials create, is that they are hardly related to the topic. These all assure us that they will help us in saving our cash and claim that they are the best, the fastest and the most concerned firm which has a very good customer service. Everything, which these commercials claim is well and good but what isn’t good, is thatArticle Submission, these are of no use. As a result all this leads to wastage of big amount of money. What we want is a simple way of acquiring cheap automobile insurance quotes.

This is a very irritating condition because comparison of automobile insurance quotes is a serious trade. A large number of American citizens are on the hunt for acquiring the best automobile insurance quotes. Even with a very good driving history and a good risk profile it still is impossible to find cheap automobile insurance quotes. The solution of such a problem is by giving the insurance agents a call and asking for their help in providing us the best automobile insurance quotes.
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ABOUT THE AUTHOR

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Automobile Insurance Quotes and Their Importance

 A crucial aspect of the automobile industries throughout world is none other then automobile insurance. In India mainly private sector undertake the responsibility of automobile insurance. Various banking firms and financial institutes play a significant role in automobile insurance.

Automobile insurance came into the picture mainly to safeguard the car users by providing coverage for the damage and losses incurred to the automobile.

India automobile insurance is an extension of automobile insurance in India. It protects the user against the losses caused during any miss happening. The whole notion behind automobile insurance is to deposit or actually pay specific amount of money for a stipulated amount of time and this money compensates for the damage occurred to the automobile during accident or any such unfortunate incident. This deposited money in case of any mishap is provided to the owner of the victimized car. Various fields that are taken into consideration by the insurance policies of different agencies are complete vehicle damage, damage to a specific part of the automobile, money used while repairing vehicle and lot more. After a mishap an investigation team is set which verifies the legitimacy of the case and then the insured money is provided as compensation to the sufferer.

Car insurance

Car insurance is just a part of automobile insurance and it provides two separate kinds of insurances to the cars. A further disintegration of insurance is done into policies giving origin to Policy- A and Policy-B. Policy A is meant only for providing liability to third party whereas Policy –B is more comprehensive approach because of which Policy A has a very limited domain of usage. It can only be applied in case of bodily injuries to the driver and in case of damage to his possessions. Policy B not only covers the areas of usage of Policy-A, but also provides coverage in case of any destruction caused to the vehicle during the accident. The type of car being insured is a major factor that plays a very vital role in deciding the premiums that are to be charged. Other major factors are the average offered by car, the area where it is used, how old is the model of the carScience Articles, the present wear and tear condition of the car. It has been seen that private cars that are exposed to a large amount of threats are charged higher premiums.

Automobile insurance quotes help the users to compare various quotes of all the competing agencies in the same field and then selecting the best quote for themselves.

The Lowdown: The Long & Short of Marine Employers Liability Coverage

 Need to brush up on marine employers liability coverage? Our sponsor, Worldwide Facilities, has prepared a paper on the ins and outs of marine coverage. This paper explains the differences between Longshore and Harbor Workers Compensation Act, the Jones Act, and Marine Employers Liability. It also covers some other marine laws that can create significant exposures for your insured and describes the potential for coverage gaps.

This paper has multiple uses, from educating agents internally, to sharing with potential clients as a guide to determining proper coverage. The information is spelled out directly as follows:

Page 4: Defines the difference between workers who work on or near the water and ‘seaman’ as one is covered by the Longshore & Harbor Workers Compensation Act and the other by the Jones Act

Page 5-6: The Longshore and Harbor Workers Compensation Act is described with emphasis on these two important terms “status” and “situs.”

Page 7: The Outer Continental Shelf Lands Act (OCSLA) is defined, which covers employees working on fixed offshore drilling platforms and other production platforms. This section discusses the complexity of this coverage and the gaps that must be addressed.

Page 8. Marine Employers Liability Coverage is defined, including a discussion of admiralty law.

Page 9-11: Jones Act – a critical conclusion, to insure you’re protecting your client.

For the full details, head over to Research & Trends for the whitepaper, The Marine Coverage Bermuda Triangle. While you’re brushing up, you may also appreciate the insights provided by Take1 in their new paper addressing liability and live events. In this brief, Risky Business – Insuring Live Events Take1 reviews the layers of risk involved in planning and implementing live events, such as concerts in light of recent violent acts.

Stay on top of the most recent additions to Research & Trends with our e-newsletter, delivered to you every Friday!

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Millennials and Gen Z greatest growth potential for general insurance

 Source: Roy Morgan Single Source (Australia) 12 months ended March 2018, n = 50,014Base: Australians 14+. 1. Includes all types of general insurance

New research from Roy Morgan shows that in the 12 months to March 2018, Millennials and Gen Z offer the greatest growth potential for general insurance. These two youngest generations currently have much lower incidence of general insurance than the older groups but offer the greatest potential as they get older and their insurance needs grow.
These are the latest findings from Roy Morgan’s Single Source survey of over 50,000 consumers per annum, including coverage of over 40,000 general insurance customers.

The following chart shows that only 40.9% of Gen Z and 79.9% of Millennials have any type of general insurance due mainly to their younger age and associated lower property involvement. These two segments are well behind Baby Boomers (93.0% with general insurance), Pre-Boomers (91.3%) and Gen X (90.6%). These older age groups are close to saturation with general insurance, leaving the major future growth potential with Millennials and Gen Z.

General Insurance1 Penetration by Generations

Source: Roy Morgan Single Source (Australia) 12 months ended March 2018, n = 50,014Base: Australians 14+. 1. Includes all types of general insuranceGen X and Baby Boomers have highest share of premium value

Generation X currently accounts for 29.5% of the value of the annual domestic general insurance premium market, followed by Baby Boomers with 28.1%. These two generations combined account for 57.6% of the current total estimated annual premium value of $23.3b for this market, well above their 43.6% of the 14+ population.

Although Millennials account for 23.1% of the total premium value, their general insurance penetration of only 79.9% leaves a large market opportunity as their needs grow over the next decade. Gen Z currently accounts for only 7.4% of market value but with an overall general insurance penetration of only 40.9% there is a great growth opportunity in coming years.

General Insurance Market - Dollar Share of Premium by GenerationsSource: Roy Morgan Single Source (Australia) 12 months ended March 2018, n = 50,014Base: Australians 14+ with general insurance 12 months ended March 2018, n=40,363

Pre-Boomers account for 11.9% of the total premiums but as the oldest group, their numbers are declining. As 91.3% already have general insurance, their growth potential is limited and as a result customer retention should be the major focus.

Norman Morris, Industry Communications Director, Roy Morgan says:

“Domestic general insurance with an estimated current annual premium value of over $23b is of major significance to the insurance industry. Understanding the major components of this market is important in terms of vehicle, household and the smaller categories but there is also a need to know which segments have the greatest potential and their customer profile.

“The growth prospects appear to be greatest with the growing needs of Millennials and Gen Z but at the same time there is a need to retain the customers in the three older age groups.

“This is a highly competitive market where many shop around at renewal time, so there is a need to focus on customer satisfaction and competitive pricing.”

Nuances of No-Claim Bonus in general insurance

It is a given that the price of general insurance increases every year. Fortunately, the insurance premium of a general insurance plan (like a health insurance policy or a motor insurance policy) can be reduced with a No-Claim Bonus.
What is a No-Claim Bonus (NCB)?In the case of a motor insurance plan, general insurance companies reward the policyholders for every claim-free year with a No-Claim Bonus that can be used to get a discount on the insurance premium at the time of policy renewal for the subsequent year. The accumulated NCB is usually used to get a discount of 20-50% on the insurance premium provided the policyholder maintains a claim-free record. There are certain nuances about No-Claim Bonus in general insurance that a policyholder must know in order to reap its benefits. More information about Insurance can be found in bankbazaarinsurance.com

● The first time you purchase a comprehensive car insurance policy, you are not eligible for a No-Claim Bonus discount on the premium paid as you don't have a claim-free record yet.● The first time you renew your motor insurance policy, you can claim an NCB discount of up to 20% on the renewal premium provided no claim has been made the previous year. Avoid making claims for minor repairs as your NCB will go back to zero with a single claim. Evaluate the cost of minor repairs and the NCB discount on premium, compare the two, and make a smart decision regarding small claims that can affect your claim-free record.● With every claim-free year, NCB increases steadily up to a maximum of 50% over a period of 5 claim-free years.● No-Claim Bonus belongs to the policyholder and not the vehicle that has been insured under the policy. Therefore, the accumulated NCB can be transferred to a new motor insurance policy of a new vehicle. The NCB credits can also be transferred to a new insurer from the existing insurer.● No-Claim Bonus transfer is not allowed from person to person unless the policy has been transferred to a legal heir who stands to inherit the vehicle and its insurance policy upon the demise of the policyholder. NCB transfer is possible only at the time of policy renewal.● You can purchase an NCB protect add-on cover that can be attached to your base motor insurance policy for an additional premium. So, even if you do make a claim, your NCB will be protected.

As per the Motor Vehicles Act, 1988, all vehicles in public spaces in India must have a third-party motor insurance policy. As third-party liability covers are cheaper and mandatory, most car and bike owners opt for third-party four-wheeler and two-wheeler insurance policies, respectively. However, NCB is not available for third-party motor insurance plans.

No-Claim Bonus TransferAre you planning to replace your old car with a new car? When transferring your NCB credits from the old policy to a new policy, you must submit a letter requesting for NCB transfer along with Forms 29 and 30 (which is a buy-seller agreement form) to your current insurer. The insurance company will issue an NCB certificate with 3 years validity which has to be submitted to the new insurer for NCB transfer.

When switching insurers at the time of policy renewal, all you need to do is submit the previous year's policy document or renewal notice with the NCB details to the new insurance company. Keep in mind, the new insurer will cross-check to ensure you haven't made any claim in the past years.Cumulative Bonus in Health InsuranceIn the case of health insurance, policyholders are rewarded with a Cumulative Bonus for every claim-free year. A cumulative bonus is an increase in the sum insured by 5-100% (depending on the insurance provider) at the time of policy renewal for making no claims in the previous years. If you don't make a health insurance claim for one year, the insurance company will reward you with an option of either a cumulative bonus or an NCB which can be used to get a discount of 5-20% on your yearly insurance premium. If you make a claim, then the NCB on your sum insured will go down proportionately by 5%. However, the sum insured of a health insurance policy will not go down below its original value despite multiple claims.

Although there is no NCB discount in life insurance, there are ways by which a policyholder can enjoy a low life insurance premium. By leading a healthy lifestyle without smoking or drinking, one can get a low-premium life insurance policy. Furthermore, purchasing a life insurance policy at a young age can also ensure a low premium as life insurance premium rates are determined based on the entry age of the insured member. A life insured in his/her 20s will pay a lower premium compared to a life insured in the 30s for the same term insurance plan.

Before investing in a life or non-life insurance policy, read the policy document carefully, especially the inclusions, exclusions, waiting period, No-Claim Bonus, renewal clauses, and claim process so as to avoid any hassle when making a claim in the future.

Insurance is budding in California's cannabis industry

 When it comes to coverage, Jackson says businesses need to look to property, products and general liability risks coverage. (Photographer: Trevor Hagan/Bloomberg)
Nearly 22 years ago, California voters enacted a ballot measure legalizing the medical use of cannabis. Today, cannabis is now legal in 47 states (adult-use, cannabinoid only, hemp, and medicinal).

For years, California has been depicted laxly when it comes to marijuana. But when it comes to marijuana and the insurance coverage needed to protect citizens and businesses, it is anything but.

“Whenever anyone shops in, sells products to, or invests in a cannabis business, I want there to be insurance coverage available,” said Insurance Commissioner Dave Jones in a statement.

Commissioner Jones has launched initiatives to encourage commercial insurance companies to write insurance to fill coverage gaps for the cannabis industry. Most recently, the first coverage for commercial landlords for the industry was announced earlier this month.

To better understand this budding industry’s need, Commissioner Jones, in conjunction with the National Association of Insurance Commissioners (NAIC) Center for Insurance Policy and Research, hosted a national webinar titled Weeding through the Unique Insurance Needs of the Cannabis Industry. Here are some key insights from the webinar.

Related: New opportunities for Calif. insurers as Trump abandons Sessions’ policy on cannabis

Who’s insuring the cannabis?
There are a limited number of approved admitted insurers in California today: Golden Bear Insurance Company, which offers multi-line coverage; California Mutual Insurance, which offers lessor’s risk; Continental Heritage Insurance Company, which offers a surety bond; and AAIS (which has forms pending department approval).

“The pros of placing coverage with an admitted insurer often comes that benefit of joint review with the department and the insurer before the product hits the market. Another benefit is that admitted markets strive to adopt standardized forms that brokers and insurers are familiar with,” says Stacey Jackson, general counsel for Golden Bear Insurance Company, during the webinar.

While there are currently 24 surplus lines carriers writing cannabis on a non-admitted basis, Jackson predicts carriers will join the admitted market but concedes the pros of the surplus lines market exist because they have the advantage of flexibility over an admitted carrier.

Related: When marijuana collides with the claims industry

New business, similar risks
Like any business, the cannabis industry has a unique set of risks and exposures to account for. When it comes to coverage, Jackson says businesses need to look to property, products and general liability risks coverage.

“Those three coverages are coverages that every cannabis insurer is going to need,” says Jackson.

The property coverage is necessary for risks associated with any loss or damage to the product or the physical structures at the location. Property coverage is also going to likely include business interruption coverage so that the insured can be reimbursed for any income loss during that downtime. Products liability is essential for liability protection in the event that a product is defective. General liability is separate and covers bodily injury and property damage arising from any accident that happens on the premises.

The marijuana supply chain — cultivators, processors, manufacturers, retail dispensaries, testing labs and transportation — has first- and third-party cannabis risks which the insurance industry should look to capitalize on as the market emerges.

For example, many cultivators grow their crop either indoors or outdoors. Like any other farmer, they face risks of fires or pesticides. For those that grow indoors, those risks exist plus others such as a power outage and mold. Additionally, there could also be product liability if an unapproved pesticide is used on the plant and someone claims they’ve become ill from it.

As the cannabis industry continues to bloom, it cannot go forward without proper insurance coverage — for the sake of all the consumers and businesses involved in the process.

In California, at least, there are signs of life — and insurance — amongst the weeds.

WNS Named a ‘Leader’ in Everest Group PEAK Matrix™ for Property & Casualty Insurance Business Process Services

NEW YORK & MUMBAI, India--(BUSINESS WIRE)--

WNS (Holdings) Limited (WNS), a leading provider of global Business Process Management (BPM) services, today announced that it has been named a ‘Leader’ in the 2018 Everest Group PEAK Matrix™ Assessment Report in the Property & Casualty (P&C) Insurance BPO Service Provider Landscape. ‘Leaders’ were assessed highly for both their impact on the market, and for having the vision and capability to deliver services successfully.

“We are delighted to be recognized as a ‘Leader’ in the P&C Insurance BPM space for the fourth year in a row,” said Keshav R. Murugesh, Group CEO, WNS. “WNS’ differentiated positioning in the insurance space stems from having the right combination of deep domain expertise, technology-enabled offerings, advanced analytics, and client-centric focus. Today, WNS has several end-to-end BPM relationships with global leaders in P&C insurance, and the largest actuarial practice in the BPM industry. These capabilities uniquely position us to transform our clients core business processes and help them to better compete.”

“WNS continues in its position as one of the key service providers in the P&C Insurance BPO domain, fortified through domain expertise, depth and breadth of services, and a consistent delivery record. Further, its global delivery model, leverage of analytics and automation, and capabilities spanning across the judgment-intensive processes, such as actuarial and underwriting, beyond the transactional ones, allow it to cater to the evolving needs of the insurers,” said Skand Bhargava, Practice Director, Everest Group.

The Everest Group report highlights WNS’ comprehensive coverage of the P&C Insurance value chain. The company was also cited for its capabilities across P&C insurance service lines, global scope of operations covering all major markets, and for its dedicated analytics, actuarial, and automation delivery teams. Buyers identified domain expertise, depth and breadth of services and a consistent delivery record as key strengths for WNS.

WNS delivers end-to-end solutions to the P&C insurance industry including claims management, policy administration, actuarial, risk management, fraud and compliance. Today, WNS serves over 30 global clients with a dedicated team of over 2,500 insurance professionals and solutions leveraging embedded analytics and state-of-the-art technologies including proprietary platforms, RPA, machine learning, and artificial intelligence.

About WNS

WNS (Holdings) Limited (WNS), is a leading global business process management company. WNS offers business value to 350+ global clients by combining operational excellence with deep domain expertise in key industry verticals including Travel, Insurance, Banking and Financial Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum of business process management services such as finance and accounting, customer interaction services, technology solutions, research and analytics and industry specific back office and front office processes. As of March 31, 2018, WNS had 36,540 professionals across 54 delivery centers worldwide including China, Costa Rica, India, Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, United Kingdom and the United States. For more information, visit www.wns.com.

Safe Harbor Provision

This document includes information which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events. Factors that could cause actual results to differ materially from those expressed or implied are discussed in our most recent Form 20-F and other filings with the Securities and Exchange Commission. WNS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.