| JD Power and Associates Reports: More than 30 Percent of Auto ...
WESTLAKE VILLAGE, Calif., June 26 /PRNewswire/ -- The average auto insurance customer gathers three competitive quotes while shopping for a new provider, and while the majority of insured shoppers remain with their current carrier, 33 percent will switch, according to the J.D. Power and Associates 2007 Insurance Shopping Study(SM) released today. The study finds that while 33 percent of consumers who shop because of price ultimately switch, nearly 75 percent of consumers who shop because they have experienced poor customer service switch carriers. "This suggests that when a customer becomes dissatisfied with their incumbent carrier, they are more motivated to shop and switch," said Jeremy Bowler, senior director of the insurance practice at J.D. Power and Associates.
Hannover Re sees gains in motor insurance recovery
FRANKFURT, June 29 (Reuters) - Hannover Re (HNRGn.DE: Quote, Profile, Research) said on Friday it is poised to gain from a recovery in Germany's 20 billion euro ($27 billion) motor insurance market as a multi-year price war that dented premiums finally ends. "The competition seemingly is over and the rates in motor have levelled off ," Hannover Re board member Juergen Graeber told an investor conference monitored on the Internet. Germany's auto insurers -- listed companies and mutual insurers -- have been slashing prices to gain or hold market share in Europe's largest motor insurance market. But some companies, such as market leader Allianz (ALVG.DE: Quote, Profile, Research) and Munich Re's (MUVGn.DE: Quote, Profile, Research) insurance unit ERGO (ERGG.DE: Quote, Profile, Research), as well as insurance industry association GDV have said they expect premiums to begin rising again after hitting a trough this year.
NJ Agents Hope to End Auto Insurance Quote Requirement
New Jersey agents no longer want to be required by state law to provide quotes from all of their auto insurance companies to all auto insurance applicants. The Professional Insurance Agents of New Jersey Inc. and the Independent Insurance Agents and Brokers of New Jersey have secured introduction of a bill (A-3863) to change that law as well as a requirement that insurers provide three possible insurance premium scenarios to applicants. According to PIANJ President Andrew H. Anderson, these requirements are no longer appropriate in the current automobile insurance market. "The requirement for agents to provide quotes for all their represented companies places an unnecessary obligation on insurance agents and does not serve consumers because it fails to take into account all factors that agents consider when offering coverage options to consumers," said Anderson in recent testimony on the bill.
InsWeb to Report Second Quarter Results on July 19
InsWeb Corp. (NASDAQ: INSW), a leading online insurance marketplace, today announced that it will issue a press release reporting financial results for the second quarter of fiscal 2007 on Thursday, July 19, 2007 before the market opens. About InsWeb InsWeb (NASDAQ: INSW) enables consumers to compare multiple, actionable quotes for auto, term life, health, homeowners, renters and condominium insurance offerings from many of the nation's highly rated insurers. The top-rated online insurance marketplace also provides live customer service, interactive tools and independent research. Headquartered in Sacramento, Calif., InsWeb is accessible at www.insweb.com.
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10 Ways To Save Big On Auto Insurance
Auto insurance can make a big hole in your pocket. Insurance premiums vary hugely between companies, agencies or agents, brokers, and of course the make of the car you own and your credit rating. To pay lower insurance you must: 1. Always maintain a good driving record. 2. Never accept the first estimate you receive. Be wise and check comparisons of different insurance providers at your state insurance department website or phone them. Their addresses and contact numbers can be accessed from http://www.consumeraction.gov/insurance.shtml the consumer action website. Be sure to get competitive quotes from different insurance providers. Contact providers that are strongly recommended by people you know well. Keep your peace of mind by checking the financial stability of the companies with rating companies like A.M.
Leveraging Portal Technology, Hartford Rolls Out Real-Time ...
July 20, 2007 - Hartford, Conn. - A new, automated system introduced by The Hartford Financial Services Group Inc. significantly hastens the creation and modification of personal lines insurance policies. Dubbed the Personal Lines Policy Changes Center, it enables agents and customer service representatives to manage auto policy changes in real-time. It will also enable agents to quote different scenarios and to determine how changes, such as adding a vehicle, impact premiums. More than 90% of the auto policy changes made through the Policy Change Center can be completed within minutes, the company says. "We were looking for greater capabilities for our agents to service our policyholders, and we wanted to do it in an intuitive, front-end manner," says Andrew MacDonald, CIO of Hartford's personal lines division.
THE CO$T OVER TIME
July 22, 2007 -- If you're like most folks, you pay your annual home, auto and life insurance premiums on a quarterly or monthly basis - with a small service charge added for the privilege. And like most, you probably feel the few bucks that are added per payment are pretty insignificant. Think again - you are likely paying more than 10 percent interest on the "borrowed" money. For example, if you have a $360 annual premium on your life insurance, your carrier may offer you a $32 a month payment plan. While that may be just $2 more per month, the interest rate works out to stiff 14.3 percent. "The typical insurer charges about 11 percent interest on premiums payments but doesn't need to disclose this," said Byron Udell, founder and CEO of AccuQuote. While it may be just $24 or so a year in "finance" charges, Udell said, "I believe people should have the most information possible." That is why Udell put a free interest rate calculator on his site.
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