Insurer attempts to keep agents happy while selling online
A Boston insurance company is attempting to strike the right balance between selling auto insurance online and keeping agents happy at the same time. Plymouth Rock Assurance has launched a new online tool called Prime which enables customers to buy and manage insurance but also connects them to insurance agents. As more online services are introduced to disrupt the market Plymouth Rock says it has no plans to abandon agents. While assurances are welcomed, agents are still concerned about the future. Ray Gallant of Gallant Insurance Agency sells insurance for Plymouth Rock and others and told The Boston Globe that many agents are willing to try the online tool: “If the independent agents don’t play in that game, we could be left on the sidelines. I would prefer all companies use independent agents. I also understand that they’re trying to make the whole thing work. It’s a strange market, it’s changing shape.”
Zurich to take financial hit following Chinese port blast
The explosion which devastated units at a Chinese industrial port will land insurer Zurich with some hefty claims. The blast at a chemical factory at the port in Tianjin killed 114 people and more than 70 are still missing. Nearby residents whose homes were damaged say the government should pay for their repairs but commercial operators are assessing their losses and will submit claims to insurers. Zurich says that car makers including Volkswagen, Toyota and Renault are among those who have suffered losses with the port seeing around 40 per cent of China’s vehicle imports.
Wisconsin joins State Based Systems
The National Association of Insurance Commissioners says that Wisconsin is the 29th state to license State Based Systems (SBS), an electronic-filing tool created for NAIC members to increase efficiency in regulatory functions.
"We believe our transition to State Based Systems will increase our ability to effectively respond to the needs of our licensees, insurance companies and consumers while reducing our costs," Wisconsin Insurance Commissioner Ted Nickel said. "We appreciate the extensive reporting capabilities SBS offers and the in-depth integration with National Insurance Producer Registry (NIPR) will allow us to offer more internet based tools that support business critical processes."
Insurance worker stole valuable instrument
An insurance worker in the UK has been found guilty of stealing a U$469,000 viola which had been left on a train in London. Stephen Tillyer, a 49-year old insurance official, was arrested by British Transport Police after he was caught on CCTV taking the instrument, which had been left accidentally by a principal violinist from the London Symphony Orchestra. He will be sentenced later.
