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AICP GULF STATES CHAPTER2013 EDUCATION DAY
Atlanta, Georgia
Market Conduct & Complaint Handling
June 21, 20132:45 PM – 3:30 PM
Fred E. Karlinsky, Esq.Colodny, Fass, Talenfeld, Karlinsky, Abate & Webb, P.A.
Debra M. Peirce, Chief Market Conduct ExaminerGeorgia Insurance Department
Mark Ossi, Deputy Division Director of Insurance & Financial Oversight
Georgia Insurance Department Ted Hamby, Deputy Commissioner of Life & Health Division
The materials in this presentation are intended to provide a general overview of the issues contained herein and are not intended nor should they be construed to provide specific legal or regulatory guidance or advice. If you have any questions or issues of a specific nature you should consult with appropriate legal or regulatory counsel to review the specific circumstances involved. Transmission or reproduction of any of the information contained herein is prohibited without the express written consent of Colodny, Fass, Talenfeld, Karlinsky, Abate & Webb, P.A.
According to the Insurance Networking News, in April 2012, ninety-two percent of annuity and insurance providers use social media of some form; Five P&C companies offer four or more Facebook pages while the industry average is two per firm.
Large insurance companies, such as Allstate, Liberty Mutual, and Hartford Financial, maintain 13 Twitter accounts according to Insurance Networking News.
NAIC created a social media working group to develop a white paper on how insurance companies and producers use social media, identify regulatory compliance issues and provide guidance on how to address these issues.
The draft was released December 2011: An insurer must develop policies and procedures
that comport with existing laws and regulations; An insurer is responsible for the content of its
In a new era of visibility, the claims process is under intense public scrutiny and must continue to evolve.
Companies are investing in their IT infrastructure and software to help streamline the claims process.
Information can be gathered quickly which will enable companies to investigate and respond faster resulting in better customer support and satisfaction.
Mobile technology solutions are allowing customers and adjusters to share information more efficiently.
Insureds prefer to receive a text from the adjustor instead of a phone call; will require more training to ensure adjusters are effectively utilizing their smart phones.
Mobile technology enables field adjusters to have access to more information while they are onsite.
Companies can utilize digital photography to write estimates of damages without the need for an on-inspection.
The Market Conduct Annual Statement (MCAS) was first developed with the input of state regulators and representatives from the industry to develop a tool to analyze the market.
By using common data and analysis, states have a uniform method of comparing the performance of companies.
MCAS was initially a pilot program among 9 jurisdictions and now has expanded to 46 states.
In the next few years, MCAS will continue to expand by adding new states and new lines of business.
Currently, MCAS data is only collected for private passenger automobile, homeowners and individual life and annuity products.
The NAIC Market Analysis Procedures (D) Working Group was tasked in 2013 to review MCAS data elements and the "Data Call and Definitions" for all lines of business collected and to update them where necessary.
In addition, the Working Group approved the addition of Long Term Care data to be collected.
Claims handling continues to be pivotal in the heated battle for market share.
Market leaders view the quality of the customer experience as the means to demonstrate true customer centricity and differentiate their strength and stability of their brands.
The customer experience has moved up the strategic agenda throughout the insurance industry.
Policyholder expectations regarding the service and communication provided by their carriers has increased drastically.
Today’s consumers expect everyone at the company to share information and recognize the customer’s identity and history. They don’t want to be asked the same question
multiple times or have to call multiple numbers or visit multiple sites to find their answers.
Younger, more digitally- oriented consumers will not tolerate companies that don’t have integrated systems where they can view date and claims status.
A positive experience in claims helps eliminate reasons for policyholders to consider making a switch.
Changes to the customer experience, should be tailored to an enterprise strategy.
Insurers that gain insight into and reach a consensus on the types of customers they want to attract will be ahead of the curve on developing the optimal experience.
The key is to identify changes that can deliver immediate-term value.
Customer centricity will create a competitive advantage and market leadership.