World's Top 10 Insurers Ranked by Premium, Assets

The world’s largest insurer as measured by 2014 net premiums written is UnitedHealth Group Inc., according to a ranking by A.M. Best of the world’s largest insurance companies.
France’s AXA S.A. kept its top spot among global insurers ranked by assets, but fell to No. 2 by net premiums written (NPW).
Also climbing in rank among the top 10 by NPW were health insurers Anthem Inc., Kaiser Foundation Group of Health Plans and Aetna Inc., all of which saw rapid gains in the U.S. health insurance market. Also making gains were China-based companies in the ranking by NPW.
Meanwhile, Japan Post Insurance, which was ranked No. 1 by non-banking assets in 2012, continued its recent descent in the ranking, falling to No. 5 from No. 4 in the previous ranking.
Three companies among the top in assets are U.S.-based, while five among the top ranked by NPW are U.S-based.
The biggest changes in position by assets were those of Berkshire Hathaway Inc., which rose to No. 9 from No. 14, and American International Group Inc., which fell to No. 12 place from No. 9.

The two rankings are based on BestLink data and additional research.

According to A.M. Best, the top 10 global insurers ranked by non-banking assets are:
1.      AXA S.A., France
2.      Allianz SE, Germany
3.      MetLife Inc., United States
4.      Prudential Financial Inc., United States
5.      Japan Post Insurance Co., Ltd., Japan
6.      Legal & General Group plc, United Kingdom
7.      Assicurazioni Generali S.p.A., Italy
8.      Prudential plc, United Kingdom
9.      Berkshire Hathaway Inc., United States
10.     Nippon Life Insurance Co., Japan


According to A.M Best, the top 10 global insurers ranked by NPW are:
1.      UnitedHealth Group Inc., United States
2.      AXA S.A., France
3.      Allianz SE, Germany
4.      Assicurazioni Generali S.p.A., Italy
5.      Anthem Inc., United States
6.      China Life Insurance (Group) Co., China
7.      State Farm Group, United States
8.      Kaiser Foundation Group of Health Plans, United States
9.      Munich Reinsurance Co., Germany
10.     Aetna Inc., United States
Source: A.M. Best

Why Young Insurance Agents Are So Optimistic(USA) By Andrea Wells

It’s no secret that the insurance industry is facing a huge talent gap. Almost half of all insurance professionals are over age 45, with 25 percent of the industry expected to retire by 2018. That’s a concerning trend for the property/casualty industry overall but one that could spell opportunity for young agents.
In fact, the aging of the insurance industry is one reason young insurance professionals project a bright and secure future for themselves in the industry. According to Insurance Journal‘s 2016 Young Agents Survey, their optimism is higher today than it has been in recent history.
Young agents are optimistic not only about their own careers but also about the U.S. economy and even about the ability of their own agencies and the industry to attract quality talent, according to feedback from the more than 500 young agents responding to this year’s survey.
“There is job security in the industry if you find the right place to work because of the shortage of agents,” said one agent.
“I believe that the insurance industry is a great way to start a career,” said another young agent responding to the survey. “You’re always learning and a lot of individuals will be retiring. Who will replace those people? Young insurance agents!”
Nearly 60 percent of young agents described their outlook on their career as “very optimistic,” which is up from 51.6 percent in 2015.
The survey found there’s a growing percentage of young agents who feel “very optimistic” about the future of the independent agency system as well: 41.5 percent of respondents said they felt “very optimistic” in 2016 whereas just 35.5 percent felt “very optimistic” about the independent agency channel’s future in 2015.
The survey identifies what young agents do to advance their careers, what they earn, as well as what they think about their careers and their agencies’ operations and cultures.
Overall, young agents feel confident that the industry and their own agencies will attract quality talent to fill the talent gap in the coming years.
In 2016, more than half (56.6 percent) of young agents reported feeling “very optimistic” or “optimistic” about their agency scooping up quality employees while 43.2 percent rated the overall P/C industry’s ability to attract quality talent as “very optimistic” or “optimistic.”
A millennial agent described the property/casualty industry as “one of the top industries” for young people  to consider. “The industry is just starting its technology revolution and recognizing the value that young professionals can bring in that space,” she said.
More young agents (32.1 percent) view the independent agency channel’s ability to advance in technology as “very optimistic” in 2016 compared to 2015 when just 22.7 percent took that view.

Earning Potential

Even young agents’ outlook on their future earning potential is improving, according to this year’s survey. The survey found young agents feel more confident about their ability to grow their income and market share in both personal and commercial lines in 2016.
Some 84.0 percent feel “very optimistic” or “optimistic” about earning a higher income in 2016 than they earned in 2015. (See charts)
“No better place to be rewarded financially and relationally than in our business,” said a young agent. “You must work, but you will be rewarded for results.”
“Income potential is limitless,” said another young agent.
The potential to grow and the freedom that comes with the job were reasons cited most often by young agents in the survey when asked if they would recommend a career in insurance to other young people.
“I would definitely recommend a career in insurance for a young individual,” said one respondent. “It’s a great way to build residual income, freedom and a life for your future family.”
One young agent said starting her career at a tech startup company opened her eyes to the value of the independent agency channel.
“Most young people don’t realize/care about stability,” she said. “They go after the fun, fancy bells and whistles. Working in an industry and company that will still be around in 20 years from now is important to me. The youth needs to learn to appreciate why working for a growing, stable company can benefit them. There is a lot of growth opportunity in this industry.”

Happy with Choice

Matthew Peterson, 38, president of Marlton, N.J.-based Mills Insurance Group, is one agent who is happy he chose insurance. Peterson entered the insurance world right after college.
Peterson graduated from West Virginia University shortly after Sept. 11. “There was a lot of uncertainty about the economy at that time,” he said. He wanted a career that offered more stability than his own father’s industry – manufacturing.
“I really wanted to be in a business that I was not going to be squeezed out of because of efficiency … the way manufacturers cut out middlemen by going direct. They cut out reps, which is what my father did,” he said. Seeing his father’s career struggles left an impression on Peterson.
“I wasn’t born into insurance, I didn’t fall into it, I chose it because I wanted an industry that could be stable,” Peterson said.
He decided to first obtain a claims adjuster license but during his first insurance class he came to realize the agency side of the business would be the right choice for him.
“After I was done with that class, I was convinced that I wanted to go on to the agency side of things,” he said. “It all came to me: you can’t operate a business, you can’t drive a car, you can’t own a home” without insurance.
Peterson was hooked.
He started his insurance career with an agency in south Florida. Peterson attributes his success during those first years to having a great mentor. Even now as an agency owner, Peterson believes a great mentor can be the difference between producer success and failure: “That’s something at our firm we believe in now, developing talent, learning from somebody that is doing it right.”
Living and working in south Florida through Hurricanes Jeanne, Francis and Katrina furthered Peterson’s passion for insurance.
“Dealing with things like wind, large property schedules,” he said. “Those things made me fall in love with the insurance world, too, because you could be young, and if you worked hard, and were committed to your craft and education, you could make money.”
In addition to stability,  residual, income was important to Peterson.
“Residual income was something that I really was fascinated with, which a lot of kids out of college don’t understand when they’re picking to go into the mortgage world, or selling copiers, or whatever they decide. Residual income was something that I grasped pretty young.”
Other young agents echoed Peterson’s sentiments.
One young agent wrote in the survey: “I am my own boss but I don’t have to manage anyone but myself. … I also have complete flexibility with my schedule and unlimited vacation time. A lot of agents work three days a week, some take month-long vacations; it’s the type of industry that if you make enough money you can do that.”
Another said what he enjoys most about being an agent is flexibility: “I have the flexibility to set my own schedule and build my business. I am building a business within a business with no start-up costs, I don’t pay overhead, I don’t have to hire and fire anyone, but I have all the support I need.”

The Secret to Being a Great Insurance Agent

Several years ago a relatively new insurance producer asked me this seemingly simple question, “So, what is the secret to the insurance business?” Mine was a somewhat simplistic answer with deep meaning (and a profound impact on his career).
“The secret to the insurance business is the realization that if you do ‘this’ (advising on and providing coverage) wrong, you could ruin someone’s life.” That’s it… that is the secret to the insurance business.
When you finally realize this truth – that coverage matters and insurance is not a commodity – your whole approach changes. You:

• Want and have the internal drive to learn everything you can about coverages, statutes, and coverage options;
• Learn everything you can about your client’s industry to assure you are providing the correct coverages;
• See yourself as a key advisor for and to your client;
• Are no longer afraid to cold call or even “warm chatter” because you are more afraid the other agent didn’t do “it” right (leaving the client exposed to personal financial tragedy);
• Take time to develop a detailed underwriting packet submission so your underwriters understand the risk and what you are doing for your client;
• Focus discussions on exposure, making price secondary (you stop leading with price); and
• Are always unsatisfied with your level of knowledge (and even a little afraid) because you know there is so much more to learn.

Professional agents should be more concerned about the client’s exposures than even the client is because of the significant consequences of improper or missing coverages. Insurance is about saving your client from ruin!    –By Christopher J. Boggs

Top entrepreneurial skills you need today

Being an entrepreneur can be both fun and challenging. Before you venture into the world of entrepreneurship, find out if you have the entrepreneur skills that will help you succeed in your new arena?

The business world has become very competitive so you will need specific skills even if you decide to venture into a home business. As an entrepreneur, you need to have organizing and management skills that will take your business plan to the next level. But more than that, you need to have that thirst for accomplishment which could only be satiated once you have established your business.

Here are some of the entrepreneur skills you would need to run your business successfully:

1.Jack of all trades

This figure of speech may leave a bitter taste in the mouth nowadays but this is exactly one of the skills you would need to start your own business and to see it grow from scratch, minus of course the “master of none” part. The original meaning of the phrase referred to being a generalist, not a Renaissance man like Leonardo da Vinci who was exceptional in a variety of disciplines, but someone who is flexible enough to know the business fundamentals and how each independent aspect works. Among all the other entrepreneur skills, this one gives you the capacity to see how things are interconnected and allows you to run the show.

2. Managerial and administrative skills

Most of the multinational corporate ventures employ hundreds of people with their own specializations. Forget about that if you are starting small like most entrepreneurs. Even hiring an assistant is a luxury you would not be able to afford, so basic entrepreneur skills in the administrative department would come in handy for posting in your daily income and expenses, making your receipts and even for making sure you pay your bills on time. On top of that, you need your managerial skills to be at the top of the situation when you business starts to operate. It means making a sound decision about approving a certain account while answering the phone as part of your customer service.

3.Planning skills

Planning is one of the entrepreneur skills you should arm yourself with especially if you are starting a home business. Better yet, hone your time management skills so that you do not waste your time puttering in the house when you have loads of unchecked emails in your mailbox. Your planning skills would make sure you have, not only an idea of what you have to accomplish for the day, but you are bent on sticking to your plan. The hardest thing for a one-person business, much more a home-based one, is the overwhelming task ahead of you everyday. Multitasking is clearly the name of the game and you have to be really good at it to accomplish things

4. Financial skills

Since you are in business not only to render service or to fulfil a dream but also to make money, you need to brush up on your financial skills to make ends meet. and more than that. One of the most essential entrepreneur skills you need to have even for small business ventures is the ability to manage your finances so that at the end of the day, you have money to pay for your business and incidental expenses and have some left for your profit box.

5 People’s skills

Establishing a business will require you to deal with people from all walks of life and this is one of those entrepreneur skills that will take your business far. Every successful entrepreneur has people’s skills and those who do not have it hire someone else who does. You will always deal with people at any phase of your business so make sure you are inherently interested in people and how they work.

Entrepreneur skills are the abilities, inherent or learned, that will make or break your business. Having these skills from the start will reduce the challenges of starting a business but being able to use them strategically will ensure that your business stays on even when competitors come in.

by Chukwuemeka Fred Agbata Jnr. "CFA"

Starting all over isn't that bad

There are so many reasons why you have to consider starting all over in your business or career. Most times things aren’t going as well as planned in your business or career. You suddenly discover that the business you thought you could run is not satisfying, you do not find fulfilment in running it. Your job that was such a great source of joy is now a huge burden. You have done all you can and nothing seems to be working.

That is a good time to review strategy, plan, processes and procedure for better results.Even after doing that and things just do not seem to be working out as planned, then it may be a good time to start all over again.

Starting all over is tough and painful, it sometimes makes you ashamed like you could do better. But we are all human and no one is perfect. Don’t be too hard on yourself. Sometimes we feel like it is beneath us to learn a new skill or start a new business with humble beginnings. We are scared that may not work, we worry about consequences, sometimes we begin to lose self esteem and confidence in our abilities.

The truth is, we all make mistakes, sometimes things change beyond our control and we have to change too. One of the things that will lead to success is if you are not afraid of starting again. There is no need to be scared, start all over again this last time, think through it carefully, seek wise counsel, stay focused and determined…. it will work if you don’t give up.

Helen Ese Emore
Business & Infrastructure Project Development Specialist

CLAIMS PAYMENT MADE EASY

How would your customers rate their claims experience? Hello , In today’s world of instant digital access, customer expectations of service have never been higher. How you handle their claim is the defining moment in your relationship with your customer. In many ways, processing a claim efficiently and fairly is the fulfillment of a promise – a promise that, when you need them most, the insurer will deliver on their commitments with a minimum of fuss and as little stress as possible. However, for Life and General insurers, delivering on this promise while providing the level of service today’s customers expect can pose a very real challenge, as outdated claims systems and practices conspire to disappoint, and not delight, policyholders. Join us for this one day seminar where experts will discuss ways to exceed your customers’ expectations throughout their claim experience, creating advocates for your business, enhancing your reputation and building brand value, including: Register Now October 27, 2016 9am to 5pm Moderator: Rotimi Olukorede  Speaker: Key business experts/ underwriters REGISTER NOW Winning Edge Training 17th floor Western House 8/10 Broad Street 08088490055,08060079000 info@winningedgecentre.com FEES: N35,000 Only Providing timely and proactive insight into how their claim is being managed Empowering customers with omni-channel access Providing same day claim payment Showing empathy in a friendly manner.leveraging on soft skills

Register now to learn more!

CLAIMS PAYMENT MADE EASY

How would your customers rate their claims experience? Hello , In today’s world of instant digital access, customer expectations of service have never been higher. How you handle their claim is the defining moment in your relationship with your customer. In many ways, processing a claim efficiently and fairly is the fulfillment of a promise – a promise that, when you need them most, the insurer will deliver on their commitments with a minimum of fuss and as little stress as possible. However, for Life and General insurers, delivering on this promise while providing the level of service today’s customers expect can pose a very real challenge, as outdated claims systems and practices conspire to disappoint, and not delight, policyholders. Join us for this one day seminar where experts will discuss ways to exceed your customers’ expectations throughout their claim experience, creating advocates for your business, enhancing your reputation and building brand value, including: Register Now October 27, 2016 9am to 5pm Moderator: Rotimi Olukorede  Speaker: Key business experts/ underwriters REGISTER NOW Winning Edge Training 17th floor Western House 8/10 Broad Street 08088490055,08060079000 info@winningedgecentre.com FEES: N35,000 Only Providing timely and proactive insight into how their claim is being managed Empowering customers with omni-channel access Providing same day claim payment Showing empathy in a friendly manner.leveraging on soft skills

Register now to learn more! joke #insurance #floodgatebrokers #brokersinnigeria #lagosinsurance #protection #security #investment