View Poll Results: What is the best way to run an insurance company?

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  • Charge the highest premiums possible. Pay out the least possible.

    13 59.09%
  • Charge the lowest premiums possible. Pay our the most possible.

    7 31.82%
  • Do what is best for the world even if it loses you money.

    2 9.09%
  • Close it down so that everyone will be screwed.

    0 0%
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Thread: What is the best way to run an insurance company?

  1. #11
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    Re: What is the best way to run an insurance company?

    I worked for a P&C and life and health company many years ago as a sales guy. I really loved it but I BSd too much with my clients and didnt sell enough. Anyway I always enjoyed talking to the actuaries and other number crunchers running the place. OK, they did get really boring after about 5 minutes but it amazed me how close they could come on how many 62 or 45 year old males would die this year (not which ones thankfully) and they kept records and comparative studies of their projetions and risk. They pretty much knew awfully close how much risk they had per each segment of buisness each year. The traditional part seemed pretty anti to the science part above. I was to inform the company if one of my insured if one of my policy holders had a German Shepard Dog. The numbers did not bear out they had any more payout with GSD's (collies were the highest) but the company had, at one time, had a massive payout for a GSD attack. I have always htought insurance companies were very intersting. They know pretty much how much they need to do buisness and profit etc.
    Quote Originally Posted by USViking View Post
    I do not know what you mean by that, but it sounds like something that would apply to any established business, and too vague to be useful in analyzing any business.

    I worked for an independent claims service. ICs were our clients, not our employers.
    God Bless the Marine Corps.

  2. #12
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    Re: What is the best way to run an insurance company?

    Quote Originally Posted by mak2 View Post
    I worked for a P&C and life and health company many years ago as a sales guy. I really loved it but I BSd too much with my clients and didnt sell enough. Anyway I always enjoyed talking to the actuaries and other number crunchers running the place. OK, they did get really boring after about 5 minutes but it amazed me how close they could come on how many 62 or 45 year old males would die this year (not which ones thankfully) and they kept records and comparative studies of their projetions and risk. They pretty much knew awfully close how much risk they had per each segment of buisness each year. The traditional part seemed pretty anti to the science part above. I was to inform the company if one of my insured if one of my policy holders had a German Shepard Dog. The numbers did not bear out they had any more payout with GSD's (collies were the highest) but the company had, at one time, had a massive payout for a GSD attack. I have always htought insurance companies were very intersting. They know pretty much how much they need to do buisness and profit etc.
    I was strictly P&C claims, and had no contact with any underwriters. No client quirks of the sort you mention came to light in any claim I recall handling.

    Besides premium income most if not all IC invest heavily. A friend of mine managed the Florida real estate holdings of a major IC in the late 1980s. The value of those holdings was over $500 million just for the state of Florida. IC are also very active in securities.

  3. #13
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    Re: What is the best way to run an insurance company?

    Quote Originally Posted by Fisher View Post
    probably not. I own stock in an insurance company with business related lines. They would be oriented toward paying out as little as possible but hitting the premium points that maximized revenue.
    That is the first choice on the survey.

    vasuderatorrent

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    Re: What is the best way to run an insurance company?

    Quote Originally Posted by USViking View Post
    Seems as though you have suffered some kind of loss, and insurance settlement was either lower than you thought appropriate, or your claim was denied.

    Want to give us the details so we can try to judge your case on its merits? You might also consider having the state IC office look into the matter.
    Are you serious?

    vasuderatorrent

  5. #15
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    Re: What is the best way to run an insurance company?

    Quote Originally Posted by vasuderatorrent View Post
    Are you serious?

    vasuderatorrent
    Stop trolling and answer the question.

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    Re: What is the best way to run an insurance company?

    Quote Originally Posted by USViking View Post
    Seems as though you have suffered some kind of loss, and insurance settlement was either lower than you thought appropriate, or your claim was denied.

    Want to give us the details so we can try to judge your case on its merits? You might also consider having the state IC office look into the matter.
    There is no such event in my life. I supposed I should have specified in my poll. My target product was health insurance.

    Some people get all crazy and think that Health Insurance industry should operate under altruistic motives. I have a hard time understanding how you can do that when you have to make a profit in order to exist.

    vasuderatorrent

  7. #17
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    Re: What is the best way to run an insurance company?

    Quote Originally Posted by vasuderatorrent View Post
    There is no such event in my life. I supposed I should have specified in my poll. My target product was health insurance.

    Some people get all crazy and think that Health Insurance industry should operate under altruistic motives. I have a hard time understanding how you can do that when you have to make a profit in order to exist.

    vasuderatorrent
    Drat it, I was hoping I could give you a lecture about how the IC was not obligated to replace that 5-year old car you totaled with a brand new car of the same make and model.

    As for the premise you favor by implication I think there is an overriding public need to minimize insurance profits for coverage the public cannot easily do without. That includes health insurance.

  8. #18
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    Re: What is the best way to run an insurance company?

    Our healthcare system could never have been the most expensive in the world without healthinsurance companies.
    Quote Originally Posted by USViking View Post
    Drat it, I was hoping I could give you a lecture about how the IC was not obligated to replace that 5-year old car you totaled with a brand new car of the same make and model.

    As for the premise you favor by implication I think there is an overriding public need to minimize insurance profits for coverage the public cannot easily do without. That includes health insurance.
    God Bless the Marine Corps.

  9. #19
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    Re: What is the best way to run an insurance company?

    All insurance companies should all pay out all money they have as quickly as possible, file bankruptcy and shut down. Or better yet give money to Obama and politicians and get bailout money.

  10. #20
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    Re: What is the best way to run an insurance company?

    I could buy that, it would be smarter financailly to pay as you go and cut out the insurance company altogether. But, alas, few can do that.
    Quote Originally Posted by joko104 View Post
    All insurance companies should all pay out all money they have as quickly as possible, file bankruptcy and shut down.
    God Bless the Marine Corps.

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