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

    What is the best way to run an insurance company?

    vasuderatorrent

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

    I don't think the choices you offer reflect what businesses actually do...
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
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    Re: What is the best way to run an insurance company?

    Quote Originally Posted by StillBallin75 View Post
    I don't think the choices you offer reflect what businesses actually do...
    Enlighten us.

    vasuderatorrent

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

    Quote Originally Posted by vasuderatorrent View Post
    What is the best way to run an insurance company?

    vasuderatorrent
    Depends on the insurance company. There was a time when a significant portion of the stock in the US was owned by insurance companies which used the dividends to offset costs.

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

    Quote Originally Posted by Fisher View Post
    Depends on the insurance company. There was a time when a significant portion of the stock in the US was owned by insurance companies which used the dividends to offset costs.
    I guess that company would have picked the second choice.

    vasuderatorrent

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

    I was an insurance adjuster for about five years (1973-1979). Mostly auto but also some Workmens Comp and Homeowners. I handled about 1500-2000 claims total. Cash settlement was made in probably over 90% of them; total paid on claims was probably over $1 million. The state (NC) Insurance Commissioner was very aggressive in following up on consumer complaints, and also on reining in premium increases.

    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.

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

    Quote Originally Posted by vasuderatorrent View Post
    I guess that company would have picked the second choice.

    vasuderatorrent
    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.

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

    Would you agree insurance companies are pretty much ran on numbers and a little bit tradition?
    Quote Originally Posted by USViking View Post
    I was an insurance adjuster for about five years (1973-1979). Mostly auto but also some Workmens Comp and Homeowners. I handled about 1500-2000 claims total. Cash settlement was made in probably over 90% of them; total paid on claims was probably over $1 million. The state (NC) Insurance Commissioner was very aggressive in following up on consumer complaints, and also on reining in premium increases.

    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.
    God Bless the Marine Corps.

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

    Quote Originally Posted by mak2 View Post
    Would you agree insurance companies are pretty much ran on numbers and a little bit tradition?
    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.

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

    Quote Originally Posted by vasuderatorrent View Post
    What is the best way to run an insurance company?

    vasuderatorrent
    There's a happy medium but, no company will stay in business without a profit.

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