How you should approach prospects and encourage them to become clients depends on the stage of your relationship, writes Bryce Sanders of Perceptive Business Solutions. He discusses tactics for prospecting among strangers, acquaintances and friends.
APCIA offers "a united voice for the industry in terms of market share and brings together the entire industry under one roof," President and CEO David Sampson said as the association holds its Annual meeting in Boston. Formed in January, "the new APCIA is building an open, collaborative culture" as the industry addresses challenges in terms of litigation, the coverage gap and auto insurance rating factors, Sampson said.
APCIA is stepping up its efforts to ease US insurance groups' access to foreign markets, and that work is starting to "bear fruit" with developments such as revised data-storage requirements under the US-Mexico-Canada trade agreement, APCIA's Robert Gordon said. Other current key areas of focus for APCIA include addressing challenges to risk-based pricing as well as reauthorizing the Terrorism Risk Insurance Act and the National Flood Insurance Program, Gordon said.
Heightened interest in stand-alone terrorism risk insurance is among several key issues for the insurance industry, as examined in this roundup of coverage based around the APCIA Annual Meeting in Boston. Meanwhile, the key factor behind any economic improvement for casualty insurers will be the primary rates in the market, experts say.
San Jose, Calif., is proposing that Pacific Gas and Electric become a nonprofit, customer-owned utility, Mayor Sam Liccardo said. San Jose, the biggest municipality in PG&E's service area, is seeking other local governments' support for its proposal, but PG&E said its "facilities are not for sale."
Strong storms have caused massive damage and four deaths across five states: Tennessee, Louisiana, Arkansas, Missouri and Texas. Passengers at Memphis International Airport had to deplane and shelter in airport restrooms after a tornado warning was issued.
Many of the victims eligible to file about 100,000 claims against Pacific Gas and Electric over wildfire damage in Paradise, Calif., were unlikely to do so by Monday's deadline because they doubt a payout from the utility will materialize, attorneys said. In many cases, residents of the town affected by the fire are still in temporary housing that includes trailers, motels, camping tents and vehicles, officials said.
At concurrent meetings of the World Bank and the International Monetary Fund, financial leaders discussed the wide range of challenges facing economic growth, with the IMF warning that policy has little room for error. Some delegates, including newly appointed IMF chief Kristalina Georgieva and US Treasury Secretary Steven Mnuchin, said a return to economic stimulus should be considered, while others said it was not yet time.
APCIA members have identified diminished contract certainty as their current top priority. The issue has emerged as a challenge amid heightened litigation, due process concerns and a rise in "nuclear" verdicts.
A major factor behind the coverage gap for flood risk is consumers' misconceptions about the value of insurance and the level of risk they face, APCIA's Nat Wienecke said. Meanwhile, APCIA and policyholders want Congress to approve a "clean extension" of the Terrorism Risk Insurance Act, Wienecke said.
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