The Company We Keep
Tuesday, August 21st, 2001 Risk ManagementSometimes we are wise to be scared. Self-preservation demands a healthy respect for danger. If the following doesn't concern you, you're already on your way to career extinction. "They (insurance companies) are all alike! If my agent can't save me some money, I find one who can. Insurance is just a commodity." Sound familiar? Are we not working in a price-sensitive market, a very price-sensitive market? These three sentences have more to do with the endless "soft market cycle" than capacity, investment income, and abundant competition all put together. We are awash in a sea of undifferentiated services and competitors. Don't misread this. There is certainly significant disparity between the best and the worst in every aspect of P&C insurance and claims-related services.
