I don’t often re-blog another’s post, but this is from a brilliant writer and is well worth sharing.
Recently, Carly and Tony received an amazing email from Warren Buffett, the Oracle of Omaha himself, congratulating us for InsNerds.com, confessing that he’s a big fan of our efforts and inviting us on an all expenses-paid trip (onNetJets of course) to have dinner with him to discuss the industry. We had an amazing time over the 3-hour dinner at Gorat’s Steak House. The best part was being able to pick his brain about the awesome industry we work in…
Sadly, then the alarm clock went off at 5 am, and Tony realized he was dreaming. There was no email from Warren Buffett, no invitation for dinner, and no flight on NetJets.
But all is not lost. Uncle Warren has written extensively about the insurance industry through 38 years worth of Letters to the Shareholders of Berkshire Hathaway which he has published every year since 1977. All this wisdom…
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There are a number of policy provisions and claims settlement procedures that enable some car insurance carriers to dramatically reduce their costs when repairing a damaged vehicle. The good news: those carriers are often able to charge less for insurance, since their repair costs are lower.
The bad news: This shocking recent report by CNN and Anderson Cooper explains that over 500 car repair shops in 36 states accuse many auto insurance companies of coercing them to use cheap parts and sometimes dangerous practices to fix vehicles involved in accidents. The video evidence is alarming, and serves to remind insurance consumers the axiom “you get what you pay for” also applies to insurance coverage.
I encourage readers to examine this revealing report, and to contact a reputable Independent Agent to learn why it is important to consider the many benefits of insuring your vehicles with an insurance carriers like AIG, ACE, Chubb and PURE that provide coverage for repairs using OEM (original equipment of the manufacturer) parts, while also permitting their savvy policyholders to select the repair facility of their choice.
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Ask someone familiar with branding this question, and they will explain a person’s or organization’s name conveys a brand. Good, bad, or unfamiliar, names convey a brand. Donald Trump and Colin Powell. Two very different brands. Ritz Carlton and Hotel 6. Again, two distinctly different brands. Coke and Pepsi. Two brands that are quite similar. John Public and Mary Doe? Nothing — I don’t know them either. Now, consider these two prominent insurance companies: Ace and Chubb. I view Ace and Chubb as very similar and very different.
Among the ways Ace and Chubb are very similar: financial performance. According to Fitch Ratings: “For the five-year period 2010-2014, ACE’s average consolidated GAAP combined ratio was 91 and the operating return on equity was 12 percent. Chubb’s average combined ratio and operating return on equity for the same period was 91 and 13 percent, respectively.” That’s pretty similar.
Among the ways Ace and Chubb are very different: how their brands are perceived. Says Ace Chairman and CEO Evan Greenberg: “The combined global operation will operate under the Chubb name, an acknowledgement of the distinctiveness and recognition of its brand, particularly in the U.S.”
Recognizing the importance of “what’s in a name”, Ace, the acquiring company, has shown the wisdom of moving forward using the acquired company’s brand. Ace will re-brand as Chubb, the ultimate compliment. Those who question the importance and value of a brand should take note — and believe in the power of the Chubb brand.
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