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Having trouble viewing this email? Use link above
In this issue:
SPECIAL VIDEOS on
Farmers Strategy about
the past and the future
OKLAHOMA
VOICE
With August "Pulse of the Agent's"  Opinion Poll Results
Published monthly by UFAA Chapter 15 Eastern Oklahoma.Chapter 15 meets the
first Wednesday of each month. |
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 Next Chapter 15 Member Meeting: Wednesday September 2nd 11:30 AM
Green Onion Restaurant 4532 E 51st Tulsa. Non-members welcome.
Special Invitation to Oklahoma Farmers Agent Network Members.
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Mission Statement
The United Farmers Agents Association -UFAA- is a professional association committed to helping our members through education, communication, support and information and to establish a true partnership with Farmers Group, Inc.
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Oklahoma UFAA Contacts:
UFAA Chapter 15 serving Eastern Oklahoma
President- Mike Gately 918/481-3277 -Tulsa
UFAA Chapter 12 serving Central-Western Oklahoma:
President- Tony Reese 580/355-1335 - Lawton
To join an Oklahoma UFAA Chapter
choose one closest to you
and contact the chapter. Or,
Sign up at UFAA Web site.
United Farmers Agents Association Web Site
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 Insurance: Predictions for the future..
AA&B
staff writer Published 7/6/2009 The
Predictions Panel: Richard M. Bouhan, executive director, National
Assn. of Professional Surplus Lines Offices, AA&B editorial board,
Anita Z. Bourke, executive VP, American Institute for CPCU, AA&B
editorial boardChris Burand, president, Burand & Assocs. LLC. Louie
Castoria, attorney at law, Wilson Elser Moskowitz Edelman & Dicker
LLPDemmie Hicks, president & CEO, DBH Consulting, AA&B
editorial board, Edwin L. Lamont CIC, CRM, president, Lamont Consulting
Group Inc.Shirley Lukens and the consultants at Reagan Consulting, Bill
Wilson, CPCU, ARM, associate VP, education & research, IIABA, Big
"I" Virtual University faculty, Bernd G. Heinze, Esq., executive
director, AAMGA, Rick Morgan, Senior Associate, Aartrijk, Tim
Cunningham, OPTIS Partners, LLC, John E. Meeker, CPCU, CIC, The Van Dyk
Group
Underwriters will exist at carriers only for larger commercial risks.
Agencies will be paid on personal and small commercial accounts based on loss
ratios, so they will be the underwriter on those accounts. Removal of layers and
duplicity of underwriting for smaller accounts will facilitate greater
competition with direct writers.- Demographics, carrier pressure and benefits of
scale will reduce the number of independent agencies over the next 10 years.
Fewer, larger agencies will emerge, including more agencies with a national
presence.
- Clients will initiate many of their own transactions online through
agency portals. This will make the agency more responsive to client risk
analysis and asset protection needs. All agency employees will have customer
contact, dealing with important features of risk management, not just serving as
clerks.
The industry will move to a "fee for services" model rather than a
strictly "commission" model. This is already prevalent in many other professions
and is a better measure of "value added" by the industry. You get what you pay
for. An insurance sales person will need to be an educator and a technician with
options for the client and will bill by the hour or the project.
- Surplus line coverage will be free of state regulation and sold over the
Internet. Surplus line insurers will allow approved brokers to use online
portals to tailor policy forms to insureds the way we can buy a laptop computer
online today.
- There will be more small, independent brokerages in the U.S. 5 years from
now because it will be easier to operate a one-person brokerage from a home
office.
- Failing to properly document a client's file will still be the largest
problem in defending E&O claims against insurance agents and brokers 5 years
from now.
- Profitability metrics are more important to insurers and agents who have
invested in staff education to recognize and bring profitable business to
carriers will reap the benefits.
- More agent training content will be online, including continuing
education requirements.
CE laws will be repealed and insurance education will become a means to
an end rather than an end in itself, with only high-quality education providers
surviving.
- Agency staff will download content to electronic readers, reducing cost
and introducing flexibility into the learning environment.
- Specialized online education will preserve institutional knowledge before
key people retire.
- Social networking will take on new meaning as agencies cut back on
attendance at courses and conferences for expense reasons in favor of Web-based
seminars.
- Traditional carriers for highly regulated insurance may become obsolete,
possibly replaced by an eBay type of insurance market.
- Within 5 years, most licensed agents will also be licensed by FINRA to
offer some types of securities to the public; at least 25 percent also will be
Certified Financial Planners.
- Through technology and market sharing via aggregators, there will be more
small "boutique" agencies offering personal services at a low operating cost,
with insurers and specialty firms marketing coverage, loss control and other
services on an independent contractor basis as part of unbundled services
offered by these small agencies to their clients.
Independent agents will take back personal lines market share from direct
writers and direct response carriers. However, success will depend on the use of
technology like social networking, which will be used as business development
tools by younger agents.
- Generalists beware: As the world becomes smaller and the economy more
specialized, agents will need to rely on industry expertise and unique resources
to differentiate themselves and to remain competitive. Relationships will always
matter, but insureds will increasingly be able to develop relationships with
agents and brokers from across the country, not just in their backyard.
- Technology advances have increased the speed of
communication. Those insurance enterprises that will survive and thrive in the
future will make maximum use of technology and will be those that provide the
quickest responses to their customers. Speed of response will be a key to
future success.
- More people will work from their homes or cars and be available on a 24/7
basis. The make-up of the physical office environment will change dramatically.
Conferencing will be done from anywhere with reliable video tools. The meaning
of a "face to face" sale will change dramatically.
- Property risks, formally written on a zip code
basis, will be at an address or street level for all occupancies and
non-occupied properties.
- Also, the future is likely to bring increased federal regulation of
insurance. In spite of state regulators' and insurance carriers' resistance,
recent years have seen more and more pressure from federal legislators for
uniform regulation applicable to all states.
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UFAA Sponsored E&O
is Gone for 2009
2009 Enrollment deadline has passed August 20th for coverage effective September 1st.
Completed apps received or approved after Aug. 20, 2009 become effective
January 01, 2010
Renewal terms will be distributed to all currently insured agents beginning
9/1/2009.
The rates are not
expected to change & the renewing agents will NOT be required to pay for the
$100 loss control as this for the first year only. An additional savings over the Farmers E&O Plan.
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"Government Agents Had Satellites Watching," said Shooter A shooting suspect told police he is a mental patient and his intended
victims worked for the government and had satellites watching him, a detective
reported.
Harold G. Thomas, 61, was arrested Thursday after he allegedly
shot up a Farmers Insurance office in south Oklahoma City. He is accused of firing three shots from
his own business into a neighboring suite. Two men in the insurance office were
nearly hit, the detective reported.
Bomb squad technicians spent hours Thursday examining suspicious items found
inside Thomas' business. The detective reported officers found an open gun safe
there with several guns, rifles and ammunition as well as "several foil-wrapped
objects and electrical tape-wrapped objects."
Thomas told police he "is seeing visions and hearing voices," the detective
reported.
He also said he had been "off of his medication for over a year" and had been
self-medicating with the energy drink Red Bull and the drug Lortab, the detective reported.
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 Dear Oklahoma Voice,
Over the weekend of August 15 & 17, I was on dashboard to assist a client and saw a statement on Agency News and Information dated August 13th. This information item is duplicated below.
"Auto commission payments and chargebacks from June 15
to July 31 Commissions on Auto transactions created between June 15, 2009, and July 31,
2009, have been incorrectly calculated due to recent programming changes. Only
commissions for some cancellations and reinstatements processed during this time
were impacted. As a result, you may see an overcharge or overpay of commissions
on your July 2009 and/or August 2009 folio.
The incorrect Auto commission payments and chargebacks will be reversed and
appear on your September folio, which will post on Sept. 1, 2009."
Do you have any idea what impact this will have on my Sept. folio? That month will be another "Starvin Marvin" month as Fed and state quarterly taxes are due. Okie Agent Dear Okie Agent. Thanks for the email. I was unaware of the notice but located it in the News and Information archives by selecting- more. The Oklahoma Voice has discussed this issue before that field bulletins and information usually create more questions than answers. This appears to be no exception.You can go to the managing page on dashboard and pull up your June and July folio and review. I did that and everything looked fine except more cancelations than normal. But, most all agents are complaining about the run-off of PIF. I did see a couple of questionable items where they may have paid or chargedback commission on the policy fee. That should only have minor effect on Sept. commissions. It's the low NB sales and cancelations that really hurt. If there is something I missed on this issue, please advise the editor. |
The Group "QUEEN" Sings
About Farmers Agency PIF
Mouse the Queen logo or Queen above
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"The Pulse of the Agents"
August Opinion Poll Results -------------------------------------------------------------------------
The Oklahoma Voice reader polls take no more than a few seconds to complete. You are informed immediately how your vote compares to other responding readers. It is important to vote in the polls as we all can gain the "Pulse of the Agents."
Your poll votes remain anonymous. We only obtain the numbers of answers converted to percentages, not the source of those numbers. Readers can only vote in a poll once. The percentages shown when a reader votes, is the tally at that moment. We'll publish final poll results in a future issue. Look for this image > < designating a poll where you may vote.
Results of the August, 2009 "Pulse of the Agents Polls"
After viewing the Farmers recruiting video, I believe... - The video is absolutely correct 0%
- The video statements are mostly correct 4%
- Video is stretching the real story 5%
- The video is hyped up for the most part 41%
- The video must be referring to some other company 41%
Who is to blame for the point drop in the JD Power Customer Satisfaction Ranking? - Agents & DMs 9%
- State offices 4%
- HelpPoint 9%
- ServicePoint 0%
- Management company 78%
Concerning the corporate snafus, what should Agents charge the company for corrections? - Agents should volunteer to correct at no charge. 18%
- $1 per correction 9%
- $3 per correction 14%
- $5 per correction 23%
- Agents should create set agent fees for various corrections 36%
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Email Marketing: Build a better business
through customer loyalty and referrals
Email Marketing by Constant Contact® is the easy, effective, and
highly affordable way to get your message out to your customers,
clients, or members. You'll create high-impact, professional-looking
emails-quickly and with no technical expertise. And, most importantly,
you'll build strong connections with your audience that lead to
referrals, repeat business and loyalty.
With Email Marketing by Constant Contact, you can:
- Choose from more than 300 easily customized email templates-or create your own from scratch.
- Create highly visual, professional-looking email newsletters and promotions in just minutes.
- Drive more traffic to your website with focused, targeted email communications.
- Build
and manage your email list: import existing customer lists, add names
individually, or capture contact information from website visitors.
- Measure
your email campaign results instantly-check click-through rates, review
new subscribers, and see who opened and clicked on each link so you can
tailor your follow-up communications.
- Send automated communications to new sign-ups via an autoresponder tool.
- Communicate
with your audience with confidence, knowing that Constant Contact will
take care of getting your email delivered and keep you CAN-SPAM
compliant.
Sign up for a FREE 60-Day Trial of Email Marketing today. No risk. No bank card required. Your first 60 days are compliments of UFAA Chapter 15 - giving you total control with agency newsletters. Just mouse the logo below for a quick tour of email marketing. Client surveys are also available.
Look for this same logo at the bottom of any Farmers Commercial Business Buzz email. They use it too, like many UFAA Chapters do to communicate with their members and potential members.
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If you wish to be excluded from future mailings please let us
know by emailing us at ufaa15@.gmail.com or by using the Unsubscribe feature at
the located within this document. Disclaimer - The Oklahoma Voice is published
twelve times per year for the United Farmers Agents Association, Chapter 15
Northeastern Oklahoma. The United Farmers Agents Association and the editor
neither assumes any responsibility for the accuracy of the articles or
advertisers, nor any liability arising from reliance upon them. The Oklahoma
Voice expresses it's appreciation to the many members who assist in and support
it's publication,. Opinions in the Oklahoma Voice do not necessarily express the
views of any single member or Chapter officer or UFAA organization. Products and
services advertised are not endorsed by this Chapter or United Farmers Agents
Association, Inc. Complaints or inquiries should be forwarded directly to the
advertiser. All purchases and services are at the complete discretion of the
consumer. Trademarks are the respective products or logos of their respective
owners. |
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License # 879
* For use with new customer activation. Not valid with any other offer. One check per customer. Must be presented prior to service activation |
918-663-5848
Fire, Water, Storm Damage
& Other Perils
Full Service Mitigation and
Reconstruction
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Ads are now hot links to websites
Support Our
Advertisers
Please support and recommend our supporters.
Learn more about our advertisers as you or your clients may need their services in the future. Educate yourself so you can give your clients more detail about the services they offer.
You may mouse any of our valued ads in this issue for direct access to their informative and educational website.
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Odor Abatement Meth Labs
Biohazard & Crime Scene Cleanup
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We do both Residential and Commercial
Edmond 405-330-0025 Tulsa 918-270-2888
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Bethel Collision Center
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THE SPECIFIC SECURITY
OBJECTIVES OF UFAA ARE:
1. A two-way negotiated contract.
2. For rendered services contractual compensation schedules encompassing full commission of all premiums.
3. Agent ownership of policies and expirations.
4. Termination for just stated-cause only.
5. Ending discrimination of agent or agent authority.
6. To foster cooperation for mutual benefit, between other agent associations. |
In my many years I have come to a
conclusion,
that one useless man
is a shame,
two is
a law firm and
three or more
is a congress..-- John Adams
Oklahoma
law passed, 37 to 9, had a few liberals in the mix, an amendment to place the
Ten Commandments on the front entrance to the state capitol. The feds in D.C.,
along with the ACLU, said it would be a mistake. Hey
this is a conservative state, based on Christian values...!
HB
1330Guess
what?........Oklahoma did it
anyway.Oklahoma
recently passed a law in the state to incarcerate all illegal immigrants, and
ship them back to where they came from unless they want to get a green card and
become an American citizen. They all scattered.
HB
1804. Hope
we didn't send any of them to your state. This was against the advice of the
Federal Government, and the ACLU, they said it would be a
mistake.Guess
what?.......Oklahoma did it
anyway.Recently,
we passed a law to include DNA samples from any and all illegals to the Oklahoma
database, for criminal investigative purposes. Pelosi said it was
unconstitutional.
SB
1102Guess
what?.....Oklahoma did it anyway.Several
weeks ago, we passed a law, declaring Oklahoma as a Sovereign state, not under
the Federal Government directives. Joining Texas, Montana and Utah as the only
states to do so. More states are likely to follow: Louisiana, Alabama,
Georgia, the Carolinas, Tennessee, Kentucky, Missouri, Arkansas, West Virginia,
Mississippi, Florida. Save your confederate money, it appears the South is
about to rise up once again. HJR 1003The federal Government has
made bold steps to take away our guns.
Oklahoma,
a week ago, passed a law confirming people in this state have the right to bear
arms and transport them in their vehicles. I'm sure that was a set back for the
criminals. But,
Liberals didn't like any of these laws But
... Who cares...Oklahoma is doing it anyway.
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Ordering a Pizza in 2012
This is funny but, the scary part
about it is that it's probably not too far away from being reality, providing the government has its way with socialized medicine, and digitizing medical records. Want to know how to order a pizza in 2012? Turn up the volume, listen closely to this one minute video and watch
the pointer!
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Call for Board up Service 24/ 7
Tulsa Broken Arrow
918/664-7904 918/258-7578 |
By
Cookies link your online,
offline
identities
8/8/2009
Think about the Web sites you visited recently. You shopped, checked airfare
prices and researched a medical condition.
How would you like marketers to trade this information, along with your name
and address? They may very well have.
Increasingly, online tracking is becoming more personal. Cookies used to be
relatively harmless. Now, cookies can tie your surfing habits to your offline
identity.
How cookies work
A cookie is a small text file placed on your computer by a Web site. Some
cookies are useful. They identify you to your favorite sites. With them, you can
bypass site log-ins. The site remembers your preferences.
But advertisers and third parties also place cookies on your machine. For
instance, you may see an Acme Widgets ad on one site. The ad places a cookie on
your computer.
You visit a second site running an Acme ad. This time, Acme reads the cookie
on your machine. It knows the content of the first page you visited. It knows
the content of the second page you visited. It can offer an ad better targeted
to your interests than the first ad.
Now, consider this. Acme ads are placed on sites via an advertising network.
Goliath Advertising tracks and profiles you as you move from site to site. And
it displays ads based on your interests.
Many people don't like the idea of online tracking through cookies. They find
the targeted ads creepy and invasive. Well, that's not the half of it.
Read the rest of Kim's column here.
Oklahoma
Voice has reprint rights. Copyright 2008 WestStar TalkRadio Network. Reprinted
with permission. No further republication or redistribution is permitted without
the written consent of WestStar TalkRadio Network. Visit Kim Komando and sign up
for her free e-mail newsletters www.komando.com
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 - "Best Agent Contract in the Industry."
- The Next Gen Home Policy will make us more competitive.
- Our Discounts can save up to 40%.
- Auto rate increases are capped at $50.
- Big (disappearing) discounts for teachers, cops and firemen.....
- The state office is here to help you.
- The Flex-auto will lock the rate. (Will renewals stick? - is the question)
- Farmers- A company easy to work with
- Free Pet coverage with comp and collision coverage. (That should line 'em up at your door!)
- ServicePoint is here to assist you. But, exceptions to retain clients is a no go.
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<a
<b
From the National Underwriter, displayed above is the top 25 P&C Companies out of 100 printed in the July 20, 2009 issue. Sorry about the type size as expanding the graphic made it unreadable.
"A" in the right column is Farmers Insurance Exch. shown ranked at #10 in 2007 and #11 in 2008 based on net premiums written of $6.1billion which is a growth of -8%. 2008 combined ratio is up 107.1 over 2007 at 100.9
"B" in the right column references Zurich American Ins Co ranked #13 in 2007 and #14 in 2008 on net written premiums of $4.9 billion which is a growth of -15.9% with combined ratio of 103.6 in 2008 compared to 2007 at 102.3.
The industry average growth was -1.5% in 2008 with combined average ratios of 105.2 in `08 and 95.6 in `07.
As for Insurance Groups, Zurich, which includes Farmers net written premiums totaling 18.7 billion fell to # 7 in 2008 from #5 in 2007 with an overall growth percent of -7.1 and combined ratio up at 106.3 from 99.1 in 2007.
Most of the Zurich companies listed that contained the Farmers brand had a growth of minus 8% including, Farmers Ins Co, Inc, Fire Exchange, Idaho, Oregon, Washington, Columbus, Illinois, Texas, Mid Century and Truck Exchange.
How does this compare to the glowing report to investors shown below?
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^ mouse this link ^
This video was a hot item all last week on the web. It is a graphic recreation of a car wreck caused while texting.
To all members of Oklahoma Agents on Farmers Agent Network!
I've blasted
this video through twitter, through my facebook, and about every group I can think of.
It was very powerful and moving and you should share this with everyone
possible.
This CNN newscast must be part of the Farmers YES Program for Teenagers!
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Visit Oklahoma Agents and over 1,700 Farmers agents around the country at:http://farmersagents.ning.com/main/Good source of info from other states. Such as, did you know Farmers can just turn off rate capping on policy renewals? They did it in Missouri, and get this, at the DOI's request!
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Investments Down?
 $1,000
Finders fee for each new franchisee we sign that you have referred to us in the States of:
OK, AR, KS, MO, TX Contact us at webersrootbeer.net
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 Independent Agents control P/C market share
AA&B
staff writer
Published 3/10/2009
In the face of a weakening economy and a soft market, independent agents
were able to hold on to a majority of the property and casualty premium market
share, according to a study by the Independent Insurance Agents & Brokers of America, (IIABA)
with data provided by A.M. Best.
The annual market share study evaluates year-end industry market share and
company expense data and uses it to analyze the state of the independent agency
system. Though the overall market was relatively flat in 2007, independent
agents and brokers are still responsible for $6 of every $10 in the industry's
overall property and casualty premium revenue.
Bob Rusbuldt, CEO of IIABA said in a statement, " The independent agency
system continues to be the leader in commercial lines, holds a significant share
of personal lines, and dominates both in some states." In the face of a weakening economy and a soft market, independent agents
were able to hold on to a majority of the property and casualty premium market
share, according to a study by the Independent Insurance Agents & Brokers of America, (IIABA)
with data provided by A.M. Best.
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 . Farmers Strategy Update:Investors Day London May 20, 2009
You may find this 3 hour strategy meeting a valuable knowledge investment in your
Farmers career.
VIDEO HIGHLIGHTS : Farmers Strategies
Paul Hopkins first job: Proctor & Gamble at Pringles Potato Chip Plant
Growth in Mkt share, Retention and Profits-13 quarters of GWP growth Now have 45,000 IAs and 15,000 Farmers EAs (Exclusive Agents) PIF gain year over year since 2005 New quote and app entry saves agents combined 100 yrs annually J Dailey video @ 16:00Farmers Agents subsidizing Independent Agents? MyFieldPoint- field performance, management visits J Dailey video @ 21:20 min In top 5 of Independent Agent carriers- M Smith Video @ 22:00Slides show 1,700 Agent MANAGED attrition rate* Q&A video @ 37:30Only 2k of 10k recruited agents convert - gain 310 yr. " DARG terminations " 21st Century PIF run-off in progress, except CA. M Smith Video New Auto and Home products & billing launch in 2009 J Dailey Video@ 08:30Have 9% of Asian/Latino- a $20B market EAs will ONLY sell Farmers Branded Products M Smith video @ 25:00Retention & Profits up, competitive rates not required- P Hopkins video @10.00 min
You select videos from the pull down menu located below the video screen.The meeting contains a lot of detail direct from top management as to what is coming down the pike in your business future. Take notes for future reference.
Access to the Agenda & VideosNote: The
link to the videos may not by-pass a sign-in screen to the Strategy
Update. If it appears, just fill it in with information of your choice.
You can download the .PDF slides used in the meeting to view along with the videos. The link is located at the bottom of the video page. A pull down menu exists just below the video screen that you may choose a video listed below. Video names underlined below may provide the greatest interest to agents.
Strategy is working - positioned for growth- Paul Hopkins.Board Chair Farmers 31:30 min Financial update- Scott Lindquist, Exec VP & CFO 31:33 min
Strategy update- Mark B Smith Sr.VP and Chief of Strategy 42:00 minPersonal lines transformation- Jeff Dailey, Exec VP Farmers 41:38 min Wrap up and Close- Paul Hopkins 2:31 min Questions & Answers- 43:08 min
*At 37:30 minutes into the Q&A video, a question is asked about the 1,700 agents leaving annually as shown on slides # 48 and # 57. You can use the video slide control to this area on the video.
There will be Three Farmers Sales Channels
- Farmers Channel- Exclusive Farmers Agents selling only Farmers products
- Foremost Channel- A consolodation of other products and Foremost with Ind. Agents
- Full Direct Channel- 21st Century products with corporate internal and website sales.
Consumer shopping and purchasing behaviors are changing dramatically
Farmers Strategy Presentation slide
- Online shopping has nearly doubled in the past 2 years.
- Significant change in consumer insurance shopping behavior with the number of online quotes almost doubling 2004 - 2007.
- 75% of people that purchased insurance in 2007 shopped for it first on the Web, and over 46%also got a quote on the Web.
- Celent estimates that nearly 30% of auto insurance sales will take place online by 2011.
- The direct channel is the only channel growing and gaining market share
- Personal lines direct channel is expected to grow 8% to over USD 37bn by 2010.
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 Dear Editor, I just discovered this improved coverage: Okie Agt. Glass REPAIRS now covered under ComprehensiveDear Valued Customer,E 1417a: The endorsement below can eliminate the deductible costs for an auto glass claim. For no additional charge, we will not apply the deductible for Comprehensive when you choose to repair rather than replace damaged auto safety glass. If you choose to replace the glass, however, the deductible will apply. Please read the endorsement for complete details.Thank you for choosing Farmers. If you have any questions, please contact your Farmers agent who will be happy to help you with this and your other insurance needs.E-1417A
SAFETY GLASS - WAIVER OF DEDUCTIBLE
PART IV - DAMAGE TO YOUR CAR - COVERAGE F E1417A 1st Edition
It is agreed that if a loss to auto safety glass is repaired rather than replaced, the deductible applying to
Coverage F - Comprehensive under Part IV - Damage to Your Car is waived. If the auto safety glass is
replaced, the deductible applying to Comprehensive will remain in force.
Thanks Okie, It's been around for a while, perhaps there are others that don't know about it. We will share it through "Agents Helping Agents.'
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 The following email came from another Pinocchio DM who has forgotten
that agents have no quotas.
Agents are not his
employees. email dated June 18, 2009
This is a heads up on
future Life meetings. Agents who do not have 12 life policies written by June
29th will be meeting with me every week. The first meeting will be June 30th in
the training room in the District Office.
We will meet every Tuesday (TALLY
TUESDAY) and review your results from the previous week. The meeting should last
approximately 45 minutes and we will have special guest along with reporting
your life results. .State Executive XXXXXX XXXXX is scheduled to attend either
the first or second meeting. I will be sending out the list of agents but most
of you already know where you stand.
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 Breaking News:
Farmers Insurance to slash workforce at 21st Century unit in Woodland Hills, CA.
California's largest auto insurer plans to cut 554 jobs this year and a
total of 750 of the 979 jobs by the end of 2010.
Reporting from Sacramento - California's largest auto insurer, Farmers Insurance
Group, said Thursday that it planned to slash jobs at the offices of its newly
acquired 21st Century Insurance unit in Woodland Hills.
Los Angeles-based
Farmers told employees that it would cut 554 jobs by the end of this year and
that the total would reach 750 by the end of 2010.
The Woodland Hills
complex, which had been 21st Century's headquarters until last November,
currently has 979 employees, Farmers said. Farmers completed its purchase of
21st Century from troubled insurance giant American International Group Inc. on
July 1.
With the merger, Farmers -- a traditional insurance company that
sells home, auto, life and other insurance products with a network of agents --
added 21st Century's system for selling auto insurance directly to motorists via
telephone and the Internet.
After a two-month evaluation, Farmers decided
to reduce the Woodland Hills workforce as part of an effort to streamline
operations, Senior Vice President Mark Toohey said. There was no
decision on whether the firm would remain at the leased location in Woodland
Hills. Some of the displaced workers could be offered jobs at 21st
Century's executive offices in Wilmington, Del., while others could be
transferred to other Farmers operations in Southern California, Toohey
said.
21st Century specializes in selling competitively priced products
from centralized, highly automated call centers. Its salespeople can do their
jobs just as well operating in a low-cost state such as Delaware as they could
from a more expensive place such as California, said Jack Kyser, the senior vice
president and chief economist at the Los Angeles County Economic Development
Corp.
"It's kind of easy to move around," he said.
The looming
layoffs at 21st Century are one more economic blow to the San Fernando Valley,
which has lost thousands of financial service jobs over the last few years as
banks and mortgage companies have gone out of business or merged into larger,
out-of-state companies, Kyser said. "This makes the slope upward just a
little bit steeper as we start to recover," Kyser said.
Farmers spokesman
Toohey called the latest round of layoffs "a difficult business decision" and
noted that the company, a subsidiary of Zurich Financial Services Ltd. of
Switzerland, is a major employer with about 5,200 employees in the Los Angeles
area and 9,000 statewide.
The winnowing of the Woodland Hills operations
began after AIG purchased 21st Century in September 2007, he said. Soon after,
AIG began the process of rebranding 21st Century as AIG Direct. But the switch
to a new name backfired after AIG, once the world's largest insurance company,
nearly collapsed and had to be bailed out with $182.5 billion in federal
money.
The wave of bad publicity sent sales skidding, leading to a round
of layoffs and office closings earlier this year. Nationally, the newly
bolstered Farmers is the third-biggest auto insurer, behind State Farm Mutual
Automobile Insurance Co. and Allstate Corp.
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Check out the UFAA Chapter 15 Home Page with more Farmers, industry news and lots of member benefit information.
New on the Chapter 15 HOME PAGE Breaking News to late to publish above
 1.25 Million Farmers PIF Loss projected in 2009
Read the Press conference on July 14th discussing
21st Century acquisition 21st Century announces $34 million rate reduction Hot scoop! Why the Credit Bureaus cannot get it right
OID Info you need to know -Do not call the Okla. Ins. Dept. They now provide info on line: Anti-fraud Complaint Form- for you & your clients
Consumer Request for Assistance Form- for your clients
These articles and more on the home page link above.
Have you joined UFAA yet?
We just can't make it much easier.
Just mouse the logo above to obtain
the membership application. Fill it out,
attached a check and mail or use the
bank card option and fax it to
1-314-631-7963. United we stand. Divided we fail.
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