Auto, Home, Business Insurance - Long Island, Queens, New York - Peoples Choice Insurance

Auto, Home, Business Insurance - Long Island, New York - Peoples Choice Insurance

How to Save Money on Auto Insurance: 6 Steps - wikiHow

How to Save Money on Auto Insurance: 6 Steps - wikiHow

Auto,Home Insurance client's look online but prefer buying from agent

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Auto, home insurance clients look online but prefer buying from agent  While U.S. consumers are increasingly turning to digital sources for insurance quotes and other information, they still prefer personal contact with agents when purchasing insurance products – and are willing to pay extra for that personal contact – according to a recent survey.

A survey conducted by global management consulting firm Accenture of more than 4,000 U.S. automobile and home insurance customers found that most prefer setting up and paying for their coverage directly through an agent.
Major findings of the survey include:

• Nearly three-quarters (76%) of consumers express a preference for setting up and paying for their auto and home insurance policies in person with an agent, and more than half (58%) indicate a preference for doing so via the Web.
• More than one-third (38%) of consumers are willing to pay for personalized advice about the insurance that is best for them – and, of that group, more than half (56%) are willing to pay at least 10% more.
• When asked where they prefer to obtain quotes, 43% of respondents choose websites, while 26% choose over the phone and 26% in person. A much smaller percentage (4%) chooses mobile applications.
• Almost three-quarters (72%) of respondents also express a preference for getting information about products and prices from an insurer’s website. Exclusive insurance agents rank third with 56% of respondents, behind friends and family, cited by 61% of respondents. Search engines and aggregators rank fourth and fifth at 55% and 54% with respondents, respectively.

 

“In defining their distribution strategies, insurers must recognize that consumers are becoming more diversified in their channel preferences at different stages of the buying process,” said Erik J. Sandquist, a managing director at Accenture Property and Casualty Insurance Services. “Direct insurers continue to gain share as consumers grow increasingly comfortable buying policies online. This means that insurers with an agency distribution model must adapt to customers’ changing preferences and integrate their agent networks with digital, mobile, and social media capabilities.”

 Age is not a consistent predictor of channel preference

Also according to the survey:

• Only 37% of respondents aged 18 to 24 say they prefer to obtain a quote via a website, compared to 53% aged 25 to 44 and 41% aged 45 to 64. However, 10% of the respondents aged 18 to 24 say they prefer to obtain a quote via mobile applications, compared to 5% aged 25 to 44 and 1% aged 45 to 64.
• Nearly one-third (32%) of respondents aged 18 to 24 say they prefer to obtain a quote in person; only the oldest respondents (aged 65 to 74) are more likely to prefer obtaining a quote in person (39%).
• More than two-thirds (68%) of respondents aged 18 to 24 say they would be willing to pay more for personalized advice when purchasing auto or home insurance policy, compared to 27% of those aged 45 to 64 and just 16% of those aged 65 to 74.

“Much has been written about young consumers – with their strong propensity for Internet, social media and mobile – fundamentally changing insurance distribution,” said Sandquist. “Our survey reveals that many young consumers desire personalized advice and are willing to pay more for it – and a significant percentage prefers to obtain their quotes face-to-face. There are many demographic, psychographic, lifestyle and other factors which can account for differences in how customers would like to be treated. Some customers make decisions almost exclusively on price while others seek the best advice available, and this is not consistent by age groups. More sophisticated digital marketing, customer segmentation and analytics are needed to attract customers and deliver more personalized and relevant products and experiences.”

Insurers have opportunity to build customer loyalty and establish differentiation

Among the survey’s other findings:

• One-quarter (26%) of respondents either do not plan to renew their auto or home insurance policy with their current insurers or plan to look at other insurers’ offerings.
• Nearly half (46%) of insurance customers think that the products and services offered by different insurers are essentially “all the same.”
• More than one-third (38%) of consumers are willing to pay for personalized advice about the insurance that is best for them – and, of that group, more than half (56%) are willing to pay at least 10% more.

“Our survey research reveals a significant opportunity for insurers to grow market share as many customers plan to shop around when renewing their policies. Price remains the most important buying factor which will continue to put pressure on insurers to improve their cost structures. At the same time, our research reveals that a carrier’s distribution model can be a strong differentiator, given the relative importance of factors such as interaction channel, advice and speed,” said Sandquist.

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1. A.Mohamed Ali Says:
   May 27th, 2013 at 3:50 am Yes, Insurance Industry is based on Relationship…it is a relationship business. the relationship should last longer … as long as the client and agent live…99% of the people who bought online will certainly regret several times…
   1. No one will be there to take care of them during claims
   2. Renewal notices may not reach them
   3. Updation of product information and upgradation of products may not be possible when someone buys online.
   4. There will be no personal touch in online purchases.
   5. Online business is a pure selling process where as service of a professional agent will help prospects and clients buy insurance plans best suited to him/her
   So It is 100% true that informed customers will always prefer buying insurance products from a known, reliable and responsible agent. This is my personal experience:
   3 decades of buying insurance products for a group of companies and
   more than a decade providing Insurance Solutions and helping people buy insurance products.
   I love all my customers and all my customers love me and send me love letters appreciating my Service with Smile.
   A.Mohamed Ali
   Chennai
   India.

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Business Continuity Strategies From : Peoples Choice Insurance Agency Long Island

Five Easy Ways to Safeguard Your Small Business Before Disaster Strikes

by Carol Chastang, Community Moderator

• Created: July 24, 2013, 4:30 pm
• Updated: July 24, 2013, 4:30 pm

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www.peopleschoiceinsure.com

Eastern seaboard businesses continue their struggle to rebuild after Hurricane Sandy.  In terms of economic losses, the October 29, 2012 storm will be remembered as one of the largest natural disasters in U.S. history.
Many residents and businesses, particularly in the hardest hit coastal areas of New Jersey and New York, were caught off guard by the late-season storm.  In addition to the property destruction caused by high winds and flooding, power outrages created big headaches and huge financial losses for many small businesses.
Weather experts from the National Oceanic and Atmospheric Administration (NOAA) are predicting an “active” 2013 Atlantic hurricane season.  The six-month season, which began June 1, typically peaks between August and October. Now is a good time to put a disaster preparedness plan in place to protect your employees and your business.
The SBA and Agility Recovery recently hosted a free webinar giving tips on how to prepare for Hurricane season.  But it doesn’t matter if you’re in the Gulf Coast or the Upper Midwest—all kinds of risks exist, and small businesses are particularly vulnerable.
Go to this link to download the slides from the recent “Protect Your Business This Hurricane Season” webinar.  You can also view the recorded webinar at any time. You will need Windows Media Player 9 or higher.
Meanwhile, there are a few things you can do, at no cost, to jump-start your business continuity plan:

1. Determine your greatest risk potential.  It might come from wind damage or the inland flooding that typically follows the tropical storm’s heavy rains.  Meanwhile, your business could suffer financial losses due to road and bridge closings in the aftermath of a hurricane.  Power outages are a major threat, especially to businesses in the food and hospitality industries. What would happen if you had to shut down your business for several days?  Look at the building where you do business—inside and out—and assess the risks. If you do this early enough, you’ll have time to do structural upgrades—like impact resistant doors and windows—that can prevent possible future storm damage.
2. Calculate the cost of business interruptions for one week, one month and six months.  Once you’ve done that, you’ll be able investigate insurance options or build a cash reserve that will allow your company to function during the post-disaster recovery phase. It’s also a good idea to develop professional relationships with alternative vendors, in case your primary contractor can’t service your needs.  Place occasional orders with them so they regard you as an active customer. 
3. Review your insurance coverage.  Contact your agent to find out if your policy is adequate for your needs. Consult with a business insurance expert to advise you on the right coverage for your situation. When buying insurance, ask “How much can I afford to lose?”  It’s a good idea to know the value of your property.  You also may want to look into flood insurance.  According to the U.S. Geological Survey, floods are the leading cause of natural disaster losses. Most property insurance policies don’t cover basement flooding. 
4. Build a crisis communications plan so you’ll be able to make sure your employees, customers, vendors, and contractors know what’s going on.  Establish an e-mail alert system.  Make sure you have primary and secondary e-mail addresses for your employees, and everyone you do business with.  Create a Facebook page, and use Twitter to let the community know you’re still in business, and in the process of recovering after the disaster.
5. Consider a Telework Policy.  Prepare for the possibility that employees won’t be able to get to work by developing an emergency telework policy. Read  “How To Make Telework Work for your Small Business” for more information.

Each month SBA and Agility Recovery hosts a free webinar providing business continuity strategies. The August 13^th webinar will focus on useful tips for building your own disaster preparedness plan.   Space is limited so register now.
Related Resources

• Four Ways to Safeguard and Protect your Small Business Data
• Protect Your Business with Flood Insurance
• SBA Disaster Loans
• Business Continuity Planning Tips from Agility Recoverywww.peopleschoiceinsure.com

National Flood Insurance Program Community Rating System | FEMA.gov

National Flood Insurance Program Community Rating System | FEMA.gov

I thought this would answer a lot of question's I've been receiving about the Flood program. Peoples Choice is always staying on top of things that concern our area's of business Florida, Long Island. We go through training on a regular basis so we can keep our client's informed. If you have any questions or are interested in the program. You can call our office speak to Mike DiGennaro who has been through seminars and has helped the community. To overcome any questions they may have. Just as a last note in October there are going to be changes in the National Flood system. Pricing will be a major component. So if you had intention's to consider this do it now. www.peopleschoiceinsure.com forms are available on our website and we will keep you informed.

2013 Insurance Checklist: Insurance News - Home Insurance Companies Abandoni...

2013 Insurance Checklist: Insurance News - Home Insurance Companies Abandoni...: Insurance News - Home Insurance CompanWASHINGTON, June 24 -- The office of Sen. Charles E. Schumer , D- N.Y. , issued the following news re...

Insurance News - Home Insurance Companies Abandoning Long Islanders

Insurance News - Home Insurance CompanWASHINGTON, June 24 -- The office of Sen. Charles E. Schumer, D-N.Y., issued the following news release:
U.S. Senator Charles E. Schumer today stood with homeowners and the Long Island Housing Partnership (LIHP) to criticize insurance companies for dropping Long Island homeowners' coverage after Superstorm Sandy, even on homes not damaged by the storm. Recently, Schumer's office has been receiving dozens of complaints from constituents saying that their homeowners' insurance policies have been cancelled by carriers; many of these constituents have had these policies for years with no claims, and many had no storm damage. Long Islanders already have limited homeowners' insurance options: Allstate, State Farm and Liberty Mutual issue the vast majority of policies on Long Island, and all three have been withdrawing from the Long Island market. Homeowners are now being forced to purchase policies from the "excess lines" market which is often two- to three-times as costly as policies in the "standard market," and generally offer less favorable terms. Schumer today urged these three insurance companies to reverse their decisions to cancel these homeowners' policies, and urged the Federal Emergency Management Agency (FEMA) to penalize them if they don't by limiting or prohibiting their participation in the National Flood Insurance Program, which is operated by FEMA. All three companies participate in the lucrative National Flood Insurance Program, where they sell insurance policies for a fee and pass on the risk to the government. Schumer said that unless they change course and continue to insure Long Islanders, FEMA should reduce their fees, limit their participation or prevent them from participating altogether. Schumer will note that by denying homeowners coverage, the insurance companies are driving up the cost of insurance for homeowners, which will lead many to drop coverage altogether, increasing the risk to the federal government when responding to the next disaster. "It's bad enough that homeowner insurance policies are limited on Long Island, but now - with precious little justification - policies are being dropped left and right, even for those who paid all their bill on time and had little-to-no storm damage" said Schumer. "Many of these homeowners were not even affected by Superstorm Sandy and now they're being forced into extremely expensive plans. These insurance companies should not leave Long Island families and the federal government holding the bag and so today I am urging them to put a stop to these policy cancellations." "It is important for homeowners on Long Island to have the ability to secure and maintain quality affordable homeowners insurance for their home," said Peter Elkowitz, President/CEO of the Long Island Housing Partnership, Inc.(LIHP). LIHP has seen an increase in standard companies taking advantage of non-renewal rights, which means that homeowners must seek insurance policies in the excess market. This market is priced two- to three-times higher than the standard markets. Insurance companies have been steadily withdrawing from Long Island for years (beginning in the aftermath of Hurricane Katrina), but the pace of the withdrawal had slowed in recent years. Evidence from the excess lines market, however, indicates that withdrawals are increasing again in the wake of Superstorm Sandy. In the first five months of this year alone, homeowners have taken out over 3,700 new polices, well ahead of last year's pace.

 www.peopleschoiceinsure.com Schumer's office has received complaints from homeowners in areas including Oceanside, West Babylon and Southold. One specific complaint came from Founders Village which is home to 92 senior units. The premiums at Founders Village have gone from approximately $32,000 to $86,000 even though they did not file claims after Hurricane Lee, Irene or Sandy. Schumer today wrote to FEMA, urging the Agency to penalize the major insurance companies that have dropped policies on Long Island and other disaster-prone areas. In the case of insurance carriers who participate in FEMA's National Flood Insurance Program, FEMA should reduce their fees, or limit their participation on the program. In especially egregious cases, FEMA could prohibit their participation altogether, Schumer said. When insurance carriers withdraw from disaster-prone areas like Long Island, they raise the cost of insurance to homeowners, forcing them into policies with less generous coverage and leading many to drop coverage altogether. The result for FEMA is that there will be greater uninsured losses in the next disaster, leaving greater costs to be borne by already-strained federal disaster aid funds. Accordingly, Schumer argued, it is in FEMA's interest to discourage the withdrawal of major carriers from disaster-prone areas. Dear Administrator Fugate, I am writing to express my grave concern regarding the ongoing withdrawal of major insurance carriers from the Long Island market, and to urge the Federal Emergency Management Agency to take prompt action to discourage this and similar withdrawals. It is within FEMA's authority, and in FEMA's interest, to discourage carriers from withdrawing from disaster-prone areas. As promptly as practicable, FEMA should prohibit carriers who withdraw from these markets from participating in FEMA's National Flood Insurance Program as "write your own" carriers. As resilient Long Islanders return to their homes to rebuild, their insurance carriers are running the other way. My office has been inundated with phone calls from Long Islanders whose insurance companies are turning their backs on them- in some cases, homeowners who have had policies with the same carrier for decades, and never had an insurance claim are being told their policies will not be renewed. The homeowners' insurance options on Long Island are already extremely limited. The loss of insurance coverage is forcing homeowners into the "excess lines" market where middle class homeowners are often paying double the premiums for less coverage. The three major carriers on Long Island, Allstate, State Farm and Liberty Mutual, are refusing to write new polices and increasingly declining to renew existing policies. This trend started well before Superstorm Sandy hit last year, but appears to have gained momentum in the aftermath of Sandy. Data from the "excess and surplus lines" segment of the market indicates that more and more homeowners are being forced to sign up for these policies, which are more expensive and provide less coverage than standard policies. The number of new policies in the excess lines market has sky rocketed over the last decade. In the first five months of this year alone, homeowners have taken out over 3,700 new polices, well ahead of last year's pace. The average premium on new excess lines polices this year is over $2,500, with the most expensive premiums averaging over $20,000.

  Even homeowners not affected by Superstorm Sandy are seeing their carriers decline to renew their policies, forcing them into the excess lines market. This will lead many homeowners to conclude insurance is simply not worth the cost, and they will go without insurance altogether. In the event of another major disaster, FEMA would be faced with higher demands for disaster assistance, as would other federal responders. Accordingly, FEMA has a keen interest in persuading private insurers to maintain their share of the risk in these markets. The insurance industry has a responsibility to guarantee a financial cushion for those in a time of need, and plays a critical role in absorbing some of the risk of natural disasters so the entire burden is not covered by taxpayers. Yet, insurance companies are walking away from those responsibilities. Therefore, I respectfully urge you to review the withdrawal of major insurance carriers from Long Island and other disaster-prone areas. Because these withdrawals can increase the risk to the federal government in the event of a natural disaster, FEMA should restrict of prohibit insurers engaged in such withdrawals from participating in the National Flood Insurance Program. Carriers who participate in NFIP's "write your own" program receive generous fees from FEMA in exchange for merely selling the policies -- all of the risk is underwritten by the federal government. Insurers whose actions increase the risk borne by FEMA should have their fees for participating in the write your own program reduced, have their participation in the program limited, or in severe cases even terminated altogether. Insurance companies should not abandon New Yorkers as they try to stabilize their neighborhoods in the wake of Superstorm Sandy, and FEMA should not make it easier for them to do so by allowing them to continue to profit from participation in the write your own program. I appreciate your prompt attention to this matter and look forward to working with you to ensure Long Islanders and the federal government are not left holding the bag. Sincerely, Charles Schumer TNS 30VitinMar-130625-4402209

Copyright:	(c) 2013 Targeted News Service
Wordcount:	1439

ies Abandoning Long Islanders

Excerpt from Mike Digennaro
www.peopleschoiceinsure.com