When people think of fraud in the workers comp system, they often focus on claimants: workers who fake injuries, who malinger out of work after a legitimate injury, or who collect benefits for an injury that occurred away from work. It's a problem, for sure, but this is not where the real action lies. If you're looking for fraud, focus on the pros: attorneys and doctors. And if you want to see how fraud works on a truly epic scale, follow the action in California (which happens to be the most expensive state for comp in the country, in no small part due to rampant fraud).
As one of the most successful investors and businessmen on the planet, Warren Buffett commands a great deal of attention in the business press. You probably can't go a week without seeing articles about how to emulate his success or how to run your business like Warren Buffett. At Insurance Journal, Ben Taylor recently featured a fascinating testament to his success: Timeline: From Teen to Octogenarian, How Buffett’s Wealth Has Grown. But if you want to learn more about Buffett's words of wisdom specifically on the topic of insurance, this post has just the thing.
Check out this virtual round-table chat with host George Nordhaus and guests focusing on a 20/20 look at 2021. His title for the webinar queues off the book/film "The World According to GARP." In this case, GARP serves as an acronym for the participants:
George Nordhaus, Chairman of Agencies Online
Al Diamond, President of Agency Consulting Group
Renaissance Alliance president Bruce Cochrane
Paradiso Insurance Agency owner Chris Paradiso
August is filled with opportunities to reach out to your insureds. It's a popular vacation month so all the usual themes related to vacation safety, driving safety and outdoor sports safety are still relevant. Barbecue safety, swimming pool safety, tick and flea prevention and burglar-proofing your home while away are also good topics. Weather-wise, this year’s heat waves and droughts offer other timely themes, and as the month winds down, it's Back to School and Back to Business. We offer ideas and links for your social media posts.
Twitter is a great source for breaking news and links to smart thinking from industry leaders. We advocate that all agency principals and producers have accounts, but not just as a channel to post agency news and communicate with potential customers and prospects. It's also a great way to consume news from your industry and your community. If you cultivate and follow a diverse range of interesting accounts and news sources, you can start your day off with a great news feed - it's the new morning paper! Here are a few items that we found on Twitter this week that piqued our interest.