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Reconstruction Man
124 Posts |
 Posted - 03/30/2004 : 09:47:56
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“10” Step ("Theory") to Establishing “True”
Artificially Low and Profitable “Component Based” Claim Settlement / Policy Premium Value Cycles
Step 1. Anticipate legal / ethical (mathematically “provable” and “adequate”) U.S. and off-shore funded reserves. Exploit your own trusted “name brand” familiarity to gather and retain policy premium paying customers. Cultivate high public visibility market placement. Sell annual homeowner policies valued, in part, on actual reconstruction / retail business’ operational values.
Step 2. “Encourage” agents and brokers to carry “balanced” ACV (Actual Cash Value) and / or RCV (Replacement Cost Value) homeowner policies. Maintain a “goal” for them to carry certain levels of ACV or “Minimal RCV”(Undervalued, “Appearance Allowance”, High Deductible, and etc. type) protection policies in potentially “high risk” (or low risk) regions.”
Step 3. Coordinate agents, brokers, claim settlement managers and adjusters to utilize vendor synergetic policy value-to-construction business / retail business operational value-data estimating software to help establish [coming] premium-to-loss / loss-to-premium data values.
Step 4. Saturate a given [wind, fire, earthquake, hail, flood and etc.] ecocatastrophe “incident” affected region with artificially low (See step 5) claim “estimates” / settlements. Realize (claim settlement naïve) and overwhelmed policyholders, coupled with [weak] DOI target regions, can complement (certain) carrier / CAT manager “instructions” (See step 5 again) for en mass ACV / RCV claim settlement strategies. Practice en masse strategies on standard “daily” claims.
Step 5. Orchestrate randomly omitting property damage scope, ignore necessary construction product components and dismiss irreducible construction business / retail business estimating methodology norms to create “new” regionally “true” [actually false] closed claims loss data. Use new construction, verses reconstruction, estimating norms. Invent and practice unwritten, and very profitable, “2-3 trades are needed before (all) customer premium charged contractor OH&P values are to be returned to customer” estimating “rules”. Pretend policyholder is profiting if actual premium-to-loss / loss-to-premium policy values charged for…are returned.
Step 6. Churn collected (component priced) multi-dimensional P&C closed claims loss data back to CARRIER / ISO / DOI actuaries, and other statistical risk specialists. With new mathematically “true” data, help create “legal” and “ethical” premium-to-loss cash reserve load theory to aid in setting next year’s under-assessed and under-funded (but profitable) policy premium values and cash reserve capacity. Keep own market share via “true” policy / claim settlement math.
Step 7. Hope the (hard-to-detect)
market manipulation cycle “bubble” remains invisible to the policy holding, market watch, regulatory, legislative, judicial, and mass media public. Hope truer [quarterly] construction business and personal contents component estimating data values, generated by and for reconstruction / retail business professionals, remains veiled from public scrutiny so as not to expose claim settlement practices via real-time claim value-to-"other" data comparables.
Step 8. Expense out / channel unpaid premium claim dollars to salaries, bonuses, etc. as business “overhead”, and to fund domestic and / or offshore banking, investment, etc. growth markets.
Step 9. Maintain stockholder support by quarterly reports reflecting “true” profit / growth flow.
Step 10. If market manipulation cycle is discovered, deny any legal or ethical wrongdoing. If case develops and goes to court, and case is lost, “negotiate” case off of case law books as part of settlement. Deny any wrong doing to mass media. Increase...trusted...advertising. Cycle back to step 1...and repeat.
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alanporco
USA
112 Posts |
Posted - 03/30/2004 : 11:05:34
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| What has this got to do with adjusters? What you think industry standards and practices percolate up? Is this your theory? What's the source? |
Edited by - alanporco on 03/30/2004 11:06:46 |
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KileAnderson
USA
875 Posts |
Posted - 03/30/2004 : 11:19:12
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| Yeah, and the black helicopters will be here any minute to take you away. Grow up. If you were really a contractor you wouldn't have time for this BS. |
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Reconstruction Man
124 Posts |
Posted - 03/30/2004 : 11:52:37
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Lighten up fella's.
..And do they come in any color besides black? |
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LarryW
USA
126 Posts |
Posted - 03/30/2004 : 11:58:41
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| Reconstruction man: That is quite the business plan you have come up with. Maybe you should utilize it by applying for a job as V.P. of claims with as many insurers as you can. You could present this wonderful profitability concept during your interviews. Lets see how many job offers you get. My bet is you will never get a single call back interview. |
Larry Wright |
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fivedaily
USA
258 Posts |
Posted - 03/30/2004 : 11:58:47
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This thread has no relation to its forum, "Claims Handling." I am locking it. To ReconstructionMan, if you wish to have this thread moved, please let me know which, more appropriate forum, you would like it in. But, as this has nothing to do with what adjusters do on a day to day basis it is not welcome in the "Claims Handling" forum.
Jennifer, moderator |
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Tom Toll
USA
154 Posts |
Posted - 03/30/2004 : 18:41:15
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| Testing one two three, this is test of the locking system. one two there |
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“10” Step ("Theory") to Establishing...
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