From the President's Desk
Over a year ago, right at the beginning of the COVID pandemic, I had the unfortunate pleasure of having my parked car rear-ended by a distracted driver. I called the police and wrecker and they came out to retrieve both vehicles. I’m not sure of the final disposition of his car, but I think it was totaled, but that’s beside the point. The body shop did an evaluation and determined there was approximately $15,000 damage done, to include a new axle. The other driver’s insurance did a good job of managing the claim (direct writer), but I don’t think they could have foreseen how this claim would have resulted for them.
The body shop ordered the parts necessary and the other driver’s insurance arranged for a like-kind rental car. Little did anyone know; I’d be with that rental car for over 3 months. You see – there wasn’t a new axle to be found. No new production because of plant shut downs and once they did start production back, it was for a limited time before they started the next year-model production, which meant a used axle was the only thing they could find. It took 3 months to repair a vehicle that should have taken a week or two.
COVID and staffing has caused so many supply chain issues and still does. Fewer new vehicles on the lot, increased costs of vehicles, means people keep their cars longer and need more repairs. There’s a parts shortage for some parts. The cost to repair is up because of inflation caused by many different factors. Fuel costs are up. Me having that rental car was an unforeseen expense – I think that rental car bill was approximately $3,000- thus increasing the cost of that claim. Our insureds most definitely feel the pressure of these increased expenses and in some cases cannot stay open in business as operating costs have increase substantially, but the amount of money they can move their product for stays the same or even decreases. Some of my contractor insureds are having banner years this and last year as more construction is happening. As claim costs increase, so will premiums. The economy has definitely affected many people and still continues to do so.
Keith Hayes, AAI, CPIA
Interested in Joining the Faculty?
Have you ever been attending a class, whether in-person or webinar, and been thinking … I know this stuff … I could do this … I would present things this way ....
Chances are that you are right! In my position as Education Director for PIANC, I have found it amazing that most agents want to give back to the industry that has provided them with a living and a career in a field that many were unaware they even wanted.
Sharing your knowledge with others is an amazing way to support and foster the insurance industry, and as time zips past, so do many new topics that peer agents want to know more about: home sharing, Uber/Lyft/Door Dash (TNC), cyber, breweries, marijuana coverage, the basics of ethics - and so much more.
Prior to the pandemic, I often found instructors in the classroom. I was able to listen and watch students and get a feel for their interest. With webinars, it has been very difficult, as I can’t see and hear you.
So, I am putting this call to action out and hoping that some of you will accept the challenge. Please let me know if you are interested in hearing more. Together, we would identify the level of commitment you can make; maybe you are interested in instructing two classes/year? Maybe more? We would then work on topics that work best with your skill set and develop a plan together.
Education is such a vital part of this industry and we want PIANC to have and be the best!
From PIA National
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"Outside of a dog, a book is a man's best friend. Inside of a dog, it's too dark to read."