Well its over, I have completed my exam in eCommerce through Boston University and I am on the plane heading home. What follows are several random thoughts on the entire educational experience.
I am happy that I took the time and went to the expense to travel to Boston University. Even though it was only for a few days, I can say I attended BU. I am looking forward to returning to Boston in May with my wife Carla for graduation.
I plan to offer BU some ideas on how to improve their online educational experience. For example; they should sponsor visits to campus like what I just did. They could arrange accommodations; meal cards; visits to local attractions, and they could charge a fee to even make it profitable. BU needs to adjust their online course schedule slightly to take a few major holidays into account. Most notably would be Easter and Thanksgiving. Both of those holidays usually fall during a course and no allowance is made for family time.
I also plan on putting to use some of the management skills I have learned. I want to further develop our agencies website, possibly offering customers the chance to register as members. Members would be offered additional benefits such as a newsletter; access to coverage explanations, etc. I want to improve our customer service model and our marketing techniques. Its not that I want to be the biggest agency I town, I just want to be the best. When someone has an insurance need they come to me because we provide over-the-top service. I’ll keep you posted as to the progress we make.
Tuesday, December 19, 2006
Sunday, December 17, 2006
Today is Test Day
Well today is test day. I have been studying eCommerce exclusively for the last 3 days. The exam is online and needs to be completed by 11:59PM December 17th. Our group project; an eCommerce website to sell college textbooks has been launched. If interested you can view our site as well as other student's sites for this class by going to: www.ecommerceclass.org In the drop down select: Brian's Class Click Go Section I; Team 3 is our site: University Bookseller.com
Feel free to browse the other Sections (classes) and Teams sites. Several sites are quite good. Not bad for 3 weeks of the class devoted to web development. I know of 1 error in our site, can you find it? Where there more errors? If so, let me know.
As you know, I have been studying at Boston University. It has been interesting. I guess I have been lucky to avoid real winter weather, but knowing my interest in severe weather, I could have enjoyed a real Nor'easter.
Most of the students (kids) have ignored me, but a few have viewed me with curiosity. They have asked if I am faculty, someone doing research, or someone taking college classes late in life. They seem surprised and encouraging when I explain what I am doing (working on a masters degree). The funniest moment came when a cashier at the cafeteria did not believe me when I said I was a student; she gave me the faculty discount. Needless to say I went through her line as often as possible.
It has been fun experience and I need to thank my wife Carla for her support throughout this program and her encouraging me to actually take my last exam at Boston University.
Saturday, December 9, 2006
Blog On Vacation? Not Quite
To all of my loyal readers, I will be posting to this blog rather sporadically for the next week to 10 days. You see, I am in my final week of my final class in a Masters program through Boston University. The degree (if I get through this last week) will be a Masters of Science in Insurance Management.
Currently I am in an eCommerce course building a website as a team project. What better example of the power of the internet than this online Masters program. It is interesting to have classmates and team members from all around the world. Although most students are from the U.S. currently I have a classmate from France and I have had a class facilitator (instructor) from Argentina. My current team members working on the website project are from Kentucky, Michigan, 2 from Pennsylvania, and I am in Illinois.
I will try to keep you updated on my team project, and my studying progress. Although it is not required, I am going to the Boston University campus for the last 4 days of this course to study and experience BU. If I have a degree from Boston University, I want to be able to say I have been there, done that.
Wish me luck!
Currently I am in an eCommerce course building a website as a team project. What better example of the power of the internet than this online Masters program. It is interesting to have classmates and team members from all around the world. Although most students are from the U.S. currently I have a classmate from France and I have had a class facilitator (instructor) from Argentina. My current team members working on the website project are from Kentucky, Michigan, 2 from Pennsylvania, and I am in Illinois.
I will try to keep you updated on my team project, and my studying progress. Although it is not required, I am going to the Boston University campus for the last 4 days of this course to study and experience BU. If I have a degree from Boston University, I want to be able to say I have been there, done that.
Wish me luck!
Thursday, December 7, 2006
Commercial Insurance Rates Continue to Fall
The commercial insurance market continues to enjoy an outstanding year of profits. The lack of hurricanes this season and increased rates for catastrophe prone areas and has sent profits soaring. With soaring profits insurance companies are lowering rates to retain clients and attrack new clients. According to one market study, insurance rates have fallen for the last 5 quarters and the average rate decrease for October 2006 was 9%.
Every client is different, but in general, if you have had few to no claims for the past year or two, and you have made money for your insurance carrier, you should be seeing a lower premium for your business insurance. If not, talk to your agent, or better yet, talk to me.
For you personal lines clients, pricing on auto and home insurance does not flucuate like it does on business insurance. I will make a note to discuss this again in the future.
Every client is different, but in general, if you have had few to no claims for the past year or two, and you have made money for your insurance carrier, you should be seeing a lower premium for your business insurance. If not, talk to your agent, or better yet, talk to me.
For you personal lines clients, pricing on auto and home insurance does not flucuate like it does on business insurance. I will make a note to discuss this again in the future.
Wednesday, December 6, 2006
Blogging: The Insurance Way
It is hard to believe the explosion that has occurred in blogging. I am relatively new to blogging too, but when Pekin Insurance Company, a regional carrier operating in about 5 midwestern states holds seminars about the importance of blogging and insurance agents develping a blog site, blogging is getting out of hand.
As I have stated in an earlier post, blogging about insurance may not be the most exciting topic, but insurance issues are important to the financial well being and peace of mind for families and businesses alike. It will be interesting to see what Pekin Insurance offers as suggestions to their agents. I will be watching, and maybe using any new ideas they offer.
As I have stated in an earlier post, blogging about insurance may not be the most exciting topic, but insurance issues are important to the financial well being and peace of mind for families and businesses alike. It will be interesting to see what Pekin Insurance offers as suggestions to their agents. I will be watching, and maybe using any new ideas they offer.
Friday, December 1, 2006
'Tis The Season For ... Annuities!
Guest Author: Bill Folkerts, CPCU, CIC
Auto-Owners Insurance Company
With a name like Auto-Owners Insurance, it may seem odd to understand that this Fortune 500 company writes a significant amount of life insurance products, including annuities. Auto-Owners Insurance has been the corporate name since it's origin in 1916 (that's right, we are celebrating our 90th anniversary!) when we began writing solely Auto Insurance coverage to individuals and families. This financially sound carrier has developed into a solid P&C (Property and Casualty) insurance company that writes personal lines and commercial lines accounts. On the Life side of the house, our motto is Safe. Sound. Secure. Our belief is based upon fixed rather than variable investment options which provides greater stability and less risk in an ever-changing marketplace.
One of the greatest wonders of the world is compound interest. Save early - Save often. Using an Auto-Owners annuity and guaranteeing lifetime income provides flexibility and income tax advantages. What a tremendous benefit! Annuitization can guarantee an income that cannot be outlived. And, because of the exclusion ratio, which is a combination of interest and principle, annuitization also helps spread tax on interest over time.
Be careful when comparing Certificates of Deposit to an Annuity. That's like comparing an apple to an orange. Which fruit tastes better to you? Let's find out. CDs typically use APY (Annual Percentage Yield). Auto-Owners uses APR (Annual Percentage Rate). APY, on the surface, seems to offer the better interest rates. But let's take a closer look. If you studied each illustration side by side, you would recognize that the difference is compound interest. Our analysis unveiled that a 3.8% APR equals a 4.1% APY over a five year time period. Over a ten year time period, we calculate a 3.8% APR equals a 4.52% APY. So, it's important to understand the difference between interest rate (APR) and interest yield (APY).
* Tax Planning: Auto-Owners offers tax deferral of interest earnings with their annuities. CDs come with a 1099 ... interest is taxable as ordinary income each year.
* Liquidity: Annuities offer partial withdrawals permissible without penalty. CDs have significant penalty for early withdrawal.
* Guaranteed lifetime income: flexible settlement options are available with annuities which a CD does not offer.
* Estate Planning: Annuities are not subject to probate. CDs are subject to probate.
Is your retirement nest egg Safe. Sound. Secure.?
Safe: Is your current retirement plan free of administrative fees, loads, and management fees?
Sound Tax Planning: Are your accounts taking advantage of possible tax deductible contributions? Secure Retirement Planning: Are your retirement funds with a company rated among the top 2 to 3% of all insurers by the leading independent rating organization?
You, too, can accumulate wealth and enjoy financial security while taking advantage of substantial multi-policy discounts by insuring your Auto and Home with Auto-Owners Insurance. Did you know that we offer a 5% discount on your personal lines account for policyholders who also have a deferred annuity at a minimum balance of $2,000 or more? Our current interest rate starts at 4% and is guaranteed at a 3% rate. For example, let's say you pay $2,400 per year for your auto and home insurance. A 5% discount would save you $120 per year on your personal lines premium. At our current interest rate of 4%, your first year return on your investment would be $80. In total, that is a $200 return ($80 plus $120 P&C savings). Where else can you receive a Safe. Sound. Secure. return on your money for 10%, as illustrated in this example?
Auto-Owners has earned the reputation as The "No Problem" People because we deliver on the promises we make. We will not gamble with your financial well being. Dedicated to the Independent Agency System, Auto-Owners products are brought to you through caring, knowledgeable professionals, who live and work right in your community ... solid individuals like Jeff Luken, CPCU. Please contact Jeff or one of his qualified staff today should you be interested in learning more about Auto-Owners and Annuities!
Auto-Owners Insurance Company
With a name like Auto-Owners Insurance, it may seem odd to understand that this Fortune 500 company writes a significant amount of life insurance products, including annuities. Auto-Owners Insurance has been the corporate name since it's origin in 1916 (that's right, we are celebrating our 90th anniversary!) when we began writing solely Auto Insurance coverage to individuals and families. This financially sound carrier has developed into a solid P&C (Property and Casualty) insurance company that writes personal lines and commercial lines accounts. On the Life side of the house, our motto is Safe. Sound. Secure. Our belief is based upon fixed rather than variable investment options which provides greater stability and less risk in an ever-changing marketplace.
One of the greatest wonders of the world is compound interest. Save early - Save often. Using an Auto-Owners annuity and guaranteeing lifetime income provides flexibility and income tax advantages. What a tremendous benefit! Annuitization can guarantee an income that cannot be outlived. And, because of the exclusion ratio, which is a combination of interest and principle, annuitization also helps spread tax on interest over time.
Be careful when comparing Certificates of Deposit to an Annuity. That's like comparing an apple to an orange. Which fruit tastes better to you? Let's find out. CDs typically use APY (Annual Percentage Yield). Auto-Owners uses APR (Annual Percentage Rate). APY, on the surface, seems to offer the better interest rates. But let's take a closer look. If you studied each illustration side by side, you would recognize that the difference is compound interest. Our analysis unveiled that a 3.8% APR equals a 4.1% APY over a five year time period. Over a ten year time period, we calculate a 3.8% APR equals a 4.52% APY. So, it's important to understand the difference between interest rate (APR) and interest yield (APY).
* Tax Planning: Auto-Owners offers tax deferral of interest earnings with their annuities. CDs come with a 1099 ... interest is taxable as ordinary income each year.
* Liquidity: Annuities offer partial withdrawals permissible without penalty. CDs have significant penalty for early withdrawal.
* Guaranteed lifetime income: flexible settlement options are available with annuities which a CD does not offer.
* Estate Planning: Annuities are not subject to probate. CDs are subject to probate.
Is your retirement nest egg Safe. Sound. Secure.?
Safe: Is your current retirement plan free of administrative fees, loads, and management fees?
Sound Tax Planning: Are your accounts taking advantage of possible tax deductible contributions? Secure Retirement Planning: Are your retirement funds with a company rated among the top 2 to 3% of all insurers by the leading independent rating organization?
You, too, can accumulate wealth and enjoy financial security while taking advantage of substantial multi-policy discounts by insuring your Auto and Home with Auto-Owners Insurance. Did you know that we offer a 5% discount on your personal lines account for policyholders who also have a deferred annuity at a minimum balance of $2,000 or more? Our current interest rate starts at 4% and is guaranteed at a 3% rate. For example, let's say you pay $2,400 per year for your auto and home insurance. A 5% discount would save you $120 per year on your personal lines premium. At our current interest rate of 4%, your first year return on your investment would be $80. In total, that is a $200 return ($80 plus $120 P&C savings). Where else can you receive a Safe. Sound. Secure. return on your money for 10%, as illustrated in this example?
Auto-Owners has earned the reputation as The "No Problem" People because we deliver on the promises we make. We will not gamble with your financial well being. Dedicated to the Independent Agency System, Auto-Owners products are brought to you through caring, knowledgeable professionals, who live and work right in your community ... solid individuals like Jeff Luken, CPCU. Please contact Jeff or one of his qualified staff today should you be interested in learning more about Auto-Owners and Annuities!
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