Editor’s Note: Cracking the Cookie

Hurricane Katrina and Rita, then the Marsh indictments, oh my. Those subjects have made front page recently, and with good reason. No one could have foretold their outcomes, yet all will potentially affect how the insurance industry operates.

Until recently, my dealings with the insurance companies had been limited to automobile premiums and a copay for my annual physical. However, it seems I’ve received an insurance industry baptism by fire. In the short month since I’ve joined the staff of Insurance Journal, I’ve spoken with insurance agents, brokers and industry analysts about the effects of the hurricanes and flooding, new proposed fiduciary duties, and a myriad of other hot topics affecting your businesses.

The general consensus is that there are fundamental changes to your business models on the horizon-in terms of new technology, pricing, and approaches to underwriting and claims, among others. I don’t have a crystal ball that can predict when such changes will take place. The best advice I’ve garnered from your peers about how to remain competitive and successful is to continue focusing on the customers. Your job is to build relationships with customers and understand their needs, and then provide services to meet those needs.

In the months and years ahead, I plan to serve my customers, you, as well. Insurance Journal has a long history-84 years-of covering the news and trends that have important business implications. The magazine has been a trusted advisor to many of you, and I vow to continue that tradition.

I admit that I’m relatively new to the insurance industry. However, I have more than 10 years of business reporting and editing experience covering such topics as garbage and recycling, agriculture and retailing. So I am well-versed in covering business issues accurately and fairly. Additionally, I have a team of seasoned professionals-the other Insurance Journal editors-that I can rely turn to for guidance as well.

Yet the group that I hope to hear from the most is you. You, the insurance agents and brokers in the industry, are my customers, and I can’t do my job of producing a top-notch magazine unless I understand your concerns.

Insurance Journal may not have all the answers to your questions. We’re not fortune tellers after all. But if we can continue the dialogue you’ve always had with the magazine, perhaps together, we’ll get a glimpse of what’s in the fortune cookie.

I welcome your comments at ptom@insurancejournal.com.
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