Why are Hmong Auto & Home insurance agents always failed?

[hmongtown]

Thinking you can run a property and casualty ( Auto & Home) insurance agency successfully targeting Hmong, you got to think again!

It will be always failed!

Agreed?

[Sweet_Tears]

Why do you have so much against hmong people? Is it because you, yourself can't open one? LOL

[hmongtown]

Why do you have so much against hmong people? Is it because you, yourself can't open one? LOL

Go open one and you will see!  

It's not that I am against Hmong. I am Hmong and I love Hmong, I support Hmong. But this is just a business that we Hmong people need to think about it because we live with it.

As a P&C insurance agent, I feel very sad for the Hmong community. Paying too much insurance premium.

If no one come up and complain about it, we will always be the same.

[tetrapod]

Go open one and you will see!  

It's not that I am against Hmong. I am Hmong and I love Hmong, I support Hmong. But this is just a business that we Hmong people need to think about it because we live with it.

As a P&C insurance agent, I feel very sad for the Hmong community. Paying too much insurance premium.

If no one come up and complain about it, we will always be the same.

FFS convince parents to buy insurance for the kids.  I don't understand.

[hmongtown]

FFS convince parents to buy insurance for the kids.  I don't understand.

This is not about life insurance.

This is about auto and home insurance! Pls keep the topic flow.

[Xyooj96]

This is not about life insurance.

This is about auto and home insurance! Pls keep the topic flow.

they need to be the insurance company, not the agent.
you gonna do something, go all the way. else you're wasting your time

[hmongtown]

they need to be the insurance company, not the agent.
you gonna do something, go all the way. else you're wasting your time

LOL, I think you have no idea of what you are talking about.

OK, here's what I know why Hmong insurance agents/agencies that targeting the Hmong population always fail!

Hmong people have too much PIP (Personal Injury Protection) claims, so the loss ratio is too high, that means insurance company make no profits at all, instead insurance company pay more than they earn.

If you are an insurance company, you will even die faster because you make no profits. But if you are an agent, you still got some money but will eventually die very soon too because the insurance company will get no profit with Hmong clients and the company will kick you out.

Minnesota is a no-fault PIP state, when you bought an auto insurance policy, all your household including your parents, kids, brothers and sisters or any one that living with you in the same address will have a no-fault PIP coverage; and this PIP coverage is $20,000 per person.

The no-fault PIP means your auto policy must pay your medical bill up to $20,000 per person if the injury involving with an auto accident. It doesn't matter you are at fault or not at fault, your own insurance policy must pay it and your insurance company can not go subrogate it.  In other words, your insurance company can not go and claim the at fault insurance company to pay your medical expense.

For example, if you have an auto accident and you are not at fault, when you go to see doctors or chiropractors, your own auto insurance company must pay for your medical expense up to $20,000 per person in Minnesota. Your insurance company can not go after the person that hit you for the $20,000. That's why it is called no-fault PIP.

So with the Hmong people, they usually go and sue people around even the accident is very minor, and they don't have much injury at all because there are rumors that if they sue they will get some money, and it's almost true, they usually get couple thousand dollars and some get nothing at all. They don't care how much the insurance company will have to pay for their medical expense and they are careless about their claim record, all they care is they will get some money because that's what they have been told either through their family, friends or the lawyer.

So guess what? When a customer suing the other at fault drivers, the customer will go to see chiropractor several times through out the year, it will cost a lot of money up to $20,000 and this amount of money are paid by the customer's own insurance company.

So what's the matter?

Just making an example.

Let's say you are an auto insurance agent, you sold 150 auto policies to 150 Hmong families. Each policy earn $200 per month for the insurance company, so 150x200 would be $30,000 per month.

Keep in mind that the auto policy covers everyone in the family of their PIP claims. So if one of your client has an auto accident, and there are 4 people in the car, guess what? 4 people mean up to $80,000 per claim. Is the $30,000 enough to pay for this? No way. So what have the insurance company earned? Nothing, instead they are losing money.

Now the insurance company will say you as the agent is bad, very bad because you produce bad businesses. I know it has nothing to do with you though, but the insurance company is doing business and they can't keep losing money, so they will have to terminate you as the agent. Now you the agent losing the job, that's it.

Hmong people love PIP claims and love suing the at fault drivers even the injury is very minimal or nothing at all.

Why? There are people telling them they can get money and it's free to them. They assume they are not at fault so they can go and do whatever they want, but they are wrong. The PIP is always paid by your own insurance company and your insurance company will get nothing from the other driver's insurance company even their driver is at fault.

So the bad news is most chiropractor and lawyers never tell this to the customers, and in some cases they even tell the customers that all will be paid by the other driver's insurance company because they are at fault. This is to encourage customer to file PIP claims, so the lawyer and doctors can make money.

So if you are the insurance agent or insurance company, you are dead!

Keep in mind that I am Hmong, I love Hmong and I support Hmong, but this auto insurance business is very bad in Hmong community, so I just bring this up let we Hmong people know what's going on.

That is why you don't see Hmong agents stay in this business long, because they got terminated!

For the Hmong people! Wake up!

We don't know that when we go suing people around for money, we have a record and this record is about how bad is the injury. This record will stay in the court for very long time. And it's bad. Guess what if you happen to have another accident? Go sue again? Just for the couple thousands? In America, everything is about record.

For me, if the accident is minimal and minor injury, I will not go sue people around for just the couple thousand. I will just go to see doctor couple times to make sure I am OK. If the accident is big and major injury, I will go and sue for $100,000 + to millions and if I have no injury record, I will usually win.

Don't let other people using you for money! You make very little and they become rich! That's not good.

[Xyooj96]

wow, you sure know what you're talking about

MN, like MI and few other states, are backward with insurance. you should go to MI, and notice that by the time you stop your vehicle at a traffic signalized intersection, you would be at the centre of the intersection

insurance is a business of managing risks. for every $1 earn, a certain percentage of that is allocated to cover the potential loss.

in your example of $200 premium to cover $20k per person, of course there is a high probability of not making money. most other forward thinking states have a maximum coverage per incident and maximum coverage per person.

"no-fault" insurance encourages irresponsible driving behaviors. perhaps the state needs to say no insurance, then no driving or registeration of vehicle.

sounds like you're a newbee in the insurance industry, good luck

LOL, I think you have no idea of what you are talking about.

OK, here's what I know why Hmong insurance agents/agencies that targeting the Hmong population always fail!

Hmong people have too much PIP (Personal Injury Protection) claims, so the loss ratio is too high, that means insurance company make no profits at all, instead insurance company pay more than they earn.

If you are an insurance company, you will even die faster because you make no profits. But if you are an agent, you still got some money but will eventually die very soon too because the insurance company will get no profit with Hmong clients and the company will kick you out.

Minnesota is a no-fault PIP state, when you bought an auto insurance policy, all your household including your parents, kids, brothers and sisters or any one that living with you in the same address will have a no-fault PIP coverage; and this PIP coverage is $20,000 per person.

The no-fault PIP means your auto policy must pay your medical bill up to $20,000 per person if the injury involving with an auto accident. It doesn't matter you are at fault or not at fault, your own insurance policy must pay it and your insurance company can not go subrogate it.  In other words, your insurance company can not go and claim the at fault insurance company to pay your medical expense.

For example, if you have an auto accident and you are not at fault, when you go to see doctors or chiropractors, your own auto insurance company must pay for your medical expense up to $20,000 per person in Minnesota. Your insurance company can not go after the person that hit you for the $20,000. That's why it is called no-fault PIP.

So with the Hmong people, they usually go and sue people around even the accident is very minor, and they don't have much injury at all because there are rumors that if they sue they will get some money, and it's almost true, they usually get couple thousand dollars and some get nothing at all. They don't care how much the insurance company will have to pay for their medical expense and they are careless about their claim record, all they care is they will get some money because that's what they have been told either through their family, friends or the lawyer.

So guess what? When a customer suing the other at fault drivers, the customer will go to see chiropractor several times through out the year, it will cost a lot of money up to $20,000 and this amount of money are paid by the customer's own insurance company.

So what's the matter?

Just making an example.

Let's say you are an auto insurance agent, you sold 150 auto policies to 150 Hmong families. Each policy earn $200 per month for the insurance company, so 150x200 would be $30,000 per month.

Keep in mind that the auto policy covers everyone in the family of their PIP claims. So if one of your client has an auto accident, and there are 4 people in the car, guess what? 4 people mean up to $80,000 per claim. Is the $30,000 enough to pay for this? No way. So what have the insurance company earned? Nothing, instead they are losing money.

Now the insurance company will say you as the agent is bad, very bad because you produce bad businesses. I know it has nothing to do with you though, but the insurance company is doing business and they can't keep losing money, so they will have to terminate you as the agent. Now you the agent losing the job, that's it.

Hmong people love PIP claims and love suing the at fault drivers even the injury is very minimal or nothing at all.

Why? There are people telling them they can get money and it's free to them. They assume they are not at fault so they can go and do whatever they want, but they are wrong. The PIP is always paid by your own insurance company and your insurance company will get nothing from the other driver's insurance company even their driver is at fault.

So the bad news is most chiropractor and lawyers never tell this to the customers, and in some cases they even tell the customers that all will be paid by the other driver's insurance company because they are at fault. This is to encourage customer to file PIP claims, so the lawyer and doctors can make money.

So if you are the insurance agent or insurance company, you are dead!

Keep in mind that I am Hmong, I love Hmong and I support Hmong, but this auto insurance business is very bad in Hmong community, so I just bring this up let we Hmong people know what's going on.

That is why you don't see Hmong agents stay in this business long, because they got terminated!

For the Hmong people! Wake up!

We don't know that when we go suing people around for money, we have a record and this record is about how bad is the injury. This record will stay in the court for very long time. And it's bad. Guess what if you happen to have another accident? Go sue again? Just for the couple thousands? In America, everything is about record.

For me, if the accident is minimal and minor injury, I will not go sue people around for just the couple thousand. I will just go to see doctor couple times to make sure I am OK. If the accident is big and major injury, I will go and sue for $100,000 + to millions and if I have no injury record, I will usually win.

Don't let other people using you for money! You make very little and they become rich! That's not good.

[Bob_J.D.]

So the problem isn't really with Hmong insurance agents, it's with the Insurance companies.  The hatred should be redirected to the insurance company.

So if I went to a restaurant and ordered a ribeye steak, shouldn't I expect to receive a ribeye steak, not a cubed or chopped steak right?


So my thought on this is screw the insurance company, if I'm injured I'm asking to be compensated for it.


bob

[hmongtown]

  How many insurance agents have you talked to? How many years have you been in insurance industry?

I guess you got 0! So stop talk the talk, just walk the walk.

wow, you sure know what you're talking about

MN, like MI and few other states, are backward with insurance. you should go to MI, and notice that by the time you stop your vehicle at a traffic signalized intersection, you would be at the centre of the intersection

insurance is a business of managing risks. for every $1 earn, a certain percentage of that is allocated to cover the potential loss.

in your example of $200 premium to cover $20k per person, of course there is a high probability of not making money. most other forward thinking states have a maximum coverage per incident and maximum coverage per person.

"no-fault" insurance encourages irresponsible driving behaviors. perhaps the state needs to say no insurance, then no driving or registeration of vehicle.

sounds like you're a newbee in the insurance industry, good luck

[Bob_J.D.]

No fault insurance was due to lobbying effort of the insurance company to reduce their overall exposure when it's a serious accident.

Not to mention insurance companies are the one that prevents people from stacking their policy when they are seriously hurt.

So again, I'm not hating on the insurance agents, I hate the insurance companies.  Agents try very hard to provide a service but can't win if the insurance companies base your profitability on your losses.


bob

[hmongtown]

Anyone that blaming the insurance companies is probably the one that keep going out and knock on people door to door or calling people around to brainwash the people to go sue,  so he/she can get referral $$$$.

Why? The no-fault is paying for our injury medical expense up to $20,000, that doesn't mean when you are injury you should max out the $20,000. Most Hmong people, they will max out the $20,000 even with very minor injury.

It's like you are having a fever, and you see doctors every week through the entire year, even after the fever is gone, because you are going to sue the people who make you sick. WOW!

Hmong people are not the only one who love PIP claims, there are several minority community out there are even worse than Hmong people.

The bad news is:

There are many Hmong people asking me why their insurance premium is too expensive, I told them to shop around so they can get the cheapest, and they told me I have done that already, and the premium is almost the same. You know why? Of course there are companies that giving cheaper rate out there, but the agents don't give to you because by having big claims scare the agents very much that one day you will kill their business. So they gave you the most expensive company that don't care much about loss ratio. Now what? If you sue and only get couple thousands, is it good?

No fault insurance was due to lobbying effort of the insurance company to reduce their overall exposure when it's a serious accident.

Not to mention insurance companies are the one that prevents people from stacking their policy when they are seriously hurt.

So again, I'm not hating on the insurance agents, I hate the insurance companies.  Agents try very hard to provide a service but can't win if the insurance companies base your profitability on your losses.


bob

[Xyooj96]

i'm not personally in the insurance business, but some of my relatives have been insurance agents for more than 20 years 

just sounds like you're a novice in this industry 
with all those writings of yours on here, these are common knowledge to many people

How many insurance agents have you talked to? How many years have you been in insurance industry?

I guess you got 0! So stop talk the talk, just walk the walk.

[hmongtown]

  Good - Go talk with your relative! I mean auto insurance agents targeting the Hmong people, not life agent. Ask about his/her loss ratio.

There are two types of insurance agent. Captive and independent.

Captive agents will usually stay in business longer because company can't terminate their contract unless they do something wrong. But company will keep making hard on them often so they will just terminate themselves. If they can ignore that, the can stay in business for long time, but with a lot of stress.

Independent agents get no choice, company will say Hey! take your customers away from us, your contract is over. Get out!

By making above comment; you either got 0 experience or you are the one who mislead Hmong people to suing people around. HEHE.

i'm not personally in the insurance business, but some of my relatives have been insurance agents for more than 20 years  

just sounds like you're a novice in this industry  
with all those writings of yours on here, these are common knowledge to many people

[Xyooj96]

though i never been in the insurance industry, i have taken the courses

lawsuit is part of american society, you don't have to lead american citizens to file cases.

i'm just letting you know that your Subject "why are hmong auto and home insurance agents always fail"
is a statement without stats to support it !!!

perhaps you fail to realize that it's not the agents that fail, but the insurance companies that fail?  
agents are merely representative s of the companies.

and many hmong insurance agents have not "always" fail !!!  

Good - Go talk with your relative! I mean auto insurance agents targeting the Hmong people, not life agent.

You either got 0 experience or you are the one who mislead Hmong people to suing people around. HEHE.