Saturday
Sep062008
Vulture Culture, an expose of the insurance industry.
Saturday, September 6, 2008 at 10:38AM
We
all dutifully write out checks for insurance coverage each month,
assuming that if the worst should occur, we'll be protected
financially. But what we don't know
about the insurance business
could - and most probably will - hurt us. Vulture Culture is a
hard-hitting expose of the sorry state of the industry, from tales of
rampant, widespread corruption to inconsistent state regulations and
the inability - and often unwillingness - of the federal government to
protect the rights of denied claimants.
As anyone who works in the structured settlement industry knows, there has in the past been a sick and corrupt culture in many of the claims departments of the casualty industry. It led to the despicable and morally indefensible practice of undisclosed rebates and commission sharing on structured settlement annuity premium, often at the expense of the unwitting plaintiff or their trial lawyer. The seeds for much of the disaffection for structured settlements among the trial lawyers were sewn years ago when many structured settlement firms agreed to get involved in this practice in order to secure guaranteed premium flows from the casualty companies.
This book takes readers into a world of bid-rigging, fraudulent commissions, and secret payoffs, revealing shocking abuses and ominous new trends. Readers will hear about a rogue's gallery of shady executives, including a CEO whose massive claim denial schemes eventually got him fired . . . at great cost to consumers. From the Hurricane Katrina fiasco of unpaid claims, to a revolving door in which former insurance executives regulate their own industry before returning to it themselves, this is a shocking account of an industry on the brink of collapse, and what must be done to fix it before it's too late.
Scott Drake's, interview with author Eric Gerst on Vulture Culture is featured on Speaking of Jusice, a Legal Broadcast Network show.
If you are in the structured settlement business, claims or insurance management this is a book that your going to be hearing about and is worth your effort to read.
about the insurance business
could - and most probably will - hurt us. Vulture Culture is a
hard-hitting expose of the sorry state of the industry, from tales of
rampant, widespread corruption to inconsistent state regulations and
the inability - and often unwillingness - of the federal government to
protect the rights of denied claimants.
As anyone who works in the structured settlement industry knows, there has in the past been a sick and corrupt culture in many of the claims departments of the casualty industry. It led to the despicable and morally indefensible practice of undisclosed rebates and commission sharing on structured settlement annuity premium, often at the expense of the unwitting plaintiff or their trial lawyer. The seeds for much of the disaffection for structured settlements among the trial lawyers were sewn years ago when many structured settlement firms agreed to get involved in this practice in order to secure guaranteed premium flows from the casualty companies.
This book takes readers into a world of bid-rigging, fraudulent commissions, and secret payoffs, revealing shocking abuses and ominous new trends. Readers will hear about a rogue's gallery of shady executives, including a CEO whose massive claim denial schemes eventually got him fired . . . at great cost to consumers. From the Hurricane Katrina fiasco of unpaid claims, to a revolving door in which former insurance executives regulate their own industry before returning to it themselves, this is a shocking account of an industry on the brink of collapse, and what must be done to fix it before it's too late.
Scott Drake's, interview with author Eric Gerst on Vulture Culture is featured on Speaking of Jusice, a Legal Broadcast Network show.
If you are in the structured settlement business, claims or insurance management this is a book that your going to be hearing about and is worth your effort to read.
Reader Comments (1)
In my opinion the Bird May Be The Word, But The Vulture Isn't The Only Bird In The Insurance Jungle
http://structuredsettlements.typepad.com/structured_settlements_4r/2008/09/the-bird-may-be.html