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Jon Lewis
Jon Lewis
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Casinos and Insurance Companies

15 comments

So, I was watching college and pro football this weekend, and I was struck by all of the insurance commercials. Allstate is advertising on every college football game. Their logo is behind every goalpost. State Farm is advertising on every pro game. And, they have Super Bowl winning quarterback, Aaron Rogers, in their commercials. How many GEICO and Progressive (Flo) commercials have you seen? These aren't late night spots. These are prime time commercials. Pretty inexpensive, huh?

I've often heard the saying about the large, incredible casinos you see in Las Vegas, "They aren't building those casinos off winners." It got me to thinking, "These insurance companies aren't paying for all these commercials by paying out lots of claims."

In light of the similarity, I thought I would come up with the Top Ten Similarties between Casinos and Insurance companies.

  1. They love taking your money.
  2. Their CEO's are all wealthy.
  3. They make money off your gamble – craps, blackjack, slots, life insurance, casualty insurance, etc.
  4. They both have fancy corporate offices.
  5. They both have giveaways to get you in the door (free food, free hotel, free shows, discount double check, accident forgiveness, family package, etc.)
  6. They both penalize you if you win too much: bar you from the casino or terminate your coverage for making a claim.
  7. They both have fancy slogans: Tropicana: "We Treat You Like A Winner"; Dunes "Miracle In The Desert"; Excalibur: "You Rule."; State Farm: "Like a Good Neighbor"; Allstate: "You're in Good Hands"; GEICO: "Fifteen Minutes Could Save You Fifteen Percent".
  8. They both use mathematics to make money off of you: casinos – odds and insurance companies – actuaries, statistics and life expectancies.
  9. They both try to limit your payout (the more they keep).
  10. They both have huge lobbyists to change laws in their favor.

So, you can see, insurance companies and casinos have a lot in common. Fortunately, we can choose not to gamble and give our money to casinos. Unfortunately, most of us cannot afford to not have certain insurance coverage. However, we should have an easier time obtaining compensation when the time comes to make a claim, but that's when those slogans are just that – slogans because when you make a claim against someone for causing you injury, those companies are no longer GOOD NEIGHBORS, and you are no longer IN GOOD HANDS.

15 Comments

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  1. Chris says:
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    I assume an intern or high school student wrote this? Very poor comparison. You realize State Farm is a mutual company, right? And what that means. State farm is also at or near the top of all customer satisfaction surveys. I would venture a guess attorneys, overall would fall into the same category you put the insurance companies.

  2. Jon Lewis says:
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    Thank you for your comment Chris. No intern or high school student. Just this uneducated attorney. Yes, I realize State Farm is a mutual company, and I also see the countless times they put the dollar over people. Simply because they are a mutual company, it does not mean they consider their policyholders interests. They still have executives who make huge salaries and have huge compensation packages: http://wglt.org/wireready/news/2012/05/03978_St_Farm_exec_compensation_WEB_144733.shtml.

    I can show you numerous cases where State Farm has spent more money defending a case and making their own insured participate in litigation when the case was worth less and could have been settled for less, but State Farm has to prove their point. They are proving it to the point that people with legitimate claims do not receive proper compensation, and their own insurers have to spend their time participating in litigation when they would prefer the case be settled.

  3. Chris says:
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    Ed Rust makes pennies compared to many CEOs of fortune 500 companies. Or, to be more realistic top 50. Of course, they must hold their ground on claims they believe they are justified in holding their ground on!! What? Can you imagine if they didn’t? The presedence that would set? Their rates would be through the roof after every attorney in the country got wiff that all you need to do is hire an attorney and they write a big check! C’mon.

  4. Jon Lewis says:
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    That’s the big fallacy and propaganda put forth. They don’t hold their ground. They litigate and then settle when they could have settled without a lawsuit in the first place. We aren’t talking about the commonly referred to as “frivolous” claims. We are talking about legitimate claims and proper compensation for a person’s injuries. They will offer $2,500 on a clear liability claim when they should pay $5,000 or $7,500. Instead, they will get their policyholder sued and end up settling the case or trying it and wasting taxpayer money.

  5. Chris says:
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    You speak from YOUR perspective. They handle milllions of claims a year. A few may go sideways, yes. You speak of I dare say of less than a half of .0001 % of their claims. That is not represntative my friend.

  6. Chris says:
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    We shall agree to disagree on this one. Take care.

  7. Jon Lewis says:
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    I speak from 20 years of experience litigating these claims and knowing hundreds of attorneys across the country who will give you the same opinion. I didn’t say State Farm NEVER pays a fair amount. The problem is they run on statistics and computer programs now. It’s all about the bottom line, but that is not the intent of insurance – always being focused on the bottom line. Don’t twist that and say they are entitled to make money – of course they are, but not at the expense of the person who is injured. They used to give adjusters autonomy – even older line adjusters will tell u that.

    At least you know what do for a living, and yes, I’m biased, but I like to think I’m objective too. What is your profession?

  8. Vern Dennis says:
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    I see far more personal injury attorney advertisements on televsion than I ever see of insurance advertisements. We have several firms here in Florida that carpet-bomb the airwaves (TV and radio)and spoliate the highways with their billboards begging a gullible public to “visit our website http://www.screwthepeople.com

    Insurance companies have little in common with Casinos; howver the trial bar …

  9. Angus Hinson says:
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    Vern,

    I live in Florida as well, and I think you aren’t paying attention if you think there are more attorney advertisements than insurance co ads.

    I admit it may seem that way since we do have a TON of awful attorney ads, but you can’t watch TV for more than one commercial break without seeing Dennis Duffy or President Palmer pitching for Allstate, hearing someone saying “like a good neighbor” to get out of a predicament, watching the wise-cracking Gecko hawking car, boat & motorcycle insurance or being subjected to the super enthusiastic “Flo” at the Progressive “store.”

    Not to mention that, if you are a football fan, you see an insurance company logo every time the net is raised for a team to kick an extra point or field goal.

  10. Jon Lewis says:
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    Thanks David. Vern, I agree with you. I cannot stand the attorney commercials, and I think they have tremendously hurt our profession. However, I cannot agree that they have more commercials. I am inundated with State Farm, Allstate, GEICO and Progressive.

    On gambling, the legal profession is not built on gambling. It’s built on justice and presenting facts and evidence to a trier of fact. There are systems in place such as Rule 11 of the Civil Rules of Procedure which allows Judges to sanction attorneys for filing frivolous claims. No one ever brings up that issue.

  11. Mike Cook says:
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    In 1981 when Ronald Reagan took office insurance companies owned 33% of all assets in the U.S.That number is now over 40%!Incredible but true.When one is forced to buy,one is at a huge disadvantage.One must lube up.They have us and they know it.Think of playing cards.They get to take a piece of every pot.The longer we play,the more they get.They hide much of their assets in holding companies.And yes,every stadium is named.Who pays for that.We do.They have click it and ticket in all 50 states.Cars are much safer and we pay for many road improvements so why don’t our rates go down? People get laid off.Calling the company puts one with artificial intellegence voices so they have eliminated a huge number of jobs so why don’t our rates go down? They pay far less taxes now so why don’t our rates go down? I could go on but let whats the point.They own the politicians so the table will continue to remain extremely tilted in their favor.It’s a game we have no shot at breaking even.I am in favor of socializing insurance and taking the profit out of it.

  12. Mike Cook says:
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    In 1981 when Ronald Reagan took office insurance companies owned 33% of all assets in the U.S.That number is now over 40%!Incredible but true.When one is forced to buy,one is at a huge disadvantage.One must lube up.They have us and they know it.Think of playing cards.They get to take a piece of every pot.The longer we play,the more they get.They hide much of their assets in holding companies.And yes,every stadium is named.Who pays for that.We do.They have click it and ticket in all 50 states.Cars are much safer and we pay for many road improvements so why don’t our rates go down? People get laid off.Calling the company puts one with artificial intellegence voices so they have eliminated a huge number of jobs so why don’t our rates go down? They pay far less taxes now so why don’t our rates go down? I could go on but let whats the point.They own the politicians so the table will continue to remain extremely tilted in their favor.It’s a game we have no shot at breaking even.I am in favor of socializing insurance and taking the profit out of it.

  13. Mike Cook says:
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    In 1981 when Ronald Reagan took office insurance companies owned 33% of all assets in the U.S.That number is now over 40%!Incredible but true.When one is forced to buy,one is at a huge disadvantage.One must lube up.They have us and they know it.Think of playing cards.They get to take a piece of every pot.The longer we play,the more they get.They hide much of their assets in holding companies.And yes,every stadium is named.Who pays for that.We do.They have click it and ticket in all 50 states.Cars are much safer and we pay for many road improvements so why don’t our rates go down? People get laid off.Calling the company puts one with artificial intellegence voices so they have eliminated a huge number of jobs so why don’t our rates go down? They pay far less taxes now so why don’t our rates go down? I could go on but let whats the point.They own the politicians so the table will continue to remain extremely tilted in their favor.It’s a game we have no shot at breaking even.I am in favor of socializing insurance and taking the profit out of it.

  14. Jon Lewis says:
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    Thank you for your comments Mr. Cook. Unfortunately, the general public does not seem to have the grasp of the situation as well as you do.