Category Archives: Consumerism

Barry Zyskind Explains How AmTrust Sets Itself Apart

Consumerism, Economy, ,

It’s fascinating to look at how a new company grows to make its mark, and establish itself apart from competitors. One great start-up story is specialty property and casualty insurer AmTrust Financial Services, founded during the dot-com boom of the late 1990s. In a recent interview with A.M. Best magazine, President and Chief Executive Officer Barry Zyskind explains how AmTrust has come up the ranks of the insurance industry.

“Early on, we recognized that we could differentiate ourselves through technology,” Zyskind said. “Every application we use, from underwriting to claims management, is built internally to maximize our productivity and data mining capabilities. When we acquire a business, we quickly integrate it on our technology platforms. Our digital strategy has absolutely set us apart in a highly competitive industry.

He continued, “We use our proprietary technology and extensive database of loss history to help appropriately price and structure policies, maintain lower levels of loss, enhance our ability to accurately predict losses and maintain lower claims costs than the industry as a whole.”

One of AmTrust’s areas of focus is warranty insurance, the first product it offered. As Barry Zyskind explained, “Our warranty program is on a rapid growth trajectory. Today, our automotive and powersports vehicle service contract division is a world leader, while our retail and consumer products extended service plan division ranks among the world’s top three.”

Zyskind emphasized that AmTrust will continue investing in technology as part of its growth strategy. “We will continue to invest in our technology platforms and look for new ways to target our most desired classes of business. We are optimistic about the organic growth prospects of our small-commercial business segment, which for the year 2015 produced over $3.3 billion of premiums, as well as the potential for growth in our other segments. We continue to look at acquisitions throughout the world and believe we are well-positioned to address opportunities that arise.”

End of an Era: Video-Cassette Recorders Join Dinosaurs

Consumerism, ,

Video-Cassette Recorders, (VCRs) which have been losing in popularity steadily ever since compact disks and DVDs entered the market, will finally no longer be manufactured anywhere in the world. The very last maker of VCRs, Japanese electronics producer Funai Electric Company, has announced it will no longer manufacture this outmoded way to enjoy movies at home.

The company spokesman, who remains unnamed due to company policy, said that production will end sometime in July, but an exact date was not given. He said that key component makers are pulling out because of the declining demand for the product.
He added that the company would have chosen to continue production according to consumer demand, even if it is light, but it is impossible under the circumstances.

There are many individuals, families and libraries all over the world with content stored in the VHS format. Since these tapes can be converted to DVDs using VHS-DVD recorder players made by other companies, there is no need for alarm.

In 2015 Funai produced three-quarters of a million VCR units capable of playing back or recording cassette tapes. Just 15 years before that number was 15 million, 70 percent of the US market.

Giant Recall of Half-Million Hoverboards Sends Industry Reeling

Consumerism, , , , ,

Hoverboards, the extraordinarily lazy persons’ answer to skateboards, are dangerous, at least according to the US Consumer Product Safety Commission. The commission said that they know of at least 99 reports of overheating of the lithium-ion battery packs overheating, sparking, smoking, catching on fire, and then finally, exploding.

They added that a minimum of 18 injuries have been reported. Included in those injuries are neck burns, legs and arm burns, and more. There has also been damage to property.

The recall will include about 501,000 hoverboards distributed by 10 companies. Some of those companies are Powerboard, Airwalk and iMoto.

The announcement urges consumers to immediately refrain from using their hoverboards and to contact the recalling company at once. Depending on the model the company will either fully refund the purchase price, repair the board for free, or replace it free of charge.

The boards were all manufactured in China. They were sold all over the US in stores and on-line between June 2015 and May 2016. They ranged in price from $350 to $900.

McQueen with Producers Brian O’Shea & Jeff Bowler

Consumerism, , , , ,

Movie fans will want to know that the life of Steve McQueen will, indeed, become a movie for the big screen. And we hope it will be soon. McQueen has secured financing with a deal between Lake Forest Entertainment and The Exchange with Brian O’Shea and Jeff Bowler.

McQueen actually wrote about his own life at the time of his death, and those who loved him can’t wait to see what he had to say. The movie will be partly based on the 2010 biography Steve McQueen: The Life and Legend of A Hollywood Icon that was written by Marshall Terrill. The author actually worked for ten years doing research on McQueen.

Producers will be The Exchange’s Brian O’Shea and Jeff Bowler with Graham Kaye’s Lake Forest. The Exchange and their team including Jeff Bowler will handle the foreign and domestic sales.

When discussing the vision for the film, O’Shea emphasized that it won’t be a regular true life tale. As he said, “We’re figuring out how to tell the story now. It won’t be the obvious biopic.”

He then discussed some of the secrets of the movie:

“Barbara McQueen (McQueen’s last wife) has a diary that was kept by his nurse in Mexico that was then given to the author of the book that was done on him by Marshall Terrill. Something happened in McQueen’s life that has been kept secret for a long time. We think we have a very interesting way into this story.”

Now all we have to do is wait.

 

Dany Bahar: Chief Investor in Italian Specialty Car Company Ares

Consumerism, , , ,

Dany Bahar, along with his fellow former Lotus employees, designer Mihai Panaitescu and research and development star Wolf Zimmermann, are the movers and shakers behind Ares, an Italian car company offering something different.

Modena-based Ares is offering its clients a new way to personalize the luxury cars they purchase. They will take a high-end car such as a sports car like Bugatti or Aston Martin Rapide, or a sedan like a Bentley Continental GT or a Rolls Royce, and it give it a makeover to the specific requirements of each owner. The finished product is as unique as the client’s own fingerprints.

“The client is fully involved and that is something really exciting,” says Bahar. “These clients are wealthy people, important people but you touch them on an emotional level, where they become like children. They say, ‘I want the rear lamp, like this, not like this’.”

Dany Bahar’s clients have the money to spend on any car they wish. It is not a problem to go the extra distance budget-wise, to get the car that is a true and complete reflection of their inner driver.

“Even if a client is buying a £2 million car they are really not that interested in how it works… as long as it’s fun to drive and it works. His concern is sitting in the car and enjoying the environment he has created on his own. To sit in these four small walls and to enjoy it and call it his own, designed by himself,” Bahar explains.

Ares and Bahar are exploiting a trend which has been propelling a move towards customization. As he states:

“Individualization is becoming so big – you can do everything, shoes, shirts, watches, everything,” he says.

With cars, however, until Ares came along, buyers could only choose the car’s color, wood trim, leather seats, and the like. Even if there were only 400 or so cars manufactured in that series, there can still be many cars that are exactly the same. Bahar and Ares correct this problem.

“If I spent £2 million on this car and I am in central London I don’t want to see two more Bugattis. I don’t want to see the same,” Bahar says. “Having something you cannot buy anywhere else is what fascinates clients. This was the main reason we launched Ares… to take, for example, a Bugatti and give it a makeover, a real makeover.”