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Guy Fraker
Principal @ Building Any Future, LLC | Strategic Consulting
Guy Fraker is the Principal at Building Any Future, LLC (BAF Advisory), where he utilizes his strategic leadership and analytical skills to drive transformation in various sectors. His professional background includes a focus on harnessing innovative strategies to facilitate growth and development within organizations.
Education and Experience
- Education: Guy Fraker studied at the University of Illinois, where he earned a degree that laid the foundation for his career in strategic leadership.
- Current Role: As Principal at BAF Advisory, he leads initiatives aimed at fostering sustainable growth and innovation.
Professional Impact
Fraker's work emphasizes the importance of adaptive strategies in an ever-evolving business landscape, positioning organizations to thrive amid challenges. His approach integrates analytical insights with actionable strategies to enhance organizational effectiveness.
For more details about his professional journey, you can view his LinkedIn profile here .1
Highlights
Regarding the various clarion calls among state legislators for #autoinsurance reforms, here are a few thoughts.
Greater insurer transparency and financial disclosures: Any efforts to mandate greater insurance carrier financial disclosures should be matched by mandated economic disclosures among the sectors getting paid by insurers in the settlement of claims. #Insurance companies collect premiums only to have roughly 100% of those premiums flow back into local economies. Approximately 20%-30% of those funds are paid via salaries, taxes, etc.. The remaining dollars are paid out restoring policyholders who have suffered a loss.
- Several legislators in 3 states are calling for an audit of insurer ad spends to assess the impact on rates. If this is going to be a focus, then why not audit attorney ad spends, and liability lead gen contracts with an eye towards mandated lower contingency fees? Mandated caps on contingency fees will certainly benefit rates charged to policyholders. A call for disclosure from medical providers who bill at one level, while accepting a significantly discounted payment. Medical care facilities, owned by Third Party Litigation Funds #TPLF must also have their billing, revenues, and expenses audited.
- Protection of #Consumer #Privacy: According to multiple industry studies, 70% to 80% of all consumers involved in vehicle cashes receive unsolicited calls from a plaintiff attorney; 60% receive multiple unrequested solicitations. How is this possible? Who is sharing victim contact information? Why is the privacy of citizens, traumatized by vehicle incidents not protected? The sale, sharing, purchase, receipt of victim's identities and contact information needs to be criminalized. An independent audit of liability claims will prove claimants represented by an attorney receive 25%-43% less in damages than claimants who do not seek representation, given comparable injuries.
- #MedicalBilling: Each state should take 2 actions re billing for medical services. First, a standardized fee schedule should be established. Secondly, documentation for both billed and paid medical services providers must be allowed as evidence in related litigation.
- Window of Opportunity to File a Claim #FNOL: What is the factual basis to justify a statute of limitations to file a claim beyond 6 months? Who has had a vehicle crash, possibly incurring injuries, without knowing the vehicle was damaged nor realizing they were injured. National Association of Insurance Commissioners (NAIC)
I have spent today observing the unprecedented 4 Committee joint session on #autoinsurance within the Louisiana state legislature. https://lnkd.in/e4t4ksZS Based on the participants of all parties, I would genuinely like to provide an optimistic review on behalf of Louisiana #constituents. Rather than provide arm chair quarterbacking critique, I'd like to offer experience based, authentic, and heartfelt recommendations for participating stakeholders moving forward. In short, for this well intentioned legislative effort to actually benefit the citizens of Louisiana, I highly recommend lawmakers modify their own approach to how #VehicleInsurance costs are examined.
First and foremost, all participants would be well served to emulate the participation of Commissioner Tim Temple who was open minded, objective, transparent, and authentic in his goal of serving the state's policyholders. Rather than exclude facts for a predetermined agenda, he extended an open invitation for expanded participation. He did not testify to prove expertise, but spoke with a goal of growing shared wisdom.
In my 20 years working across insurance based public policies, lawmakers must first manage themselves in order to actually develop needed solutions.
- When a Lawmaker's immediate reaction to witness testimony is to challenge the veracity of cited sources, they are simply being transparent about self-interest being a higher priority than constituent health.
- For the purposes of time management and respecting participants, I would suggest a procedural modification. Legislator questions posed to witnesses should focus on expanding & capturing relevant information. When Legislators ask questions simply to create an opportunity for their own testimony, every aspect of achieving a constituent-centric success is harmed.
- Bring fresh expertise into the process.
If Louisiana #policyholders are to benefit from vehicle insurance reforms, lawmakers need to first agree their primary responsibility is to the citizens and economy of Louisiana. No, I'm not being naive. Lawmakers prove their primary motivators are, or are not, aligned with citizen-centric solutions. Let's make sure the credibility of their participation reflects their motivations.
