Except there is no legal, insurance regulated entity called ‘InsurTech.’ None. Zilch. Zip.
There are startup and incumbent technology firms (some of whom sell their solutions to insurance firms). There are startup and incumbent insurance firms.
But there is no such firm called ‘InsurTech.’ It is a vile, arrogant, and cancerous term that people without any backbone use to lie to themselves, lie to their investors, lie to their employees, and lie to their customers.
Insurance firms that have Hank they are technology firms are, fortunately, on a path to financial ruin.
It is mind-boggling how arrogant these executives are. First, Next Ins is taking no risk on; they 100% reinsured. Second, they have no interest in their clients’ well-being, only to collect as much premium and keep their loss ratio low. Last, small business owners will never fully understand their policies the way agents do. They are betting their businesses and livelihood on their insurance “expertise” in the event of a loss. It’s just not smart business and hopefully more and more small business owners see this as uncovered claims do come up… because they will.
Thank you very much that your allowing us Agents to be recognized. What these people will never understand is that we agents pay them to exist. My clients do not care what carrier I put them with because they trust me and my years of experience. Ask your clients what Insurance company that they are with and 9 times out of ten they will give you your AGENCY name.. The buck starts and stops with Insurance agencies and there may be a day when we come together as a team and develop our own carrier company. The book roll would be in the trillions practically over night. When is that sleeping lion going to wake?
That is true but it misses my point.. Thousands of insurance agencies come together to make one company is my goal for the future.. Not just an idea but an exodus from the 100 carriers I have on my books to one carrier that we will roll those books to.. All the others have been on a fairly smaller scale.
Goldstein made some pretty arrogant statements, based on a great deal of ignorance. We let go of a large number of underwriters after hiring consultants to implement state of the art predictive modeling, and saw our results tank.
He’s forgetting that the underwriting element can’t be replicated now, and will be very tough to eliminate 100% in the future.
How do you determine if the BPP is underestimated without eyes on the risk? How do you know that doctor’s office has a CT machine included in his BPP? What about the dentist who gives botox injections versus the ones who don’t? What about the restaurant signed up for annual trap, hood and ansul system inspections versus the ones that don’t inspect (and won’t admit it).
Sure you can program the questions up front, but businesses change behavior and branch into other activities and don’t even think to tell their insurer unless they’re asked at renewal.
The point is there is so much he doesn’t know that he doesn’t appreciate it. He isn’t aware of everything that needs to be addressed.
Heck, I’m an actuary and don’t even pretend to know half what you agents and underwriters know. But I do know Next doesn’t know a great deal.
Except there is no legal, insurance regulated entity called ‘InsurTech.’ None. Zilch. Zip.
There are startup and incumbent technology firms (some of whom sell their solutions to insurance firms). There are startup and incumbent insurance firms.
But there is no such firm called ‘InsurTech.’ It is a vile, arrogant, and cancerous term that people without any backbone use to lie to themselves, lie to their investors, lie to their employees, and lie to their customers.
Insurance firms that have Hank they are technology firms are, fortunately, on a path to financial ruin.
It is mind-boggling how arrogant these executives are. First, Next Ins is taking no risk on; they 100% reinsured. Second, they have no interest in their clients’ well-being, only to collect as much premium and keep their loss ratio low. Last, small business owners will never fully understand their policies the way agents do. They are betting their businesses and livelihood on their insurance “expertise” in the event of a loss. It’s just not smart business and hopefully more and more small business owners see this as uncovered claims do come up… because they will.
Thank you very much that your allowing us Agents to be recognized. What these people will never understand is that we agents pay them to exist. My clients do not care what carrier I put them with because they trust me and my years of experience. Ask your clients what Insurance company that they are with and 9 times out of ten they will give you your AGENCY name.. The buck starts and stops with Insurance agencies and there may be a day when we come together as a team and develop our own carrier company. The book roll would be in the trillions practically over night. When is that sleeping lion going to wake?
Martin: If I remember correctly, American General (Houston) was created by a large broker. Trinity Universal was created by Haliburton.
That is true but it misses my point.. Thousands of insurance agencies come together to make one company is my goal for the future.. Not just an idea but an exodus from the 100 carriers I have on my books to one carrier that we will roll those books to.. All the others have been on a fairly smaller scale.
Goldstein made some pretty arrogant statements, based on a great deal of ignorance. We let go of a large number of underwriters after hiring consultants to implement state of the art predictive modeling, and saw our results tank.
He’s forgetting that the underwriting element can’t be replicated now, and will be very tough to eliminate 100% in the future.
How do you determine if the BPP is underestimated without eyes on the risk? How do you know that doctor’s office has a CT machine included in his BPP? What about the dentist who gives botox injections versus the ones who don’t? What about the restaurant signed up for annual trap, hood and ansul system inspections versus the ones that don’t inspect (and won’t admit it).
Sure you can program the questions up front, but businesses change behavior and branch into other activities and don’t even think to tell their insurer unless they’re asked at renewal.
The point is there is so much he doesn’t know that he doesn’t appreciate it. He isn’t aware of everything that needs to be addressed.
Heck, I’m an actuary and don’t even pretend to know half what you agents and underwriters know. But I do know Next doesn’t know a great deal.