Guest Bio
Darren Wood is the founder of Recoop Disaster Insurance, a first-of-its-kind, multi-peril disaster insurance product. Darren is an insurance industry veteran, with over 25 years of experience. He previously served as the division president for Holmes Murphy, a top 25 insurance broker, where he was responsible for the delivery of value-added solutions to insurance clients. He also held senior project management and operational leadership roles with Marsh Consumer (now Mercer), focusing on the delivery of employee benefit and affinity solutions to consumers through Fortune 1,000 clients.
Darren received his degree in Accounting from Simpson College, earned his Project Management Professional (PMP) designation, and is a veteran of the United States Army.
Highlights from the Show
In this episode, we cover the challenges and solutions related to insurance coverage, particularly in the context of natural disasters and underinsurance. The conversation highlights the following key points:
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Background and Motivation: Darren shares personal experiences from the Gulf War, emphasizing the importance of addressing resource shortages and providing solutions for those in need.
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Insurance Gaps and Solutions: The discussion focuses on the inadequacies of traditional insurance policies, which are often outdated and not suited to current exposure contexts. Darren is interested in exploring new solutions that can address these gaps effectively.
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Product Offering: Recoop offers a multi-peril disaster product that provides a lump sum solution to customers. This product is designed to complement existing insurance policies by covering gaps that traditional policies do not address.
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Distribution and Reach: Recoop has partnered with 22 distribution partners, providing access to approximately 140 million Americans. They are also working with independent agents and larger insurers to expand their reach.
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Challenges and Perseverance: Darren discusses the perseverance required to succeed in this field, drawing parallels to their military experience. They emphasize the importance of continuous effort and building a strong policy base to increase exposure and coverage.
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Future Outlook: The conversation concludes with optimism about the future and the potential for new solutions to fill existing gaps in insurance coverage. Darren expresses a commitment to helping others in the industry and addressing the real problems faced by people.
Overall, the conversation underscores the need for innovative insurance solutions that can adapt to modern challenges and provide comprehensive coverage in the face of increasing natural disasters and underinsurance issues.
This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk.
Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.
Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.
