E102: Mark Breading On Strategy, Marketing And Data

In this episode, James talks with Mark Breading, Partner at ReSource Pro.

To learn more about ReSource Pro, visit https://www.resourcepro.com/

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Episode Highlights:

• Mark mentions that what's really powerful about ReSource Pro and the direction they've chosen is the ability to work with retail agencies, MGAs, wholesalers, carriers, and program administrators. (1:51)
• Mark explains that the core business process management that ReSource Pro provides is helping in the development of strategy and making plans and when clients reach the execution phase, they can assist in making things real and maintaining long-term relationships with a variety of different entities. (3:51)
• Mark shares that he had the great privilege and pleasure of working with insurance entities all around the world to help them think through strategy, how they could better use technology, and what sort of capabilities they needed to put in place to be competitive and grow. (5:43)
• Mark discusses the two types of services they offer: advisory and project-based consulting. (8:08)
• Mark discusses how he sees distribution trends developing in the future. (14:45)
• Mark believes that as long as agencies continue to play a trusted adviser role and expand their tech capability, they will still be a very strong part of the market. (19:02)
• Mark explains that parametric insurance makes sense for earthquakes because it covers incidentals rather than structural damage. (21:32)
• Mark discusses how people may improve the use of data that we currently have, as well as the relationships with other stakeholders. (31:54)
• Mark explains that companies in the insurance industry purchase back their own data every day. (39:36)

Key Quotes:

• “What's really powerful about ReSource Pro, and the direction they've taken is that it will work with retail agencies and MGAs and wholesalers and carriers and program administrators, you name it. We think we're one of the only ones that really have that kind of end-to-end insight and are supporting and helping everybody in the whole ecosystem.” - Mark Breading
• “I had the great privilege and pleasure to work with insurance entities around the world, because, for most of the time, I had a global role helping them think through strategy, how they could leverage technology better, and what kind of capabilities they needed to put in place to be competitive and to grow.” - Mark Breading
• “Our Growth Solutions team has a huge impact on the retail agencies that work with them…just helping them to be more productive, to understand how to serve their policyholder clients better, how to work better with their carrier partners.” - Mark Breading