Profiles in Risk

The Private Risk Management Association (PRMA) is an organization dedicated to improving the advice, coverage, and service provided to the high net worth insurance consumer through education and increased awareness. I attended their annual Summit conference as a participant in their sessions dealing with how we all can improve flood risk awareness and more importantly, flood risk communication. As I was there I was impressed with the level of commitment these professionals had for their craft and their eagerness to consistently improve. I decided to pull out my phone and interview some of these very interesting people. If you are not aware of the PRMA, you should check them out. Membership is inexpensive and the perks are fantastic, with timely webinars & educational courses and certification programs for those people wanting to improve their skillset and expertise for exposures surrounding the high-net worth market. Thank you to Lisa Lindsey and Azeema Hartley for inviting me to participate.

In this episode, I speak with Wes Todd, CEO of Caseglide, who has been on the show twice before and is shooting to become the first member of Profile in Risk's Five-Timers Club (or as I mistakenly referred to as the Fivers Club) We discussed Assignment of Benefits in insurance and how this legal concept is causing havoc in the Florida insurance market adding an additional $1 billion dollars of claims into the system. We discuss the tactics used by lawyers and contractors to harass claims victims and bully insurers. According to Wes, the solution to this problem is more technology (the ecosystems ability to incorporate new and better technology to adjust claims quicker) and education (our responsibility to inform the public on the assignment of benefits and the harm it can cause the policyholder). Links to the articles discussed in the podcast are listed below.

In this episode of Profiles in Risk, we look at the risks of Active Shooter. In the wake of the Vegas Shooting, which claimed the lives of more than 50 innocent people, Ryan Welsh, a former officer Active Shooter, potential causes and some risk mitigative steps that might be taken by managers in corporations, schools and elsewhere. Unfortunately, it seems impossible to prevent these horrific events, but it does not mean we are helpless. There are things we can do and one of them is to become more educated in what Active Shooter is, events of the past and lessons learned.

On this episode, Brent and I discuss CAT bonds and other Insurance Linked Securities (ILS). We go into what makes ILS important to investors, insurers, reinsurers and other stakeholders. What is a CAT bond? How do these bonds pay out? How are they valued? We go into all of that and some of Brent's infamous nicknames.

In this episode of Profiles in Risk, Robin Smith of WeGoLook talks about why the business was started, the value it brings to insurance and other industries, what the future holds for WeGoLook and what it takes to be a startup founder. The idea germinated with a conversation with someone who was purchasing a high-end projector and wished someone could inspect it for him, and Robin and team have built an international company serving the US, Australia, Canada, the UK and Puerto Rico. Seems like WeGoLook is on its way to global domination. Robin was a pleasure to speak with. Sure, she is focused on "global domination" for WeGoLook, but we spend a lot of time talking about the team and how much pride she has in her colleagues with some really heart-warming stories. She's a true leader, motivator, and inspiration.

If you are reading this or listening to the podcast, you can thank Dave. I decided to try blogging (and subsequently decided to try podcasting) because I read one of Dave's blog articles. We discussed blogging, podcasting, and studying for actuarial exams. Oh and Dave is a reinsurance broker, so we discussed what reinsurance brokers do, the value they bring and we spend some time discussing intermediaries (brokers/salespeople) and why he thinks they will not be disintermediated (also see this post from Dave). Click here to go to InsNerds.com

In this episode, I discuss agent/carrier productivity with Tou Yang. Tou created Agent Ave as a way to efficiently organize all of the carrier-related info he had scattered among sticky notes, notebooks, binders, and manuals.

Cyber risks seem to be in the national headlines week after week. Recently credit reporting agency, Equifax was hacked and it is estimated that 143 MILLION Americans could have critical private information (such as social security numbers) compromised. On this episode of Profiles in Risk, I discuss cyber risks with Amit Rai of Cyber Boxer. An insurtech startup, based in India, on what is cyber risk, what are the most common types, how we can prevent them and we also get into the Indian startup scene and how that compares to the tech scene in the Valley.

In this episode of Profiles in Risk, Rob Galbraith becomes the first person to be on both Profiles in Risk and The Attachment Point Podcast. We discuss Rob's time storm chasing as an embedded civilian with the IBHS and the article he wrote for InsNerds on the trip. MENTIONED ON THE SHOW: IBHS - INSURANCE INSTITUTE FOR BUSINESS & HOME SAFETY: https://disastersafety.org/ Disdrometer - https://en.wikipedia.org/wiki/Disdrometer HOW TO REACH ROB: LinkedIn: https://www.linkedin.com/in/rob-galbraith-8707aa1/ Twitter: https://twitter.com/robgalb