Heath Ritenour on How to Succeed in a Post-pandemic Insurance Sector
Technological advances like the Internet of Things and machine learning will provide a new level of transparency into the insurance world. Consumers will have more choices and options to select the insurance product that fits their needs. As with all industries, the infrastructure for this new technology to work properly needs to be created and solidified. Regulatory challenges are also substantial, but they’ll require creativity and ingenuity to overcome.
Among the challenges: Issues of trust. In the pre-digital era, consumers preferred to purchase insurance; this was the insurance company. The arrival of the internet meant that that system had to change. Now, consumers have many new choices of where to get their insurance. Did you know that one million insurance agents, brokers, and agents are currently without employment? People are looking at data and thinking about alternative views of the world and different ways of creating products that meet those needs.
Heath Ritenour believes that your strategy and your underwriting needs have to be linked, and if you’re not asking the right questions, you’re going to lose out. In 2016, nearly a third of the world’s population was classified as ‘poor.’ Poor does not mean powerless. It means your employees’ lives are impacted by a lack of proper education or poor nutrition. When you think about building an insurance business today, think ahead to the next three to five years.
Think about a world that has moved into a “post-pandemic” world—what that means to brokers, agents, and companies. What about a pandemic today? How do you prepare for it? What do you think about the insurance products that will be necessary? How do you think about the services you’ll need to provide to your clients to be successful? What about products that were nonexistent ten years ago, such as cyber insurance? What about the increase in cyber-related incidents and coverage? How do you think about the products that you’ll need to continue to get in the future to continue to have a business?
Heath Ritenour noted that it has been exciting to see the entire industry change, and Heath Ritenour has been part of that change. They have always been a customer-centric company. The competition in their space has increased dramatically, but their people are customer-centric.