Insurance Happy Hour: Recent Episodes
Becky Schroeder & Laird Rixford
Change in the insurance industry is speeding up. Consumers are also changing. Let's talk about industry news and trends, technology and marketing. Hosts: Becky Schroeder and Laird Rixford
There's an elephant in the room (and apparently a sugarcane field). Becky and Laird discuss this week's news of Zywave's acquisition of ITC. Plus, GM's entrance into auto insurance (and Laird's real concern with UBI) and an announcement. Zywave Acquires Insurtech Frontrunner ITC, Becomes Only Provider to Offer Front-Office Solutions for Independent Insurance Agencies Across All Lines of Business (https://www.getitc.com/release/2020/11/24/zywave-acquires-insurtech-frontrunner-itc-becomes-only-provider-to-offer-front-office-solutions-for-independent-insurance-agencies-across-all-lines-of-business) General Motors Debuts Usage-Based Auto Insurance Supported by OnStar Vehicle Data (Carrier Management) (https://www.carriermanagement.com/news/2020/11/18/213841.htm) Adorable Baby Elephant Gets Caught Eating Sugarcane, Tries To Hide Behind A Narrow Light Pole (https://www.boredpanda.com/baby-elephant-caught-eating-sugarcane-hides-behind-pole)
It's a rabbit hole of Laird's unexpected tweet shower this week. Everything from speeding tickets to shiny new technology syndrome to what keeps him up at night. Follow Laird on Twitter. (https://twitter.com/lrixford) If you really want some snark, follow Becky on Twitter. (https://twitter.com/beckylschroeder)
Home insurance customers – the most valuable group of customers to P&C carriers. How can agents attract them? Plus, Lemonade’s struggle to convert their renter customers into home customers and the fuel that powers this podcast. Home Insurance Customer Service and Reputation—Not Price—Drive Lifetime Customer Value, J.D. Power Finds (https://www.jdpower.com/business/press-releases/2020-us-home-insurance-study) Lemonade's insurance recipe makes some consumers wince (https://www.propertycasualty360.com/2020/11/03/lemonades-insurance-recipe-makes-some-consumers-wince/) The best podcasts for insurance industry innovators (https://nexxworks.com/blog/the-best-podcasts-for-insurance-industry-innovators)
What is the number one insurance brand in the world? Becky and Laird discuss that brand plus other top 100 global brands, including what makes them great and how the pandemic has affected some of the top brands. The number one insurance brand across the world is… (Insurance Business America) (https://www.insurancebusinessmag.com/us/news/breaking-news/the-number-one-insurance-brand-across-the-world-is-236720.aspx) Zoom and Tesla Enter the Ranks of Interbrand’s 2020 Best Global Brands Report (https://www.interbrand.com/newsroom/interbrand-reveals-2020-best-global-brands-report/) Best Global Brands 2020 Download (https://www.interbrand.com/thinking/best-global-brands-2020-download/)
“We don’t really know where this goes — and I’m not sure we really care.” ~ Bob Ross From random holidays to bad gifts. Sources of weird inspiration and secret societies. Plus, Happy Boss's Day! Insurance Agent App (https://insuranceagentapp.com/)
Credit scores are not really an indicator of someone's driving behavior and risk. Yet a person's credit score is used to price their auto insurance. Not for one company. Plus, who is the smartest in the room? Drop credit scores from insurance rate pricing (Root Insurance) (https://www.joinroot.com/drop-credit-scores-from-insurance-rate-pricing) Recording of our AMA virtual happy hour (https://attendee.gotowebinar.com/recording/5788950021122389254)
Becky and Laird streamline the show to its essence. Car insurance start-up Root hires Goldman Sachs to lead IPO (Reuters) (https://www.reuters.com/article/us-root-insurance-ipo/car-insurance-start-up-root-hires-goldman-sachs-to-lead-ipo-sources-idUSKCN26C31H) InsureTech Connect Global moves to October 19-21 (https://insuretechconnect.com/itc-global-2020-statement/) You're not flying, you're driving. (https://www.youtube.com/watch?v=KZc1TdJFAFs&feature=youtu.be&ab_channel=PilotAviationCR)
Two carriers; two different announcements. One is making an acquisition to diversify and better serve their market. One may be looking to sell off part of their book to better focus on what they do best. Plus, a rant from Laird (Shocking, I know) and Becky laments a loss caused by the pandemic. In a First, State Farm to Acquire Texas Nonstandard Auto Insurer GAINSCO (Insurance Journal) (https://www.insurancejournal.com/news/southcentral/2020/09/17/583051.htm) MetLife Looking to Sell P/C Auto and Home Biz: KBW (Carrier Management) (https://www.carriermanagement.com/news/2020/09/21/211651.htm)
Amazon is selling auto insurance in India! So? Becky and Laird talk about why it's time to stop the hand wringing and start actually doing something. Plus, we have an announcement. Amazon's entry into auto insurance holds valuable lessons for agencies (Insurance Business America) (https://www.insurancebusinessmag.com/us/news/technology/amazons-entry-into-auto-insurance-holds-valuable-lessons-for-agencies-231940.aspx?q=amazon%20india) AMA Virtual Happy Hour Panel on October 8 (https://register.gotowebinar.com/register/2599855026891089677) The funniest video we saw this week (https://twitter.com/RexChapman/status/1306438597550243841?s=20) Life Changing BBQ Tongs (https://smile.amazon.com/gp/product/B000GBLPLG/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1)
Elon Musk is recruiting actuaries to be part of his "revolutionary" insurance company. Will Tesla actually revolutionize insurance? Plus, it was Becky's birthday this week and Laird gives a behind-the-scenes look at how his brain works. Biggest Insurance Disruptor: Lemonade or Tesla? (Strategy Meets Action) (https://strategymeetsaction.com/news-and-events-2/sma-blog/biggest-insurance-disruptor-lemonade-or-tesla/) When the Machines Come for Your Insurance (Episode 64) (https://www.insurancehappyhour.com/65)
How are you doing in the midst of this pandemic? Becky and Laird share what they've been struggling with and what is helping them during this global crisis. [Webinar Recording] Growing Your Agency During a Pandemic (https://register.gotowebinar.com/recording/8325745446022495756)
Is it the end of auto insurance as we know it? Becky and Laird discuss the findings in yet another report about the end of auto insurance. Plus, a follow up on Becky's appearance on You Don't Know Schmitt! and more lessons from Professor Rixford... this week's topic: economics. The End of Auto Insurance As We Know It (Majesco) (https://www.majesco.com/the-end-of-auto-insurance-as-we-know-it/) This is the End, But We Feel Fine (Episode 37) (https://www.insurancehappyhour.com/37) Becky Schroeder: The Journey of a Thousand Little Steps (https://youdontknowschmitt.podbean.com/e/becky-schroeder-the-journey-of-a-thousand-little-steps/)
It's happening! Walmart started an insurance agency. But. Is the sky really falling? Becky and Laird talk about Walmart's plans to sell Medicare insurance and the industry's fear of big companies like Walmart or Amazon entering the industry. Plus, more about Allstate and a history lesson in comparative rating from Professor Rixford. Walmart forms insurance agency (Coverager) (https://mailchi.mp/coverager/matters-1361178?e=4b89268163) Allstate to Buy National General for $4 Billion, Growing Auto, Independent Agent Business (Insurance Journal) (https://www.insurancejournal.com/news/national/2020/07/08/574808.htm#)
Allstate is introducing a 7% discount on rates on policies bound online or over the phone instead of through an agent. Yeah. We were shocked too. Allstate is introducing channel of bind as a rating variable (Coverager) (https://coverager.com/allstate-is-introducing-channel-of-bind-as-a-rating-variable)
J.D. Power released a study on auto insurance satisfaction that showed websites have surpassed agents in terms of customer satisfaction and loyalty Plus, Laird sounds off on virtual trade shows and #technicaldifficulties. It's happened – customers now like websites more than real insurance agents (https://www.insurancebusinessmag.com/us/news/breaking-news/its-happened--customers-now-like-websites-more-than-real-insurance-agents-225093.aspx) U.S. Auto Insurance Satisfaction Study (https://www.jdpower.com/business/insurance/us-auto-insurance-satisfaction-study)
Insurtech startup Lemonade announced plans for an IPO worth as much as $100 million. But, they've yet to show profitability. So, will people buy Lemonade shares? Laird and Becky discuss this move along with the history of Lemonade. Lemonade IPO: A unicorn vomiting a rainbow (Insurance Insider) (https://insuranceinsider.com/p-and-c/articles/133789/lemonade-ipo-a-unicorn-vomiting-a-rainbow) Lemonade files for IPO (Coverager) (https://coverager.com/lemonade-files-for-ipo/) Lemonade Files Planned IPO Worth Up to $100M (Insurance Journal) (https://www.insurancejournal.com/news/national/2020/06/09/571472.htm)
The pandemic happened. Things have been busy. We've missed Insurance Happy Hour. Becky and Laird are back and talking about COVID-19, insurance agency quoting activity during the pandemic, and the insurance carrier response.
One of the drums we regularly beat on this podcast is about becoming better and using the resources and tools available in the industry to help with that goal. One such resource is Agents Council for Technology, which is FREE. So, why aren't agents using it more? We talk with ACT Executive Director Ron Berg about that. Plus, it's time to stop talking about improving the customer experience and start actually doing it. Agents Council for Technology (ACT) (https://www.independentagent.com/ACT) Bold Prediction on Customer Experience (https://www.insurancethoughtleadership.com/bold-prediction-on-customer-experience-2/) ACT Customer Experience Planning Website (https://www.independentagent.com/act/pages/marketing/experience/default.aspx) ACT 4/22 Meeting Schedule of Events (https://www.independentagent.com/Events/Pages/AgentsCouncilForTechnology/Schedule%20of%20Events.aspx) ACT 4/22 Meeting Registration (https://www.independentagent.com/Events/Pages/AgentsCouncilForTechnology/Hotel%20and%20Travel.aspx) Special Guest: Ron Berg.
Is buying insurance like dieting? Becky and Laird discuss this comparison and how the industry can help make the process not as painful. Plus, Laird held a snake! Why Buying Insurance is Like Dieting (https://www.insurancethoughtleadership.com/why-buying-insurance-is-like-dieting/) Laird holding the snakes (https://twitter.com/InsTechCorp/status/1222978138663157766?s=20) More of ITC holding snakes (https://business.facebook.com/pg/InsuranceTechnologiesCorp/photos/?tab=album&album_id=10157493758733183)
Insurance agents are going the way of the travel agent. That's a story heard frequently in the industry. Becky and Laird talk about the comparison between insurance agents and travel agents. Plus, we got a new toy for the show. The travel agent's problem (https://seths.blog/2019/12/the-travel-agents-problem/) CES2020: The Rise of a New DWI (Driving While Interacting?) (https://www.linkedin.com/pulse/ces2020-rise-new-dwi-driving-while-interacting-mark-breading/?trackingId=YGn%2FDoMtaJVlThdEp4QrAA%3D%3D)
Can artificial intelligence (AI) take the groupings used to price risk and further segment them, thereby eliminating any bias that exists? Becky and Laird discuss this potential use case of AI, what AI actually is, and ethics in technology. Plus, who is the podcast actually for? How AI Can Vanquish Bias (http://insurancethoughtleadership.com/how-ai-can-vanquish-bias/) Robot Tries to Escape from Children's Attack (https://www.youtube.com/watch?v=CuJT9EtdETY) How should autonomous vehicles be programmed? (http://news.mit.edu/2018/how-autonomous-vehicles-programmed-1024)
A conversation is happening in the industry around agency management systems and whether they're useful or as needed as everyone assumes they are. Becky, Laird, and special guest Justin Costa weigh in on this conversation. Tweet: Why do you need an agency management system? (https://twitter.com/RyanHanley_Com/status/1208085476059557888) Special Guest: Justin Costa.
Building brand loyalty starts with brand-driven marketing, not price-driven marketing. It is not only the insurance industry that has seen consumers being price-focused as a result of advertising that focuses on price. Several retail brands have recently announced plans to shift back to this type of marketing to drive long-term success. Plus, does work slow down in December for you? And, our favorite Christmas movies. Old Navy will shift back to brand-building in a growing trend among advertisers (https://www.cnbc.com/2019/11/22/old-navy-was-neglecting-brand-marketing-gap-cfo-admits.html)
The connectivity between agents and insurers is critical to serving consumers. In this episode, Becky and Laird talk about IVANS' recent findings in their annual report on the agency-insurer connectivity. Plus, we talk about the end of the decade and whether the Better Business Bureau means as much as it used to. Agency-Insurer Connectivity: An IVANS Annual Report (https://www.ivansinsurance.com/en-us/for-insurers/resources/reports/insurer-agency-connectivity-an-ivans-annual-report/) Paula Abdul - Opposites Attract (Official Video) (https://www.youtube.com/watch?v=xweiQukBM_k) Why does Texas-based USAA have an ‘F’ rating from the BBB? And why doesn’t the company seem to care? (https://www.dallasnews.com/news/watchdog/2019/11/29/why-does-texas-based-usaa-have-an-f-rating-from-the-bbb-and-why-doesnt-the-company-seem-to-care/)
There is a lot of hype around businesses like Blue Apron, Lime, and Uber. But in reality, they're not making money. In this off-topic episode, Becky and Laird talk about the hype in these businesses. Plus, our favorite holiday drinks. In Business, Nothing Ever Changes (https://mailchi.mp/gapingvoid/in-business-nothing-ever-changes?e=7665c8b9b0) Holiday drinks: Red Hot Honey (https://www.jackdaniels.com/en-us/recipes/red-hot-honey) - Serve REALLY chilled. Cranberry & Rosemary White Christmas Sangria (https://jerryjamesstone.com/recipe/cranberry-rosemary-white-christmas-sangria/) Rumchata: Add rum to this recipe (https://www.myhumblekitchen.com/2012/07/cool-off-with-an-horchata-a-mexican-rice-drink/) Wassail * 4 quarts apple cider * 1 quart cranberry juice * 6 oz frozen lemonade concentrate, thawed * 6 oz frozen orange juice concentrate, thawed * 4 cinnamon sticks * Dash of cloves & allspice * Mix together and heat in crockpot or on low on stovetop
After years of being overhyped, people are starting to declare blockchain is dead. Becky and Laird talk about why blockchain is not the answer so many people thought it was. Plus, the recent news that Aon is acquiring CoverWallet, and Becky gets onto Laird about something. Some Argue Blockchain Enthusiasm is Fading Quickly (https://www.carriermanagement.com/news/2019/11/13/200361.htm) Aon Acquires CoverWallet, Coveting the Growing Small Biz Digital Insurance Marketplace (https://www.carriermanagement.com/news/2019/11/20/200682.htm)
Social proof, like ratings and reviews, has more influence on a consumer's confidence in a carrier and the likelihood they would want to get a quote from them. Becky and Laird talk about these findings from a 2018 Clearsurance report. Plus, how the mistakes from the Disney Plus launch won't affect them in the long run and a follow up on a previous episode. Insurance shoppers up to 12x more likely to request a quote when consumer ratings shown (https://cdn2.hubspot.net/hubfs/3891385/Ratings%20Impact%20Survey.pdf) Here’s what went wrong during Disney Plus launch (https://www.chicagotribune.com/entertainment/tv/ct-ent-disney-plus-launch-problems-20191112-n6gmdzfaujcudlmovwsojeuqkq-story.html) Disney+ already has 10 million subscribers — here’s how that compares with rivals (https://www.cnbc.com/2019/11/13/disney-10-million-subscribers-vs-competition.html) The Fritos Episode (https://www.insurancehappyhour.com/45)
Forget who owns the customer. It's who owns the customer experience. Becky and Laird discuss this question and the challenges of the four-legged stool in the age of the empowered consumer. Plus, #FreethePink and Becky gets a new LinkedIn skill. The Great Insurance Debate: Who Owns the Customer—Agent or Carrier? (https://www.carriermanagement.com/features/2019/11/03/199963.htm) For Lemonade, Pink in Germany Is (at Least Temporarily) Verboten (https://www.carriermanagement.com/news/2019/11/04/199975.htm) What’s the Deal With Millenial Pink? (https://www.theguardian.com/artanddesign/shortcuts/2017/mar/22/millennial-pink-is-the-colour-of-now-but-what-exactly-is-it)
FreethePink (https://twitter.com/search?q=%23freethepink&src=recent_search_click)
Consumers are no longer as loyal to their auto insurance like they used to be. Laird and Becky discuss what has contributed to this downward trend. Plus, we talk about WeWork and our favorite Halloween treats. Auto Insurance Customer Loyalty is Declining. Here's Why. (https://www.insurancejournal.com/news/national/2019/10/15/545458.htm) How Adam Neumann's Over-the-Top Style Built WeWork. 'This Is Not the Way Everybody Behaves.' (https://www.wsj.com/articles/this-is-not-the-way-everybody-behaves-how-adam-neumanns-over-the-top-style-built-wework-11568823827)
Becky and Laird talk about how insuretech is trying to disrupt traditional homeowner insurance by making it easier to buy and receive policy service. Also discussed is how more agents and carriers need to be attending the Agent's Council for Technology (https://www.independentagent.com/ACT) and how much Laird's back hurts. When Laird does the show notes, you can tell. Insurtechs Poised to Challenge Traditional Home Insurers: J.D. Power (https://www.insurancejournal.com/news/national/2019/09/18/540304.htm)
What happened at InsureTech Connect? Why did we miss a week? We talk about the biggest show in insurance. Plus, more on data. Are agents being data muled? A Report From the Front Lines of Innovation (http://blog.insurancethoughtleadership.com/blog/a-report-from-the-front-lines-of-innovation) Watch Out Insurtechs: Nationwide Readies Own Digital Auto Insurance Platform (https://www.insurancejournal.com/news/national/2019/10/01/541619.htm) Spire Insurance (https://www.spireinsurance.com) InsureTech Connect 2019 and the state of insurance technology (https://www.propertycasualty360.com/2019/09/26/insuretech-connect-2019-and-the-state-of-insurance-technology/) Are agents being data muled? (https://www.youtube.com/watch?v=2UgA6KdbQo8)
This week it's a classic rabbit hole conversation. Becky and Laird start off discussing how breweries and whiskey distillers are telling their stories, then pivot into the stories that insurance can tell and where/how those stories can be told. Plus, Laird has a new nickname. Can a Person Be a Brand? (https://www.insurancehappyhour.com/19) What is Your Why? (https://resources.getitc.com/modern-agency/what-is-your-why) Old (Insurance) Sales Road (Old Town Road Parody) (https://www.youtube.com/watch?v=-x8aQsvI7W0) Oak & Eden Finished Whiskey (https://www.oakandeden.com/)
This industry has a data sharing problem. In this episode, Becky and Laird continue their discussion on data from a previous episode. Who owns the data and why it's so important to share data while also improving security. InsurTech Utopia Driven by Data Sharing Impeded by Data Ownership Uncertainty (https://www.carriermanagement.com/news/2019/06/26/194968.htm) Data, Data Everywhere (https://www.insurancehappyhour.com/51)
The insuretechs that are going direct to consumer with their products are playing a pricing game. Becky and Laird talk about this strategy and the recent performance of a few notable insuretechs. Plus, a little self-promotion and Laird's favorite airplane. Root and Lemonade: Real Unicorns or Ponies in Halloween Costumes? (https://www.carriermanagement.com/features/2019/09/05/197382.htm) Next Generation of Online Consumer Rating: Announcement (https://www.getitc.com/release/2019/09/04/itc-reinvents-online-insurance-shopping-experience-for-consumers) | Webinar (https://register.gotowebinar.com/recording/6006146439712466179) After a 36-year journey, American Airlines flew its final MD-80 to the boneyard (https://www.wfaa.com/article/news/local/america-airlines-final-md-80-flight-lands/287-210e7990-9e6a-49e7-9ed6-26a7aa4bba81)
Who owns the data in a comparative rater or agency management system? Hint: it's not the vendor. Becky and Laird talk about data ownership in the industry and how we need to get better as a whole. Plus, we talk about a couple news items from this week. And, Laird geeks out over his favorite band. B Atomic video "Why agents should own their data" (https://www.youtube.com/watch?v=x4xn0sfyVwI) Tesla starts offering car insurance, though details are still hazy (https://www.propertycasualty360.com/2019/08/29/tesla-starts-offering-car-insurance-though-details-are-still-hazy/) UPS enters the autonomous vehicle market (https://www.propertycasualty360.com/2019/08/29/ups-invests-in-autonomous-trucking-company-tests-self-driving-tractor-trailers-414-161531/)
What happens when a carrier helps drive leads for their agents? Becky and Laird talk about Windhaven's recent announcement about their challenge to their agents to quickly respond to leads. Also, we catch up on what we've been doing over the summer break. Windhaven® Insurance Challenges Local Agents to Compete for Free Auto Insurance Leads (https://www.prnewswire.com/news-releases/windhaven-insurance-challenges-local-agents-to-compete-for-free-auto-insurance-leads-300898809.html) 3 Female Insurance Influencers You Should Have Started Following Last Week! (https://www.linkedin.com/pulse/3-female-insurance-influencers-you-should-have-started-seth-nagle)
Get ready for season three of Insurance Happy Hour, the first episode starts next week! Only if we can get our act together in time.
In the season 2 finale, Laird and Becky talk with repeat guest Justin Costa and new Insurance Happy Hour guest Paul Harrison. Topics include promotional items, insuretech, an actual insurance customer experience, and our favorite episodes from season 2. Aspen MGA smores and cookies https://files.fireside.fm/file/fireside-uploads/images/0/0f0f65a2-827f-4193-820b-553656f98331/ci0q05WI.jpg Rixford's Whiskey https://files.fireside.fm/file/fireside-uploads/images/0/0f0f65a2-827f-4193-820b-553656f98331/p6mv8hFE.jpg Special Guests: Justin Costa and Paul Harrison.
In part 2 of Cake & Arrow/Coverager's report on Millennials and modern insurance, Becky and Laird discuss the report's ideas of how the industry could change to appeal more to millennials and whether that's a good idea. Plus, Laird shares a story about encountering a Insurance Happy Hour listener. Millennials & Modern Insurance: Changing the Way Millennials Think About Insurance (http://go.cakeandarrow.com/millennials-modern-insurance-report?utm_campaign=Millennials%20%26%20Modern%20Insurance%20-%20Report&utm_source=PRNewswire&utm_medium=PressRelease) Part 1: Price Matters (https://www.insurancehappyhour.com/46) Our episodes on Cake & Arrow's first Millennial report: Millennials & Insurance - Part 1 (https://www.insurancehappyhour.com/20) and Part 2 (https://www.insurancehappyhour.com/21)
At a business dinner and someone mentions this podcast called '#InsuranceHappyHour".
Them: "Ever heard of it?"
Me: pic.twitter.com/Eax21KNpNO
— Laird Rixford (@lrixford) May 14, 2019
We live in a convenience economy led mostly by the convenience generation, Millennials. Though convenience in our daily lives is valued by more than just Millennials. Becky and Laird revisit this topic inspired by Laird's recent travels and a new report by Cake & Arrow. Plus, our MLB nicknames. Our previous Millennial episodes ICYMI: Millennials & Insurance: Part 1 (https://www.insurancehappyhour.com/20) and Part 2 (https://www.insurancehappyhour.com/21)
Becky and Laird talk about Tesla's newest foray into the realm of auto insurance through the use of quite arguably the largest single dataset of usage based metrics out there. We also get the munchies thanks to a listener. Tesla and insurance: Elon Musk, the backseat insurer (https://www.linkedin.com/pulse/tesla-insurance-elon-musk-backseat-insurer-martha-notaras/?platform=hootsuite) Tesla plans to launch an insurance product ‘in about a month’ (https://techcrunch.com/2019/04/24/tesla-plans-to-launch-an-insurance-product-in-about-a-month/) Applied Systems Acquires Agency CRM System TechCanary (https://www.insurancejournal.com/news/national/2019/04/10/523377.htm) Veruna Raises $6M With Carrier Backing; Startup Has Cloud-Based Agency Management Platform (https://www.carriermanagement.com/news/2019/05/01/192861.htm) This episode is ranked 🌶 🌶 🌶 .
GEICO spent $1.5 billion on advertising in 2018 (a more than 400% increase from their 2004 spend). Yet, their number of new policies sold has stayed about the same. Becky and Laird talk about the cost of acquiring new customers and how convenience is an important part of that. Plus, a new drinking game. McModern | Coverager (https://mailchi.mp/coverager/2019news-1359665?e=4b89268163)
Laird and Becky discuss a new millennial-focused insurance brand. Plus, a ranking of the Frito-Lays variety chip pack. Toggle(SM) Launch Marks Arrive of a Reimagined Insurance Brand Built for Digitally-Powered Consumers (https://www.prnewswire.com/news-releases/togglesm-launch-marks-arrival-of-a-reimagined-insurance-brand-built-for-digitally-powered-consumers-300748526.html) Toggle Renters Insurance (https://www.gettoggle.com/) A video ranking Fritos, Doritos, Cheetos, and Lay's chips is dividing the internet (https://mashable.com/article/frito-ranking-twitter-debate/#V1zipJaDUgqN)
AM Best announced that they are going to include a formal innovation assessment in their rating procedure for insurance companies. Becky and Laird discuss this news and how innovation is important from all corners of the industry, not just carriers. Plus, what is the answer to the ultimate question? AM Best Requests Comments on Draft Criteria: Scoring and Assessing Innovation (http://news.ambest.com/presscontent.aspx?refnum=27732&altsrc=9&utm_campaign=ITL%20SUBSCRIPTION&utm_source=hs_email&utm_medium=email&utm_content=70918547&_hsenc=p2ANqtz-8QKAROEMfSw8vv1VMzqMkKKnd6gFPs9fXNY4-Z3R0SykqOjhdF5eAMH-HEnxPP_Cg9qxMp71QSOlgYnsgN0y7Ym_m_Ow&_hsmi=70918547) Treading Water is Not a Strategy (http://blog.insurancethoughtleadership.com/blog/treading-water-is-not-a-strategy?utm_campaign=ITL%20SUBSCRIPTION&utm_source=hs_email&utm_medium=email&utm_content=71237419&_hsenc=p2ANqtz-8ZKHTkaVBshUfFBK2Bm7IeRhwjUFoAtTj5roTpkmUfKBxZCL5DYPtmwrYcyAju-S_NM166XG5_0_qgjFQezXMAmF7xtw&_hsmi=71237419)
In our second episode from #Elevate19, Matt Aaron from Insurance Agent Mobile App joins Laird and Becky to talk about his history, his product, and his views on interconnectivity in the industry. Plus, Becky gets called out for a comment made in a previous episode. Insurance Agent App (https://insuranceagentapp.com/) Follow Insurance Agent on Twitter (https://twitter.com/goiagent) Special Guest: Matt Aaron.
Inspired by #Elevate19, Becky and Laird talk about the state of conventions and trade shows in the industry and what makes a good convention. Plus, a story from Bourbon Street. Elevate Conference (https://www.elevateconference.com/)
Becky and Laird dig into the content bin to discuss Lemonade's latest transparency report, news jacking and the best time to record a podcast. There also might be a duet.
It's the end of cars as we know it! Or, is it? Becky and Laird talk about the decline of car manufacturing and ownership. Plus, reading the fine print of an insurance policy paid off. Carpocalypse now: Lyft's founders are right - we're in the endgame for cars (https://www.businessinsider.com/carpocalypse-cars-automobile-sales-data-us-europe-2019-3) Woman reads fine print on insurance policy, wins $10,000 in hidden contest (https://www.cbsnews.com/news/woman-reads-fine-print-on-insurance-policy-wins-10000-in-hidden-contest/) Captain Disillusion (https://www.youtube.com/channel/UCEOXxzW2vU0P-0THehuIIeg)
Insurers are increasingly using non-traditional sources such as social media to learn more about consumers in an attempt suss out high-risk behavior. Join Becky and Laird as they talk about the risks of using this type of data and how it impacts the privacy of today’s insureds. As a bonus, stick around and learn how giraffes have become carpet bombing flying carnivores who use their long necks to peep into your windows. Why the Life-Insurance Industry Wants to Creep on Your Instagram (https://www.newyorker.com/culture/cultural-comment/why-the-life-insurance-industry-wants-to-creep-on-your-instagram?utm_source=nextdraft&utm_medium=email)
Though it has not been as publicly discussed as it has in other industries, the insurance industry has its share of #MeToo moments and stories. The P/C Insurance Industry's #MeToo Moments (https://www.carriermanagement.com/features/2018/08/27/183076.htm)
The M&A activity of the IA channel hit a record high in 2018. We discuss these transactions and what that means for the industry. Plus, Laird talks about his tic he discovered thanks to the podcast, and we share a little behind the scenes insight at the videos we do for our day jobs. Insurance agency mergers & acquisitions hit record level in 2018, Optis says (https://www.propertycasualty360.com/2019/01/30/insurance-agency-mergers-acquisitions-hit-record-level-in-2018-optis-says)
Today Laird is writing the episode summary so it will be less creative than a Family Guy cutaway.... Today we talk about this weekend's "big game"® ™ ℠ and how professional sports such as the football, hockey and soccer might be dying pastimes due to the increased liability created by today's faster, stronger athletes (and their litigious lawyers). For the NFL and all of football, a new threat: an evaporating insurance market (https://www.si.com/nfl/2019/01/17/nfl-no-more-general-liability-insurance-covering-head-trauma) Will insurance destroy America's favorite sport? (https://www.insurancebusinessmag.com/us/news/breaking-news/will-insurance-destroy-americas-favorite-sport-122643.aspx) Freakonomics podcast: How Much Brain Damage Do I Have? (http://freakonomics.com/podcast/brain-damage/) Now if only bowling became a contact sport. That'd I'd watch.
Policygenius recently expanded into other lines of business, including auto insurance. Only, their auto insurance offering, unlike their other offerings, is based on a referral model. So, Laird and Becky discuss this news and how lead generation in the industry has changed, including buying leads from lead providers. Plus, we talk about our recent technology challenges. Policygenius Enters P/C World With Auto and Home Options (https://www.carriermanagement.com/news/2019/01/16/188640.htm) You're Better Than That (https://coverager.com/youre-better-than-that)
Becky and Laird talk about the traits of successful independent insurance agents. Also, it's been one year of Insurance Happy Hour, and we share some of our favorite episodes from the first year. Growth in 2019: Five common themes of successful independent insurance agents (https://www.propertycasualty360.com/2019/01/08/growth-in-2019-five-common-themes-of-successful-independent-insurance-agents/?kw=Growth%20in%202019:%20Five%20common%20themes%20of%20successful%20independent%20insurance%20agents&utm_source=email&utm_medium=enl&utm_campaign=newsflash&utm_content=20190108&utm_term=pc360) What will be insurance's biggest challenge in 2019? (https://www.insurancebusinessmag.com/us/opinion/what-will-be-insurances-biggest-challenge-in-2019-121018.aspx) Welcome to Costco from 'Idiocracy' (https://www.youtube.com/watch?v=Py6gMdV5uKY) Favorite episodes from the first year of Insurance Happy Hour: Millennials & Insurance: Part 1 (https://www.insurancehappyhour.com/20) Millennials & Insurance: Part 2 (https://www.insurancehappyhour.com/21) On the Road at #Elevate18 (https://www.insurancehappyhour.com/14) Lemonade's Policy 2.0 (with guest Joey Giangola) (https://www.insurancehappyhour.com/15) Something Funnier (with guest Justin Costa) (https://www.insurancehappyhour.com/24) Not Your Normal InsureTech Happy Hour (https://www.insurancehappyhour.com/23) Season 2! (https://www.insurancehappyhour.com/25) Why We Started a Podcast (https://www.insurancehappyhour.com/7)
Loss ratio is one of the most important metrics for insurance carriers. Becky and Laird talk about the loss ratio from the third quarter of 2018 for insuretech startup Root specifically and this critical metric in general. Plus, Laird gets on his soapbox about lazy insurance agents, and Becky has a confession. 'Root' of the Problem: Why One InsurTech's Loss Ratios Still Disappoint (https://www.carriermanagement.com/features/2018/12/17/187715.htm)
Does convenience matter as much as some think it does in the insurance customer experience? Becky and Laird discuss convenience versus quality. Plus, a new year, a new password. And, Laird had an unexpected event this week. It's Very Convenient to Be Convenient (https://coverager.com/its-very-convenient-to-be-convenient/)
State Farm released a commercial that many said was a jab at Lemonade. Laird and Becky talk about the commercial and how bots can help improve the customer experience, but we still need people in the insurance industry. Plus, we talk about New Years and one of Becky's pet peeves. What consumer data reveals about insurance agents vs. bots (https://www.propertycasualty360.com/2018/12/11/what-consumer-data-reveals-about-agents-vs-bots) RoboAgent | State Farm Commercial (https://www.youtube.com/watch?v=KIWfc9aI1YI) Customers Vote: State Farm or Lemonade? (http://insurancethoughtleadership.com/customers-vote-state-farm-or-lemonade)
We discuss the J.D. Power 2018 Insurance Shopping Study and how the industry can and should provide a better experience to consumers. Plus, we talk Toys "R" Us, holiday shopping, and some of our holiday favorites. Auto Insurers Double Down on Ads and Digital Investment as Shopping Stagnates, J.D. Power Finds (https://www.jdpower.com/business/press-releases/jd-power-2018-us-insurance-shopping-study) What a Toys "R" Us Comeback Could Look Like (https://hbr.org/2018/11/what-a-toys-r-us-comeback-could-look-like)
We discuss the technology predictions Gartner made for the next five years. Plus, where we do our best thinking. Gartner's Top 10 Tech Predictions for 2019 and Beyond (https://www.dig-in.com/list/gartners-top-10-tech-predictions-for-2019-and-beyond) Mozilla's shopping guide to know what data the products you buy are collecting (https://foundation.mozilla.org/en/privacynotincluded/about/) Targeted Holiday Advertising | Marketoonist (https://marketoonist.com/2014/12/targeted.html)
Welcome to season 2 of Insurance Happy Hour! In the first episode of our second season, Becky and Laird talk about some of the big industry news from the last couple months. Plus, what we've been up to the last couple months. Google Invests in Insurance Agency Software Firm Applied Systems (https://www.insurancejournal.com/news/national/2018/10/17/504780.htm) Google's Investment in Applied Systems is Good for All Agents and Brokers (https://steveanderson.com/2018/10/25/why-googles-investment-in-applied-systems-is-good-for-all-agents-and-brokers/?&) Lemonade announces global expansion plans (https://www.insurancebusinessmag.com/us/news/breaking-news/lemonade-announces-global-expansion-plans-117529.aspx) ITC Acquires Assurance Systems (https://www.getitc.com/release/2018/11/05/itc-acquires-assurance-systems-incorporated#.XAmp-dtKiHs)
Special guest Justin Costa is back in our second episode from InsureTech Connect! We talk to him about his take on this industry event and revisit a previous topic on people as brands. Special Guest: Justin Costa.
On the road at InsureTech Connect 2018 in Las Vegas. We discuss the conference, insuretech trends, and our takeaways from this massive industry event.
Disasters are a great time for insurance agents to show their value by helping their clients. We talk about how agents can do that. Also, we talk about how the insurance industry is great for a long-term career. 7 Ways to Help Clients Survive Hurricanes (and Other Disasters) (https://www.insurancejournal.com/news/southeast/2018/09/12/500875.htm) Isaac's Storm by Erik Larson (https://www.amazon.com/Isaacs-Storm-Deadliest-Hurricane-History/dp/0375708278)
Millennials will eclipse the baby boomers as the largest living generation. The insurance industry needs to start changing to meet the needs of this group. In this second part, we discuss the key findings of the white paper from Cake & Arrow on values and priorities of millennials. Download white paper from Cake & Arrow... Insurance & Millennials: A Coming of Age (http://go.cakeandarrow.com/insurance-and-millennials-a-coming-of-age)
Millennials will eclipse the baby boomers as the largest living generation. The insurance industry needs to start changing to meet the needs of this group. In the first episode of two about millennials and insurance, we discuss millennial myths and how the industry communicates with the generation.
Can a person be a brand? We have opinions. In other #InsuranceHappyHour news, we're now on Spotify!
When you submit your DNA to a genetic-testing company, should the data remain private? Or, should those companies be allowed to share your data with insurance companies, employers or government agencies? Concerns Mount over Data Privacy Guidelines Set by Genetic-Testing Companies (https://www.insurancejournal.com/news/national/2018/08/03/497037.htm) How DNA Testing Botched My Family's Heritage, and Probably Yours, Too (https://gizmodo.com/how-dna-testing-botched-my-familys-heritage-and-probab-1820932637) Book: I'll Be Gone in the Dark (https://www.amazon.com/Ill-Be-Gone-Dark-Obsessive/dp/0062319787) by Michelle McNamara Video: The agony of trying to unsubscribe | James Veitch (https://www.youtube.com/watch?v=Dceyy0cX6J4) Video: This is what happens when you reply to spam email | James Veitch (https://www.youtube.com/watch?v=_QdPW8JrYzQ)
Sixty-two percent of agencies are concerned or very concerned about cybersecurity. In this episode, we talk about the cybersecurity portion of the Insurance Digital Transformation survey. Plus, we discuss the top insurance brands according to YouGov's rankings, and Laird has a bone to pick with Becky. Insurance Digital Transformation Survey (http://files.constantcontact.com/0c8a5a2d401/6206587c-8e6d-4248-af01-de4bdf5dcc57.pdf) Insurance Digital Revolution (https://www.insurancedigitalrevolution.org/) The number one insurance brand in America is... (https://www.insurancebusinessmag.com/us/news/breaking-news/the-number-one-insurance-brand-in-america-is----107597.aspx)
According to a recent survey, 95 percent of agents see technology as important or very important to their success. In this episode, we unpack some of the findings of the Insurance Digital Transformation survey. Plus, we talk more about 'find your passion' as career advice. Insurance Digital Transformation Survey (http://files.constantcontact.com/0c8a5a2d401/6206587c-8e6d-4248-af01-de4bdf5dcc57.pdf) Insurance Digital Revolution (https://www.insurancedigitalrevolution.org/) 'Find Your Passion' is Awful Advice (https://www.theatlantic.com/science/archive/2018/07/find-your-passion-is-terrible-advice/564932/)
We discuss Lemonade's Policy 2.0 with our first special guest Joey Giangola. Plus, we talk to Joey more about #Elevate18 and he shares his thoughts on #InsuranceHappyHour. Lemonade Proposes Open Source Insurance Policy for All to Change, Adopt (https://www.insurancejournal.com/news/national/2018/05/21/489871.htm) Special Guest: Joey Giangola.
We were on the road this week and recorded at Agency Nation/TrustedChoice.com's conference Elevate. Also, we discuss how marketing is an investment and what to do instead of cutting marketing when money gets tight. Elevate (https://www.elevateconference.com/) The Safeco lead source board at Elevate https://www.getitc.com/emailmarketing/customercommunications/images/safeco-lead-source-board.jpg
We discuss the signs of why an insuretech startup might fail and how they can succeed. Hey InsurTechs: Here's why you will likely fail (https://www.propertycasualty360.com/2018/06/08/hey-insurtechs-heres-why-you-will-likely-fail/) Bad Blood: Secrets and Lies in a Silicon Valley Startup (https://www.amazon.com/Bad-Blood-Secrets-Silicon-Startup/dp/152473165X/ref=sr_1_2?ie=UTF8&qid=1529520390&sr=8-2&keywords=bad+blood) Will you be at Elevate 2018? Let us know (@lrixford (https://twitter.com/lrixford) or @beckylschroeder (https://twitter.com/beckylschroeder)). We'd love to meet you!
We need to remember as an industry who we're serving. It's the clients. It's the clients who have and want choice. We discuss ethics in the industry and how consumers should be the only group we as an industry serve. That plus, do you find a job to fit your passion? Or, do you find passion in your job? Insurance's Flawed Business Model (http://insurancethoughtleadership.com/insurances-flawed-business-model/) What to Eat in the Texas Suburbs (https://www.theatlantic.com/health/archive/2018/06/what-to-eat-in-the-texas-suburbs/562559/) That Time The Atlantic Published Some Complete Hooey About Dining in Texas Suburbs (https://candysdirt.com/2018/06/13/that-time-the-atlantic-published-some-complete-hooey-about-dining-in-texas-suburbs/)
In this week's episode, Becky and Laird discuss ITC's major equity investment from the private equity firm Accel-KKR and what has us excited about ITC's future. We also discuss the industry's opportunity for change. ITC Receives Majority Equity Investment from Accel-KKR (https://www.getitc.com/release/2018/04/04/itc-receives-majority-equity-investment-from-accel-kkr#.WxqaU4onaHs)
With the release of Ready Player One upcoming, Justin and Laird talk about how virtual reality could impact the insurance industry. If at all. Follow down the rabbit hole as we take a multi-generational view of technology now and into the future. Ready Player One Trailer (https://www.youtube.com/watch?v=cSp1dM2Vj48) A Perfect Circle - Disillusioned (https://www.youtube.com/watch?v=BIsH686xWl0) Special Guest: Justin Costa.
How does a millennial even get a start in the insurance industry? Join Laird and guest host Heather Cherry as they discuss how one millennial got their start in insurance, email marketing (https://www.getitc.com/products/automated-agency-marketing/), office pet peeves, and ASMR (https://en.wikipedia.org/wiki/Autonomous_sensory_meridian_response). Special Guest: Heather Cherry.
"People don't buy gadgets. People buy beliefs." We discuss this Elon Musk quote and dive deeper into why we started the Insurance Happy Hour podcast.
We buy belief in our own human potential (https://mailchi.mp/gapingvoid/people-buy-beliefs?e=0a25c9a927)
gapingvoid (https://www.gapingvoid.com/)
Some of the gapingvoid prints in the ITC office:
life is too short not to do something that matters https://www.getitc.com/emailmarketing/customercommunications/images/gapingvoid1.jpg
Sometimes it's about becoming the person you were born to be https://www.getitc.com/emailmarketing/customercommunications/images/gapingvoid2.jpg
the tech, the passion https://www.getitc.com/emailmarketing/customercommunications/images/gapingvoid3.jpg,
everything is marketing https://www.getitc.com/emailmarketing/customercommunications/images/gapingvoid6.jpg
What's going to happen with agents in 2018? We discuss five predictions for agents this year and whether we agree or not.
2018: 5 Predictions for Agents (http://insurancethoughtleadership.com/2018-5-predictions-for-agents/)
Considering that the average age of an insurance agent is 59 and that only 4% of millennials see the insurance industry as a career option, we have work to do to promote the benefits of working in the insurance industry.
Drunk driving suspect on Bay Bridge says Tesla was on auto-pilot (http://abc7news.com/chp-drunk-driving-suspect-on-bay-bridge-says-tesla-was-on-auto-pilot/2969860/)
February is insurance careers month (http://www.propertycasualty360.com/2018/02/08/february-is-insurance-careers-month?t=personal-lines-business?ref=channel-news)
2018 NU/PIA Independent Agent Study results (http://www.propertycasualty360.com/2018/02/01/what-do-agents-say-2018-nu-pia-independent-agent-s?t=agency-technology&slreturn=1518552927&page_all=1)
Would you trust an autonomous car? In this episode we talk about autonomous cars and Laird's "research" project.
Big Brother on wheels: Why your car company may know more about you than your spouse - https://www.washingtonpost.com/news/innovations/wp/2018/01/15/big-brother-on-wheels-why-your-car-company-may-know-more-about-you-than-your-spouse
In this episode, we talk about insurance carriers, data, and how they can use it better. Plus, find out what visionary Laird admires most and how Becky became an independent insurance agent customer.
Bot playing Mario Bros (https://www.youtube.com/watch?v=qv6UVOQ0F44)
Why AI Will Eat Insurance and How (http://insurancethoughtleadership.com/why-ai-will-eat-insurance-and-how/)
Clearsurance names top auto, home and renters insurance carriers for 2018 (https://www.clearsurance.com/blog/clearsurance-names-top-auto-home-and-renters-insurance-carriers-for-2018)
What were the insuretech companies doing in 2017? Laird talks about independent insurance agents and the insuretech movement. Plus, what agents shouldn't see as a lifeboat from rising insuretech competition and what Becky is excited about for 2018.
Wendy's slams McDonald's over failed Black Friday tweet (https://www.today.com/food/wendy-s-slams-mcdonald-s-over-failed-black-friday-tweet-t119262)
Wendy's 1984 commercial "Where's the Beef?" (https://www.youtube.com/watch?v=U80ebi4AKgs)
Insurtech: Where's the Beef? (http://insurancethoughtleadership.com/insurtech-wheres-the-beef/)
In the pilot episode of Insurance Happy Hour, we talk about five trends to watch in auto insurance this year. Plus, what Laird doesn’t want his auto insurance company to know and what trend Becky thinks will have the biggest impact on auto insurance. Telematics CEO: 5 Trends to Watch in 2018 in Auto Insurance (https://www.insurancejournal.com/news/national/2018/01/05/475870.htm)