Viewpoints

InsurTech startups received billions in funding in the first half of 2020. Here’s a look at who some of them are, who they are selling for and what they are selling.

Certain terms and phrases within the insurance industry are misused, leading clients to believe they are getting something they are not.

As insurers post their financial results and everyone is curious about the impact of COVID-19, it is important to consider differing accounting rules which can create big differences in results.

In a situation where everyone’s health is at risk, Big “I” member and independent agent Owen Thomas knew he had to combat the stress of the coronavirus pandemic with a positive twist.

“There will always be a place in insurance for insurance agents and brokers, but not necessarily in the same capacity that they’ve been used in the past,” says Bryan Graham, independent agent. “Agents are going to have to bring something new to the table.

“We need to communicate with younger people and let them know that insurance is a really good career option,” says Katie Brewer, independent agent. “It’s so much broader than how it’s portrayed.”

COVID-19 has the potential to drive price increases on lines of business that are impacted by this historic event, but if insurer finances also enter the picture it can be an entirely different story.

With the next generation and insurance, “it’s better if millennials do get involved because, for example, when you first start driving, you don’t understand the risk or how much insurance costs,” says Heather Becke, independent agent, “so having younger p

“You need a mix of young, up-and-coming people that are learning the industry alongside people who have 30-40 years of experience,” says Kyle Beggs, independent agent. “When we all work together it makes a heck of a synergy.”

“I know I’m doing something to protect people, even when they don’t know it, such as when they view it as a commodity or an expense,” says Monica Adwani, independent agent. “I know it makes a difference in the world. It’s more than a policy.”