Five minutes with…Dennis Rabon, Dovetail Insurance

Dovetail Insurance’s Dennis Rabon talks the need for tech and time-saving strategies, and working on his short game.

Insurance News

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Dennis Rabon didn’t get into the insurance industry until well after obtaining his degree in risk management, but he has enjoyed every minute of his time as executive vice president of South Carolina-based Dovetail Insurance.

He took a few minutes tell Insurance Business about his journey from B2B distribution to improving technology for the insurance world.

Q: How did you get into the insurance business?

A: My undergraduate degree is in Risk Management, but aside from internships, I had never worked in the industry. I spent my career building B2B distribution in multi-channel environments. I worked for large multinational companies for many years, and then started my own company providing VBO (Virtual Back Office) technology outsourcing and administration to the wireless industry.

I sold that company in 2007, and the CEO from Dovetail began speaking with me about the opportunity to work in the insurance technology industry. It took a while for me to come around, but he convinced me that the opportunity at Dovetail was truly unique, and I have not been disappointed.

Q: What are your priorities in your role at Dovetail?

A: Our vision is to be the premier provider of distribution and services for the electronic insurance marketplace. For me, there are three critical components to delivering that vision. First, I have to put the right mix of products in the independent agents hands so they can rate, quote, bind, and issue policies to the small business marketplace more quickly, and with less effort, than anyone else.

Secondly, we have to deliver the industry's best virtual back office solution to carriers. We are truly unique in our ability to build, launch, administer, and support insurance products with a cloud-based solution that is limitless, fast, and highly intelligent. I have to get that message in front of the right decision makers at the right companies.

And finally, I am responsible for delivering the right kind of distribution to our carrier partners that fits with their strategic objectives. Having a balanced mix of local, regional, and national distribution is critical to our being able to deliver an a-la-carte distribution choice for our carrier-partners.

Q: What should an ideal insurance professional be?

A: An ideal professional in any industry should be honest, reliable, consistent, focused, intelligent, and hardworking. The very best are also trusted advisors that deliver more than just product and risk management expertise. They work to provide visibility into the future.

How many small businesses think about cyber-theft or data breach as a risk to their businesses? Usually, they think about it once they have already experienced it. We have to lead and be proactive with our clients.

Q: In your opinion, what is the biggest issue facing the P/C insurance sector today?

A: I think innovation and technology demands are two of the bigger issues because no part of the business is going to remain unaffected. The companies that can get to markets faster, more efficiently, and at a lower cost model, leveraging technology, rather than human capital, are going to win.

There are a lot of companies using policy management, underwriting, and administration technologies from the 80's. It is going to be difficult for them to compete with companies that are using predictive analytics and cloud-based technology that deliver smarter, more efficient, and profitable products.

At the independent agent office, the companies that are faster and easier to work with and provide intelligent systems that put them in front of the customer with better solutions faster are going to win.

Q: Which lines do you feel have the biggest potential for growth over the next few years?

A: I don't think it is an issue of "lines" as much as it is an issue of one-stop complete coverage. The ability for an agent to rate, quote, and bind comp, bop, umbrella, D&O, E&O, Cyber, and commercial auto by asking the client a series of questions in 15 minutes or less is the real game-changer.

Q: What is the best piece of advice you’ve been given in your career?

A: Work hard, study hard, and be coachable.

Q: Complete the sentence—If I weren’t in insurance, I would be…

A: Working on my short game!

 

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