TV

Videos

How can we enhance the customer journey in insurance?

To view full transcript, please click here

Speaker3: [00:15:39] So, Jeff, thank you for making the time today and congratulations on your top insurance employer award. Tell us what you think has been key to your success.

Speaker1: [00:16:05] Thanks so much for the question, Paul. So first of all, we're super excited and honored to be chosen as a as an award recipient or a winner as everyone would be, cannot take credit for it personally, is a large group of people in our home office and our corporate offices that are very vital to every part of our organization and our operation. And the credit goes to them as far as how it feels, feels absolutely wonderful.

Speaker3: [00:16:33] Thank you, Jeff, and I'm sure a big part of the reason why you were able to scoop this award is based on your community initiatives in particular, they must be really attractive to employees. It seems like it's something that so many people are looking out for these days. Can you tell us a little bit more about those?

Speaker1: [00:16:52] Yeah, I love this question. Love the opportunity to go deeper on this, if I can. So when we think about our community involvement and how we give back to the community, it really starts with the first dollar of every premium we take in. So many companies will do net income and leftover contributions to charity or philanthropic activities. Ours is the part of first dollar. So it's a line item expense on our income statement that we give to several different organizations at the city level, the state level, the national level and then the global and world level. And so to spare me just a few moments, I love to go through those. And so at the city level, we are very involved. RightSure is very involved in our community food bank. And so we don't only just give there and write checks, we go and make thousands of meals every year and compete against each other and in part of our company to see who can create the most meals. And it's literally tens of thousands of meals over the years and many, many dollars. And then on the state level, we're very engaged in domestic violence centers. So these are shelters that allow women and men sometimes to get out of abusive domestic relationships and give them a place to go.

Speaker1: [00:18:05] And so we provide everything from a base level, need products, feminine products, toys for kids, blankets, and then shaving stuff for men if they need to get out. So it really goes to speaks to the heart of our company, to what we want to help people in need and to the insurance industry as a whole. And then on the national level, very proud to be part of Special Olympics because every child deserves a chance to stand on the podium and get an award. Right. It's such an awesome thing to witness. And then on the global or world level, we contribute lots of dollars in time to ending human trafficking because it's just a scourge on our society. And in this day and time that it still exist is appalling. So that's where our dollars go on the global level. So, yes, it's very easy to recruit folks to RightSure just because, again, our purpose outside of insurance is so broad and so deep and so life changing that that it's easy to get on board with that messaging. So truly appreciate that questioning. Love to spend time on that answer.

Speaker3: [00:19:10] Yeah, thanks, Jeff. And I'm sure that those initiatives that you're running that will touch a lot of different people. But tell us how important you think it is to be an ethical company, because I'm sure there are people watching this who think, well, it's just all about portraying the right image. But does it actually run deeper than that?

Speaker1: [00:19:30] I think so, Paul. Absolutely. Look, we our business, the insurance business, we're all about legal contracts at the end of the day. Call it risk financing, risk transfer insurance. What we do is sell legal contracts. And so we have to be held above reproach because everything we're doing is in writing its contract and it's legal language. And so we have to be held to a higher standard, typically in a court of law. And I would submit to listeners that the insurance industry is one of the most ethical industries there is or above reproach in this in this form right there, because everything we do and sell is tied up into contract and it's written. There are no handshake deals in insurance. Right. It's all written agreements. And so, yes, that ethos of ethics runs deep throughout our entire industry.

Speaker3: [00:20:23] Thank you, Jeff, and if I can, I'd love to talk to you about customer journeys in insurance, because I know that that's something that you're really keen to revamp. So tell us what you think the current customer experience is perhaps going wrong and how it can be improved.

Speaker1: [00:20:40] I love this question. Thank you so very much. So if you think about customer journey now, the word customer journey and Insurtech are interwoven right there, one and the same to most people. I would also say state, submit that technology and insurance have always gone hand in hand. I'm a young man, of course, I've only been doing it 30 years, but hundreds of our insurance industry in history would represent their technology has always been at play just for some of your listeners. You know, insurance companies were with some of the first to use this cubicle style setting. Insurance industry's bought hundreds of typewriters back in the day and lined them all up to issue policies. And that was technology at the time. And then word processors and banks of fax machines and then modems and websites. And so the insurance industry has always embraced technology. Only now we have this really cool word for it called Insurtech. Right. But we've always been an industry that embraces technology. And with respect to the customer journey piece, I would just say this. Where insurtechs or technology is disrupting our space now, with regards to the customer journey, is speed, right? Speed is at the center of everything that they do, faster coding, faster policy issuance, faster claims adjudication, faster contact with underwriters. And so the whole Insurtech, I'm for, everyone likes to use that word as a descriptor of their firm. But I think of it just in terms of speed and how that relates to the customer journey is. The customer is no longer in this microwave generation? Now we want it now, now, now they don't want to wait for the old fashioned way of responding or claims or even starting a policy, and they want speed wrapped around all of it. So just to summarize, the customer journey really is about thinking what the customer wants, what's best for the customer, not the insurance company workflows, not the insurance company processes, but speed and how fast we can deliver our product to the customer, the policyholder.

Speaker3: [00:22:55] Thank you, Jeff. And while we're on the subject of insurance technology, you've described your platform as the end of insurance shopping. What do you mean by that?

Speaker1: [00:23:07] Yeah, deep, dark secrets. Coming up, secrets. We so we fancy our platform as this, if you think in our space. So in the retail brokerage space or agency in the United States space and everyone who's in that space is focused in what I call the red ocean space. Right. Everyone's dropping a line in that red ocean to get more quotes, more people to their website, 15 minutes or maybe 15 percent. And so all these billions of dollars are focused in that space. And so we've dropped our line in the blue ocean space in the back side of the operation or client fulfillment or customer journey and the blue ocean space. It says, you know, once you have a policy with us, you'll never shop for insurance again. You'll never go through a customer a rate increase again without knowing about it. And then we use a lot of predictive analytics and artificial intelligence. Right. Woven through our processes to understand where the consumer is on their life journey. Right. We're getting married or getting older, needing life insurance, moving with a lot of predictive analytics to reach out and touch them at those life moments. And then artificial intelligence is woven through every interaction we have with the consumer from our chatbot to our call centers to our cell site for verifying underwriting information. And so we just consider ourselves the individual shopping, because once a consumer has a policy with us, we assure them you'll never need to shop again. We'll take care of everything for you.

Speaker3: [00:24:43] Thanks, Jeff, I love that confident statement there. And while we have you, you're also an author of two bestsellers, The Art of the Insurance Deal and How to Beat Your Insurance Company. Give us a summary of those books and also tell us how you found the time.

Speaker1: [00:25:02] That's perfect. Thanks again for the wonderful questions. So first of all, I have to say that being a best selling author never, ever expected that in facts pleases my mom and shocks my wife. Right. And so they're both in amazement at it. I just, a friend, the good mentor that I had known for 15 plus years, challenged me because we've bought several insurance companies in 50 different agencies over the years. And he challenged me that I should just consolidate all that into a book. And so the first book was that. how we bought and sold insurance companies and agencies over the year. consolidated my notes into that. And so it was a lot of fun. The second book, How to Be Your Insurance Company, really is a is a marketing piece for us. Right. So we love insurance companies. That's what we do. But for the consumer, they always want to beat us. So we're just kind of bringing them in to the top of our marketing funnel by the book. And as far as the time there's a statement that says we'll sleep when we're dead. And so I'm trying not to sleep. I'm just trying to lead right here to this to this great insurtech revolution, and then write more books along the way.

Speaker3: [00:26:14] Thank you, Jeff. Jeff, you've been a great guest, many thanks to you and congratulations again to RightSure insurance group on being named a top insurance employer by insurance business America. So everyone watching we’ll be bringing you more fresh. Excuse me to everybody watching. We'll be bringing you more fresh perspectives, just like those from Jeff. So make sure you join us here next time here on Insurance Business TV. Thank you, Jeff. That was great.

How to overcome challenges in the wholesale broking space

How to overcome challenges in the wholesale broking space

Examining the state of environmental insurance in 2024

Examining the state of environmental insurance in 2024

Where are the openings for wholesale brokers?

Where are the openings for wholesale brokers?

The future of AI powered work in Insurance

The future of AI powered work in Insurance

Revealed - the latest trends in workers' compensation

Revealed - the latest trends in workers' compensation

Examining the state of the cat-exposed property market

Examining the state of the cat-exposed property market

The state of the professional risks landscape

The state of the professional risks landscape

Examining the state of the insurance and reinsurance market

Examining the state of the insurance and reinsurance market

What's happening in the property insurance market?

What's happening in the property insurance market?

How can you break a client's mentality that cheapest is best?

How can you break a client's mentality that cheapest is best?

What is the biggest perception issue facing the insurance industry?

What is the biggest perception issue facing the insurance industry?

What are the big construction risks?

What are the big construction risks?

Where are the opportunities in the healthcare marketplace?

Where are the opportunities in the healthcare marketplace?

Which insurance specialties are worthy of attention this year?

Which insurance specialties are worthy of attention this year?

How can the insurance industry improve its approach to technology?

How can the insurance industry improve its approach to technology?

How one insurance marketplace is shaking up the sector

How one insurance marketplace is shaking up the sector

What's impacting the A&E insurance space?

What's impacting the A&E insurance space?

What more could the insurance industry do to attract young talent?

What more could the insurance industry do to attract young talent?

Keep up with the latest news and events

Join our mailing list, it’s free!