The Innovative Carrier Podcast is a new venture of BriteBee, an insurtech company aimed at helping insurance agents and carriers increase their online presence via digital marketing efforts that help them “bee found” online by their brand, the companies they represent and the insurance products they offer.
Headed by Keagan Henson, CEO and co-founder of BriteBee, these podcasts will feature industry leaders and entrepreneurs with discussions dedicated to discussing ideas and ways in which to grow and increase the success of insurance agents. In Keagan’s words, “Wisdom is the reward you get for a lifetime of listening when you would have preferred to talk.” So please sit back, listen and enjoy our discussions about all-things insurance and digital marketing to increase the success of your agency.
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Episode 2 - The Insurance Carrier Podcast
Featuring Jason Gross with EMC Insurance
On this episode of the Innovative Carrier Podcast, Keagan Henson of BriteBee is joined by Jason Gross, Vice President of Innovation at EMC Insurance Companies, to explore how you can keep your business thriving through tough times like the coronavirus COVID-19 pandemic and develop an innovative team.
About Jason Gross
Jason Gross has been working for EMC Insurance Company for almost 3 years as their first innovation leader on staff. Before that he worked for 18 years in property-casualty and financial services roles. He believes he now has the best job in the whole entire company/ industry because he gets to lead an amazing team that works on reshaping and thinking about the #insurance industry.
The Vision of EMC’s innovation
EMC started its innovation journey long before many other carriers realized the world was changing. Emerging technologies and changing demographics require companies to change along with them. EMC has realized this and has since developed a team of data scientists to study what they can do internally to compensate for this. This has allowed them to mature to the point they are today.
EMC insurance goes to the market exclusively through their brokers. They believe in their independent agents and want to help them succeed. A large portion of EMC’s innovation initiatives, resources, and investments are geared towards helping their independent agents and brokers compete in the changing marketplace.
How are National Crisis Changing the Industry
Looking at this world pandemic, Coronavirus COVID-19, from the insurance carrier perspective, we are here to help put individuals and organizations back together after a trying time. Most insurance coverages don’t provide adequate coverage for an event like this. Looking back, it will be easier to figure out what they should be providing in the future. Events like this will only help solidify the importance of #independent agents. Business owners will be turning towards their trusted brokers to figure out if they have the coverage they need instead of logging into their mobile app and looking for it themselves.
EMC Insurance Company mainly deals with commercial insurance. They deal with many different businesses from small “Mom and Pop” shops to large corporations. No matter how big or small your business, an event like the coronavirus pandemic will affect your business. Jason explains that having a “Business Continuity” plan, or risk management plant, can help your business maintain itself throughout a trying time. These plans are often pushed to the side because people get busy and a risk management plan takes a while to complete. After the dust settles from the global pandemic we’re experiencing now, more people will surely not move it to the front of their operations.
What is foreseen from this pandemic?
Jason explains the butterfly effect that a crisis like the coronavirus can cause on the insurance industry. For example, if more people are staying home there will be less traffic on the roads. Less traffic inevitably means fewer accidents. So how are carriers servicing their agents and policyholders? EMC Insurance Companies are working on solving these problems more efficiently and Jason believes this will help them prepare for anything in the future. .
Jason does not foresee any panic. Although the markets are suffering from a crisis like this, he believes everything will be okay. Everyone that has a plan with the EMC Insurance Company won’t experience any hiccups in their insurance policies.
Innovations that helped EMC Insurance Companies
EMC mainly focuses on their internal culture and how they are fostering a culture of innovation within their company. One thing that has worked for them is to make sure their employees are open to change. The insurance industry is changing every day so having a team that is willing to change and adapt is key. In troubling times like this, an innovative environment will make the transition between human contact and online interactions effortless. EMC does an “innovation for breakfast” program every month where they bring in insurtech companies and internal employees to meet and learn from each other. They also do a quarterly “pop-up innovation lab.” Each lab is different and they are each tailored to help train the employees to grow and adapt to the changing technologies of the insurance industry. There are many different things that you can do to help train personnel to deal with the changing times.
Breaking down the barriers and becoming “Innovative”
Smaller insurance agencies and brokers don’t have the resources of a large company to develop an innovative team. One thing to take into consideration is that everyone is different. Some people may be more naturally creative and innovative than others. No matter how big your organization is, you need to foster an environment that allows these innovative minds to flourish and grow their knowledge. Another thing is to create an environment that allows everyone to have fun and explore new avenues of innovation. You need to open channels that allow these innovative minds to communicate with others. Communication between the team members and management is key to developing an innovative business.
Make sure to listen and get all the wonderful detailed ideas we discussed! If you have any ideas for future podcasts or people you think we should talk to, an agent you admire for their practice of humility and humbleness, never taking center-stage, or who has amazing ideas for our industry, leave us a comment and let us know!