Insurance Happy Hour

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)

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