Insurance Happy Hour

There's an elephant in the room (and apparently a sugarcane field). Becky and Laird discuss this week's news of Zywave's acquisition of ITC. Plus, GM's entrance into auto insurance (and Laird's real concern with UBI) and an announcement. Zywave Acquires Insurtech Frontrunner ITC, Becomes Only Provider to Offer Front-Office Solutions for Independent Insurance Agencies Across All Lines of Business (https://www.getitc.com/release/2020/11/24/zywave-acquires-insurtech-frontrunner-itc-becomes-only-provider-to-offer-front-office-solutions-for-independent-insurance-agencies-across-all-lines-of-business) General Motors Debuts Usage-Based Auto Insurance Supported by OnStar Vehicle Data (Carrier Management) (https://www.carriermanagement.com/news/2020/11/18/213841.htm) Adorable Baby Elephant Gets Caught Eating Sugarcane, Tries To Hide Behind A Narrow Light Pole (https://www.boredpanda.com/baby-elephant-caught-eating-sugarcane-hides-behind-pole)

It's a rabbit hole of Laird's unexpected tweet shower this week. Everything from speeding tickets to shiny new technology syndrome to what keeps him up at night. Follow Laird on Twitter. (https://twitter.com/lrixford) If you really want some snark, follow Becky on Twitter. (https://twitter.com/beckylschroeder)

Home insurance customers – the most valuable group of customers to P&C carriers. How can agents attract them? Plus, Lemonade’s struggle to convert their renter customers into home customers and the fuel that powers this podcast. Home Insurance Customer Service and Reputation—Not Price—Drive Lifetime Customer Value, J.D. Power Finds (https://www.jdpower.com/business/press-releases/2020-us-home-insurance-study) Lemonade's insurance recipe makes some consumers wince (https://www.propertycasualty360.com/2020/11/03/lemonades-insurance-recipe-makes-some-consumers-wince/) The best podcasts for insurance industry innovators (https://nexxworks.com/blog/the-best-podcasts-for-insurance-industry-innovators)

What is the number one insurance brand in the world? Becky and Laird discuss that brand plus other top 100 global brands, including what makes them great and how the pandemic has affected some of the top brands. The number one insurance brand across the world is… (Insurance Business America) (https://www.insurancebusinessmag.com/us/news/breaking-news/the-number-one-insurance-brand-across-the-world-is-236720.aspx) Zoom and Tesla Enter the Ranks of Interbrand’s 2020 Best Global Brands Report (https://www.interbrand.com/newsroom/interbrand-reveals-2020-best-global-brands-report/) Best Global Brands 2020 Download (https://www.interbrand.com/thinking/best-global-brands-2020-download/)

“We don’t really know where this goes — and I’m not sure we really care.” ~ Bob Ross From random holidays to bad gifts. Sources of weird inspiration and secret societies. Plus, Happy Boss's Day! Insurance Agent App (https://insuranceagentapp.com/)

Credit scores are not really an indicator of someone's driving behavior and risk. Yet a person's credit score is used to price their auto insurance. Not for one company. Plus, who is the smartest in the room? Drop credit scores from insurance rate pricing (Root Insurance) (https://www.joinroot.com/drop-credit-scores-from-insurance-rate-pricing) Recording of our AMA virtual happy hour (https://attendee.gotowebinar.com/recording/5788950021122389254)

Becky and Laird streamline the show to its essence. Car insurance start-up Root hires Goldman Sachs to lead IPO (Reuters) (https://www.reuters.com/article/us-root-insurance-ipo/car-insurance-start-up-root-hires-goldman-sachs-to-lead-ipo-sources-idUSKCN26C31H) InsureTech Connect Global moves to October 19-21 (https://insuretechconnect.com/itc-global-2020-statement/) You're not flying, you're driving. (https://www.youtube.com/watch?v=KZc1TdJFAFs&feature=youtu.be&ab_channel=PilotAviationCR)

Two carriers; two different announcements. One is making an acquisition to diversify and better serve their market. One may be looking to sell off part of their book to better focus on what they do best. Plus, a rant from Laird (Shocking, I know) and Becky laments a loss caused by the pandemic. In a First, State Farm to Acquire Texas Nonstandard Auto Insurer GAINSCO (Insurance Journal) (https://www.insurancejournal.com/news/southcentral/2020/09/17/583051.htm) MetLife Looking to Sell P/C Auto and Home Biz: KBW (Carrier Management) (https://www.carriermanagement.com/news/2020/09/21/211651.htm)

Amazon is selling auto insurance in India! So? Becky and Laird talk about why it's time to stop the hand wringing and start actually doing something. Plus, we have an announcement. Amazon's entry into auto insurance holds valuable lessons for agencies (Insurance Business America) (https://www.insurancebusinessmag.com/us/news/technology/amazons-entry-into-auto-insurance-holds-valuable-lessons-for-agencies-231940.aspx?q=amazon%20india) AMA Virtual Happy Hour Panel on October 8 (https://register.gotowebinar.com/register/2599855026891089677) The funniest video we saw this week (https://twitter.com/RexChapman/status/1306438597550243841?s=20) Life Changing BBQ Tongs (https://smile.amazon.com/gp/product/B000GBLPLG/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1)

Elon Musk is recruiting actuaries to be part of his "revolutionary" insurance company. Will Tesla actually revolutionize insurance? Plus, it was Becky's birthday this week and Laird gives a behind-the-scenes look at how his brain works. Biggest Insurance Disruptor: Lemonade or Tesla? (Strategy Meets Action) (https://strategymeetsaction.com/news-and-events-2/sma-blog/biggest-insurance-disruptor-lemonade-or-tesla/) When the Machines Come for Your Insurance (Episode 64) (https://www.insurancehappyhour.com/65)

How are you doing in the midst of this pandemic? Becky and Laird share what they've been struggling with and what is helping them during this global crisis. [Webinar Recording] Growing Your Agency During a Pandemic (https://register.gotowebinar.com/recording/8325745446022495756)

Is it the end of auto insurance as we know it? Becky and Laird discuss the findings in yet another report about the end of auto insurance. Plus, a follow up on Becky's appearance on You Don't Know Schmitt! and more lessons from Professor Rixford... this week's topic: economics. The End of Auto Insurance As We Know It (Majesco) (https://www.majesco.com/the-end-of-auto-insurance-as-we-know-it/) This is the End, But We Feel Fine (Episode 37) (https://www.insurancehappyhour.com/37) Becky Schroeder: The Journey of a Thousand Little Steps (https://youdontknowschmitt.podbean.com/e/becky-schroeder-the-journey-of-a-thousand-little-steps/)

It's happening! Walmart started an insurance agency. But. Is the sky really falling? Becky and Laird talk about Walmart's plans to sell Medicare insurance and the industry's fear of big companies like Walmart or Amazon entering the industry. Plus, more about Allstate and a history lesson in comparative rating from Professor Rixford. Walmart forms insurance agency (Coverager) (https://mailchi.mp/coverager/matters-1361178?e=4b89268163) Allstate to Buy National General for $4 Billion, Growing Auto, Independent Agent Business (Insurance Journal) (https://www.insurancejournal.com/news/national/2020/07/08/574808.htm#)

Allstate is introducing a 7% discount on rates on policies bound online or over the phone instead of through an agent. Yeah. We were shocked too. Allstate is introducing channel of bind as a rating variable (Coverager) (https://coverager.com/allstate-is-introducing-channel-of-bind-as-a-rating-variable)

J.D. Power released a study on auto insurance satisfaction that showed websites have surpassed agents in terms of customer satisfaction and loyalty Plus, Laird sounds off on virtual trade shows and #technicaldifficulties. It's happened – customers now like websites more than real insurance agents (https://www.insurancebusinessmag.com/us/news/breaking-news/its-happened--customers-now-like-websites-more-than-real-insurance-agents-225093.aspx) U.S. Auto Insurance Satisfaction Study (https://www.jdpower.com/business/insurance/us-auto-insurance-satisfaction-study)

Insurtech startup Lemonade announced plans for an IPO worth as much as $100 million. But, they've yet to show profitability. So, will people buy Lemonade shares? Laird and Becky discuss this move along with the history of Lemonade. Lemonade IPO: A unicorn vomiting a rainbow (Insurance Insider) (https://insuranceinsider.com/p-and-c/articles/133789/lemonade-ipo-a-unicorn-vomiting-a-rainbow) Lemonade files for IPO (Coverager) (https://coverager.com/lemonade-files-for-ipo/) Lemonade Files Planned IPO Worth Up to $100M (Insurance Journal) (https://www.insurancejournal.com/news/national/2020/06/09/571472.htm)

The pandemic happened. Things have been busy. We've missed Insurance Happy Hour. Becky and Laird are back and talking about COVID-19, insurance agency quoting activity during the pandemic, and the insurance carrier response.

One of the drums we regularly beat on this podcast is about becoming better and using the resources and tools available in the industry to help with that goal. One such resource is Agents Council for Technology, which is FREE. So, why aren't agents using it more? We talk with ACT Executive Director Ron Berg about that. Plus, it's time to stop talking about improving the customer experience and start actually doing it. Agents Council for Technology (ACT) (https://www.independentagent.com/ACT) Bold Prediction on Customer Experience (https://www.insurancethoughtleadership.com/bold-prediction-on-customer-experience-2/) ACT Customer Experience Planning Website (https://www.independentagent.com/act/pages/marketing/experience/default.aspx) ACT 4/22 Meeting Schedule of Events (https://www.independentagent.com/Events/Pages/AgentsCouncilForTechnology/Schedule%20of%20Events.aspx) ACT 4/22 Meeting Registration (https://www.independentagent.com/Events/Pages/AgentsCouncilForTechnology/Hotel%20and%20Travel.aspx) Special Gue

What are we talking about in this episode? You have to listen to find out.

Is buying insurance like dieting? Becky and Laird discuss this comparison and how the industry can help make the process not as painful. Plus, Laird held a snake! Why Buying Insurance is Like Dieting (https://www.insurancethoughtleadership.com/why-buying-insurance-is-like-dieting/) Laird holding the snakes (https://twitter.com/InsTechCorp/status/1222978138663157766?s=20) More of ITC holding snakes (https://business.facebook.com/pg/InsuranceTechnologiesCorp/photos/?tab=album&album_id=10157493758733183)