Run Time: 25:18
in On Point, Podcasts

“Technology & Talent” Decisions Face Carriers

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What's on the minds of insurance carrier CEOs? Hear about that from industry insider Bob Rusbuldt, IIABA's CEO. Listen as he outlines both opportunities and challenges around "the two Ts," or technology and talent. Carriers also are concerned about the rapid pace of M&A activity in the independent agency system. Large insurance organizations such as Brown & Brown and Gallagher were the acquirers 20 years ago; today, there are myriad private equity and venture capital firms in play, and these "names you've never heard of" could be a long-term issue for the system, carrier execs say. Regional carrier execs are concerned about the proliferation of networks, aggregators and clusters, Rusbuldt adds. But while change is difficult for the industry, "The status quo is not acceptable from either the agent's or carrier's side," he says. "There has to be constant evolution in the marketplace, or the carrier or agent will not survive." Rusbuldt also comments on Nationwide's "very exciting" move to 100% independent agent distribution. To wrap up, he reviews implications on agents and brokers of looming federal legislative issues, including tax reform.

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