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Insurance Industry Should “Challenge Status Quo”
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Ryan Collier, chief digital officer of wholesale broker Risk Placement Services, says he's on a mission to "break a broken industry." Commercial insurance transactions take 60 days to complete, he says, unlike any other industry. On this entertaining recording, Ryan breaks down how his team challenged the status quo and dramatically reduced the online application process for cyber coverage to minutes with only four questions. The industry needs to get away from binders, Ryan says. "Customers don't want 60 or 90 days. They want a policy." Insurance professionals need to "eThink Insurance," says Ryan. "One of my frustrations is to see people protect their jobs. They say, 'I'm going to color inside the lines. I'm not going to fail.' I fail a lot at RPS, but thankfully we succeed more than we fail."
