RHS 187 - Unlocking the Future of Insurance: Insurtech Collaboration, Adaptability, and the Power of AI with Brian Falchuk

Became a Master of the Close: https://masteroftheclose.com Join us for an eye-opening conversation with Brian Falchuk , author of The Future of Insurance , as we explore the exciting potential of traditional insurance carriers collaborating with insurtech solution providers. Brian shares valuable lessons from his experience in the industry, emphasizing the need to push boundaries, try new things, and adopt a fresh perspective on success. Together, we tackle the challenges insurance professionals face in delivering successful collaborations and highlight the revolutionary potential of AI and technology within the industry. This fascinating discussion delves into the incentives driving insurance carriers and the importance of shifting our perspective on success. We emphasize the need to avoid hubris, ego, which can hinder progress, and the challenge of incentivizing people within large bureaucracies. Brian shares his thoughts on how insurers can avoid stagnation by looking for "not losers" instead of winners and the potential consequences of ignoring warning signs when it comes to technology. Finally, we touch on the necessity of adaptability in the face of changing buyer culture and trends. Brian stresses the importance of not putting any one ideology on a pedestal, as this can limit a business's success. We also discuss the importance of understanding the diverse needs of different buyers and the role of AI and technology in bridging the gap between the tech and insurance industries. Don't miss this captivating conversation with Brian Falchuk as we uncover the future of insurance and the steps we can take to ensure success in this rapidly evolving industry. Episode Highlights: Brian mentions that he has a new book, " The Future of Insurance ," which is the third edition in the series. (4:11) Brian discusses the importance of understanding the culture, values, and engagement in a company. (10:59) Brian explains the difference between insurers and venture capitalists in terms of underwriting. (17:09) Brian discusses the benefits and drawbacks of the slowness of the insurance industry in adapting to new technology and the importance of being aware of industry trends. (25:24) Brian shares a story about a successful texting solution for claims that moved a customer to tears, highlighting the importance of delivering on promises in the insurance industry. ( 43:33) Brian discusses the challenges of using buzzwords in the insurance industry and how skepticism serves as a barrier to collaboration between traditional carriers and InsurTech companies. (48:05) Brian mentions that the “Future of Insurance” book series emphasizes the importance of respecting staff and systems, focusing on people and processes. (53:22) Key Quotes: “It's really hard to genuinely understand what it's like to live in an agent's shoes if you haven't actually been there.” - Brian Falchuk “The whole book series is not about any one specific thing. It's about the lessons we personally need to start living, to make the change where we can.” - Brian Falchuk Resources Mentioned: Brian Falchuk LinkedIn Website: Brian Falchuk Book: The Future of Insurance Reach out to Ryan Hanley Rogue Risk Finding Peak SIAA Learn more about your ad choices. Visit megaphone.fm/adchoices -- Recommended Tools for Growth OpusClip: #1 AI video clipping and editing tool: https://link.ryanhanley.com/opus Riverside: HD Podcast & Video Software | Free Recording & Editing: https://link.ryanhanley.com/riverside WhisperFlow: Never waste time typing on your keyboard again: https://link.ryanhanley.com/whisperflow CaptionsApp: One app for all your social media video creation: https://link.ryanhanley.com/captionsapp GoHighLevel: It's time to take your business workflow to the Next Level: https://link.ryanhanley.com/gohighlevel Perspective.co: The #1 funnel builder for lead generation: https://link.ryanhanley.com/perspective -- Episodes You Might Enjoy: From $2 Million Loss to World-Class Entrepreneur: https://lnk.to/delk From One Man Shop to $200M in Revenue: https://lnk.to/tommymello Is Psilocybin the Gateway to Self-Mastery? https://lnk.to/80upZ9 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising. This show is part of the Unplugged Studios Network — the infrastructure layer for serious creators. 👉 Learn more at https://unpluggedstudios.fm.