Know Your Risk and Insurance Coverage with RiskProNet RiskProNet

Dive into the world of parametric insurance with Garrett Koehn, President of Executive Lines and Chief Innovation Officer at CRC. In this episode of "Know Your Risk and Insurance Coverage with RiskProNet," Garrett sheds light on the origins of parametric insurance, its evolution beyond weather-related events, and its growing applications in various sectors. From automatic triggers to social benefits and data-driven underwriting, discover how parametric insurance is revolutionizing risk management. Join the conversation to explore the intricacies of this innovative insurance approach and its implications for businesses and insurers alike.
Timecodes:
Introduction and Overview (00:00 - 01:00)
Exploring Parametric Insurance (1:00 - 3:19)
Benefits and Applications (3:19 - 0:05)
Marketplace Applications (5:05 - 7:43)
Data-Driven Underwriting (7:43 - 10:51)
Future Trends and Innovations (10:51 - 13:11)
Blockchain and Emerging Technologies (13:11 - 16:01)
Introduction of New Products (16:01 - 18:57)
Evolving Landscape and Broker Role (18:57 - 21:44)
Resources:
Become a member at RiskProNet.com
Connect with Garrett Koehn on Linkedin
Connect with Chip Arenchild on LinkedIn

In this week's episode we are joined by Webb Milward, the Head of Strategic Development at Reagan Consulting. Tune in as we dive into trends to look out for in 2024, the Run vs. Build agency, Screamin’ Mimi’s, and so much more! 
00:34 – Episode start and brief guest introduction.
01:23 – Background on Web and what led him to Reagan.
04:36 – What are some trends that should be paid attention to, as an agency, going into 2024. 
06:51 – Producer recruitment, staff recruitment, and where he sees recruitment on the importance scale moving forward. 
15:17 – How recruitment ties into agency ownership, discussion on employee retention strategies, investing in people, and culture.
23:50 – Diving into the Run vs. Build a value agency mindset and how he would prepare others for each type of agency. 
29:11 – What is the time frame and his recommendation on where to start at a firm. 
32:02 – Bringing value to a transaction, creating specialists, and key takeaways.
34:03 – Having/building a plan for change management and his recommendation for change management.  
36:12 – His final thoughts going into 2024.
37:14 – What’s going on with Screamin’ Mimi's Salsa.
38:30 – His involvement The University of Kentucky Women’s basketball team and the NIL, and how he got involved.
Resources:
Connect with our host Chip on LinkedIn
Connect with Webb on LinkedIn
Lear more about  Reagan Consulting & Screamin’ Mimi’s

In this week's episode we are joined by John Melbon, the benefits division leader at SullivanCurtisMonroe which is located in Southern California. We dive into benefits, alternative funding, what is the pharmacy benefit manager (PBM), and more!

00:34 - Episode start and brief guest introduction.
01:37 - What is he seeing and what is he doing in his approach that may be different than others when it comes to benefits.
02:48 - How does he talk to someone about a 30% rate increase, what can he do to mitigate that, and how do they communicate rate increases to clients.
07:37 - How they manage their renewals and how they use their renewal success calendar.
08:52 - What are people doing to overcome challenges, what alternative methods is he looking into, and what strategies he recommends.
15:27 - What is the pharmacy benefit manager and what role does it play in trying to control costs.
19:13 - Are more people, prospects, or clients going this direction of self-funding mechanisms?
21:38 - What are John’s thoughts on what the future holds?
25:16 - How has it been for John and his firm participating with RiskProNet and how has it benefited him as a broker and his firm.
27:41 - Diving into branding and messaging.
29:57 - What technology they offer and utilize at SullivanCurtisMonroe.
34:53 - How they are continuously evolving and growing for success.

Connect with our host Chip on LinkedIn!
Connect with John on LinkedIn
Learn more about SullicanCurtisMonroe
Learn more about RiskProNet

In today’s episode we are joined by Geraldine DelPrete, the President of Programs at SterlingRisk. Tune in to learn more about Bolton Street, creating programs, program eligibility, and more!
00:34 - Episode start and guest introduction.
01:23 - What does it mean to create a program and how did they get started creating programs?
04:29 - Diving into what Bolton Street means.
06:38 - Why are reinsurance costs going up and explanation.
11:57 - What capacity means to them, the misuse of the word capacity, and social inflation.
13:54 - What has to change for capital flowback and how are they going to find a better rate of return?
16:44 - What is the program eligibility, how does she find the carrier to pick, what kind of value commitments she might have to have with them, why is it better as an agent to go to Bolton Street and what are you getting with them.
18:13 - How to get in contact with Bolton Street.
18:56 - How they develop a program.
22:36 - Discussion on limits going down due to the market and purchasing limits.
24:33 - What programs is she most excited about?
26:52 - More on Bolton Street and what they can do to help.
28:56 - Is there a limit on their cyber and is there a target?

Connect with Geraldine DelPrete on LinkedIn
Follow SterlingRisk on LinkedIn
Learn more about SterlingRisk
Connect with Chip Arenchild
Learn more about RiskProNet

In this week's episode we are joined by Travis Pearson the CEO of CMR Risk and Insurance, Inc. Today we dive into CMR, how they are doing with the current market, why CMR wanted to join RPN, and more!
00:34 - Episode start and guest introduction. What does CMR stand for?
01:51 - Why CMR wanted to join RiskProNet and what was it about RiskProNet that made him want to work with them.
03:16 - Learn more about Travis’s background and starting at CMR 
05:39 - Being voted one of the best places/agencies to work for. What inspired him to be so employee-centric focused in his life and how applying that approach contributed to the success of the company. 
10:32 - What are the core beliefs around the role of the broker with the clients and the expectations they have for their brokers. 
14:03 - How is he doing in the current market and discussion on client retention rate. 
17:07 - What systems and technologies they utilize at CMR.
19:31 - What are they doing with their clients in terms of customer feedback and what are his thoughts on customer feedback? 
21:08 - How does he see his firm contributing to the growth of RiskProNet and how is RPN set up to help CMR continue to grow? 
23:44 - What does he see for the future of CMR within the next 3-5 years and what is he focused on. 
25:46 - What is CMR doing with their broker associates? 
30:42 - More about the agency and their private ownership. 
32:57 - Bringing value to clients, CMR’s guarantee, and their transition package. 

Connect with our host Chip on LinkedIn!
Connect with Travis Pearson
Learn more about CMR
Learn more about RiskProNet

In this week's episode we are joined by David Price who is the President and CEO of Fenchurch Broking in London. Today we are going to talk a little bit about the London market, the perceptions and misperceptions of what that market is, how to access, how to utilize a London broker, and so much more!


00:34 - Episode start and guest introduction
01:40 - What are some of the common misconceptions that brokers have about London
03:16 - What does it take to get a piece of business done in London, how do you prequalify it, how much time do you need, and what are some concrete ideas that people can take away
07:08 - Discussion on the stability and competitive pricing in London
09:34 - As a broker, what does David do to qualify to make sure that it is appropriate, if a domestic broker wants to work with a London broker what would they need to do to prequalify a risk, and what would need to be done to be successful
15:41 - The art and science of a submission, what is his secret to package it up and know who takes the lead, what makes it work, and how is he so successful
18:16 - Diving into the policies and claims at Lloyd’s, what it means, and how policies and claims are issued at Lloyd’s
23:15 - The Hunt for Red October, what he is trying to do with that analogy, and what he is doing a Fenchurch
26:01 - The importance Identifying what opportunities you have and working on prequalification
26:59 - What has life been like for him/work environment post-COVID, having great relationships and networks, and the difficulty of getting people back in-office
29:58 - Discussion on Parametric, what it does, and what to look out for
32:45 - Final thoughts, state of the current market, what Fenchurch is doing, and providing creative solutions

Learn more about RiskProNet
Want to learn more about Fenchurch Advisory Partners? Check out their LinkedIn and Website
Connect with our host Chip!
Connect with David Price on LinkedIn