Doug Worman, CEO, U.S. Insurance was featured in an article published by Carrier Management highlighting comments he made during a recent presentation at the IACP Conference in New York City, where he spoke about carriers evaluating their costs in light of continuing industry challenges. Given low interest rates, excess capital, continued insurance price deceleration, and ongoing consolidation in the broker community, he highlighted the focus by carriers on bringing technology and efficiency together, noting “if you can gain 200, 300, 400 basis points from an expense standpoint, from an efficiency standpoint, you’re going to end up being a winner.”
Mr. Worman also reviewed current market dynamics, noting opportunities for newer markets to take advantage of disruption in traditional legacy markets. He commented, “in 2016 and beyond, what we see is disruption. And disruption is opportunity for those who are willing to take advantage of it”. He added, “if you have the right staff that can bring their creativity and knowledge and efficiency together, [then] you can give a client and broker the right solution.”
Mr. Worman also noted the need for carriers to attract talent from other industries to inject new viewpoints and experiences. This also provides an opportunity to offer an alternative to other financial service companies as insurers embrace changes in capital providers and technology. He also cited Endurance’s continuing internship program, which hosts 25-30 interns each summer, as well as our new underwriter training program as sources for new talent.