In this episode, Scott Grandys interviews James Wells, VP at Acrisure London.
James and Scott talk about how coverholders, syndicates, and agents can help reduce risk and how insurance is evolving with tech and data.
[01:01] James Wells’ background and expertise
[08:02] Telematics and historical data
[19:35] Innovation in transportation
[24:57] The insurance agents’ role
[30:04] Insurance is evolving
[31:59] What James loves about his job
As a coverholder, it’s a good idea to ask the insured for telematics and historical data. Telematics captures day to day operations, while past metrics and statistics can help establish trust. You can learn a lot about the insured by examining these two things – and significantly reduce risk.
While retail insurance agents each have their own niche areas of expertise, they have a responsibility to fully understand their product and do their best to educate the insured. The burden lies not only on the agent, but on everyone involved in the process who should be responsible for communicating what the important metrics are.
Insurance is seeing more innovation now than ever. As an industry, transportation insurance is no longer focused on just helping logistic companies with loss, but also on reducing risk by addressing specific problem areas.