Spot On Insurance

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Andrew Stotz is the Co-Founder and CEO of A.Stotz Investment Research, a company that provides services to reduce investment research costs and help with their existing stock portfolios and asset relocation strategies. He is the host of the My Worst Investment Ever podcast, a show where he interviews successful business owners and investors and asks them about their worst mistakes on the way to the top. Before venturing into the world of business valuations, economic research, and podcasting, Andrew co-founded CoffeeWORKS, a 26-year old wholesale coffee roasting company that services many of Thailand’s top hotels, coffee shops, offices, and restaurants. 

Andrew joins us to describe how he managed to find success despite the many hurdles he had to jump over in life and the people who motivated him to keep going. He discusses the COVID-19 situation in Thailand and how their government responded. He discusses the time he went out on his own with no education, his desire to start a business in Thailand, and when he and his business partner nearly lost everything. He describes how he and his partner slowly crawled their way to where they are today and their other business ventures. Andrew also explains what motivated him to write books on investment and wealth building and shares what not to do when you’re a beginner investor or startup owner.

“The one thing you can control is your costs, and you can control that right now.” - Andrew Stotz

Today on Spot On Insurance:

• What life is like in Thailand right now and how they handled the pandemic
• Andrew's struggles with his education and the time he relied on food stamps and kindness
• What made Andrew move to Thailand, and why he stayed
• Why business relationships are more important than money in Thailand
• The cultural differences between the USA and Thailand
• Andrew's experience when their business in Thailand fell with the economy
• How Andrew managed his sister's death amidst their business failure
• How CoffeeWORKS was forged in the foundry of failure
• The various lessons Andrew learned from his failures and recovery
• Why Andrew focused on reducing costs to the minimum and how it helped them succeed
• Andrew's motivation for writing various books on wealth building
• The most interesting stories Andrew has heard from his podcast guests
• The common mistakes investors and startups make and how to avoid them

Key Takeaways:

• The most common mistake in business is people failing to do their research.
• We should always learn from the mistakes made by other people.

Connect with Andrew Stotz:

• A.Stotz Investment Research
• CoffeeWORKS
• Podcast: My Worst Investment Ever
• Valuation Masterclass
• Andrew Stotz on LinkedIn
• Book: My Worst Investment Ever
• Book: 9 Valuation Mistakes and How to Avoid Them 
• Book: How to Start Building Your Wealth Investing in the Stock Market
• Book: Transform Your Business with Dr.Deming's 14 Points

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

Shannell Chibueze is the Chair of the Diversity, Equity, and Inclusion Council at Woodruff-Sawyer, one of the country’s largest insurance brokerage and consulting firms. Woodruff-Sawyer provides customized programs and coverage based on your profile and your business through services like risk management in property, surety, management liability, casualty, and cyber liability. Shannell provides tailored coverage solutions with a wide range of clients, from Pre-IPO startups to Fortune 500 companies. Before becoming Chair, Shannell was the company’s Vice President and Senior Account Executive.

Shannell joins us to discuss workplace diversity and how to make your leaders see the benefit of having a diverse organization. She shares her experience with working in corporate as a person of color and how she chose her path to success instead of following the safe route. She describes why she uses real-world examples of social injustice to spark conversations at the workplace. She explains what workplace diversity means and why it’s not just about adding more minorities to your organization. Shannell also shares her advice to those who want to voice their concerns on workplace diversity and social equality and how you can incorporate diversity initiatives in the workplace, even while working remotely.

“When you look at diversity, equity, and inclusion, you have to expand it to be inclusive for everybody.” - Shannell Chibueze

Today on Spot On Insurance:

• Shannell's experience in an all-woman-owned company.
• How she went against the norm when it came to her professional journey.
• Why People of Color have to be more innovative when it comes to accessing opportunities.
• How being honest about your hesitations can bring out the best in you.
• Shannell's transition from being a broker to working in risk management.
• Why you should make an effort to connect to all the leaders in your company.
• Using examples of social injustice to start conversations about workplace equality.
• The grander picture of diversity in the workplace.
• The benefits of bringing the conversation of inequality into the workplace.
• Shannell's advice for using your voice within your organization to spark conversations around diversity.
• Why employees need to have their leaders hear their stories.
• Having diversity initiatives while working remotely.

Key Takeaways:

• A lot of our gifts are in our fears.
• It's important to connect to all leaders in your organization.
• Having the support of your leaders can make all the difference.

Connect with Shannell Chibueze:

• Woodruff Sawyer
• LinkedIn
• Email: [email protected]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Patrick Kelahan is a Building and Insurance Consultant at H2M, a company that provides multi-disciplinary consulting and design services focusing on engineering, architectural, and environmental challenges. He specializes in insurance claims and consultations for those in the InsurTech industry, including insurtech startups. He is also experienced in property insurance appraisal, staff training, and regulatory compliance. Patrick’s professional goal is to continuously improve the impact he has on customers and his community. 

Patrick joins us to share his thoughts on the InsurTech industry, its future, and how it can help those in need in the US and internationally. He describes the circumstances that led him to join the insurance industry, the insurance industries in underdeveloped nations, and what the industry can do better to serve those who need insurance. He explains why the value of insurance is more about trust than education and how the pandemic worsened the supply chain the industry has been having. Patrick also shares a glimpse of some of the upcoming projects at H2M, especially those involving 3D printing houses for the community.

"Once you realize your little piece can help people dramatically, it puts an urgency on what you’re doing." - Patrick Kelahan

Today on Spot On Insurance:

• Patrick’s experience in construction and the US Government Disaster Program.
• Why Patrick and his wife decided to adopt several children.
• How Patrick started working in the insurance industry and where his passion comes from.
• Why Insurtech isn't just one thing and how it's akin to an elephant.
• How insurance is the primary driver of everything that makes money.
• Getting insurance to people living in underserved countries.
• Why the value of insurance starts with trust before education.
• The effect of COVID-19 on the supply chain and Patrick’s thoughts on stimulus checks. 
• Patrick's thoughts on the H2M project and the potential it possesses.

Key Takeaways:

• You innovate from the customer backwards.
• The future of housing includes 3D printers.

Connect with Patrick Kelahan:

• H2M
• Ten C’s Project
• Twitter
• LinkedIn
• Email: [email protected]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Fred Karlinsky is a Shareholder and Co-Chair at Greenberg Traurig, LLP (GT), a law firm with over 2,200 attorneys in 40 locations in the United States, Europe, Asia, Middle East, and Latin America. Due to its scope and size, GT is recognized as one of the largest firms in the United States. Fred is internationally recognized when it comes to anything related to insurance regulations. He represents clients for property, automobile, and worker’s compensation cases and also serves as an Adjunct Professor of Law at the Florida State University College of Law.

Fred joins us today to discuss how the insurance industry has coped with the rise of cyber attacks in the last decade. He shares the different cybersecurity threats the sector has recently faced and how data can be valued and sold by cyber attackers. He explains how ransomware works, what the hackers can do to company and client data, and what a company should do if targeted. He describes how companies should prepare for a potential threat and what ordinary citizens should do to secure their data. Fred also explains the key differences between US regulations and European regulations. 

"If you fail to prepare...prepare to fail." - Fred Karlinsky

Today on Spot On Insurance:

• Fred's career and the different places he's worked.
• The most recent cyber-attacks the insurance industry has suffered.
• How data can be valued and sold by cyber attackers.
• The prevalence of ransomware and how to beat this type of attack.
• How all of our information is all being captured somewhere.
• The least thing you can do to protect your personal information.
• How Fred's home phone helped protect him against identity theft.
• What the government suggests about paying ransomware.
• How small agencies can avail of cyber insurance.
• What companies can do when there's a breach in security.
• What a seasoned team is and how they can help you against cyber attacks.
• The differences between the US federal regulations and the European model.

Key Takeaways:

• Locking down your credit is helpful.
• Cybersecurity is going to be an issue for us for years to come.
• Make sure your insurance company has cyber insurance.

Connect with Fred Karlinsky:

• Greenberg Traurig, LLP
• LinkedIn
• Twitter
• Email: [email protected]
• Phone: 1 954.765.0500

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Danny Lee is the President of SDB Missionary Society, an organization led by Seventh Day Baptist missionaries, and a known expert in the world of claims adjusting. He is the author of the book The Art of Property Claims Adjusting: Techniques on How to be a Great Adjuster, where Danny shares his common-sense approach to property claims adjusting and how to be the best in this business. He has over 33 years of experience in multi-line claims, 25 of those years as a leader in the insurance industry. Danny is also a screenplay writer, having written several screenplays including Beneath the Rivers, Park & Ride, and The Unthinkable.

Danny joins us to share how a new claims adjuster can rise to become one of the best in the industry. He shares where his passion for adjusting came from and why he believes insurance professionals should be adjusters first. He discusses the difference between a new adjuster and someone with years of experience in the field. He explains why adjusters often leave the industry and what companies should do to keep them. He also discusses some of the shortcomings of most adjusters today and what they can do to improve.

"The one thing you need to do is carry confidence." - Danny Lee

Today on Spot On Insurance:

• Danny's experience with helping his father who worked in insurance.
• Why property claims adjusting is Danny's passion.
• Why insurance professionals should start as adjusters.
• The critical techniques most adjusters need to learn in their business.
• How a new adjuster often handles a claim compared to an experienced adjuster.
• What new adjusters should never forget when it comes to customer experience.
• How insurance companies can keep adjusters from moving on to other industries.
• Areas Danny believes most adjusters can improve.
• Why claims adjusters function as estimators.
• The advantages of new technologies in the adjusting industry.
• What's next for Danny as an author and speaker.
• What it was like to be on a 5-month cruise.
• How COVID-19 affected Danny and his family.

Key Takeaways:

• Employees leave not because of the company, but because of their boss.
• An agent should always know the difference between confidence and arrogance.
• Adjusters oftentimes encounter clients who are filing claims for the first time in their lives.

Connect with Danny Lee:

• SDB Missionary Society
• Danny Lee’s Official Website
• LinkedIn
• Book: The Art of Property Claims Adjusting: Techniques on How to be a Great Adjuster

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Christine Garza is the Vice President of Business Development at Foresight, a company that provides insurance for safety-critical businesses. Their services allow companies to make risk management more accessible, especially with the first tech-based worker’s compensation program. Christine has 15 years of experience in insurance, starting as an underwriter for The Hartford in 2006. She obtained her BA in English at The University of Texas at San Antonio and her MA in Communications at the University of the Incarnate Word. Christine is also a Community Volunteer for the San Antonio Food Bank and a Fundraising Volunteer for the March of Dimes.

Christine joins us to discuss how the pandemic affected her career and how it inspired her to join Foresight. She describes the difference between working for legacy companies and startups, how she got her first job as an underwriter, and some of her career highlights and challenges she’s faced throughout her career. She describes what Foresight offers and how their platform allows companies to prevent accidents. She explains her responsibilities as VP of Business Development and how she guides the relationship between agents and brokers. Christine also shares how she kept a positive mindset in the last 12 months and her advice for switching careers.

"If you don’t believe in yourself, nobody else will believe in you.” - Christine Garza

Today on Spot On Insurance:

• Christine's career path and her experience working as a rookie underwriter.
• The hurdles Christine had to jump over to get where she is today.
• How COVID-19 affected her and how she succeeded despite it.
• The cultural workplace differences in insurtech and legacy carriers.
• What Foresight is and the services they offer to clients.
• Why the user experience in their platform is different from the competition.
• What attracted Christine to work for Foresight?
• How Foresight can be used to prevent accidents in the first place.
• Christine's motivation to start working in a startup environment.
• Christine's role at Foresight and her key responsibilities.
• How Christine stayed positive despite the situation with the pandemic.

Key Takeaways:

• You should always have a Plan B. You need to think 5-10 steps ahead, so if it doesn't work out, you have a contingency plan.
• InsurTech teams are always leaner than their legacy counterparts.

Connect with Christine Garza:

• Foresight
• LinkedIn
• Email: [email protected]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Olorunmola Fiyinfoluwa Victoria, or simply Folumy, is a Risk Management Analyst for Tangerine Life, a financial technology company in Nigeria that provides insurance products from life insurance to education plans. She is the co-host of the InsurTech Business Series Podcast, the No.1 InsurTech Podcast in the African continent where they talk about innovation and technology amidst Nigeria’s emerging insurance industry. Folumy is also an Associate of the Chartered Insurance Institute of Nigeria.

Folumy joins us to discuss Nigeria's insurance climate and the many ways she believes their industry can improve for better customer reach. She describes how pursued a career in insurance, why being a banker didn’t appeal to her, and the challenges she faced along the way as a female Nigerian. She explains the big problem with communication between insurance companies and their clients and cites some ways to solve it. She shares why Nigerians don’t see the value of having insurance and describes the difference between the Kenyan and Nigerian insurance markets. Folumy also discusses how Nigeria coped with the pandemic of 2020.

"Insurance is one of the ways Nigeria can move from a non-business sector to an all-business sector." - Olorunmola Fiyinfoluwa (Folumy) Victoria

Today on Spot On Insurance:

• Folumy's life in Nigeria and why she pursued a career in insurance.
• How Folumy overcame the hurdles of finding success in Nigeria.
• Why Folumy didn't consider a career in banking.
• Addressing the insurance communication gap for their Nigerian clients.
• Why Nigerians don't believe in the value of having insurance.
• Comparing the insurance market in Kenya and Nigeria.
• What the future holds for the insurance industry in the African continent.
• How the pandemic affected Nigeria in 2020 and how they responded to it.
• How movies helped uplift her spirit throughout the last 12 months.

Key Takeaways:

• Nigerians are beginning to invest in agriculture as an alternative to the oil sector.
• About 82-million Nigerians are living below the poverty line.

Connect with Olorunmola Fiyinfoluwa (Folumy) Victoria:

• Tangerine Life
• InsurTech Business Series Podcast
• LinkedIn

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

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Eric Geier is the CEO of Puresurance, a health and retirement solutions company that focuses on small and medium-sized business owners. Their products can help clients manage their health insurance and retirement plans with their proven strategies and mentorship. Eric is an expert in life insurance when used as a retirement vehicle and provides customized health coverage solutions. He also has over 20 years of experience working in the financial industry and earned his BBA in Accounting at Hofstra University. 

Eric joins us to share how you can make the best out of your retirement. He describes what motivated him to have a career in the financial industry and why they started Puresurance. He explains how medical services aren’t costly and why hospitals can lower the cost if you’re self-insured. He discusses why life insurance is of utmost importance when it comes to any retirement strategy and shares the many retirement issues he helps their clients address. Eric also explains how a person in their 20’s can prepare for their retirement even if they’re earning a modest salary and describes how he has kept a positive mindset despite the troubling times.

"The biggest threat to anybody's retirement is outliving their money." - Eric Geier

Today on Spot On Insurance:

• How compound interest works for retirement.
• When Eric worked in Hong Kong and what his experience was like.
• Eric's thoughts on what a suitable insurance product should have.
• How to know the actual price of healthcare.
• Why medical services typically don't cost a lot of money.
• Why life insurance is critical in any successful retirement strategy.
• The questions Eric asks clients when planning their retirement.
• What mortality credits are and why only insurance has it.
• The pain points many of Eric's clients want to address.
• Eric's advice to those who are fresh out of college and want to plan their retirement.
• How Eric has kept a positive mindset over the past 12 months.

Key Takeaways:

• 67% of the population doesn't even have a retirement plan.
• Medical services can be much more affordable if you declare yourself as self-insured.

Resources Mentioned:

• MDsave

Connect with Eric Geier:

• Puresurance
• Calendly link
• LinkedIn
• Email: [email protected]

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

Joseph Petrelli is the President of Demotech, an Ohio-based financial analysis firm. He is credited for the development of Financial Stability Ratings (FSR). FSRs are one of the leading indicators when considering the financial stability of Title underwriters and Property & Casualty insurers. Demotech’s mission is to help level the playing field for insurance companies currently unrated or under-rated. Joe also has over 40 years of actuarial and financial analysis experience, particularly in product development, pricing, and loss cost filings. 

Joe joins us today to share how Demotech works to help provide accurate insurance ratings through FSRs. He discusses the reason he wanted a degree in Actuarial Sciences and the challenges he faced early in his career. He explains why he developed FSRs and how they accurately size up any insurance company in the market. He shares how he and his team revived the Florida market and how much of the market they have in control today. He describes how Demotech’s classifications system works and the factors they consider. Joe also discusses how COVID-19 disrupted the traditional office setting and its ergonomics.

"New tools allow us to have smarter decisions rather than just routine transactions." - Joseph Petrelli

Today on Spot On Insurance:

• Why Joe obtained a degree in Actuarial Sciences.
• The challenges Joe encountered early in his career.
• What led Joe to create the Financial Stability Ratings?
• Fannie Mae and Freddie Mac, and how they worked with these mortgage companies.
• The gaps in the industry Demotech intended to fill.
• How Joe and his team resurrected the Florida market.
• Why Florida struggled to find a rating agency in the 90's.
• How their company's classifications system works.
• How Joe prepares for the next generation. 
• Why Data Scientists are pushing Actuaries to become more innovative.
• How Joe expects various industries to adapt to the New Normal.

Key Takeaways:

• You have to have, as an actuary, 30 hours a year of continuing education.
• In insurance ratings, the business model is a better metric than financial signs.
• 2020 has changed the way any industry looks at office spaces forever.

Connect with Joseph Petrelli:

• Demotech
• Phone: 354-7207
• LinkedIn

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!

Apple Podcasts Rate and Review for SpotOn

Nikolaus Suhr is the CEO and Co-Founder of KASKO, an insurtech company that offers an agile insurance product powered by API. They promise to make sure your IT empowers you and your business instead of being the one thing that holds your systems setup back. He comes from a family of insurers, allowing him to have a heart for the insurance industry from a young age. Nikolaus also has over a decade of experience working with insurance brokers and has served in critical roles in business development, risk management, and startup consultation.

Nikolaus joins us to discuss how KASKO can help companies scale fast through insurance service optimization. He discusses what inspired him to join the insurance industry, his family history of insurers, and why he decided to start KASKO. He describes why insurance is still primarily a sales game despite the number of new technologies and tools currently available and explains why partnering with other companies fast-tracked their company growth. He also shares the niche they want to fill in the industry and what KASKO offers regarding on-time insurance delivery.

"Insurance just works slightly differently than any other financial product. It's about trust and appreciating how hard people had to work to gain that trust." - Nikolaus Suhr

Today on Spot On Insurance:

• How young Nick was when his entrepreneurial spirit started.
• The reservations he had when he was being groomed to run their family business.
• The strategies he developed to get where he is today.
• Why insurtech is mostly about sales and knocking on doors.
• Why Nick decided to start KASKO.
• Why partnering with insurers allowed their company to grow.
• How a company can customize their services without being niche.
• Why it was brilliant for their company to attract US clients who want to do business in Europe.
• What's in store for KASKO in the near future?

Key Takeaways:

• The cost of delivering insurance at the right point in time is very high.
• There's so much tech out there, but it's about getting the word out and making those partnerships.

Connect with Nikolaus Suhr:

• KASKO
• Email: [email protected]
• LinkedIn

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Spot On Insurance. For more resources and episodes, visit SpotOnInsurance.com. Subscribe so you never miss an episode. Love what you’re learning, Spot Light your review on Apple Podcasts Rate and Review For SpotOn and share your favorite episodes with friends and colleagues!