Conversations about diversity, equity, and inclusion are improving in the insurance industry every day and today’s CPCU Society podcast guest has witnessed the benefits of those strides firsthand. Kael Coleman is the CEO and founder of Protecdiv, the only minority-owned tier-one reinsurance broker in the market. Kael formed Protecdiv to directly address the lack of supplier diversity options and to increase the diverse offerings available within the market. On today’s podcast, Kael joins Chris Hampshire for a conversation about reinsurance, why Kael decided to strike out on his own, and the opportunities that can be found at the intersection of a diverse-owned business combined with expertise in mortgage and catastrophe insurance.

 

Key Takeaways

• A 10,000-foot view of the mortgage and reinsurance credit space.
• The inspiration behind Kael’s decision to work with supplier diversity.
• The challenges facing diverse-owned businesses in the insurance space.
• Opportunities at the intersection of a diverse-owned business combined with expertise in mortgage and catastrophe insurance.
• Kael’s experience as a black man in the insurance industry.
• Has any real progress been made with DE&I in the insurance space?
• Unexpected surprises when starting a reinsurance business.
• Kael’s advice for entrepreneurs who are considering starting their own businesses.
• Powerful considerations when joining the insurance industry.
• The key characteristics Kael looks for when hiring.
• Implementing modern data management and analytics.
• The importance of trust in the relationships of the insurance business.
• A five-year look at the technology and metric changes coming to the industry.
• The future of the reinsurance sector in the insurance landscape.
• Kael’s advice for his younger, less experienced self.

 

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IN2Risk 2022

Quotes

• “Conversations surrounding diversity, equity, and inclusion are just at the cusp of getting better.”
• “A big thing we’ve lacked so far as an industry is metrics around DE&I.”
• “Insurance is the most fun industry that you’ve never thought about.”
• “What we do as an industry is one of the most important things that we do in our society that I think people don’t really understand.”
• “So much of our business is relationship-based. People have to trust you.”
• “If people don’t trust what you’re saying, they’re not going to do business with you.”
• “Five years from now we’re going to see a lot more integration of technology in the industry.”