Nick Lamparelli is a 25-year insurance veteran who has been an agent, a broker, a marketer, and, more recently, a catastrophe modeler. Five years ago, he left the corporate world and Co-Founded reThought Insurance Corporation. His Managing General Agent (MGA) model paved a new way to form strategic relationships with insurers, reinsurers, and other capacity providers to innovate in the commercial flood market. In today’s episode, he talks about the future of risk by analyzing it from this new perspective. He also shares how new technologies are involved in a number of new enterprises and how insurance professionals can seize those opportunities.

 

Key Takeaways

• A little bit about Nick and today’s topic.
• Nick quit medical school to get into insurance. He shares his journey on how he got to where he is today.
• Catastrophe modeling created a purpose for Nick around insurance. He explains why.
• How did Nick approach understanding the different models that made sense to both consumers and the market? Were there any “aha” moments for him?
• We use models in catastrophes because we currently have no other way to do it in an actuarial approach.
• He explains how he was able to utilize alternative reinsurance with these models.
• Why did Nick decide to go out on his own and start something new?
• You have so many stakeholders in insurance. Nick asked himself how he can create something that was going to satisfy each of them.
• Nick advises not to fully replace your source of income through consulting unless it earns enough to pay for your bills and lead you in the right direction.
• What were the steps he went through starting his own MGA? Were there any surprises he encountered along the way?
• An evolution is occurring and Nick shares his own experience with that while starting his own MGA.
• If you’re gonna start an MGA, Nick advises you to budget two for two. He explains what that means.
• MGAs are extremely challenging but they’re a marvelous tool in our toolbox. Nick shares an example of how they work.
• What are Nick’s thoughts on what changes we can expect for the future in insurance?
• Nick shares a thought from Bill Gates where human beings overestimate the advances of technology in the short term and underestimate it in the long term. He explains how this relates back to what he predicts for the future of insurtech.
• Nick also talks about auto insurance as an example of this evolution.
• The things we insure are changing because of technology. Nick shares that it's important for insurance professionals to understand this as well as prepare for what’s to come in the future.
• Insurance is a marvelous industry and it’s got all the wrong stereotypes. If Nick could go back in time, he would tell himself not to take the standard path in his career.

 

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