About the Speaker Zander Galloway
Zander Galloway excel in crafting insurance and risk management programs tailored for middle-market companies. With a proactive approach, Zander deeply understand each business and the unique risks they face. This initial step is crucial for Zander to strategize long-term solutions that eliminate, reduce, and finance these risks. Zander Galloway's firm is not just limited to this; Zander also assist businesses with Employee Benefits and offer families vital services in Property/Casualty and Estate Planning. In essence, his firm aims to minimize risks for his clients and stand as a strong advocate during claims processes.
Watch "How Insurance Carriers and Insurance Brokers look at your Data"
on BBSE
Listen to business experts and the blinds spots they see.
Hear the blind spots and understand how, through data and analytics, you can eliminate those blind spots.
Takeaways from the episode
How Insurance Carriers and Insurance Brokers look at your Data?
- The podcast "Business Blind Spots Exposed" aims to reveal the unknown challenges or "blind spots" that entrepreneurs may not be aware of in their businesses. The episode specifically focuses on how the insurance industry utilizes data.
- Guest Zander Galloway, who runs an insurance brokerage, explains that insurance carriers use data to understand the risks associated with a business. Carriers are conservative in underwriting when they don't have sufficient data, which can negatively impact well-performing businesses.
- Insurance brokers act as intermediaries between the insurance carriers and businesses, ensuring that accurate data is passed between the two. Accurate data enables carriers to offer fair coverage and premiums, providing a more accurate representation of the business' risk.
- Galloway highlights the concept of "risk pools," explaining that businesses are categorized with other similar businesses in a pool. The less distinct data a business provides, the more its insurance premiums get influenced by the average risk in the pool.
- In the current insurance market, which Galloway describes as becoming increasingly strict in underwriting and rising in costs, providing accurate and comprehensive data becomes crucial. This data can unlock discretionary credits and ensure that premiums are determined by the business's actual performance, rather than market averages.