In today’s episode of Agents Influence, host Jason Cass interviews Chris Burand, President of Burand & Associates in Pueblo, Colorado and he has also been doing consulting for insurance agencies and carriers for about 27 years. Chris Burand shares his expertise on how recessions impact agencies, reinsurers becoming agents, and the disruptive impact of data.
- Jason Cass introduces guest Chris Burand and discusses AI Brainshare that is taking place on October 25-27th 2020 in Puerto Rico.
- Is Chris Burand an iPhone user or an Android user?
- What is the last app that Chris downloaded?
- Does he love to win or does he hate to lose?
- Is he stronger because of his skill or because of luck?
- Chris shares his personal, educational, and professional background.
- Who are the ‘animals’ in the insurance industry and what is the relationship between reinsurers and insurers?
- Reinsurers are the largest type of owners of brand new insurance agencies.
- What kinds of disruptive effects will data present?
- It is hard to run an agency when you are unable to plan ahead.
- Chris Burand shares his thoughts on the impact of recessions and how balance sheets come into play.
- You have to be a cost leader if you aren’t a well-known boutique agency.
- Jason and Chris talk about forms and integration.
- What does Chris notice that agents do that adversely affects valuations?
- Are there any resources that Chris recommends for agents?
3 Key Points:
- Reinsurers are the #1 investors, owners, and stockholders in brand new insurance agencies.
- Agencies need to protect their data.
- Small agencies will need to be part of bigger networks and middle players will need to compete on price or become a boutique that sells a high level of expertise.
- “From agents perspectives, there has always been this concern and a lot of dialogue about the agent being disintermediated by companies. But companies are quite nervous about being disintermediated by their reinsurers.” – Chris Burand
- “Reinsurers are not only going after the business at the carrier level, they are actually becoming agents.” – Chris Burand
- “With the right data, I’m not sure anyone needs the expiration list to go out and write your clients.” – Chris Burand
- Agency Intelligence
- Reach out to Jason Cass
- Chris Burand’s Email: email@example.com
- Book: The Confidence Game by Maria Konnikova
- Book: How I Raised Myself from Failure to Success in Selling by Frank Bettger