Insurance Happy Hour

We live in a convenience economy led mostly by the convenience generation, Millennials. Though convenience in our daily lives is valued by more than just Millennials. Becky and Laird revisit this topic inspired by Laird's recent travels and a new report by Cake & Arrow. Plus, our MLB nicknames. Our previous Millennial episodes ICYMI: Millennials & Insurance: Part 1 (https://www.insurancehappyhour.com/20) and Part 2 (https://www.insurancehappyhour.com/21)

Becky and Laird talk about Tesla's newest foray into the realm of auto insurance through the use of quite arguably the largest single dataset of usage based metrics out there. We also get the munchies thanks to a listener. Tesla and insurance: Elon Musk, the backseat insurer (https://www.linkedin.com/pulse/tesla-insurance-elon-musk-backseat-insurer-martha-notaras/?platform=hootsuite) Tesla plans to launch an insurance product ‘in about a month’ (https://techcrunch.com/2019/04/24/tesla-plans-to-launch-an-insurance-product-in-about-a-month/) Applied Systems Acquires Agency CRM System TechCanary (https://www.insurancejournal.com/news/national/2019/04/10/523377.htm) Veruna Raises $6M With Carrier Backing; Startup Has Cloud-Based Agency Management Platform (https://www.carriermanagement.com/news/2019/05/01/192861.htm) This episode is ranked

GEICO spent $1.5 billion on advertising in 2018 (a more than 400% increase from their 2004 spend). Yet, their number of new policies sold has stayed about the same. Becky and Laird talk about the cost of acquiring new customers and how convenience is an important part of that. Plus, a new drinking game. McModern | Coverager (https://mailchi.mp/coverager/2019news-1359665?e=4b89268163)

Laird and Becky discuss a new millennial-focused insurance brand. Plus, a ranking of the Frito-Lays variety chip pack. Toggle(SM) Launch Marks Arrive of a Reimagined Insurance Brand Built for Digitally-Powered Consumers (https://www.prnewswire.com/news-releases/togglesm-launch-marks-arrival-of-a-reimagined-insurance-brand-built-for-digitally-powered-consumers-300748526.html) Toggle Renters Insurance (https://www.gettoggle.com/) A video ranking Fritos, Doritos, Cheetos, and Lay's chips is dividing the internet (https://mashable.com/article/frito-ranking-twitter-debate/#V1zipJaDUgqN)

AM Best announced that they are going to include a formal innovation assessment in their rating procedure for insurance companies. Becky and Laird discuss this news and how innovation is important from all corners of the industry, not just carriers. Plus, what is the answer to the ultimate question? AM Best Requests Comments on Draft Criteria: Scoring and Assessing Innovation (http://news.ambest.com/presscontent.aspx?refnum=27732&altsrc=9&utm_campaign=ITL%20SUBSCRIPTION&utm_source=hs_email&utm_medium=email&utm_content=70918547&_hsenc=p2ANqtz-8QKAROEMfSw8vv1VMzqMkKKnd6gFPs9fXNY4-Z3R0SykqOjhdF5eAMH-HEnxPP_Cg9qxMp71QSOlgYnsgN0y7Ym_m_Ow&_hsmi=70918547) Treading Water is Not a Strategy (http://blog.insurancethoughtleadership.com/blog/treading-water-is-not-a-strategy?utm_campaign=ITL%20SUBSCRIPTION&utm_source=hs_email&utm_medium=email&utm_content=71237419&_hsenc=p2ANqtz-8ZKHTkaVBshUfFBK2Bm7IeRhwjUFoAtTj5roTpkmUfKBxZCL5DYPtmwrYcyAju-S_NM166XG5_0_qgjFQezXMAmF7xtw&_hsmi=71237419)

In our second episode from #Elevate19, Matt Aaron from Insurance Agent Mobile App joins Laird and Becky to talk about his history, his product, and his views on interconnectivity in the industry. Plus, Becky gets called out for a comment made in a previous episode. Insurance Agent App (https://insuranceagentapp.com/) Follow Insurance Agent on Twitter (https://twitter.com/goiagent) Special Guest: Matt Aaron.

Inspired by #Elevate19, Becky and Laird talk about the state of conventions and trade shows in the industry and what makes a good convention. Plus, a story from Bourbon Street. Elevate Conference (https://www.elevateconference.com/)

Becky and Laird discuss some listener feedback.

Becky and Laird dig into the content bin to discuss Lemonade's latest transparency report, news jacking and the best time to record a podcast. There also might be a duet.

It's the end of cars as we know it! Or, is it? Becky and Laird talk about the decline of car manufacturing and ownership. Plus, reading the fine print of an insurance policy paid off. Carpocalypse now: Lyft's founders are right - we're in the endgame for cars (https://www.businessinsider.com/carpocalypse-cars-automobile-sales-data-us-europe-2019-3) Woman reads fine print on insurance policy, wins $10,000 in hidden contest (https://www.cbsnews.com/news/woman-reads-fine-print-on-insurance-policy-wins-10000-in-hidden-contest/) Captain Disillusion (https://www.youtube.com/channel/UCEOXxzW2vU0P-0THehuIIeg)

Insurers are increasingly using non-traditional sources such as social media to learn more about consumers in an attempt suss out high-risk behavior. Join Becky and Laird as they talk about the risks of using this type of data and how it impacts the privacy of today’s insureds. As a bonus, stick around and learn how giraffes have become carpet bombing flying carnivores who use their long necks to peep into your windows. Why the Life-Insurance Industry Wants to Creep on Your Instagram (https://www.newyorker.com/culture/cultural-comment/why-the-life-insurance-industry-wants-to-creep-on-your-instagram?utm_source=nextdraft&utm_medium=email)

Though it has not been as publicly discussed as it has in other industries, the insurance industry has its share of #MeToo moments and stories. The P/C Insurance Industry's #MeToo Moments (https://www.carriermanagement.com/features/2018/08/27/183076.htm)

The M&A activity of the IA channel hit a record high in 2018. We discuss these transactions and what that means for the industry. Plus, Laird talks about his tic he discovered thanks to the podcast, and we share a little behind the scenes insight at the videos we do for our day jobs. Insurance agency mergers & acquisitions hit record level in 2018, Optis says (https://www.propertycasualty360.com/2019/01/30/insurance-agency-mergers-acquisitions-hit-record-level-in-2018-optis-says)

Today Laird is writing the episode summary so it will be less creative than a Family Guy cutaway.... Today we talk about this weekend's "big game"® ™ ℠ and how professional sports such as the football, hockey and soccer might be dying pastimes due to the increased liability created by today's faster, stronger athletes (and their litigious lawyers). For the NFL and all of football, a new threat: an evaporating insurance market (https://www.si.com/nfl/2019/01/17/nfl-no-more-general-liability-insurance-covering-head-trauma) Will insurance destroy America's favorite sport? (https://www.insurancebusinessmag.com/us/news/breaking-news/will-insurance-destroy-americas-favorite-sport-122643.aspx) Freakonomics podcast: How Much Brain Damage Do I Have? (http://freakonomics.com/podcast/brain-damage/) Now if only bowling became a contact sport. That'd I'd watch.

Policygenius recently expanded into other lines of business, including auto insurance. Only, their auto insurance offering, unlike their other offerings, is based on a referral model. So, Laird and Becky discuss this news and how lead generation in the industry has changed, including buying leads from lead providers. Plus, we talk about our recent technology challenges. Policygenius Enters P/C World With Auto and Home Options (https://www.carriermanagement.com/news/2019/01/16/188640.htm) You're Better Than That (https://coverager.com/youre-better-than-that)

Becky and Laird talk about the traits of successful independent insurance agents. Also, it's been one year of Insurance Happy Hour, and we share some of our favorite episodes from the first year. Growth in 2019: Five common themes of successful independent insurance agents (https://www.propertycasualty360.com/2019/01/08/growth-in-2019-five-common-themes-of-successful-independent-insurance-agents/?kw=Growth%20in%202019:%20Five%20common%20themes%20of%20successful%20independent%20insurance%20agents&utm_source=email&utm_medium=enl&utm_campaign=newsflash&utm_content=20190108&utm_term=pc360) What will be insurance's biggest challenge in 2019? (https://www.insurancebusinessmag.com/us/opinion/what-will-be-insurances-biggest-challenge-in-2019-121018.aspx) Welcome to Costco from 'Idiocracy' (https://www.youtube.com/watch?v=Py6gMdV5uKY) Favorite episodes from the first year of Insurance Happy Hour: Millennials & Insurance: Part 1 (https://www.insurancehappyhour.com/20) Millennials & Insurance: Part 2 (https://www.insura

Loss ratio is one of the most important metrics for insurance carriers. Becky and Laird talk about the loss ratio from the third quarter of 2018 for insuretech startup Root specifically and this critical metric in general. Plus, Laird gets on his soapbox about lazy insurance agents, and Becky has a confession. 'Root' of the Problem: Why One InsurTech's Loss Ratios Still Disappoint (https://www.carriermanagement.com/features/2018/12/17/187715.htm)

Does convenience matter as much as some think it does in the insurance customer experience? Becky and Laird discuss convenience versus quality. Plus, a new year, a new password. And, Laird had an unexpected event this week. It's Very Convenient to Be Convenient (https://coverager.com/its-very-convenient-to-be-convenient/)

State Farm released a commercial that many said was a jab at Lemonade. Laird and Becky talk about the commercial and how bots can help improve the customer experience, but we still need people in the insurance industry. Plus, we talk about New Years and one of Becky's pet peeves. What consumer data reveals about insurance agents vs. bots (https://www.propertycasualty360.com/2018/12/11/what-consumer-data-reveals-about-agents-vs-bots) RoboAgent | State Farm Commercial (https://www.youtube.com/watch?v=KIWfc9aI1YI) Customers Vote: State Farm or Lemonade? (http://insurancethoughtleadership.com/customers-vote-state-farm-or-lemonade)

We discuss the J.D. Power 2018 Insurance Shopping Study and how the industry can and should provide a better experience to consumers. Plus, we talk Toys "R" Us, holiday shopping, and some of our holiday favorites. Auto Insurers Double Down on Ads and Digital Investment as Shopping Stagnates, J.D. Power Finds (https://www.jdpower.com/business/press-releases/jd-power-2018-us-insurance-shopping-study) What a Toys "R" Us Comeback Could Look Like (https://hbr.org/2018/11/what-a-toys-r-us-comeback-could-look-like)