Ep. 224: Bryan Falchuk: Key Takeaways From Successful Insurance Startups

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Bryan Falchuk is an Insurance & InsurTech Advisor, Speaker, Leadership Coach, and Best-Selling Author. He is the Founder and Managing Partner of Insurance Evolution Partners, a consultancy that helps insurance companies innovate and evolve during times of disruption. He is the author of The Future of Insurance Volume 1 and Volume 2, where he highlights how legacy carriers adapted to changing times and how startups responded to different circumstances. Bryan is also an expert in general management, operations, sales & distribution, and business intelligence.

Bryan joins us today to discuss the lessons the pandemic taught him and how his mindset has become adapted to the disruption it brought. He shares some of the key takeaways from The Future of Insurance: From Disruption to Evolution: Volume II: The Startups and describes the difference between the problems that affect legacy carriers and startups. He explains how a well-funded startup isn’t always successful and discusses the complexities of compliance and regulations when it comes to startups. He also shares why companies - big or small - should always strive to build a healthy relationship with their regulators and discusses the lessons he has learned from failure.

"There are complications in being a legacy and being a startup." - Bryan Falchuk

Today on Spot On Insurance:

  • How Bryan's life changed before the pandemic and how he adapted
  • How the pandemic allowed business to be more efficient
  • Why the pandemic made the business side of things have a more human approach
  • What's new with the second volume of Bryan's book
  • The existential threat a legacy carrier would likely never face
  • How businesses can make capital strategies through relationships
  • Is it harder to be an incumbent or a startup
  • Why some are made for legacies and others for startups
  • What is "Diversity of Thinking" and how an organization applies it
  • Why a well-funded startup doesn't always lead to success
  • What compliance is from a startup perspective
  • The role of regulators in the industry and building a good relationship with them
  • What Thimble is, what they do, and why they have a close relationship with regulators
  • The key lessons Bryan learned from the failures he experienced
  • What inspired Bryan to write books and blogs in the first place

Key Takeaways:

  • Some insurance businesses are only successful because they were well-invested.
  • You all can have a good relationship with a regulator, but it takes a different approach to them.
  • You have to build relationships and be straight with people.

Resources Mentioned:

Connect with Bryan Falchuk:

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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