The Future of Insurance – Reid Holzworth, CEO, Ivans

Episode Info

Reid Holzworth leads Ivans' strategic direction. He is a prominent insurance industry leader with extensive insurance experience in both broker and insurer distribution environments. Reid began as an independent agent, frustrated that the products on the market didn’t fit well with his business model. So he founded and became CEO of TechCanary, an InsurTech leader on the Salesforce platform  that Applied Systems acquired in 2019. TechCanary built an innovative set of insurance solutions on the Salesforce platform to create choice and flexibility for agencies who prefer Salesforce.com, which has since been incorporated in Applied's portfolio under the name Applied Epic for Salesforce.

Episode Highlights

Introduction

• The video begins with a discussion about Reid's journey into the insurance industry, starting on the broker side and eventually managing an agency. Reid shares insights into their experience of franchising an agency and building a system on the Salesforce platform.

Key Topics Discussed

1. Building TechCanary

   • Reid founded TechCanary, a technology company that became the leading insurance solution on the Salesforce platform. They discuss the partnership with Salesforce and the expansion into working with MGAs, carriers, and wholesalers.

2. The Role of Ivans

   • Ivans is highlighted as a crucial player in connecting carriers and agencies. Reid explains how Ivans transitioned from a nonprofit to a for-profit entity and its acquisition by Applied Systems.

3. Technology and Innovation in Insurance

   • The conversation touches on the integration of third-party data sources and the importance of operational efficiency. Reid emphasizes the need for continuous innovation and adaptation in the insurance industry.

4. Challenges and Opportunities

   • Reid discusses the challenges faced in the insurance industry, such as the need for better data management and the potential of AI and other technologies to transform business operations.

   • He does not see AI replacing agents and brokers because of the way relationships are so critical to the work they do, but does see areas will it will have great impact, especially for work that has shifted to lower cost locations globally.

5. Future Outlook

   • The video concludes with a forward-looking perspective on the insurance industry, highlighting the importance of evolving and iterating on business models to stay competitive.

Conclusion

• Reid shares his unique vantage point in the industry, bridging the gap between traditional agency operations and modern technological advancements. The discussion underscores the dynamic nature of the insurance industry and the continuous need for innovation.

This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk.

Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.

Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.