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Ep. 72: All Roads Lead to America’s Insurance Heartland

Shownotes

Nick Gerhart is a former Iowa insurance commissioner, and the Chief Administrative Officer of Farm Bureau Financial Services, an insurance company that has been in the industry for over 75 years and boasts over 4,300 agents, field representatives, and employees in eight Western and Midwestern states. As Chief Administrative Officer, he is responsible for government relations, human resources, enterprise strategy, and health services. Outside of his corporate responsibilities, Nick also wears the shoes of a mentor and advisor to many InsurTech startup ventures. 

This episode is brought to you by:

Insurance Licensing Services of America (ILSA), America’s premier regulatory compliance experts. To learn more visit ILSAinc.com.

Nick joins us today to share his wisdom on how the insurance industry should evolve to continue to remain relevant in today’s tech-fused society. He describes how the industry has changed since he got started and how he and his company have managed to adapt during these rapid-changing times. Nick also explains how the industry is in dire need of new blood and why this is the best time for someone young to enter the field of insurance.

“As long as people do dumb stuff, there’s going to be a need for insurance.”

Nick Gerhart

What you’ll learn:

  • What inspired him to begin his career in the insurance industry.
  • Why Iowa is known for its insurance businesses.
  • How have the demographics of Iowa changed in the past decade?
  • The programs they started using to engage the younger generation.
  • Changes the industry needs to facilitate to attract younger workers.
  • How will Big Data change the insurance industry?
  • The challenges in the InsurTech space.
  • The top challenges of the incumbent insurance companies.
  • How different are the regulatory challenges now compared to when he started his insurance career?
  • His advice to people who want to work in the insurance industry.

Key Takeaways:

  • There isn’t really a wrong strategy; you just have to come up with something that makes sense.
  • If you want to work in this industry, you don’t have to be a compliance expert, but you must understand that this business is highly regulated.
  • About 40% of most insurance companies are sitting on a tidal wave of retirement in the next decade.
  • The insurance industry needs young people as much as young people need jobs.

Connect with Nick: