PLRB's Bryan Falchuk focuses on opportunity and growth
Recently named president and CEO of PLRB, Falchuk shares his vision for the industry and his organization.
In early December, the Property & Liability Resource Bureau, (PLRB) named Bryan Falchuk the company’s president and chief executive officer. Falchuk has extensive experience both within and outside of the insurance industry, serving as the founder and managing partner of Insurance Evolution Partners; authoring “The Future of Insurance” book series; speaking at numerous industry events, webcasts and podcasts; and holding senior roles with multiple insurance and insurtech companies. He has also faced and overcome adversity on a personal level, and enjoys participating in activities that contribute to his health and wellness, such as running and cycling. He recently shared with Claims and PC360 what he sees ahead for PLRB and the insurance industry in general. (An edited version of this interview appears in the March/April issue of Claims Magazine.)
Claims: Where do you see the greatest opportunities for the industry at this juncture? Bryan Falchuk: I think this is a critical moment for the industry to rethink how we do things because of the unprecedented macro pressures we face. The tools and decision factors we relied on for years are now seeing the limits of their effectiveness in the face of extreme inflation (both social and traditional), frequent extreme weather events and more. A lot of us in the industry are seeing the need for new solutions, and I think this is the moment where we need to start pushing on them. We did this on customer experience in the early days of COVID, and now is the time for doing it on more advanced analytics, AI and decisioning tools in underwriting and claims.
Claims: What do you see as the top issues insurers should be focusing on now? BF: The biggest thing we need to address as an industry is to use new tools to break the cycle of extreme verdicts and social inflation. We can’t just engage in the nuclear arms race of hiring ever more expensive attorneys but need to look at what different decisions we could make at each critical moment on a claim to drive a different outcome. This is an existential point for us. Second to that for me is talent, and not just about hiring the next generation, but better engaging and empowering those we have today, and creating the right pathways to talent so we don’t face shortages at critical moments. Inherent in that is ensuring we build a more diverse and equitable industry so that talent that can benefit us in so many different ways looks at insurance as a career destination of choice.
Claims: What are your immediate priorities for PLRB over the next 12-18 months? BF: PLRB has a fantastic offering of products, services and support to our members and the industry more broadly. Looking ahead, there are opportunities to think about how our members take advantage of these great offerings through the different mechanisms we can use to deliver them. So, rather than a question of the product, it’s more about its distribution. That should enable us to find new ways to support our members and the industry more effectively but also more impactfully. I don’t want to give away too much just yet, but there are things I believe PLRB is uniquely positioned to do for the insurance industry, so I’m excited about making that a reality over the next year or so, which will set up an even stronger future for our organization and industry.
Claims: The practice of insurance is rapidly changing. What skill sets should the next generation of insurance professionals be developing? BF: It is changing rapidly, and I think that’s something we’ve been talking about for a while. The focus has been on being more data and tech-savvy, which I think is true. But it goes deeper than that. I think what we really need is to reinforce our ability to think critically and be open to challenging how (or even why) we do things the way we do. This is an industry that is so often run on “because we’ve always done it that way.” I think it’s become clear that this is not sufficient anymore. We need people who are comfortable really listening to customers, trying new ideas, making micro-failures they can learn from, regrouping and trying again. That’s a mindset you can recruit for, but also one you can train and develop. We need to do both.
Claims: How would you describe the insurance industry to someone considering it for a career? BF: I always fall back on mission and purpose. There is nothing that happens in the global economy without insurance behind it. Everything would literally grind to a halt if we weren’t there to take on the risks that seem too great to start your business, buy your house, invest in that project, etc. And, of course, putting lives back together when risk becomes reality is the ultimate purpose of the industry. To be able to do something every day that has that far-reaching and profound impact on the world is incredibly rare. And to have so many different ways you can be a part of that purpose is even rarer. Insurance is a pathway to having an impact on a daily and global basis for people with extremely different interests. That’s incredibly exciting to me.
Claims: Who have some of your mentors been throughout your career? BF: I don’t know if they’d like to be called out publicly, so I need to be mindful of that! One is someone I almost worked for three times, but the stars just didn’t align. We created such a bond in those moments that we’ve stayed connected ever since, and he’s someone I’ve always been able to turn to and walk away knowing I’ve really grown from that interaction.
Another was my CEO at Hiscox, whom I met earlier in my career when I was contemplating leaving the carrier where I worked. He gave me some of the best career advice I’ve ever gotten because he gave me a framework and provided challenge as I applied it, and that has served me throughout my career ever since. It also served people I mentor because I’ve used it with them, as well. We’ve both moved on from the company, but we’ve also stayed in touch, and have leaned on each other for challenge and guidance, and I’ve really appreciated that.
There have been others, but those two are specific to my work in insurance and stand out as prime examples to me.
Claims: What was the most valuable piece of advice anyone has ever given you? BF: It was probably that framework I mentioned earlier. It was to write 3-5 “Must Have” and “Must Not Have” things for my career, and then challenge myself as to why I put them down, how non-negotiable they are, and what I need to look for in a job to make those a reality. It applies more broadly than just work situations, but it’s especially powerful in helping to guide your career and is worth revisiting every few years.
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