Executive Insights: Todd Greenbaum, President and CEO of Input 1
Greenbaum reflects on the digital transformation of insurance after four decades in the industry.
Over his 40 years as president and CEO of Input 1, Todd Greenbaum has seen the insurance industry transform. Much of that growth is due to advancing technology. Greenbaum started Input 1 in 1984 and has grown the company from the ground up; it now serves over 300 companies, manages the accounts of more than two million policyholders annually, and represents $16 billion in property and casualty premiums. However, this success was hard-won, says Greenbaum.
Digital solutions have played a significant role in industry changes, but like other established industries, insurers were resistant to change and struggled to embrace new technologies. Greenbaum says he sees more promise in the coming years as telematics and artificial intelligence transform risk assessments and offer better connectivity capabilities for payments and operations. This digital transformation expands opportunities for insurers and paves the way for more personalized products and services for policyholders.
In a conversation with PropertyCasualty360, Greenbaum reflects on the insurance industry’s evolution over the last four decades and shares his hopes for the future.
PC360: How has the insurance industry changed during your decades-long career?
Todd Greenbaum: Competition in the insurance market has intensified over the past four decades with new and smaller insurance carriers entering the industry. At the same time, there has been a notable increase in catastrophic event losses like floods and fires, causing premiums to spike. These changes underscore the dynamic nature of risk management and pricing strategies within our field.
PC360: What was the most valuable piece of advice anyone has ever given you?
Todd Greenbaum: One of the most valuable lessons I have learned is to align my expectations with reality. This principle has helped me develop a constructive mindset that allows me to stay focused and motivated, even in the face of challenges.
By approaching every situation clearly and realistic[ally], I can make informed decisions and take proactive steps towards achieving my goals. This has enabled me to stay adaptable and persistent and has helped me cultivate a positive and constructive attitude in both my personal and professional life.
PC360: Who have some of your mentors been throughout your career?
Todd Greenbaum: My dad has been my rock, teaching me not just about work but about life. His lessons on diligence and financial smarts have stuck with me through thick and thin. Besides him, I’ve soaked up wisdom from the likes of Warren Buffett and Charlie Munger, whose sage advice applies to so many aspects of professional life. When I’m not glued to CNBC, I’m diving into the writings of economic giants like Ben Bernanke, Tim Geithner and Hank Paulson. Each of these figures has left an indelible mark on my journey in the industry.
PC360: What do you see as the top three issues insurers should be focusing on now?
Todd Greenbaum: The primary concerns revolve around knowledge transfer, cybersecurity and fraud control. First, we’re grappling with a knowledge gap as seasoned professionals retire faster than new talent enters. Bridging this divide is essential to maintaining industry expertise.
Second, cybersecurity threats loom large as we digitize operations. Protecting customer data requires robust measures to defend against modern-day threats. Lastly, combating fraud remains a constant challenge. Vigilance and innovative strategies are necessary to safeguard against fraudulent activities and maintain trust with policyholders.
PC360: What skill sets should the next generation of insurance professionals be developing?
Todd Greenbaum: Proficiency in digitizing workflows and intelligently employing AI are essential for driving innovation and enhancing operational efficiency. Embracing these skills will enable the next generation to make a meaningful impact and contribute to the industry’s growth and transformation.
PC360: How can we improve the insurance industry’s reputation with the public?
Todd Greenbaum: Improving the industry’s reputation requires addressing key pain points and enhancing customer satisfaction. For me, it boils down to two main aspects: thoroughly informing policyholders about coverage details, so they don’t have to figure it out themselves, and streamlining the claims process. By doing so, we can build trust and credibility with policyholders.
PC360: How would you describe the insurance industry to someone considering it for a career?
Todd Greenbaum: The insurance industry is vast and growing. Aspiring professionals who are determined, innovative and possess a strong work ethic can make a meaningful contribution to the industry’s growth and evolution without ever having to worry about running out of space.
If you have interest and knowledge, you can be a valuable contributor to the insurance industry and make an impact.
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