Hard Market Insights and The Mission of the CIPC with Richard Kerr, CEO of Novatae and CIPC Founder

02/29/24 • 29 min

In this episode, Kurt Thoennessen, CAPI, Founder and CEO of RiskRevu, discusses with Richard Kerr, CEO of Novatae, various challenges and solutions within the high net worth insurance space. Topics range from overcoming the hard market, networking strategies, the significance of quality submissions to underwriters, and the importance of specialization in the insurance industry. Kerr also delves into the foundation and goals of the Council for Insuring Private Clients (CIPC) and shares insights on the upcoming conference.

Highlights:

Challenges in High Net Worth Insurance Space: Discusses specific regional insurance challenges like finding hurricane coverage in Florida and fire coverage in California.
Networking and Support: Emphasizes the importance of reaching out and networking within the industry, particularly through organizations like CIPC.
Novatae's Strategy: Kerr details Novatae's approach in the insurance market, focusing on acquisitions and service improvement.
Importance of Quality Submissions: Kerr stresses the need for agents to provide underwriters with clear and complete submissions to secure capacity.
Council for Insuring Private Clients (CIPC): Discussion on the foundation and objectives of CIPC, highlighting its role in education, advocacy, and networking for insurance professionals.
Upcoming Conference Details: The conference takes place May 1 and 2 in Dallas, TX at the Warwick hotel. Key themes include artificial intelligence in the high net worth space, capacity finding strategies, and building effective teams in the high net worth sector.
Professional Development: Highlights the Certified Personal Risk Manager (CPRM) designation and its benefits for professionals in the industry.

For more information or to register for the CIPC conference, visit the Council for Insuring Private Clients website: https://privateclientcouncil.com/.
For more details about Novatae, visit their website: https://novatae.com/.
For more details about the CPRM designation visit: https://www.scic.com/programs/cprm/

Highlights:

Challenges in High Net Worth Insurance Space: Discusses specific regional insurance challenges like finding hurricane coverage in Florida and fire coverage in California.
Networking and Support: Emphasizes the importance of reaching out and networking within the industry, particularly through organizations like CIPC.
Novatae's Strategy: Kerr details Novatae's approach in the insurance market, focusing on acquisitions and service improvement.
Importance of Quality Submissions: Kerr stresses the need for agents to provide underwriters with clear and complete submissions to secure capacity.
Council for Insuring Private Clients (CIPC): Discussion on the foundation and objectives of CIPC, highlighting its role in education, advocacy, and networking for insurance professionals.
Upcoming Conference Details: The conference takes place May 1 and 2 in Dallas, TX at the Warwick hotel. Key themes include artificial intelligence in the high net worth space, capacity finding strategies, and building effective teams in the high net worth sector.
Professional Development: Highlights the Certified Personal Risk Manager (CPRM) designation and its benefits for professionals in the industry.

Previous Episode

Flood Risk and Insurance Solutions with Joe Rossi of Joe Flood Insurance

In this enlightening episode of the "Private Client Risk & Resilience" podcast, host Kurt Thoennessen, CEO of RiskRevu, is joined by Joe Rossi, the CEO of Joe Flood Insurance Brokerage. They delve into the intricate world of flood insurance, highlighting the unique challenges and solutions facing owners of high value properties.

Key Highlights:

Joe Flood's Background: Discover Joe's journey from community activism to leading a flood-only insurance brokerage, advocating for more affordable insurance rates.
Unveiling Asset Risks: Kurt explores the significant risks faced by successful people through their assets and lifestyle, emphasizing the complexity of protecting large assets.
Innovative Insurance Solutions: Joe Flood shares insights on creating custom insurance solutions for high-value properties, addressing the gap in traditional flood insurance offerings.
Market Evolution: Engage in a discussion about the evolving landscape of flood insurance, driven by increasing catastrophic events and new market entrants.
Regulatory Insights: Gain clarity on the regulation in surplus lines and MGA operations, debunking common misconceptions about non-admitted markets.
Behind-the-Scenes Processes: Uncover the detailed process of risk modeling and underwriting used by Joe Flood Insurance, demonstrating their commitment to tailored insurance solutions.
Partnership and Growth Opportunities: Learn how to engage with Joe Flood Insurance for both insurance quotes and professional partnerships, fostering a collaborative environment in the insurance industry.

Whether you're an insurance agent seeking to refine your skills or someone looking to protect substantial wealth, this episode is packed with valuable insights and innovative strategies for navigating the complexities of flood risk insurance.
Resources:
https://www.joefloodinsurance.com/

Next Episode

Insights on Art Advisory and Art Valuation with David Shapiro of David Shapiro Fine Art

Kurt Thoennessen, CAPI and David Shapiro of David Shapiro Fine Art discussed the intricacies of art valuations and investments, emphasizing the importance of accurate appraisals and navigating the complex art market. Thoennessen highlighted the role of technology in streamlining the appraisal process, while Shapiro shared his expertise as an art appraiser and advisor. Later, Thoennessen and Shapiro discussed building art collections, understanding the market, and navigating the complex art market. They emphasized the importance of following USPAP standards, charging differently for services, and evaluating the best market for selling art. Thoennessen and Shapiro also discussed the role of art advisors in guiding clients through the market and providing comprehensive understanding of the market.
Website - Davidshapirofineart.com

Private Client Risk & Resilience - Hard Market Insights and The Mission of the CIPC with Richard Kerr, CEO of Novatae and CIPC Founder

Transcript

Kurt Thoennessen00:00:03.330

Welcome to the private client risk and resilience podcast. My name is Kurt Thoennessen. And I'm your host. I'm also the founder and CEO of risk review. And risk review is a software platform that helps agents and brokers streamline the data gathering process with their clients, and others to improve the client experience. So welcome to the show, everybody. I'm glad you're here. And I'm very excited about our conversation today, because we'