108 | Rob Dempsey | Overview of the Insurance Industry, and Understanding Risk Assessment

2020-01-21

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In today’s show, Chris interviews Rob Dempsey, Senior Vice President, Stevenson & Hunt, a part of Arthur J. Gallagher Canada Limited. This show starts with Rob recalling his life before Student Works. While he was always a great student, Rob is honest enough to admit that he was never an out-of-the-box thinker. Did the Student Works program help hone his ingenuity? Rob goes on to shares some of the biggest lessons that he learned at the program. The next segment of the show is really interesting as Rob explains to l...

In today’s show, Chris interviews Rob Dempsey, Senior Vice President, Stevenson & Hunt, a part of Arthur J. Gallagher Canada Limited.

This show starts with Rob recalling his life before Student Works. While he was always a great student, Rob is honest enough to admit that he was never an out-of-the-box thinker.

Did the Student Works program help hone his ingenuity? Rob goes on to shares some of the biggest lessons that he learned at the program.

The next segment of the show is really interesting as Rob explains to listeners how the insurance industry works. Specifically, you will learn about different insurance products and how insurance companies assess risk. Rob also reveals some great tips that will help you reduce your premiums.

Right after Student Works, Rob worked in the municipal healthcare insurance space. Because risk assessment in this space is easier, bids are invited via a RFQ or Request for Proposal. This Rob reveals greatly limits an insurer’s growth and earning potential.

At his current job, Rob is insuring large construction projects. Risk assessment is far more complex, as every project and contract is unique in its own way. So, what steps does Rob take to vet a project and do an accurate risk assessment? And what are some red flags that every insurer should watch out for when they vet a project?

We also discuss how risk assessment and computing insurance costs is becoming more and more complex with technological advancements. We cite the example of Tesla who are planning on coming out with their own insurance for their autonomous cars.

The last segment of the show will be really interesting for new and aspiring entrepreneurs. Topics discussed include building your communication and negotiation skills, investing time to understand your product, and realizing your strengths and weaknesses.

For all this and so much more, tune in to our show now.

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