Executive Insights: Plymouth Rock's Martin on the need for courage

“We (the insurance industry) can improve by having more heroes, offering something more than competitive prices and having more fun. Some of the big carriers have introduced fun into the branding. Where else can we introduce it? Can we have fun and help the world? I’d argue no industry is in a better position to do so,” said Bill Martin, of Plymouth Rock Home Assurance. (Source: Plymouth Rock Home Assurance.)

What the industry needs now is the tenacity to level the playing field with emerging players in insurance markets as well as to attract the next generation of professionals, according to Plymouth Rock Home Assurance’s Bill Martin.

When asked for his take on the three biggest issues facing the insurance sector today, Martin explained: “Courage is one. Established leaders in home insurance are watching startups get regulatory treatment that we stopped asking for — less seasoning before licensing, more leverage and lower capital requirements, 100% paperless digital and running at a loss for multiple years,” he said of the need for courage. “Regulators want to help the incumbents innovate and succeed just like startups, so insurers should be asking for similar consideration when new products are introduced.”