PLRB's Bryan Falchuk focuses on opportunity and growth

Falchuk says one of the issues the insurance industry must address involves identifying ways to break the cycle of extreme verdicts and social inflation. (Courtesy photo)

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.