Changes in the Insurance Industry: A Response from Heath Ritenour

Heath Ritenour thinks the insurance industry should be prepared to deal with pandemics. According to him, for the life of a policy to be effective, it has to be accessed on the event’s time and date. If not, it will not be effective. Furthermore, during the same time, if not covered, the claim may be denied.

As a senior executive at one of the largest insurance companies in the United States, Heath Ritenour says he has worked closely with C-suite executives and other stakeholders who have expressed their opinions about the changing climate of the insurance industry. In the interest of maintaining constructive dialogue, let’s take a closer look at some of the current discussions.

Is the insurance industry prepared for the impact of pandemics? Many people who study insurance claim that the success of insurance policies is often linked to the coverage they offer and what matters is not the use of the cover but the policy wording and its interpretation. Although this is true, it is difficult for people to understand what covers are effective for a particular type of coverage.

Heath Ritenour contends that there are many things that need to change in the insurance industry, including insurance brokerages needing to continue to transform themselves to better compete and provide better services to their clients. There are opportunities to get bigger in the insurance industry and increase the impact of the agency with technology as one such possibility.

There must be new rules to ensure that the digital revolution isn’t just for the betterment of the insurance industry, but also the betterment of the world, as Ritenour sees it. Heath Ritenour feels that there are opportunities in the insurance industry that he can get behind, specifically at the early startup stage for agents who want to go out on their own and become entrepreneurs.

Heath Ritenour insurance brokerage was not always an unattractive option in the private sector. Until the pandemic, the idea of providing health insurance for employees was something insurance brokers could commonly do with clients. The responsibility was straightforward: do the math and advise the client accordingly.