Heath Ritenour Explains How COVID-19 Has Transformed Insurance Industry
COVID-19 hit many industries, insurance included. With restrictions on staying at home, insurance companies had to streamline their operations. Therefore, there have been changes like working from home, the streamlined application process, new insurance technology embraced, and new insurance products. Since the government restricted movements, car owners reported few accident cases, directly affecting the insurance industry. In this article, Heath Ritenour, CEO and chairman of Insurance of America (IOA) explains the changes he had to make to his company to incorporate the impact of the pandemic.
Heath Ritenour has been the chairman of IOA since 2018 but CEO since 2008. He took over the leadership of the company after his father’s retirement. His parents were insurance enthusiasts, therefore, grew up in an insurance environment. As a result, he took a career path in insurance, working as an agent in his family business after an internship at the brokerage. Also, he is the president of the IOA Foundation, a philanthropy foundation focused on giving back to the community. He has sponsored sporting events like IOA Corporate 5k and Symetra Tour’s IOA Classic through the foundation. As a cancer survivor, he supports groups going through the same path.
Heath Ritenour states that coronavirus has forced insurance companies to work from home. With restricted movement, agents have to operate from home. However, this has saved insurance companies significantly as they don’t have to worry about expenses like office rent or travel utilities. Also, they have to streamline their application processes. A, for instance, had to implement the Simply IOA to collect public data about clients. All they need to do is verify the information. Such has improved application time. Implementation of new technology has helped IOA customers to access information without a hassle. Lastly, the pandemic has led to the creation of new insurance products like pay-per-mile auto insurance. This is good for clients who drive fewer miles due to restricted movements.