Industry Facing Commoditization, Safeco CEO Says

Advertising and technology are generating an even greater focus on insurance pricing rather than insurance coverage, according to Paula Rosput Reynolds, president and CEO of Seattle-based Safeco Corp.

Speaking at the annual meeting of the Pacific Northwest Chapter of Insurance Brokers and Agents of the West at the Washington Athletic Club on Feb. 6, Reynolds, in her speech entitled, “Disruptive Forces in the Insurance Industry: Constructive or Chaotic?” advised the industry to come to grips with the increasing commoditization of the insurance industry.

With regard to her own company, Reynolds said that her management team is being guided by the long-standing Safeco philosophy of “doing the right the thing.” She said the company is not for sale and is working to re-invent itself to make it easier for employees to do the right thing.

Also at tthe meeting, John Hamje, deputy insurance commissioner for the State of Washington Office of the Insurance Commissioner in Olympia discussed the current pending legislation requested by Insurance Commissioner Mike Kreidler related to producer licensing.

Bob Wolz of Marsh Inc., outgoing PNW Chapter president and master of ceremony provided a brief recap of the activities undertaken by the chapter on behalf of its members in 2006.

And IBA West President Paul Bystrowski of John O. Bronson Co. Sacramento, Calif., presented the goals and objectives of IBA West as he begins his year leading the association.

Source: IBA West