Ep 20: Surplus Lines: Industry Trends, Challenges and Opportunities
Scott Wede is the Executive Director of the Surplus Lines Association of Arizona. Before he became the Executive Director, Scott was a retail broker for a large independent company in Arizona. He handled large accounts in utilities and aviation. Shortly after being introduced to the concept of surplus lines, he developed a clientele who had that kind of need in their business. After forty years as a retail broker, he became the company’s Executive Director.
In today’s episode, Scott explains what brokers and producers need to know about surplus lines as well as the trends in the industry. He also shares tips for the new workforce interested in entering this type of career.
“A surplus line is an insurance product designed for specific risks or needs outside the general admitted market.” – Scott Wede
– what you’ll learn –
- What are surplus lines compared to the retail side of insurance?
- Trends that are currently growing in the industry
- How the surplus industry addresses various challenges
- The new challenges he sees as more people are entering the field.
- Chief complaints dealing with new people entering into the field.
- Top things insurance filers need to know.
Connect with Scott Wede:
- There is a lack of talent to bring brokers, underwriters, and service employees within the industry. It’s mostly an education issue.
- You can’t blame the people coming in because they don’t know what they don’t know.
- American Association of Managing General Agents
- National Association of Professional Surplus Lines Offices
This episode was brought to you by…
Spot On Insurance is brought to you by Insurance Licensing Services of America (ILSA), America’s premier insurance licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.