Insurance policyholders demanding 'micro-specialization'

DALLAS — Generalists in the insurance industry are an endangered species, according the CEO of MarketScout.

“You’re probably dead and don’t know it,” said MarketScout CEO Richard Kerr of generalists. Clients want more than just specialization, they want micro-specialization as well, he said during opening remarks at the ninth annual Entrepreneurial Insurance Symposium in Dallas on Tuesday.

“Every single thing you do should be segmented,” he said. For example, being a workers compensation specialist isn’t enough. Clients want a specialist who understands their particular industry, said Mr. Kerr.

“You have to segment” every client’s or prospect’s interests every time you talk to a client or prospect, he said.

Mr. Kerr also stressed the importance of the millennial generation to the industry. “To be vibrant and grow, you have to engage the millennials and their mindset,” he said.

The EIS was created by Dallas-based electronic insurance exchange MarketScout as a medium to profile innovation and entrepreneurialism in the insurance industry. This year’s event has drawn about 350 attendees.