For more than two decades US insurer Prime Insurance Company has forged a path built on partnership, clear communication and a constructive approach to risk. CEO Rick Lindsey explains how it’s done to Intelligent Insurer.
Rick Lindsey’s straight-talking, partnership-driven approach to insurance stands in contrast to the current trend within the industry for exclusions and cancellations. While many insurance companies are responding to crises such as COVID-19 and wildfires by withdrawing coverage, the Prime chief executive officer believes the answer is to keep writing the insurance insureds need—but to price it right.
“Everybody is cancelling because they didn’t think there were going to be wildfires in California,” Lindsey says.
“There have always been fires in the west, so the problem is they didn’t get enough premium. It’s amazing to me as that as an industry we are always selling on a lower price. I wonder how well Mercedes would do if they were selling at a cheaper price all the time?
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