In this podcast, Insurance Nerds’ Nick Lamparelli sits down with our own Vice President, John Kummer, to discuss the intricacies of Citizens Insurance of Florida and the takeout process for property insurance in the state. John shares his extensive background in the insurance industry, from his early career as a CPA to his significant roles in Florida’s insurance regulation. You can watch the episode here on YouTube. Key topics include:
- The complexities involved in insurance financial reporting and the importance of understanding statutory versus GAAP accounting.
- The role of Citizens Insurance as a market of last resort and the risks it poses to taxpayers.
- The structured and regulated process for private carriers to take policies from Citizens, including the importance of due diligence and stakeholder communication.
- The necessity of technology and expert support when undertaking a takeout, emphasizing the need for efficient claims management and customer communication.
- Strategic considerations for companies during and after hurricane season, particularly in preparation for a possible surge of takeout applications.
John underscores the significance of working with experienced professionals and leveraging technology to manage risks effectively, dispelling the myth that the takeout process is an easy windfall for insurance companies. Tune in to gain valuable insights into the insurance landscape in Florida and the operational challenges of navigating the Citizens takeout process.
About John and Nick
Team FOCUS Vice President, John Kummer, began accumulating his insurance expertise immediately after college. After graduation, he joined KPMG Peat Marwick as a CPA, specializing in insurance company auditing and consulting.
After leaving KPMG as a Senior Manager, John joined the Florida Office of Insurance Regulation (OIR). First serving as the Chief Examiner, John eventually became the Deputy Insurance Commissioner. In this prestigious and vital role, John was responsible for all insurance regulation across the state of Florida.
During his time with the Florida OIR, John was instrumental in forming both the Florida Residential Property and Casualty Joint Underwriting Association (now Citizens Property Insurance Corporation) and the Florida Hurricane Catastrophe Fund.
After leaving the Florida OIR, John played a key role in the formation and operation of Florida Family Mutual Insurance Company, one of the first FRPCJUA take-out companies.
John left Florida Family to form Better Insurance Processing Technology (BIPT), which produced the first entirely browser-based policy processing system. BIPT became part of Team FOCUS Insurance Group’s FOCUS Technologies, and the BIPT system was the basis for our current and modern policy administration system, PolicyPort®. John continues to contribute his experience and expertise to the on-going enhancement of this system.
Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.
###
About Team FOCUS Insurance Group
Team FOCUS Insurance Group: Where innovation meets expertise. For more than 25 years, Team FOCUS Insurance Group has provided carriers and MGAs with the policy management solutions they need so they can FOCUS on growing their business. Our intuitive, agile, SaaS-based policy administration system, PolicyPort®, mitigates risk and drives profitability for our clients. Through our team of experienced Underwriters and service professionals, we also offer end-to-end policy management solutions including agent and policyholder support; claims support (FNOL and CAT); accounting/policyholder billing and check processing/posting; printing/mailing/imaging and more.
Built by insurance professionals for insurance professionals, we’re everything our clients need in one partner – and our FOCUS is their success. Learn more at www.teamfocusins.com.
Media Contact:
Stephanie Langguth
Senior Manager, Communications
