The Future is Faster Than You Think: Robert Feldman Of WOWS Insurance Services on How Leaders Are Preparing for The Innovations, Disruptions, and Strategies That Will Define Tomorrow
An Interview with Cynthia Corsetti
To prepare for the disruptive future, one must rapidly adapt to changing technology by always being ahead of the curve. I’ve shared how WOWS Insurance Services is doing this above.
The pace of change is accelerating, with innovations and disruptions reshaping industries faster than ever. Leaders must not only anticipate these changes but also develop strategies to thrive in this evolving landscape. How are forward-thinking leaders preparing for the technologies and challenges of tomorrow? What strategies are they putting in place today to ensure success in the future? As part of this series, we are interviewing Robert Feldman.
An insurance professional with 25 years of experience, Robert Feldman’s specialty is insurance in fire zones and hard-to-place risks. Recently Feldman co-founded WOWS Insurance Services to deliver insurance solutions for homeowners who struggle to secure fire insurance in California. Due to his expertise, Robert has been sought after as a speaker at the California Association of Realtors, educating realtors about how to secure insurance for homes that are deemed uninsurable.
Thank you so much for joining us in this interview series. Before we dive into our discussion, our readers would love to get to know you a bit better. Can you share with us the backstory about what brought you to your specific career path?
My early challenges were the same as all people new to the insurance industry space…learning the intricacies of the industry and all of the options. I’ve spent the last 25 years as an insurance broker, working with both consumers and insurance companies. After watching the industry decline the last 10 years, my pivotal moment, and the reason I launched WOWS Insurance Services, was realizing that we, my partners, Joel Silver and Drew Engler, and I had the knowledge to create the blueprint to change the industry.
What has been occurring is an ideal example of Einstein’s theory of insanity: doing the same thing over and over and expecting a different result. Instead, it just becomes more so. That’s why insurance companies are now cutting back and pulling out of markets where they can no longer afford to sustain significant losses.
It’s time for things to change. Change is not only possible but also essential. That is the solution to this serious issue. WOWS approach will, over time, save the consumer money and reverse the losses the insurance companies have experienced recently.
Can you share the most interesting story that happened to you since you started your career?
I’m sorry to be able to say that I was correct. Five years ago, I “handicapped” the home fire insurance industry, predicting that rates would rise for the consumer, the carriers would become more challenged, fires would increase and be more impactful. Sadly, I was more right than I thought I would be.
What do you think makes your company stand out? Can you share a story?
WOWS Insurance Services stands out because it is making the creative changes that need to be made for the benefit of consumers and the insurance industry. We are looking at the industry differently than anyone has previously. We are, to use a Wayne Gretzky parallel, skiing to where the puck is going to be, not where it was. It is good for the industry and great for the consumer.
You are a successful business leader. Which three-character traits do you think were most instrumental to your success? Can you please share a story or example for each?
I believe that the following three traits have contributed to my success in business:
- I never stop. I am relentless, keep pushing. When I saw more terrible fires occurring more frequently in California and watched as insureds suffered as a result, I was compelled to resolve the issue, to push new and better insurance programs into the state.
- My 25 years of knowledge in the market provided the depth of background knowledge that allowed me, with my other co-founders, Joel Silver, and Drew Engler, to create and effectively push new programs into the state.
- Because I truly love what I do, it fuels me with constant energy. It’s why I can travel extensively for long time periods and not require time to recoup.
Ok, thank you for that. Let’s now jump to the primary focus of our interview. What emerging technologies do you believe will have the most significant impact on your industry in the next five years, and how are you preparing for them?
AI will definitely have a significant impact on all businesses, including ours. We’ve already prepared by adopting both AI and various algorithms to assist with having enhanced predictive models. Among other issues, this allows us to be better at spreading risk, to more readily see patterns important to the future. We strive to remain on the leading-edge technologically.
How do you balance the need for rapid innovation with the risk of potential disruptions in your organization?
We recognize that disruption is the norm in business today, that there’s a need to be flexible. In fact, we believe that flexibility is the key to being successful. One must be willing to make rapid changes, move quickly, stay ahead of the curve.
Can you share an example of a strategy you’ve implemented to future-proof your business against upcoming technological changes?
My references to AI and algorithms above addresses how we are future proofing WOWS.
What skills or mindsets do you believe are essential for leaders to thrive in an era of rapid technological advancement?
To thrive today, all people need to be constantly on the quest for knowledge, be current on what’s new, be open to learning and changing, all while maintaining total integrity. That one “white lie” is apt to have a significant long-term impact. Never go there.
What are your “Five Things You Need to Prepare for The Disruptive Future”?
- To prepare for the disruptive future, one must rapidly adapt to changing technology by always being ahead of the curve. I’ve shared how WOWS Insurance Services is doing this above.
- Preparing for disruptions also means making things better. Again, I revert to referencing an open mindset, exploring technological advances to access if they work for you, always working to make things better for all concerned.
- In the insurance industry, I’ve found there are many inaccurate myths. We’re constantly working to get accurate data to the consumer, realtors, and the industry itself.
- There’s a real need for consumer education. Our ongoing communications campaign is a huge piece of this effort. I’m often contacted as an expert source for industry information and I am always happy to share what I’ve learned through the years and add today’s perspective to it.
- It’s critical to have a good team. I’m fortunate to be surrounded by talented professionals who all focus on staying up to speed. And we always aim to be proactive.
How do you foster a culture within your team that is both adaptable and resilient in the face of fast-paced innovation?
Change is all we do at WOWS. It’s what our culture is based on. We are always part of the forefront. The right people, those with that mindset, are on our team.
How do you ensure that ethical considerations and social impact remain a priority as you navigate rapid advancements in technology?
Solid ethics are inherent in the insurance industry and the many checks and balances involved in every transaction ensure that is the case.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger.
WOWS Insurance Services is the “movement” I’ve started to bring a lot of good to numerous people. We have launched an innovative new product that provides homeowners coverage for high end properties in the state of California and is leading the way for the insurance industry to change. As a result, insureds can get protection and ease skyrocketing homeowners insurance costs, saving up to six figures. And when it’s time to sell, this coverage is transferable, adding a premium touch to their listing, enhancing their property, and standing out to potential buyers. This is the first ever policy to do so. It also will add stability to the real estate market, possibly avoiding the feared decline in both home sales and market value. This also provides insurance brokers with an advantage in fire insurance coverage, standing out from competitors. We also plan to enter the market in Nevada, Washington, Oregon, Utah and Colorado.
1How can our readers further follow your work online?
Instagram: https://www.instagram.com/wowsinsurance/
Facebook: https://www.facebook.com/people/WOWS-Insurance-Services/61553601057233/
LinkedIn: https://www.linkedin.com/company/wows-insurance-services/
Website: https://wowsinsurance.com/
Thank you for the time you spent sharing these fantastic insights. We wish you only continued success in your great work!
About the Interviewer: Cynthia Corsetti is an esteemed executive coach with over two decades in corporate leadership and 11 years in executive coaching. Author of the upcoming book, “Dark Drivers,” she guides high-performing professionals and Fortune 500 firms to recognize and manage underlying influences affecting their leadership. Beyond individual coaching, Cynthia offers a 6-month executive transition program and partners with organizations to nurture the next wave of leadership excellence.
The Future is Faster Than You Think: Robert Feldman Of WOWS Insurance Services on How Leaders Are… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.