Trends, Tech & Initiatives in Texas Insurance

Albert Betts is the Executive Director of the Insurance Council of Texas, the largest state property and casualty trade association. He has previously been a guest on the InsurTech Geek Podcast, where he, James, and Rob discussed the regulatory environment in the insurance industry in Texas. In this instance, he discusses trends in technology, innovation, and new initiatives in the Texas insurance industry.

For Albert Betts, these are economically challenging times. He believes that “the insurance council’s members are navigating interesting times in property and casualty.” At the beginning of the conversation, he points out that the biggest number of questions he’s been receiving are about insurance rates and why their prices are rising.

In that regard, Betts emphasizes that “insurance rates are up due to some legitimate factors. Companies in Texas continue to do what they can for their customers.” At the same time, he highlights the importance of a safe environment for businesses to grow.

He remarks, “You want your insurance company around; you want them solvent. You do not want your company going out of business, and you want to at least ensure there’s a competitive market that you, as a consumer, can shop around in.”

The Competitive Market in Texas

Albert emphasizes how much more competitive Texas is compared to other states because they have the largest number of insurance companies. People can shop around for the best offer.

James subsequently says that laws are an important factor in this regard. “It’s about the regulatory environment,” he states.

Albert agrees, remarking that Texas is in the top 5 of states that experience the most catastrophes, including earthquakes, hailstorms, fires, tornadoes, floods, and hurricanes. “The state has always been risky, but we’ve always had a good competitive environment where companies feel like they can operate.”

What is the insurance industry of Texas excited about?

When asked this question, Albert immediately celebrates how well-adapted the Texas market is to the insurance industry. The industry, according to Betts, is excited about “the opportunity to make money in Texas. It’s one of the states that is still growing. If you look at the overall growth rate, there are opportunities for companies to go there and write auto and home policies,”.

In Dallas-Fort Worth, for example, Albert highlights that there are areas that were rural 20 years ago, and now they are growing because of the influx of people from other states. “There are more cars, and there’s an opportunity for growth for companies.”

Companies see Texas as an opportunity to grow and do business.

The regulatory and business environment in Texas is acceptable to them in terms of making a profit or breaking even. “They are excited about Texas, excited about the opportunities, excited about this market being stable enough. That is what attracts them.”

Innovation within the industry

Betts remarks that growth is still a focus and a mix between insurance and technology. According to him, it continues to be a key component of that growth as companies are trying to adjust to their customers’ expectations.

While companies are looking for capital to make new investments in new products now, Betts remembers a time when there was a lot of pushback to new products. That attitude has started to disappear, and organizations are more inclined to foster innovation.

2024 Workers’ Compensation Conference

Among the best methods of staying current, James, Rob, and Albert agree on networking by visiting events.

In that regard, Albert Betts, Executive Director of the Insurance Council of Texas, extends an invitation to all listeners for the 2024 Workers’ Compensation Conference, where experts and thought leaders in the industry will discuss various topics.

James Benham will be a keynote speaker at that conference, and it’s geared toward Texas workers’ compensation professionals.

“It’s a good place to network with brokers, administrators, and thought leaders discussing issues ranging from artificial intelligence to fraud,” finalizes Betts.