California’s fire season isn’t just a threat to homes; it’s a crucible pushing the traditional insurance industry to its limits. In the wake of these unprecedented natural disasters in California, Robert Feldman, the Co-founder and CEO of WOWS Insurance Services, stands as a pioneering force driving industry transformation.
Leveraging his 25 years of expertise in fire zones and hard-to-place risks, Robert is disrupting the inferno with a groundbreaking new product – a fire insurance solution specifically tailored to California’s unique challenges.
In an interview with IMPAAKT, Robert talks about his journey and how WOWS is not just protecting homes, but reshaping the future of the fire insurance industry.
Below are the highlights of the interview:
What led you to founding WOWS Insurance Services?
My partners, Joel Silver and Drew Engler, and I co-founded WOWS Insurance Services because since 2017, 11 million acres have burned, and destroyed nearly 50,000 structures, many of them homes. As a result, California’s homeowners face unprecedented challenges. Soaring homeowners’ insurance premiums and dropped coverage make it more expensive to maintain protection. Over half of Californians say they have been affected by rising premiums for property coverage or been dropped by their insurer in the last year.
As an insurance professional with 25 years of experience, my speciality is insurance in fire zones and hard-to-place risks. I’ve been a speaker at the California Association of Realtors, educating realtors about how to secure insurance for homes that are deemed uninsurable. I also serve on numerous task forces and work with the senior leadership of many insurance carriers to solve the state’s current insurance crisis.
We’ve launched an innovative new product that provides homeowners insurance, including fire coverage, for high-end properties in the state of California
What is the one quality or experience that has been most valuable in your journey as a CEO and co-founder?
There have been numerous experiences that have proved to be valuable as a CEO and co-founder. First, I started at the bottom of the insurance industry 25 years ago and I’ve never stopped learning. That experience is essential in any endeavour and in all industries. It’s how you learn what works and what doesn’t. I’m also extremely tenacious and work with tremendous speed. These qualities are essential for all leaders.
In your experience within the Insurance sector, what challenges have you encountered, and how have these challenges influenced your approach to leadership and decision-making at WOWS Insurance Services?
The changes in the fire insurance industry and the challenges the insurance companies are facing have increased over the course of the last 10 years. These changes created the opportunity to change how homes are insured. This is why WOWS Insurance Services was founded, why we created the product we created, and why we’ll be successful. Basically, WOWS has created the blueprint for how the industry will evolve and succeed going forward.
The fire risk landscape is constantly evolving. What emerging trends are you most focused on, and how is WOWS Insurance Services innovating its fire insurance products to address them?
Yes, the fire risk landscape is constantly evolving. And the industry needs to change with it. With WOWS insurance, insureds get protection and ease skyrocketing homeowners insurance costs, saving up to six figures. And when it’s time to sell, coverage is transferable, adding a premium touch to their listing, enhancing their property, and standing out to potential buyers.
Can you shed some light on your newly launched Timely Fire Coverage Solution?
WOWS fire insurance solution was designed to reverse the current trends and challenges of the industry. We have a creative approach to fix how coverage is approved. This encompasses a creative approach to addressing the proximity or spacing of the home, one that is more sustainable and, over time, will reduce the cost for homeowners.
The transferability mentioned above is a key element and will have a significant and positive impact on the real estate industry.
In today’s digital age, what are the biggest challenges in building trust and loyalty with fire insurance customers?
The difficulty in today’s digital age is that inaccurate proliferating data circulates quickly and impacts negatively. It’s a constant challenge to dispel myths and inaccuracies and ensure that fire insurance customers are receiving factual information.
Technology is rapidly changing the insurance industry. How is your company leveraging technology to improve the customer experience for fire insurance?
Technology has changed how business is being done in all industries, not just in the insurance industry. At WOWS Fire Insurance we are meeting this rapidly and constantly changing environment by partnering with a technology company that provides access to big data and cutting-edge analytic solutions, including location intelligence. To clarify, we typically do not work directly with consumers, but rather with their brokers.
Given your experience of 25 years as a leader in the fire insurance industry, what is your vision for the future of the sector? Where do you see the biggest opportunities for growth?
After spending 25 years in the insurance industry, I’ve seen a lot and learned a great deal. I’m painfully aware of what’s working, why or why not, and what’s gone awry. Long story short, my vision for the future of the fire insurance industry is encompassed in WOWS Insurance Services. WOWS is my vision, a blueprint if you will, for the future of the sector. There are significant opportunities for growth by changing the model that no longer works, to save the consumer money and ensure that insurance companies regain profitability, over the long term. After all, we did not get here overnight. US home insurance rates are up 38% since 2019. It’s been about 10 years in the making. The resolution will take time. There’s no better time to start than now.
As someone with considerable experience, what key pieces of advice would you give to budding entrepreneurs looking to make a mark in the Insurance industry?
Budding entrepreneurs who want to enter the insurance industry need to start getting hands-on industry experience NOW. I’d be delighted to hear from and interview them. We’re always looking to add enterprising people to the WOWS team.
