{"version":"1.0.0","segments":[{"speaker":"NICK ZERBIB","startTime":0.0,"endTime":2.36,"body":"The"},{"speaker":"NICK ZERBIB","startTime":0.0,"endTime":2.36,"body":"industry is evolving."},{"speaker":"NICK ZERBIB","startTime":2.36,"endTime":5.51,"body":"And the InsurTechs are"},{"speaker":"NICK ZERBIB","startTime":2.36,"endTime":5.51,"body":"forcing the independent agents"},{"speaker":"NICK ZERBIB","startTime":5.51,"endTime":8.253,"body":"to kind of embrace technology"},{"speaker":"NICK ZERBIB","startTime":5.51,"endTime":8.253,"body":"more and more, which is just"},{"speaker":"NICK ZERBIB","startTime":8.253,"endTime":10.67,"body":"an incredible thing that's"},{"speaker":"NICK ZERBIB","startTime":8.253,"endTime":10.67,"body":"been happening over the last 10"},{"speaker":"NICK ZERBIB","startTime":10.67,"endTime":12.86,"body":"years."},{"speaker":"ANNOUNCER","startTime":12.86,"endTime":15.26,"body":"This is The"},{"speaker":"ANNOUNCER","startTime":12.86,"endTime":15.26,"body":"Insurance Technology Podcast,"},{"speaker":"ANNOUNCER","startTime":15.26,"endTime":16.76,"body":"where we bring"},{"speaker":"ANNOUNCER","startTime":15.26,"endTime":16.76,"body":"interesting people"},{"speaker":"ANNOUNCER","startTime":16.76,"endTime":18.5,"body":"from across the"},{"speaker":"ANNOUNCER","startTime":16.76,"endTime":18.5,"body":"insurance ecosystem"},{"speaker":"ANNOUNCER","startTime":18.5,"endTime":20.15,"body":"to discuss and"},{"speaker":"ANNOUNCER","startTime":18.5,"endTime":20.15,"body":"debate technology's"},{"speaker":"ANNOUNCER","startTime":20.15,"endTime":22.08,"body":"impact on the industry."},{"speaker":"ANNOUNCER","startTime":22.08,"endTime":24.89,"body":"Join us each episode for"},{"speaker":"ANNOUNCER","startTime":22.08,"endTime":24.89,"body":"insights and best practices"},{"speaker":"ANNOUNCER","startTime":24.89,"endTime":28.23,"body":"from industry stewards"},{"speaker":"ANNOUNCER","startTime":24.89,"endTime":28.23,"body":"and tomorrow's innovators."},{"speaker":"ANNOUNCER","startTime":28.23,"endTime":31.1,"body":"Now, here's your"},{"speaker":"ANNOUNCER","startTime":28.23,"endTime":31.1,"body":"host, Reed Holzworth."},{"speaker":"REED HOLZWORTH","startTime":33.9,"endTime":36.4,"body":"Welcome to The"},{"speaker":"REED HOLZWORTH","startTime":33.9,"endTime":36.4,"body":"Insurance Technology Podcast."},{"speaker":"REED HOLZWORTH","startTime":36.4,"endTime":38.35,"body":"I'm your host, Reed Holzworth."},{"speaker":"REED HOLZWORTH","startTime":38.35,"endTime":41.2,"body":"In this episode, we're"},{"speaker":"REED HOLZWORTH","startTime":38.35,"endTime":41.2,"body":"back with Nick Zerbib."},{"speaker":"REED HOLZWORTH","startTime":41.2,"endTime":44.17,"body":"We're going to get into"},{"speaker":"REED HOLZWORTH","startTime":41.2,"endTime":44.17,"body":"a bunch of the companies"},{"speaker":"REED HOLZWORTH","startTime":44.17,"endTime":46.58,"body":"that Nick has invested"},{"speaker":"REED HOLZWORTH","startTime":44.17,"endTime":46.58,"body":"in over the years."},{"speaker":"REED HOLZWORTH","startTime":46.58,"endTime":49.9,"body":"We're going to dive into his"},{"speaker":"REED HOLZWORTH","startTime":46.58,"endTime":49.9,"body":"thoughts around the industry"},{"speaker":"REED HOLZWORTH","startTime":49.9,"endTime":52.57,"body":"and just technology in"},{"speaker":"REED HOLZWORTH","startTime":49.9,"endTime":52.57,"body":"general and adoption."},{"speaker":"REED HOLZWORTH","startTime":52.57,"endTime":55.0,"body":"We're also going to"},{"speaker":"REED HOLZWORTH","startTime":52.57,"endTime":55.0,"body":"get deep into a company"},{"speaker":"REED HOLZWORTH","startTime":55.0,"endTime":59.77,"body":"that went from 0 to I believe"},{"speaker":"REED HOLZWORTH","startTime":55.0,"endTime":59.77,"body":"it was a couple billion"},{"speaker":"REED HOLZWORTH","startTime":59.77,"endTime":66.22,"body":"in valuation to not a couple"},{"speaker":"REED HOLZWORTH","startTime":59.77,"endTime":66.22,"body":"billion in valuation, and why"},{"speaker":"REED HOLZWORTH","startTime":66.22,"endTime":67.72,"body":"and what happened there."},{"speaker":"REED HOLZWORTH","startTime":67.72,"endTime":71.17,"body":"I'm not going to spoil it and"},{"speaker":"REED HOLZWORTH","startTime":67.72,"endTime":71.17,"body":"who it was, but really, really"},{"speaker":"REED HOLZWORTH","startTime":71.17,"endTime":73.78,"body":"good stuff, good context."},{"speaker":"REED HOLZWORTH","startTime":73.78,"endTime":74.98,"body":"Stay tuned."},{"speaker":"REED HOLZWORTH","startTime":74.98,"endTime":76.12,"body":"Nick is awesome."},{"speaker":"REED HOLZWORTH","startTime":76.12,"endTime":78.43,"body":"Great episode."},{"speaker":"REED HOLZWORTH","startTime":78.43,"endTime":80.19,"body":"So what do you think, Nick?"},{"speaker":"REED HOLZWORTH","startTime":80.19,"endTime":81.45,"body":"So how about this?"},{"speaker":"REED HOLZWORTH","startTime":81.45,"endTime":83.88,"body":"Give us some examples"},{"speaker":"REED HOLZWORTH","startTime":81.45,"endTime":83.88,"body":"of some of the companies"},{"speaker":"REED HOLZWORTH","startTime":83.88,"endTime":85.77,"body":"you've been involved"},{"speaker":"REED HOLZWORTH","startTime":83.88,"endTime":85.77,"body":"in over the years."},{"speaker":"NICK ZERBIB","startTime":85.77,"endTime":87.75,"body":"Yeah,"},{"speaker":"NICK ZERBIB","startTime":85.77,"endTime":87.75,"body":"yeah, I'm happy to."},{"speaker":"NICK ZERBIB","startTime":87.75,"endTime":91.68,"body":"So the nice thing about--"},{"speaker":"NICK ZERBIB","startTime":91.68,"endTime":96.87,"body":"so one of the more interesting"},{"speaker":"NICK ZERBIB","startTime":91.68,"endTime":96.87,"body":"businesses was AMS Vertafore."},{"speaker":"NICK ZERBIB","startTime":96.87,"endTime":98.55,"body":"And one of the"},{"speaker":"NICK ZERBIB","startTime":96.87,"endTime":98.55,"body":"mistakes that we made"},{"speaker":"NICK ZERBIB","startTime":98.55,"endTime":103.98,"body":"was staying out of that"},{"speaker":"NICK ZERBIB","startTime":98.55,"endTime":103.98,"body":"space for many years"},{"speaker":"NICK ZERBIB","startTime":103.98,"endTime":108.55,"body":"and not re-entering until we"},{"speaker":"NICK ZERBIB","startTime":103.98,"endTime":108.55,"body":"made an investment and applied."},{"speaker":"NICK ZERBIB","startTime":108.55,"endTime":112.38,"body":"But in terms of distribution"},{"speaker":"NICK ZERBIB","startTime":108.55,"endTime":112.38,"body":"and insurance services,"},{"speaker":"NICK ZERBIB","startTime":112.38,"endTime":116.73,"body":"we've been very, very"},{"speaker":"NICK ZERBIB","startTime":112.38,"endTime":116.73,"body":"active at Stone Point."},{"speaker":"NICK ZERBIB","startTime":116.73,"endTime":119.91,"body":"We've probably invested in"},{"speaker":"NICK ZERBIB","startTime":116.73,"endTime":119.91,"body":"more traditional brokers, which"},{"speaker":"NICK ZERBIB","startTime":119.91,"endTime":123.0,"body":"is one of the reasons"},{"speaker":"NICK ZERBIB","startTime":119.91,"endTime":123.0,"body":"we love the IA channel"},{"speaker":"NICK ZERBIB","startTime":123.0,"endTime":126.76,"body":"and just insurance"},{"speaker":"NICK ZERBIB","startTime":123.0,"endTime":126.76,"body":"distribution broadly speaking."},{"speaker":"NICK ZERBIB","startTime":126.76,"endTime":130.5,"body":"We were a founding investor"},{"speaker":"NICK ZERBIB","startTime":126.76,"endTime":130.5,"body":"in Epic, which is now Galway."},{"speaker":"NICK ZERBIB","startTime":130.5,"endTime":133.98,"body":"We invested and continue to"},{"speaker":"NICK ZERBIB","startTime":130.5,"endTime":133.98,"body":"be very significant investors"},{"speaker":"NICK ZERBIB","startTime":133.98,"endTime":136.5,"body":"in Allyant and Higginbotham."},{"speaker":"NICK ZERBIB","startTime":136.5,"endTime":139.5,"body":"And we recently acquired"},{"speaker":"NICK ZERBIB","startTime":136.5,"endTime":139.5,"body":"a minority stake"},{"speaker":"NICK ZERBIB","startTime":139.5,"endTime":141.48,"body":"in Truist Insurance."},{"speaker":"NICK ZERBIB","startTime":141.48,"endTime":143.25,"body":"We're a minority"},{"speaker":"NICK ZERBIB","startTime":141.48,"endTime":143.25,"body":"shareholder in NFP."},{"speaker":"NICK ZERBIB","startTime":143.25,"endTime":147.54,"body":"So insurance distribution"},{"speaker":"NICK ZERBIB","startTime":143.25,"endTime":147.54,"body":"is just a fabulous business"},{"speaker":"NICK ZERBIB","startTime":147.54,"endTime":148.8,"body":"from where we sit."},{"speaker":"NICK ZERBIB","startTime":148.8,"endTime":151.8,"body":"Unfortunately, it's become too"},{"speaker":"NICK ZERBIB","startTime":148.8,"endTime":151.8,"body":"fashionable among our peers"},{"speaker":"NICK ZERBIB","startTime":151.8,"endTime":154.38,"body":"over the last 10 or 15 years."},{"speaker":"NICK ZERBIB","startTime":154.38,"endTime":156.24,"body":"But it's a great space."},{"speaker":"NICK ZERBIB","startTime":156.24,"endTime":161.64,"body":"On the sort of hybrid,"},{"speaker":"NICK ZERBIB","startTime":156.24,"endTime":161.64,"body":"more creative carrier side"},{"speaker":"NICK ZERBIB","startTime":161.64,"endTime":165.437,"body":"of things, we were the founding"},{"speaker":"NICK ZERBIB","startTime":161.64,"endTime":165.437,"body":"investor in Pure, which is--"},{"speaker":"REED HOLZWORTH","startTime":165.437,"endTime":167.145,"body":"Oh"},{"speaker":"REED HOLZWORTH","startTime":165.437,"endTime":167.145,"body":"wow, didn't know that."},{"speaker":"NICK ZERBIB","startTime":167.145,"endTime":168.48,"body":"--a"},{"speaker":"NICK ZERBIB","startTime":167.145,"endTime":168.48,"body":"high net worth--"},{"speaker":"REED HOLZWORTH","startTime":168.48,"endTime":170.16,"body":"Yeah, a"},{"speaker":"REED HOLZWORTH","startTime":168.48,"endTime":170.16,"body":"great, great company, man."},{"speaker":"REED HOLZWORTH","startTime":170.16,"endTime":172.202,"body":"I used to write them back"},{"speaker":"REED HOLZWORTH","startTime":170.16,"endTime":172.202,"body":"in the day as an agent."},{"speaker":"REED HOLZWORTH","startTime":172.202,"endTime":174.78,"body":"They are the best"},{"speaker":"REED HOLZWORTH","startTime":172.202,"endTime":174.78,"body":"high net worth."},{"speaker":"NICK ZERBIB","startTime":174.78,"endTime":177.24,"body":"They're"},{"speaker":"NICK ZERBIB","startTime":174.78,"endTime":177.24,"body":"a fabulous business."},{"speaker":"NICK ZERBIB","startTime":177.24,"endTime":179.16,"body":"And they came up with--"},{"speaker":"NICK ZERBIB","startTime":179.16,"endTime":181.5,"body":"Ross Buchmueller,"},{"speaker":"NICK ZERBIB","startTime":179.16,"endTime":181.5,"body":"the founder, came up"},{"speaker":"NICK ZERBIB","startTime":181.5,"endTime":184.17,"body":"with a really"},{"speaker":"NICK ZERBIB","startTime":181.5,"endTime":184.17,"body":"innovative approach"},{"speaker":"NICK ZERBIB","startTime":184.17,"endTime":190.32,"body":"to essentially writing business"},{"speaker":"NICK ZERBIB","startTime":184.17,"endTime":190.32,"body":"through a reciprocal structure,"},{"speaker":"NICK ZERBIB","startTime":190.32,"endTime":193.44,"body":"so effectively creating"},{"speaker":"NICK ZERBIB","startTime":190.32,"endTime":193.44,"body":"a member-owned sort"},{"speaker":"NICK ZERBIB","startTime":193.44,"endTime":196.29,"body":"of mutual insurance business."},{"speaker":"NICK ZERBIB","startTime":196.29,"endTime":199.45,"body":"And we effectively funded"},{"speaker":"NICK ZERBIB","startTime":196.29,"endTime":199.45,"body":"the attorney in fact,"},{"speaker":"NICK ZERBIB","startTime":199.45,"endTime":202.42,"body":"sort of the MGA"},{"speaker":"NICK ZERBIB","startTime":199.45,"endTime":202.42,"body":"equivalent, that wrote"},{"speaker":"NICK ZERBIB","startTime":202.42,"endTime":204.2,"body":"on behalf of the reciprocal."},{"speaker":"NICK ZERBIB","startTime":204.2,"endTime":206.08,"body":"So that was a really"},{"speaker":"NICK ZERBIB","startTime":204.2,"endTime":206.08,"body":"interesting business."},{"speaker":"NICK ZERBIB","startTime":206.08,"endTime":209.08,"body":"That business we sold"},{"speaker":"NICK ZERBIB","startTime":206.08,"endTime":209.08,"body":"a few years back."},{"speaker":"NICK ZERBIB","startTime":209.08,"endTime":210.79,"body":"On the insurance"},{"speaker":"NICK ZERBIB","startTime":209.08,"endTime":210.79,"body":"services side, we've"},{"speaker":"NICK ZERBIB","startTime":210.79,"endTime":212.05,"body":"been super active as well."},{"speaker":"NICK ZERBIB","startTime":212.05,"endTime":215.23,"body":"We own a large TPA"},{"speaker":"NICK ZERBIB","startTime":212.05,"endTime":215.23,"body":"called Sedgwick."},{"speaker":"NICK ZERBIB","startTime":215.23,"endTime":218.56,"body":"We own Enlight, which is the"},{"speaker":"NICK ZERBIB","startTime":215.23,"endTime":218.56,"body":"old Mitchell Gen X Coventry"},{"speaker":"NICK ZERBIB","startTime":218.56,"endTime":219.34,"body":"business."},{"speaker":"NICK ZERBIB","startTime":219.34,"endTime":223.51,"body":"And at one point, we had"},{"speaker":"NICK ZERBIB","startTime":219.34,"endTime":223.51,"body":"helped Fiserv dispose"},{"speaker":"NICK ZERBIB","startTime":223.51,"endTime":224.98,"body":"of a number of"},{"speaker":"NICK ZERBIB","startTime":223.51,"endTime":224.98,"body":"insurance businesses"},{"speaker":"NICK ZERBIB","startTime":224.98,"endTime":226.66,"body":"that we renamed Stone River."},{"speaker":"NICK ZERBIB","startTime":226.66,"endTime":230.53,"body":"So that included FSC and a"},{"speaker":"NICK ZERBIB","startTime":226.66,"endTime":230.53,"body":"number of other businesses"},{"speaker":"NICK ZERBIB","startTime":230.53,"endTime":232.6,"body":"that we exited."},{"speaker":"NICK ZERBIB","startTime":232.6,"endTime":235.42,"body":"So we've been super active"},{"speaker":"NICK ZERBIB","startTime":232.6,"endTime":235.42,"body":"in and around the ecosystem"},{"speaker":"NICK ZERBIB","startTime":235.42,"endTime":236.89,"body":"that you mentioned."},{"speaker":"NICK ZERBIB","startTime":236.89,"endTime":239.68,"body":"And it's just a"},{"speaker":"NICK ZERBIB","startTime":236.89,"endTime":239.68,"body":"very exciting space"},{"speaker":"NICK ZERBIB","startTime":239.68,"endTime":243.16,"body":"just because the insurance"},{"speaker":"NICK ZERBIB","startTime":239.68,"endTime":243.16,"body":"agents increasingly"},{"speaker":"NICK ZERBIB","startTime":243.16,"endTime":245.65,"body":"are embracing technology."},{"speaker":"NICK ZERBIB","startTime":245.65,"endTime":248.53,"body":"I like to go back to on"},{"speaker":"NICK ZERBIB","startTime":245.65,"endTime":248.53,"body":"the benefit side, which"},{"speaker":"NICK ZERBIB","startTime":248.53,"endTime":251.65,"body":"is less relevant to,"},{"speaker":"NICK ZERBIB","startTime":248.53,"endTime":251.65,"body":"perhaps, some of the stuff"},{"speaker":"NICK ZERBIB","startTime":251.65,"endTime":254.65,"body":"that we all think about on the"},{"speaker":"NICK ZERBIB","startTime":251.65,"endTime":254.65,"body":"applied side of the business."},{"speaker":"NICK ZERBIB","startTime":254.65,"endTime":258.49,"body":"But I think about"},{"speaker":"NICK ZERBIB","startTime":254.65,"endTime":258.49,"body":"Zenefits and the wave"},{"speaker":"NICK ZERBIB","startTime":258.49,"endTime":263.31,"body":"that they made within"},{"speaker":"NICK ZERBIB","startTime":258.49,"endTime":263.31,"body":"sort of HR systems"},{"speaker":"NICK ZERBIB","startTime":263.31,"endTime":267.9,"body":"and effectively acquiring"},{"speaker":"NICK ZERBIB","startTime":263.31,"endTime":267.9,"body":"all of these small customers,"},{"speaker":"NICK ZERBIB","startTime":267.9,"endTime":269.85,"body":"giving them software"},{"speaker":"NICK ZERBIB","startTime":267.9,"endTime":269.85,"body":"for free, but getting"},{"speaker":"NICK ZERBIB","startTime":269.85,"endTime":271.98,"body":"the broker of record"},{"speaker":"NICK ZERBIB","startTime":269.85,"endTime":271.98,"body":"on the back end,"},{"speaker":"NICK ZERBIB","startTime":271.98,"endTime":274.08,"body":"and how that model"},{"speaker":"NICK ZERBIB","startTime":271.98,"endTime":274.08,"body":"was so innovative."},{"speaker":"NICK ZERBIB","startTime":274.08,"endTime":276.39,"body":"But it woke up the"},{"speaker":"NICK ZERBIB","startTime":274.08,"endTime":276.39,"body":"channel to the fact"},{"speaker":"NICK ZERBIB","startTime":276.39,"endTime":279.72,"body":"that they needed to start to"},{"speaker":"NICK ZERBIB","startTime":276.39,"endTime":279.72,"body":"bring benefits administration"},{"speaker":"NICK ZERBIB","startTime":279.72,"endTime":282.25,"body":"technology and other solutions."},{"speaker":"NICK ZERBIB","startTime":282.25,"endTime":284.58,"body":"So the agents, the"},{"speaker":"NICK ZERBIB","startTime":282.25,"endTime":284.58,"body":"benefits agents,"},{"speaker":"NICK ZERBIB","startTime":284.58,"endTime":288.39,"body":"sort of pivoted from just"},{"speaker":"NICK ZERBIB","startTime":284.58,"endTime":288.39,"body":"essentially placing the group"},{"speaker":"NICK ZERBIB","startTime":288.39,"endTime":292.09,"body":"health coverages"},{"speaker":"NICK ZERBIB","startTime":288.39,"endTime":292.09,"body":"with HMOs, et cetera"},{"speaker":"NICK ZERBIB","startTime":292.09,"endTime":295.53,"body":"to actually providing a"},{"speaker":"NICK ZERBIB","startTime":292.09,"endTime":295.53,"body":"suite of technology solutions"},{"speaker":"NICK ZERBIB","startTime":295.53,"endTime":296.76,"body":"and running RFPs."},{"speaker":"NICK ZERBIB","startTime":296.76,"endTime":299.4,"body":"So the industry is evolving."},{"speaker":"NICK ZERBIB","startTime":299.4,"endTime":303.12,"body":"And the InsurTechs are"},{"speaker":"NICK ZERBIB","startTime":299.4,"endTime":303.12,"body":"forcing the independent agents"},{"speaker":"NICK ZERBIB","startTime":303.12,"endTime":306.163,"body":"to kind of embrace technology"},{"speaker":"NICK ZERBIB","startTime":303.12,"endTime":306.163,"body":"more and more, which is just"},{"speaker":"NICK ZERBIB","startTime":306.163,"endTime":308.58,"body":"an incredible thing that's"},{"speaker":"NICK ZERBIB","startTime":306.163,"endTime":308.58,"body":"been happening over the last 10"},{"speaker":"NICK ZERBIB","startTime":308.58,"endTime":309.418,"body":"years."},{"speaker":"REED HOLZWORTH","startTime":309.418,"endTime":311.71,"body":"It's interesting"},{"speaker":"REED HOLZWORTH","startTime":309.418,"endTime":311.71,"body":"you bring up Zenefits."},{"speaker":"REED HOLZWORTH","startTime":311.71,"endTime":315.22,"body":"Man, that was such a wild"},{"speaker":"REED HOLZWORTH","startTime":311.71,"endTime":315.22,"body":"ride during that time."},{"speaker":"REED HOLZWORTH","startTime":315.22,"endTime":319.15,"body":"Holy moly, I mean, they"},{"speaker":"REED HOLZWORTH","startTime":315.22,"endTime":319.15,"body":"really revolutionized things"},{"speaker":"REED HOLZWORTH","startTime":319.15,"endTime":320.26,"body":"in their own way."},{"speaker":"REED HOLZWORTH","startTime":320.26,"endTime":322.065,"body":"They were a customer"},{"speaker":"REED HOLZWORTH","startTime":320.26,"endTime":322.065,"body":"of ours back when."},{"speaker":"REED HOLZWORTH","startTime":322.065,"endTime":323.44,"body":"And I was there"},{"speaker":"REED HOLZWORTH","startTime":322.065,"endTime":323.44,"body":"during the heyday"},{"speaker":"REED HOLZWORTH","startTime":323.44,"endTime":324.88,"body":"because they got"},{"speaker":"REED HOLZWORTH","startTime":323.44,"endTime":324.88,"body":"into the P\u0026C side."},{"speaker":"REED HOLZWORTH","startTime":324.88,"endTime":326.3,"body":"And they were big"},{"speaker":"REED HOLZWORTH","startTime":324.88,"endTime":326.3,"body":"Salesforce shop."},{"speaker":"REED HOLZWORTH","startTime":326.3,"endTime":328.15,"body":"And so I was there."},{"speaker":"REED HOLZWORTH","startTime":328.15,"endTime":330.46,"body":"I was on Market Street"},{"speaker":"REED HOLZWORTH","startTime":328.15,"endTime":330.46,"body":"with those dudes."},{"speaker":"REED HOLZWORTH","startTime":330.46,"endTime":333.64,"body":"During that heyday,"},{"speaker":"REED HOLZWORTH","startTime":330.46,"endTime":333.64,"body":"it was insane."},{"speaker":"REED HOLZWORTH","startTime":333.64,"endTime":335.84,"body":"Like I remember being"},{"speaker":"REED HOLZWORTH","startTime":333.64,"endTime":335.84,"body":"in their office."},{"speaker":"REED HOLZWORTH","startTime":335.84,"endTime":337.39,"body":"It was so packed"},{"speaker":"REED HOLZWORTH","startTime":335.84,"endTime":337.39,"body":"with so many people"},{"speaker":"REED HOLZWORTH","startTime":337.39,"endTime":341.86,"body":"because they were hiring so"},{"speaker":"REED HOLZWORTH","startTime":337.39,"endTime":341.86,"body":"much that it was stacked full"},{"speaker":"REED HOLZWORTH","startTime":341.86,"endTime":344.62,"body":"of people, like computer"},{"speaker":"REED HOLZWORTH","startTime":341.86,"endTime":344.62,"body":"screen to computer screen,"},{"speaker":"REED HOLZWORTH","startTime":344.62,"endTime":346.69,"body":"single screens, it was insane."},{"speaker":"REED HOLZWORTH","startTime":346.69,"endTime":348.61,"body":"And there were so many"},{"speaker":"REED HOLZWORTH","startTime":346.69,"endTime":348.61,"body":"people in the building"},{"speaker":"REED HOLZWORTH","startTime":348.61,"endTime":353.17,"body":"that they brought in these"},{"speaker":"REED HOLZWORTH","startTime":348.61,"endTime":353.17,"body":"huge auxiliary air conditioning"},{"speaker":"REED HOLZWORTH","startTime":353.17,"endTime":357.325,"body":"units because it was so hot"},{"speaker":"REED HOLZWORTH","startTime":353.17,"endTime":357.325,"body":"because of all the people."},{"speaker":"NICK ZERBIB","startTime":357.325,"endTime":359.2,"body":"Was"},{"speaker":"NICK ZERBIB","startTime":357.325,"endTime":359.2,"body":"this in Arizona?"},{"speaker":"REED HOLZWORTH","startTime":359.2,"endTime":361.0,"body":"No, no, this"},{"speaker":"REED HOLZWORTH","startTime":359.2,"endTime":361.0,"body":"is the one in San Francisco."},{"speaker":"NICK ZERBIB","startTime":361.0,"endTime":361.667,"body":"OK."},{"speaker":"REED HOLZWORTH","startTime":361.667,"endTime":363.25,"body":"Yeah."},{"speaker":"REED HOLZWORTH","startTime":363.25,"endTime":364.18,"body":"It was crazy."},{"speaker":"REED HOLZWORTH","startTime":364.18,"endTime":367.36,"body":"So anyway, it's interesting"},{"speaker":"REED HOLZWORTH","startTime":364.18,"endTime":367.36,"body":"you bring that up."},{"speaker":"REED HOLZWORTH","startTime":367.36,"endTime":371.84,"body":"You forget what those guys"},{"speaker":"REED HOLZWORTH","startTime":367.36,"endTime":371.84,"body":"did during that period"},{"speaker":"REED HOLZWORTH","startTime":371.84,"endTime":377.96,"body":"and how that's changed benefits"},{"speaker":"REED HOLZWORTH","startTime":371.84,"endTime":377.96,"body":"brokers generally speaking."},{"speaker":"REED HOLZWORTH","startTime":377.96,"endTime":379.28,"body":"It's pretty cool."},{"speaker":"REED HOLZWORTH","startTime":379.28,"endTime":380.534,"body":"And that wasn't that long ago."},{"speaker":"NICK ZERBIB","startTime":380.534,"endTime":382.534,"body":"But it was"},{"speaker":"NICK ZERBIB","startTime":380.534,"endTime":382.534,"body":"a wake up call because--"},{"speaker":"REED HOLZWORTH","startTime":382.534,"endTime":383.409,"body":"Yeah."},{"speaker":"NICK ZERBIB","startTime":383.409,"endTime":384.98,"body":"--they"},{"speaker":"NICK ZERBIB","startTime":383.409,"endTime":384.98,"body":"were clearly--"},{"speaker":"NICK ZERBIB","startTime":384.98,"endTime":386.75,"body":"it was a little bit"},{"speaker":"NICK ZERBIB","startTime":384.98,"endTime":386.75,"body":"of a Trojan Horse."},{"speaker":"NICK ZERBIB","startTime":386.75,"endTime":389.57,"body":"The brokers finally"},{"speaker":"NICK ZERBIB","startTime":386.75,"endTime":389.57,"body":"figured out that they"},{"speaker":"NICK ZERBIB","startTime":389.57,"endTime":392.48,"body":"were getting the brokerage"},{"speaker":"NICK ZERBIB","startTime":389.57,"endTime":392.48,"body":"on the back end, which"},{"speaker":"NICK ZERBIB","startTime":392.48,"endTime":396.29,"body":"was in exchange for the free"},{"speaker":"NICK ZERBIB","startTime":392.48,"endTime":396.29,"body":"sort of slick technology."},{"speaker":"NICK ZERBIB","startTime":396.29,"endTime":397.82,"body":"And then the brokers"},{"speaker":"NICK ZERBIB","startTime":396.29,"endTime":397.82,"body":"said, whoa, we"},{"speaker":"NICK ZERBIB","startTime":397.82,"endTime":399.695,"body":"have to raise our-- the"},{"speaker":"NICK ZERBIB","startTime":397.82,"endTime":399.695,"body":"benefits broker said,"},{"speaker":"NICK ZERBIB","startTime":399.695,"endTime":402.41,"body":"we have to raise our game to"},{"speaker":"NICK ZERBIB","startTime":399.695,"endTime":402.41,"body":"be able to compete with that."},{"speaker":"NICK ZERBIB","startTime":402.41,"endTime":404.93,"body":"Now, their model"},{"speaker":"NICK ZERBIB","startTime":402.41,"endTime":404.93,"body":"ultimately didn't"},{"speaker":"NICK ZERBIB","startTime":404.93,"endTime":410.33,"body":"work because the cost of"},{"speaker":"NICK ZERBIB","startTime":404.93,"endTime":410.33,"body":"acquiring a 20-person employer,"},{"speaker":"NICK ZERBIB","startTime":410.33,"endTime":413.78,"body":"a 20-employee employer"},{"speaker":"NICK ZERBIB","startTime":410.33,"endTime":413.78,"body":"was just prohibitive."},{"speaker":"NICK ZERBIB","startTime":413.78,"endTime":417.5,"body":"So it became problematic."},{"speaker":"NICK ZERBIB","startTime":417.5,"endTime":420.95,"body":"But the concept of"},{"speaker":"NICK ZERBIB","startTime":417.5,"endTime":420.95,"body":"providing more tools"},{"speaker":"NICK ZERBIB","startTime":420.95,"endTime":424.01,"body":"to those mid-sized"},{"speaker":"NICK ZERBIB","startTime":420.95,"endTime":424.01,"body":"and smaller employers"},{"speaker":"NICK ZERBIB","startTime":424.01,"endTime":427.67,"body":"in order to be able to"},{"speaker":"NICK ZERBIB","startTime":424.01,"endTime":427.67,"body":"provide the employee"},{"speaker":"NICK ZERBIB","startTime":427.67,"endTime":429.74,"body":"benefits, consulting,"},{"speaker":"NICK ZERBIB","startTime":427.67,"endTime":429.74,"body":"and placement"},{"speaker":"NICK ZERBIB","startTime":429.74,"endTime":432.57,"body":"was something that"},{"speaker":"NICK ZERBIB","startTime":429.74,"endTime":432.57,"body":"resonated with the industry."},{"speaker":"NICK ZERBIB","startTime":432.57,"endTime":436.07,"body":"So the industry started"},{"speaker":"NICK ZERBIB","startTime":432.57,"endTime":436.07,"body":"to embrace more technology"},{"speaker":"NICK ZERBIB","startTime":436.07,"endTime":437.63,"body":"solutions."},{"speaker":"NICK ZERBIB","startTime":437.63,"endTime":439.37,"body":"And now employee"},{"speaker":"NICK ZERBIB","startTime":437.63,"endTime":439.37,"body":"benefits brokers"},{"speaker":"NICK ZERBIB","startTime":439.37,"endTime":441.47,"body":"run RFPs on behalf"},{"speaker":"NICK ZERBIB","startTime":439.37,"endTime":441.47,"body":"of their clients"},{"speaker":"NICK ZERBIB","startTime":441.47,"endTime":444.95,"body":"for different technology"},{"speaker":"NICK ZERBIB","startTime":441.47,"endTime":444.95,"body":"solutions, which is smart."},{"speaker":"REED HOLZWORTH","startTime":444.95,"endTime":446.93,"body":"Totally."},{"speaker":"REED HOLZWORTH","startTime":446.93,"endTime":455.51,"body":"Were they the first to give away"},{"speaker":"REED HOLZWORTH","startTime":446.93,"endTime":455.51,"body":"technology in return for a BOR?"},{"speaker":"REED HOLZWORTH","startTime":455.51,"endTime":456.53,"body":"Were they the first?"},{"speaker":"REED HOLZWORTH","startTime":456.53,"endTime":459.44,"body":"Because that was just insane."},{"speaker":"REED HOLZWORTH","startTime":459.44,"endTime":460.94,"body":"Like hey, we'll"},{"speaker":"REED HOLZWORTH","startTime":459.44,"endTime":460.94,"body":"give you this thing."},{"speaker":"REED HOLZWORTH","startTime":460.94,"endTime":463.1,"body":"All you got to do is just"},{"speaker":"REED HOLZWORTH","startTime":460.94,"endTime":463.1,"body":"sign over your insurance"},{"speaker":"REED HOLZWORTH","startTime":463.1,"endTime":464.09,"body":"to me as your broker."},{"speaker":"NICK ZERBIB","startTime":464.09,"endTime":465.05,"body":"Right."},{"speaker":"REED HOLZWORTH","startTime":465.05,"endTime":466.82,"body":"And I"},{"speaker":"REED HOLZWORTH","startTime":465.05,"endTime":466.82,"body":"would listen to these guys"},{"speaker":"REED HOLZWORTH","startTime":466.82,"endTime":467.66,"body":"because I was there."},{"speaker":"REED HOLZWORTH","startTime":467.66,"endTime":471.71,"body":"It was so smart."},{"speaker":"REED HOLZWORTH","startTime":471.71,"endTime":473.778,"body":"And I don't know."},{"speaker":"REED HOLZWORTH","startTime":473.778,"endTime":475.07,"body":"I don't know if people do that."},{"speaker":"REED HOLZWORTH","startTime":475.07,"endTime":476.54,"body":"I think they got away from that."},{"speaker":"REED HOLZWORTH","startTime":476.54,"endTime":479.39,"body":"But it was so smart."},{"speaker":"REED HOLZWORTH","startTime":479.39,"endTime":483.29,"body":"But they were a technology"},{"speaker":"REED HOLZWORTH","startTime":479.39,"endTime":483.29,"body":"company technically."},{"speaker":"REED HOLZWORTH","startTime":483.29,"endTime":485.233,"body":"But really they were"},{"speaker":"REED HOLZWORTH","startTime":483.29,"endTime":485.233,"body":"an insurance agency."},{"speaker":"NICK ZERBIB","startTime":485.233,"endTime":486.65,"body":"That's"},{"speaker":"NICK ZERBIB","startTime":485.233,"endTime":486.65,"body":"exactly right."},{"speaker":"NICK ZERBIB","startTime":486.65,"endTime":488.39,"body":"That's exactly right."},{"speaker":"NICK ZERBIB","startTime":488.39,"endTime":491.6,"body":"By the way, exactly, they"},{"speaker":"NICK ZERBIB","startTime":488.39,"endTime":491.6,"body":"generate all their revenue"},{"speaker":"NICK ZERBIB","startTime":491.6,"endTime":496.52,"body":"from the good old, traditional"},{"speaker":"NICK ZERBIB","startTime":491.6,"endTime":496.52,"body":"insurance commission."},{"speaker":"NICK ZERBIB","startTime":496.52,"endTime":501.68,"body":"But their way into the"},{"speaker":"NICK ZERBIB","startTime":496.52,"endTime":501.68,"body":"door, their toehold,"},{"speaker":"NICK ZERBIB","startTime":501.68,"endTime":507.92,"body":"was effectively a pretty"},{"speaker":"NICK ZERBIB","startTime":501.68,"endTime":507.92,"body":"slick HR technology solution."},{"speaker":"NICK ZERBIB","startTime":507.92,"endTime":509.99,"body":"But obviously, it broke down."},{"speaker":"NICK ZERBIB","startTime":509.99,"endTime":513.86,"body":"And the business got"},{"speaker":"NICK ZERBIB","startTime":509.99,"endTime":513.86,"body":"sold in different pieces."},{"speaker":"NICK ZERBIB","startTime":513.86,"endTime":516.95,"body":"So at the end of the"},{"speaker":"NICK ZERBIB","startTime":513.86,"endTime":516.95,"body":"day, it didn't work out"},{"speaker":"NICK ZERBIB","startTime":516.95,"endTime":518.39,"body":"as people had hoped."},{"speaker":"NICK ZERBIB","startTime":518.39,"endTime":523.25,"body":"But it was an example"},{"speaker":"NICK ZERBIB","startTime":518.39,"endTime":523.25,"body":"of perhaps something"},{"speaker":"NICK ZERBIB","startTime":523.25,"endTime":529.37,"body":"that made sense that caused"},{"speaker":"NICK ZERBIB","startTime":523.25,"endTime":529.37,"body":"the industry to raise its game."},{"speaker":"NICK ZERBIB","startTime":529.37,"endTime":532.61,"body":"And by the industry I"},{"speaker":"NICK ZERBIB","startTime":529.37,"endTime":532.61,"body":"mean the insurance agents,"},{"speaker":"NICK ZERBIB","startTime":532.61,"endTime":534.8,"body":"the independent agents"},{"speaker":"NICK ZERBIB","startTime":532.61,"endTime":534.8,"body":"who need to continue"},{"speaker":"NICK ZERBIB","startTime":534.8,"endTime":536.99,"body":"to be able to"},{"speaker":"NICK ZERBIB","startTime":534.8,"endTime":536.99,"body":"compete effectively"},{"speaker":"NICK ZERBIB","startTime":536.99,"endTime":540.92,"body":"with people who are"},{"speaker":"NICK ZERBIB","startTime":536.99,"endTime":540.92,"body":"trying to provide better"},{"speaker":"NICK ZERBIB","startTime":540.92,"endTime":543.98,"body":"solutions to the end market."},{"speaker":"NICK ZERBIB","startTime":546.62,"endTime":548.42,"body":"I thought it was a"},{"speaker":"NICK ZERBIB","startTime":546.62,"endTime":548.42,"body":"great wake-up call."},{"speaker":"NICK ZERBIB","startTime":548.42,"endTime":551.42,"body":"And not dissimilar to what's"},{"speaker":"NICK ZERBIB","startTime":548.42,"endTime":551.42,"body":"happened on the PNC side,"},{"speaker":"NICK ZERBIB","startTime":551.42,"endTime":554.67,"body":"but this was sort of an"},{"speaker":"NICK ZERBIB","startTime":551.42,"endTime":554.67,"body":"example that came to mind."},{"speaker":"REED HOLZWORTH","startTime":554.67,"endTime":557.4,"body":"Yeah,"},{"speaker":"REED HOLZWORTH","startTime":554.67,"endTime":557.4,"body":"no, that's really good."},{"speaker":"REED HOLZWORTH","startTime":557.4,"endTime":561.15,"body":"So here's a question for you."},{"speaker":"REED HOLZWORTH","startTime":561.15,"endTime":564.9,"body":"How does your role impact"},{"speaker":"REED HOLZWORTH","startTime":561.15,"endTime":564.9,"body":"insurance technology?"},{"speaker":"REED HOLZWORTH","startTime":564.9,"endTime":566.67,"body":"How do you impact"},{"speaker":"REED HOLZWORTH","startTime":564.9,"endTime":566.67,"body":"insurance technology"},{"speaker":"REED HOLZWORTH","startTime":566.67,"endTime":568.358,"body":"in what you're"},{"speaker":"REED HOLZWORTH","startTime":566.67,"endTime":568.358,"body":"doing today, Nick?"},{"speaker":"NICK ZERBIB","startTime":568.358,"endTime":570.15,"body":"That's a"},{"speaker":"NICK ZERBIB","startTime":568.358,"endTime":570.15,"body":"great question, Reed."},{"speaker":"NICK ZERBIB","startTime":570.15,"endTime":575.91,"body":"I'm not sure-- so the way"},{"speaker":"NICK ZERBIB","startTime":570.15,"endTime":575.91,"body":"we think about our role"},{"speaker":"NICK ZERBIB","startTime":575.91,"endTime":583.08,"body":"is we invest in durable, really"},{"speaker":"NICK ZERBIB","startTime":575.91,"endTime":583.08,"body":"strong, established businesses."},{"speaker":"NICK ZERBIB","startTime":583.08,"endTime":586.29,"body":"Insurance technology,"},{"speaker":"NICK ZERBIB","startTime":583.08,"endTime":586.29,"body":"where we invest"},{"speaker":"NICK ZERBIB","startTime":586.29,"endTime":590.16,"body":"in it either through our"},{"speaker":"NICK ZERBIB","startTime":586.29,"endTime":590.16,"body":"existing portfolio companies"},{"speaker":"NICK ZERBIB","startTime":590.16,"endTime":594.03,"body":"or perhaps with partners'"},{"speaker":"NICK ZERBIB","startTime":590.16,"endTime":594.03,"body":"capital from time to time,"},{"speaker":"NICK ZERBIB","startTime":594.03,"endTime":598.23,"body":"we do that in the hope that"},{"speaker":"NICK ZERBIB","startTime":594.03,"endTime":598.23,"body":"it's enabling technology."},{"speaker":"NICK ZERBIB","startTime":598.23,"endTime":601.83,"body":"So it's to make existing"},{"speaker":"NICK ZERBIB","startTime":598.23,"endTime":601.83,"body":"processes better,"},{"speaker":"NICK ZERBIB","startTime":601.83,"endTime":605.85,"body":"as opposed to trying to create"},{"speaker":"NICK ZERBIB","startTime":601.83,"endTime":605.85,"body":"a new brand, which only Google"},{"speaker":"NICK ZERBIB","startTime":605.85,"endTime":609.99,"body":"benefits from that, or creating"},{"speaker":"NICK ZERBIB","startTime":605.85,"endTime":609.99,"body":"a full stack carrier, which"},{"speaker":"NICK ZERBIB","startTime":609.99,"endTime":612.63,"body":"there's no competitive advantage"},{"speaker":"NICK ZERBIB","startTime":609.99,"endTime":612.63,"body":"to having a balance sheet"},{"speaker":"NICK ZERBIB","startTime":612.63,"endTime":614.16,"body":"if you're an"},{"speaker":"NICK ZERBIB","startTime":612.63,"endTime":614.16,"body":"InsurTech in my mind,"},{"speaker":"NICK ZERBIB","startTime":614.16,"endTime":616.517,"body":"unless your cost of"},{"speaker":"NICK ZERBIB","startTime":614.16,"endTime":616.517,"body":"capital is super low, which"},{"speaker":"NICK ZERBIB","startTime":616.517,"endTime":618.85,"body":"was the case 10 years ago"},{"speaker":"NICK ZERBIB","startTime":616.517,"endTime":618.85,"body":"when they all went full stack."},{"speaker":"NICK ZERBIB","startTime":618.85,"endTime":620.39,"body":"But today, it's super high."},{"speaker":"NICK ZERBIB","startTime":620.39,"endTime":625.57,"body":"So for us it's, how do we"},{"speaker":"NICK ZERBIB","startTime":620.39,"endTime":625.57,"body":"make our existing portfolio"},{"speaker":"NICK ZERBIB","startTime":625.57,"endTime":629.27,"body":"companies and businesses"},{"speaker":"NICK ZERBIB","startTime":625.57,"endTime":629.27,"body":"that we invest in better,"},{"speaker":"NICK ZERBIB","startTime":629.27,"endTime":633.97,"body":"more efficient by"},{"speaker":"NICK ZERBIB","startTime":629.27,"endTime":633.97,"body":"hopefully either embracing"},{"speaker":"NICK ZERBIB","startTime":633.97,"endTime":638.2,"body":"or acquiring really smart,"},{"speaker":"NICK ZERBIB","startTime":633.97,"endTime":638.2,"body":"innovative technology?"},{"speaker":"NICK ZERBIB","startTime":638.2,"endTime":643.66,"body":"And that perspective"},{"speaker":"NICK ZERBIB","startTime":638.2,"endTime":643.66,"body":"we gain by getting"},{"speaker":"NICK ZERBIB","startTime":643.66,"endTime":645.7,"body":"to know individuals like you."},{"speaker":"NICK ZERBIB","startTime":645.7,"endTime":646.73,"body":"And shame on us."},{"speaker":"NICK ZERBIB","startTime":646.73,"endTime":649.18,"body":"We were not early"},{"speaker":"NICK ZERBIB","startTime":646.73,"endTime":649.18,"body":"investors in your business."},{"speaker":"NICK ZERBIB","startTime":649.18,"endTime":651.58,"body":"But certainly, we"},{"speaker":"NICK ZERBIB","startTime":649.18,"endTime":651.58,"body":"were in a Bold Penguin"},{"speaker":"NICK ZERBIB","startTime":651.58,"endTime":654.86,"body":"or in a poly, which"},{"speaker":"NICK ZERBIB","startTime":651.58,"endTime":654.86,"body":"is dealer policy,"},{"speaker":"NICK ZERBIB","startTime":654.86,"endTime":658.27,"body":"and other businesses"},{"speaker":"NICK ZERBIB","startTime":654.86,"endTime":658.27,"body":"that are trying"},{"speaker":"NICK ZERBIB","startTime":658.27,"endTime":663.05,"body":"to make the process"},{"speaker":"NICK ZERBIB","startTime":658.27,"endTime":663.05,"body":"better, more efficient."},{"speaker":"REED HOLZWORTH","startTime":663.05,"endTime":664.31,"body":"Yeah."},{"speaker":"REED HOLZWORTH","startTime":664.31,"endTime":666.44,"body":"Yeah, it's interesting."},{"speaker":"REED HOLZWORTH","startTime":666.44,"endTime":671.267,"body":"I think you got to give"},{"speaker":"REED HOLZWORTH","startTime":666.44,"endTime":671.267,"body":"yourself some credit, Nick."},{"speaker":"REED HOLZWORTH","startTime":671.267,"endTime":672.35,"body":"You've sat on some boards."},{"speaker":"REED HOLZWORTH","startTime":672.35,"endTime":674.69,"body":"You've been involved in a"},{"speaker":"REED HOLZWORTH","startTime":672.35,"endTime":674.69,"body":"lot of companies out there."},{"speaker":"REED HOLZWORTH","startTime":674.69,"endTime":676.58,"body":"There's others that"},{"speaker":"REED HOLZWORTH","startTime":674.69,"endTime":676.58,"body":"you didn't list."},{"speaker":"REED HOLZWORTH","startTime":676.58,"endTime":680.24,"body":"And your knowledge and your"},{"speaker":"REED HOLZWORTH","startTime":676.58,"endTime":680.24,"body":"wisdom of this industry"},{"speaker":"REED HOLZWORTH","startTime":680.24,"endTime":685.79,"body":"and how you're kind of helping"},{"speaker":"REED HOLZWORTH","startTime":680.24,"endTime":685.79,"body":"these businesses mold and shape"},{"speaker":"REED HOLZWORTH","startTime":685.79,"endTime":688.67,"body":"them, you're giving"},{"speaker":"REED HOLZWORTH","startTime":685.79,"endTime":688.67,"body":"them guidance"},{"speaker":"REED HOLZWORTH","startTime":688.67,"endTime":692.09,"body":"in forwarding the"},{"speaker":"REED HOLZWORTH","startTime":688.67,"endTime":692.09,"body":"industry overall."},{"speaker":"REED HOLZWORTH","startTime":692.09,"endTime":695.24,"body":"I think you help the industry"},{"speaker":"REED HOLZWORTH","startTime":692.09,"endTime":695.24,"body":"just by doing what you do."},{"speaker":"REED HOLZWORTH","startTime":695.24,"endTime":699.313,"body":"And I mean, you're a guy--"},{"speaker":"REED HOLZWORTH","startTime":699.313,"endTime":700.73,"body":"you're a busy guy,"},{"speaker":"REED HOLZWORTH","startTime":699.313,"endTime":700.73,"body":"like all of us."},{"speaker":"REED HOLZWORTH","startTime":700.73,"endTime":703.82,"body":"But you'll take anybody's"},{"speaker":"REED HOLZWORTH","startTime":700.73,"endTime":703.82,"body":"call and spend the time."},{"speaker":"NICK ZERBIB","startTime":703.82,"endTime":706.01,"body":"Listen, it's amazing"},{"speaker":"NICK ZERBIB","startTime":706.01,"endTime":710.78,"body":"when you have the"},{"speaker":"NICK ZERBIB","startTime":706.01,"endTime":710.78,"body":"combination of people"},{"speaker":"NICK ZERBIB","startTime":710.78,"endTime":714.38,"body":"who have seen some of the"},{"speaker":"NICK ZERBIB","startTime":710.78,"endTime":714.38,"body":"shortcomings of the industry,"},{"speaker":"NICK ZERBIB","startTime":714.38,"endTime":716.42,"body":"but at the same time"},{"speaker":"NICK ZERBIB","startTime":714.38,"endTime":716.42,"body":"understand the value"},{"speaker":"NICK ZERBIB","startTime":716.42,"endTime":719.51,"body":"proposition of providing"},{"speaker":"NICK ZERBIB","startTime":716.42,"endTime":719.51,"body":"solutions to customers,"},{"speaker":"NICK ZERBIB","startTime":719.51,"endTime":723.93,"body":"to insureds, and then come up"},{"speaker":"NICK ZERBIB","startTime":719.51,"endTime":723.93,"body":"with really innovative ways"},{"speaker":"NICK ZERBIB","startTime":723.93,"endTime":728.13,"body":"of addressing that, whether"},{"speaker":"NICK ZERBIB","startTime":723.93,"endTime":728.13,"body":"it's a Kabir [Syed], or an Ilea,"},{"speaker":"NICK ZERBIB","startTime":728.13,"endTime":730.71,"body":"or you with everything"},{"speaker":"NICK ZERBIB","startTime":728.13,"endTime":730.71,"body":"you've done,"},{"speaker":"NICK ZERBIB","startTime":730.71,"endTime":736.11,"body":"or on an admin side with"},{"speaker":"NICK ZERBIB","startTime":730.71,"endTime":736.11,"body":"the folks at Holmes Murphy"},{"speaker":"NICK ZERBIB","startTime":736.11,"endTime":738.33,"body":"was Businessolver."},{"speaker":"NICK ZERBIB","startTime":738.33,"endTime":743.19,"body":"It's fascinating because"},{"speaker":"NICK ZERBIB","startTime":738.33,"endTime":743.19,"body":"some of those businesses"},{"speaker":"NICK ZERBIB","startTime":743.19,"endTime":746.97,"body":"are now part of bigger,"},{"speaker":"NICK ZERBIB","startTime":743.19,"endTime":746.97,"body":"more established businesses."},{"speaker":"NICK ZERBIB","startTime":746.97,"endTime":750.27,"body":"But some of those are going"},{"speaker":"NICK ZERBIB","startTime":746.97,"endTime":750.27,"body":"to be in their own right"},{"speaker":"NICK ZERBIB","startTime":750.27,"endTime":752.85,"body":"very, very successful"},{"speaker":"NICK ZERBIB","startTime":750.27,"endTime":752.85,"body":"businesses for the long term."},{"speaker":"NICK ZERBIB","startTime":752.85,"endTime":755.04,"body":"And they all"},{"speaker":"NICK ZERBIB","startTime":752.85,"endTime":755.04,"body":"germinated from people"},{"speaker":"NICK ZERBIB","startTime":755.04,"endTime":757.02,"body":"trying to figure out"},{"speaker":"NICK ZERBIB","startTime":755.04,"endTime":757.02,"body":"how to make things"},{"speaker":"NICK ZERBIB","startTime":757.02,"endTime":760.14,"body":"a little bit better because"},{"speaker":"NICK ZERBIB","startTime":757.02,"endTime":760.14,"body":"they sat in the agent's seat."},{"speaker":"NICK ZERBIB","startTime":760.14,"endTime":761.58,"body":"And that's super powerful."},{"speaker":"NICK ZERBIB","startTime":761.58,"endTime":765.75,"body":"And so hopefully, there will be"},{"speaker":"NICK ZERBIB","startTime":761.58,"endTime":765.75,"body":"more new blood that comes in,"},{"speaker":"NICK ZERBIB","startTime":765.75,"endTime":769.02,"body":"particularly as the agency--"},{"speaker":"NICK ZERBIB","startTime":769.02,"endTime":770.22,"body":"I'm not using BMS--"},{"speaker":"NICK ZERBIB","startTime":770.22,"endTime":773.52,"body":"as the agency management"},{"speaker":"NICK ZERBIB","startTime":770.22,"endTime":773.52,"body":"software providers"},{"speaker":"NICK ZERBIB","startTime":773.52,"endTime":775.23,"body":"become more open architecture."},{"speaker":"NICK ZERBIB","startTime":775.23,"endTime":781.903,"body":"And the industry needs to"},{"speaker":"NICK ZERBIB","startTime":775.23,"endTime":781.903,"body":"embrace more cooperation, which"},{"speaker":"NICK ZERBIB","startTime":781.903,"endTime":783.57,"body":"I think is one of the"},{"speaker":"NICK ZERBIB","startTime":781.903,"endTime":783.57,"body":"themes that you've"},{"speaker":"NICK ZERBIB","startTime":783.57,"endTime":785.82,"body":"hit throughout your podcast."},{"speaker":"NICK ZERBIB","startTime":785.82,"endTime":787.69,"body":"That's super, super important."},{"speaker":"NICK ZERBIB","startTime":787.69,"endTime":790.02,"body":"That's important"},{"speaker":"NICK ZERBIB","startTime":787.69,"endTime":790.02,"body":"because the carriers"},{"speaker":"NICK ZERBIB","startTime":790.02,"endTime":792.72,"body":"need to realize that"},{"speaker":"NICK ZERBIB","startTime":790.02,"endTime":792.72,"body":"if the agents are not"},{"speaker":"NICK ZERBIB","startTime":792.72,"endTime":797.7,"body":"successful and are not"},{"speaker":"NICK ZERBIB","startTime":792.72,"endTime":797.7,"body":"able to continue to evolve,"},{"speaker":"NICK ZERBIB","startTime":797.7,"endTime":801.67,"body":"that is their most important"},{"speaker":"NICK ZERBIB","startTime":797.7,"endTime":801.67,"body":"channel of distribution."},{"speaker":"NICK ZERBIB","startTime":801.67,"endTime":806.16,"body":"So making the pipes more"},{"speaker":"NICK ZERBIB","startTime":801.67,"endTime":806.16,"body":"efficient for the agents"},{"speaker":"NICK ZERBIB","startTime":806.16,"endTime":809.2,"body":"is critical long term,"},{"speaker":"NICK ZERBIB","startTime":806.16,"endTime":809.2,"body":"which is, I think,"},{"speaker":"NICK ZERBIB","startTime":809.2,"endTime":811.26,"body":"really important to"},{"speaker":"NICK ZERBIB","startTime":809.2,"endTime":811.26,"body":"everything that you and I"},{"speaker":"NICK ZERBIB","startTime":811.26,"endTime":812.94,"body":"talk about whenever"},{"speaker":"NICK ZERBIB","startTime":811.26,"endTime":812.94,"body":"we talk about some"},{"speaker":"NICK ZERBIB","startTime":812.94,"endTime":814.74,"body":"of the industry's problems."},{"speaker":"REED HOLZWORTH","startTime":814.74,"endTime":815.88,"body":"100%."},{"speaker":"REED HOLZWORTH","startTime":815.88,"endTime":818.37,"body":"So if you could fix one"},{"speaker":"REED HOLZWORTH","startTime":815.88,"endTime":818.37,"body":"problem in the industry,"},{"speaker":"REED HOLZWORTH","startTime":818.37,"endTime":819.18,"body":"would that be it?"},{"speaker":"REED HOLZWORTH","startTime":819.18,"endTime":821.48,"body":"What would you fix if you"},{"speaker":"REED HOLZWORTH","startTime":819.18,"endTime":821.48,"body":"could fix one problem?"},{"speaker":"NICK ZERBIB","startTime":821.48,"endTime":823.89,"body":"Look, I think"},{"speaker":"NICK ZERBIB","startTime":821.48,"endTime":823.89,"body":"one of the really interesting"},{"speaker":"NICK ZERBIB","startTime":823.89,"endTime":825.515,"body":"areas-- we talked"},{"speaker":"NICK ZERBIB","startTime":823.89,"endTime":825.515,"body":"about it a little bit"},{"speaker":"NICK ZERBIB","startTime":825.515,"endTime":827.19,"body":"in the context of"},{"speaker":"NICK ZERBIB","startTime":825.515,"endTime":827.19,"body":"some of the things"},{"speaker":"NICK ZERBIB","startTime":827.19,"endTime":829.53,"body":"that Vertafore was thinking"},{"speaker":"NICK ZERBIB","startTime":827.19,"endTime":829.53,"body":"about 25 years ago--"},{"speaker":"NICK ZERBIB","startTime":829.53,"endTime":834.9,"body":"is there is massive growth"},{"speaker":"NICK ZERBIB","startTime":829.53,"endTime":834.9,"body":"today in a very challenging rate"},{"speaker":"NICK ZERBIB","startTime":834.9,"endTime":838.65,"body":"environment around excess and"},{"speaker":"NICK ZERBIB","startTime":834.9,"endTime":838.65,"body":"surplus lines, so nonadmitted."},{"speaker":"NICK ZERBIB","startTime":838.65,"endTime":843.21,"body":"And nonadmitted is"},{"speaker":"NICK ZERBIB","startTime":838.65,"endTime":843.21,"body":"still very paper-based."},{"speaker":"NICK ZERBIB","startTime":843.21,"endTime":845.61,"body":"And so one of the"},{"speaker":"NICK ZERBIB","startTime":843.21,"endTime":845.61,"body":"areas that could be"},{"speaker":"NICK ZERBIB","startTime":845.61,"endTime":847.11,"body":"really interesting over time--"},{"speaker":"NICK ZERBIB","startTime":847.11,"endTime":849.36,"body":"and it's an area that I"},{"speaker":"NICK ZERBIB","startTime":847.11,"endTime":849.36,"body":"think Bold Penguin had tried"},{"speaker":"NICK ZERBIB","startTime":849.36,"endTime":852.3,"body":"to go after, but obviously was"},{"speaker":"NICK ZERBIB","startTime":849.36,"endTime":852.3,"body":"focused more on the admitted"},{"speaker":"NICK ZERBIB","startTime":852.3,"endTime":861.027,"body":"market-- is how do you marry"},{"speaker":"NICK ZERBIB","startTime":852.3,"endTime":861.027,"body":"small commercial nonadmitted?"},{"speaker":"NICK ZERBIB","startTime":861.027,"endTime":863.61,"body":"Is there a way to make that part"},{"speaker":"NICK ZERBIB","startTime":861.027,"endTime":863.61,"body":"of the market more efficient?"},{"speaker":"NICK ZERBIB","startTime":863.61,"endTime":865.59,"body":"And that would create some"},{"speaker":"NICK ZERBIB","startTime":863.61,"endTime":865.59,"body":"expansion opportunities"},{"speaker":"NICK ZERBIB","startTime":865.59,"endTime":867.632,"body":"for the independent agents"},{"speaker":"NICK ZERBIB","startTime":865.59,"endTime":867.632,"body":"because today it's not"},{"speaker":"NICK ZERBIB","startTime":867.632,"endTime":869.25,"body":"efficient for them to do it."},{"speaker":"NICK ZERBIB","startTime":869.25,"endTime":871.65,"body":"Or they do it"},{"speaker":"NICK ZERBIB","startTime":869.25,"endTime":871.65,"body":"through wholesalers."},{"speaker":"NICK ZERBIB","startTime":871.65,"endTime":879.51,"body":"So to me, ENS, small commercial,"},{"speaker":"NICK ZERBIB","startTime":871.65,"endTime":879.51,"body":"technology, those three words"},{"speaker":"NICK ZERBIB","startTime":879.51,"endTime":882.72,"body":"have not coalesced yet."},{"speaker":"REED HOLZWORTH","startTime":882.72,"endTime":884.64,"body":"It's funny, the ENS"},{"speaker":"REED HOLZWORTH","startTime":884.64,"endTime":887.79,"body":"and all of that nonadmitted"},{"speaker":"REED HOLZWORTH","startTime":884.64,"endTime":887.79,"body":"stuff, that's hot, man."},{"speaker":"REED HOLZWORTH","startTime":887.79,"endTime":890.94,"body":"It's hot like I"},{"speaker":"REED HOLZWORTH","startTime":887.79,"endTime":890.94,"body":"hear a lot of that."},{"speaker":"REED HOLZWORTH","startTime":890.94,"endTime":892.65,"body":"There's a lot of"},{"speaker":"REED HOLZWORTH","startTime":890.94,"endTime":892.65,"body":"people right now"},{"speaker":"REED HOLZWORTH","startTime":892.65,"endTime":896.25,"body":"that are getting"},{"speaker":"REED HOLZWORTH","startTime":892.65,"endTime":896.25,"body":"in the weeds on it."},{"speaker":"REED HOLZWORTH","startTime":896.25,"endTime":898.29,"body":"I don't solutions,"},{"speaker":"REED HOLZWORTH","startTime":896.25,"endTime":898.29,"body":"and companies,"},{"speaker":"REED HOLZWORTH","startTime":898.29,"endTime":900.07,"body":"and startups in that space."},{"speaker":"REED HOLZWORTH","startTime":900.07,"endTime":903.69,"body":"But I've heard a lot of"},{"speaker":"REED HOLZWORTH","startTime":900.07,"endTime":903.69,"body":"people, like yourself,"},{"speaker":"REED HOLZWORTH","startTime":903.69,"endTime":904.878,"body":"talking about that."},{"speaker":"REED HOLZWORTH","startTime":904.878,"endTime":905.67,"body":"They're digging in."},{"speaker":"REED HOLZWORTH","startTime":905.67,"endTime":906.37,"body":"And that's big."},{"speaker":"REED HOLZWORTH","startTime":906.37,"endTime":906.87,"body":"I forget."},{"speaker":"REED HOLZWORTH","startTime":906.87,"endTime":909.037,"body":"Somebody telling me not so"},{"speaker":"REED HOLZWORTH","startTime":906.87,"endTime":909.037,"body":"long ago the growth of it"},{"speaker":"REED HOLZWORTH","startTime":909.037,"endTime":910.14,"body":"is just insane."},{"speaker":"REED HOLZWORTH","startTime":910.14,"endTime":914.17,"body":"It's like exploding right"},{"speaker":"REED HOLZWORTH","startTime":910.14,"endTime":914.17,"body":"now for a number of reasons."},{"speaker":"REED HOLZWORTH","startTime":914.17,"endTime":917.42,"body":"And so there's definitely"},{"speaker":"REED HOLZWORTH","startTime":914.17,"endTime":917.42,"body":"some gold in those hills."},{"speaker":"NICK ZERBIB","startTime":917.42,"endTime":918.42,"body":"Yeah, yeah."},{"speaker":"REED HOLZWORTH","startTime":918.42,"endTime":919.09,"body":"For sure."},{"speaker":"NICK ZERBIB","startTime":919.09,"endTime":921.09,"body":"I mean, the"},{"speaker":"NICK ZERBIB","startTime":919.09,"endTime":921.09,"body":"large end of the market"},{"speaker":"NICK ZERBIB","startTime":921.09,"endTime":923.76,"body":"is still transacted in"},{"speaker":"NICK ZERBIB","startTime":921.09,"endTime":923.76,"body":"the traditional way."},{"speaker":"NICK ZERBIB","startTime":923.76,"endTime":927.69,"body":"But it's really, could you"},{"speaker":"NICK ZERBIB","startTime":923.76,"endTime":927.69,"body":"expand the market opportunity"},{"speaker":"NICK ZERBIB","startTime":927.69,"endTime":932.64,"body":"for the core audience that"},{"speaker":"NICK ZERBIB","startTime":927.69,"endTime":932.64,"body":"is really important to us"},{"speaker":"NICK ZERBIB","startTime":932.64,"endTime":936.21,"body":"from an independent"},{"speaker":"NICK ZERBIB","startTime":932.64,"endTime":936.21,"body":"agent, broker standpoint"},{"speaker":"NICK ZERBIB","startTime":936.21,"endTime":942.21,"body":"by providing some tools"},{"speaker":"NICK ZERBIB","startTime":936.21,"endTime":942.21,"body":"that enable that CSR,"},{"speaker":"NICK ZERBIB","startTime":942.21,"endTime":946.62,"body":"that agent to effectively be"},{"speaker":"NICK ZERBIB","startTime":942.21,"endTime":946.62,"body":"able to quote and transact"},{"speaker":"NICK ZERBIB","startTime":946.62,"endTime":950.13,"body":"smaller business that"},{"speaker":"NICK ZERBIB","startTime":946.62,"endTime":950.13,"body":"doesn't fit into a tight box?"},{"speaker":"NICK ZERBIB","startTime":950.13,"endTime":952.005,"body":"And obviously, that's"},{"speaker":"NICK ZERBIB","startTime":950.13,"endTime":952.005,"body":"where MGAs come"},{"speaker":"NICK ZERBIB","startTime":952.005,"endTime":954.15,"body":"in in terms of finding"},{"speaker":"NICK ZERBIB","startTime":952.005,"endTime":954.15,"body":"homogeneous classes"},{"speaker":"NICK ZERBIB","startTime":954.15,"endTime":955.15,"body":"of business."},{"speaker":"NICK ZERBIB","startTime":955.15,"endTime":957.6,"body":"And that's where a"},{"speaker":"NICK ZERBIB","startTime":955.15,"endTime":957.6,"body":"lot of the InsurTechs"},{"speaker":"NICK ZERBIB","startTime":957.6,"endTime":962.31,"body":"started by essentially"},{"speaker":"NICK ZERBIB","startTime":957.6,"endTime":962.31,"body":"having very clever ways"},{"speaker":"NICK ZERBIB","startTime":962.31,"endTime":966.74,"body":"of either embedding themselves"},{"speaker":"NICK ZERBIB","startTime":962.31,"endTime":966.74,"body":"into other distribution"},{"speaker":"NICK ZERBIB","startTime":966.74,"endTime":969.11,"body":"channels and providing"},{"speaker":"NICK ZERBIB","startTime":966.74,"endTime":969.11,"body":"homogeneous classes"},{"speaker":"NICK ZERBIB","startTime":969.11,"endTime":969.83,"body":"of business."},{"speaker":"NICK ZERBIB","startTime":969.83,"endTime":971.84,"body":"Where some of the"},{"speaker":"NICK ZERBIB","startTime":969.83,"endTime":971.84,"body":"InsurTechs, I think, faltered"},{"speaker":"NICK ZERBIB","startTime":971.84,"endTime":975.98,"body":"is when they decided to go full"},{"speaker":"NICK ZERBIB","startTime":971.84,"endTime":975.98,"body":"stack and vertically integrate."},{"speaker":"NICK ZERBIB","startTime":975.98,"endTime":979.013,"body":"And now we're kind of seeing"},{"speaker":"NICK ZERBIB","startTime":975.98,"endTime":979.013,"body":"the hangover effect of that"},{"speaker":"NICK ZERBIB","startTime":979.013,"endTime":980.93,"body":"because some of that"},{"speaker":"NICK ZERBIB","startTime":979.013,"endTime":980.93,"body":"business that was written"},{"speaker":"NICK ZERBIB","startTime":980.93,"endTime":983.07,"body":"was not particularly profitable."},{"speaker":"NICK ZERBIB","startTime":983.07,"endTime":986.39,"body":"So it'll be really hard for the"},{"speaker":"NICK ZERBIB","startTime":983.07,"endTime":986.39,"body":"next group of folks who want"},{"speaker":"NICK ZERBIB","startTime":986.39,"endTime":989.84,"body":"to raise balance sheet capital."},{"speaker":"REED HOLZWORTH","startTime":989.84,"endTime":991.04,"body":"Yeah."},{"speaker":"REED HOLZWORTH","startTime":991.04,"endTime":993.74,"body":"So what technology"},{"speaker":"REED HOLZWORTH","startTime":991.04,"endTime":993.74,"body":"do you think is"},{"speaker":"REED HOLZWORTH","startTime":993.74,"endTime":996.38,"body":"going to impact this"},{"speaker":"REED HOLZWORTH","startTime":993.74,"endTime":996.38,"body":"industry the most"},{"speaker":"REED HOLZWORTH","startTime":996.38,"endTime":997.475,"body":"in the next year or two?"},{"speaker":"NICK ZERBIB","startTime":999.98,"endTime":1002.92,"body":"It's"},{"speaker":"NICK ZERBIB","startTime":999.98,"endTime":1002.92,"body":"hard for me to--"},{"speaker":"NICK ZERBIB","startTime":1002.92,"endTime":1008.02,"body":"the big unknown obviously"},{"speaker":"NICK ZERBIB","startTime":1002.92,"endTime":1008.02,"body":"is, what will AI do--"},{"speaker":"REED HOLZWORTH","startTime":1008.02,"endTime":1010.03,"body":"Yeah, totally."},{"speaker":"NICK ZERBIB","startTime":1010.03,"endTime":1012.43,"body":"--for the agents?"},{"speaker":"NICK ZERBIB","startTime":1012.43,"endTime":1018.34,"body":"Our sense is that self-service"},{"speaker":"NICK ZERBIB","startTime":1012.43,"endTime":1018.34,"body":"tools are going to be,"},{"speaker":"NICK ZERBIB","startTime":1018.34,"endTime":1021.13,"body":"perhaps, somewhat enhanced."},{"speaker":"NICK ZERBIB","startTime":1021.13,"endTime":1026.51,"body":"But my sense is it will"},{"speaker":"NICK ZERBIB","startTime":1021.13,"endTime":1026.51,"body":"make that CSR or that broker"},{"speaker":"NICK ZERBIB","startTime":1026.51,"endTime":1029.51,"body":"perhaps more efficient"},{"speaker":"NICK ZERBIB","startTime":1026.51,"endTime":1029.51,"body":"by being able to search"},{"speaker":"NICK ZERBIB","startTime":1029.51,"endTime":1035.089,"body":"for things in a faster way"},{"speaker":"NICK ZERBIB","startTime":1029.51,"endTime":1035.089,"body":"inside of their universe."},{"speaker":"NICK ZERBIB","startTime":1035.089,"endTime":1039.349,"body":"So perhaps there's"},{"speaker":"NICK ZERBIB","startTime":1035.089,"endTime":1039.349,"body":"an element of AI"},{"speaker":"NICK ZERBIB","startTime":1039.349,"endTime":1042.38,"body":"that makes this a little"},{"speaker":"NICK ZERBIB","startTime":1039.349,"endTime":1042.38,"body":"easier for the insured."},{"speaker":"NICK ZERBIB","startTime":1042.38,"endTime":1044.9,"body":"But I suspect there are"},{"speaker":"NICK ZERBIB","startTime":1042.38,"endTime":1044.9,"body":"efficiencies to be gained"},{"speaker":"NICK ZERBIB","startTime":1044.9,"endTime":1048.56,"body":"by the broker and by the"},{"speaker":"NICK ZERBIB","startTime":1044.9,"endTime":1048.56,"body":"folks who are maintaining"},{"speaker":"NICK ZERBIB","startTime":1048.56,"endTime":1050.84,"body":"the policy and the account"},{"speaker":"NICK ZERBIB","startTime":1048.56,"endTime":1050.84,"body":"management function"},{"speaker":"NICK ZERBIB","startTime":1050.84,"endTime":1052.68,"body":"inside of an independent agent."},{"speaker":"NICK ZERBIB","startTime":1052.68,"endTime":1054.59,"body":"So I think there's a"},{"speaker":"NICK ZERBIB","startTime":1052.68,"endTime":1054.59,"body":"lot to be had there."},{"speaker":"NICK ZERBIB","startTime":1054.59,"endTime":1055.82,"body":"It's still early days."},{"speaker":"NICK ZERBIB","startTime":1055.82,"endTime":1059.54,"body":"But you'd have a pretty good"},{"speaker":"NICK ZERBIB","startTime":1055.82,"endTime":1059.54,"body":"perspective on that as well."},{"speaker":"REED HOLZWORTH","startTime":1059.54,"endTime":1061.37,"body":"Yeah,"},{"speaker":"REED HOLZWORTH","startTime":1059.54,"endTime":1061.37,"body":"no, definitely, 100%."},{"speaker":"REED HOLZWORTH","startTime":1061.37,"endTime":1062.93,"body":"I mean, everybody's investing."},{"speaker":"REED HOLZWORTH","startTime":1062.93,"endTime":1064.88,"body":"I mean, you know this."},{"speaker":"REED HOLZWORTH","startTime":1064.88,"endTime":1066.957,"body":"Everybody is making"},{"speaker":"REED HOLZWORTH","startTime":1064.88,"endTime":1066.957,"body":"investments there."},{"speaker":"REED HOLZWORTH","startTime":1066.957,"endTime":1069.29,"body":"I think you're going to see"},{"speaker":"REED HOLZWORTH","startTime":1066.957,"endTime":1069.29,"body":"a lot of cool stuff come out"},{"speaker":"REED HOLZWORTH","startTime":1069.29,"endTime":1071.03,"body":"of that."},{"speaker":"REED HOLZWORTH","startTime":1071.03,"endTime":1073.925,"body":"At first, getting into it"},{"speaker":"REED HOLZWORTH","startTime":1071.03,"endTime":1073.925,"body":"is kind of scary, like what?"},{"speaker":"REED HOLZWORTH","startTime":1073.925,"endTime":1078.77,"body":"What does this mean for us"},{"speaker":"REED HOLZWORTH","startTime":1073.925,"endTime":1078.77,"body":"as a technology company?"},{"speaker":"REED HOLZWORTH","startTime":1078.77,"endTime":1081.68,"body":"But now that we've"},{"speaker":"REED HOLZWORTH","startTime":1078.77,"endTime":1081.68,"body":"really dug in--"},{"speaker":"REED HOLZWORTH","startTime":1081.68,"endTime":1084.47,"body":"we have a team literally"},{"speaker":"REED HOLZWORTH","startTime":1081.68,"endTime":1084.47,"body":"that's working on this--"},{"speaker":"REED HOLZWORTH","startTime":1084.47,"endTime":1086.09,"body":"and dug in, it's pretty cool."},{"speaker":"REED HOLZWORTH","startTime":1086.09,"endTime":1087.65,"body":"There's a lot of"},{"speaker":"REED HOLZWORTH","startTime":1086.09,"endTime":1087.65,"body":"really neat things"},{"speaker":"REED HOLZWORTH","startTime":1087.65,"endTime":1091.19,"body":"and value added things that"},{"speaker":"REED HOLZWORTH","startTime":1087.65,"endTime":1091.19,"body":"we can do as an industry,"},{"speaker":"REED HOLZWORTH","startTime":1091.19,"endTime":1094.61,"body":"as technology"},{"speaker":"REED HOLZWORTH","startTime":1091.19,"endTime":1094.61,"body":"companies around AI."},{"speaker":"REED HOLZWORTH","startTime":1094.61,"endTime":1095.49,"body":"It's pretty cool."},{"speaker":"REED HOLZWORTH","startTime":1095.49,"endTime":1099.53,"body":"And then you're seeing some of"},{"speaker":"REED HOLZWORTH","startTime":1095.49,"endTime":1099.53,"body":"that come into our industry."},{"speaker":"REED HOLZWORTH","startTime":1099.53,"endTime":1103.25,"body":"We had a guy on the"},{"speaker":"REED HOLZWORTH","startTime":1099.53,"endTime":1103.25,"body":"podcast recently."},{"speaker":"REED HOLZWORTH","startTime":1103.25,"endTime":1104.99,"body":"Literally it's his business."},{"speaker":"REED HOLZWORTH","startTime":1104.99,"endTime":1107.51,"body":"And so it's good."},{"speaker":"REED HOLZWORTH","startTime":1107.51,"endTime":1109.79,"body":"I could totally see it."},{"speaker":"REED HOLZWORTH","startTime":1109.79,"endTime":1113.92,"body":"So a couple more questions."},{"speaker":"REED HOLZWORTH","startTime":1113.92,"endTime":1115.9,"body":"Any advice you have"},{"speaker":"REED HOLZWORTH","startTime":1113.92,"endTime":1115.9,"body":"for entrepreneurs"},{"speaker":"REED HOLZWORTH","startTime":1115.9,"endTime":1120.25,"body":"coming into the insurance"},{"speaker":"REED HOLZWORTH","startTime":1115.9,"endTime":1120.25,"body":"technology space?"},{"speaker":"NICK ZERBIB","startTime":1120.25,"endTime":1122.41,"body":"Yes,"},{"speaker":"NICK ZERBIB","startTime":1120.25,"endTime":1122.41,"body":"a couple thoughts."},{"speaker":"NICK ZERBIB","startTime":1122.41,"endTime":1125.65,"body":"And I think we touched on one"},{"speaker":"NICK ZERBIB","startTime":1122.41,"endTime":1125.65,"body":"of the more important themes."},{"speaker":"NICK ZERBIB","startTime":1125.65,"endTime":1129.04,"body":"We're very, very big believers"},{"speaker":"NICK ZERBIB","startTime":1125.65,"endTime":1129.04,"body":"on the investment side"},{"speaker":"NICK ZERBIB","startTime":1129.04,"endTime":1135.22,"body":"in sector expertise,"},{"speaker":"NICK ZERBIB","startTime":1129.04,"endTime":1135.22,"body":"in domain expertise."},{"speaker":"NICK ZERBIB","startTime":1135.22,"endTime":1138.22,"body":"And so one of the"},{"speaker":"NICK ZERBIB","startTime":1135.22,"endTime":1138.22,"body":"things that has"},{"speaker":"NICK ZERBIB","startTime":1138.22,"endTime":1141.58,"body":"made people successful"},{"speaker":"NICK ZERBIB","startTime":1138.22,"endTime":1141.58,"body":"in this space"},{"speaker":"NICK ZERBIB","startTime":1141.58,"endTime":1146.022,"body":"is having lived through, having"},{"speaker":"NICK ZERBIB","startTime":1141.58,"endTime":1146.022,"body":"walked in the shoes of whatever"},{"speaker":"NICK ZERBIB","startTime":1146.022,"endTime":1148.48,"body":"problem you're trying to solve,"},{"speaker":"NICK ZERBIB","startTime":1146.022,"endTime":1148.48,"body":"as opposed to just bringing"},{"speaker":"NICK ZERBIB","startTime":1148.48,"endTime":1152.35,"body":"technology to bear."},{"speaker":"NICK ZERBIB","startTime":1152.35,"endTime":1155.35,"body":"So it's marrying"},{"speaker":"NICK ZERBIB","startTime":1152.35,"endTime":1155.35,"body":"that sector expertise"},{"speaker":"NICK ZERBIB","startTime":1155.35,"endTime":1158.38,"body":"with a technology solution."},{"speaker":"NICK ZERBIB","startTime":1158.38,"endTime":1159.88,"body":"It's what made you successful."},{"speaker":"NICK ZERBIB","startTime":1159.88,"endTime":1161.86,"body":"It's what made Ilya successful."},{"speaker":"NICK ZERBIB","startTime":1161.86,"endTime":1164.35,"body":"It's what made Kabir successful."},{"speaker":"NICK ZERBIB","startTime":1164.35,"endTime":1169.21,"body":"You all had experience"},{"speaker":"NICK ZERBIB","startTime":1164.35,"endTime":1169.21,"body":"working inside the industry"},{"speaker":"NICK ZERBIB","startTime":1169.21,"endTime":1172.78,"body":"and understood some"},{"speaker":"NICK ZERBIB","startTime":1169.21,"endTime":1172.78,"body":"of the pitfalls."},{"speaker":"NICK ZERBIB","startTime":1172.78,"endTime":1175.1,"body":"So if you're an"},{"speaker":"NICK ZERBIB","startTime":1172.78,"endTime":1175.1,"body":"entrepreneur and you're"},{"speaker":"NICK ZERBIB","startTime":1175.1,"endTime":1177.11,"body":"coming at it from a"},{"speaker":"NICK ZERBIB","startTime":1175.1,"endTime":1177.11,"body":"technology perspective,"},{"speaker":"NICK ZERBIB","startTime":1177.11,"endTime":1180.29,"body":"make sure you marry that"},{"speaker":"NICK ZERBIB","startTime":1177.11,"endTime":1180.29,"body":"with the industry perspective"},{"speaker":"NICK ZERBIB","startTime":1180.29,"endTime":1183.77,"body":"and vice versa because"},{"speaker":"NICK ZERBIB","startTime":1180.29,"endTime":1183.77,"body":"I think that will"},{"speaker":"NICK ZERBIB","startTime":1183.77,"endTime":1186.89,"body":"make you more credible."},{"speaker":"NICK ZERBIB","startTime":1186.89,"endTime":1191.15,"body":"And I think there's more"},{"speaker":"NICK ZERBIB","startTime":1186.89,"endTime":1191.15,"body":"success if you go back"},{"speaker":"NICK ZERBIB","startTime":1191.15,"endTime":1194.01,"body":"historically when people"},{"speaker":"NICK ZERBIB","startTime":1191.15,"endTime":1194.01,"body":"provide those two perspectives."},{"speaker":"NICK ZERBIB","startTime":1194.01,"endTime":1196.28,"body":"And then look, the other point--"},{"speaker":"NICK ZERBIB","startTime":1196.28,"endTime":1202.28,"body":"and I like the way Ilya put"},{"speaker":"NICK ZERBIB","startTime":1196.28,"endTime":1202.28,"body":"it-- it's funding sources"},{"speaker":"NICK ZERBIB","startTime":1202.28,"endTime":1203.75,"body":"are a little bit like matches."},{"speaker":"NICK ZERBIB","startTime":1203.75,"endTime":1206.99,"body":"You want to make sure that"},{"speaker":"NICK ZERBIB","startTime":1203.75,"endTime":1206.99,"body":"you're aligned with them."},{"speaker":"NICK ZERBIB","startTime":1206.99,"endTime":1209.12,"body":"And you got to be careful."},{"speaker":"NICK ZERBIB","startTime":1209.12,"endTime":1214.73,"body":"So as an entrepreneur,"},{"speaker":"NICK ZERBIB","startTime":1209.12,"endTime":1214.73,"body":"this is your big shot."},{"speaker":"NICK ZERBIB","startTime":1214.73,"endTime":1218.15,"body":"Some investors are"},{"speaker":"NICK ZERBIB","startTime":1214.73,"endTime":1218.15,"body":"sometimes shooting"},{"speaker":"NICK ZERBIB","startTime":1218.15,"endTime":1220.67,"body":"for the stars and the moon."},{"speaker":"NICK ZERBIB","startTime":1220.67,"endTime":1223.58,"body":"And so sometimes there's a"},{"speaker":"NICK ZERBIB","startTime":1220.67,"endTime":1223.58,"body":"little bit of misalignment."},{"speaker":"NICK ZERBIB","startTime":1223.58,"endTime":1228.08,"body":"And so being very"},{"speaker":"NICK ZERBIB","startTime":1223.58,"endTime":1228.08,"body":"judicious about the capital"},{"speaker":"NICK ZERBIB","startTime":1228.08,"endTime":1231.38,"body":"and not necessarily"},{"speaker":"NICK ZERBIB","startTime":1228.08,"endTime":1231.38,"body":"raising as much capital"},{"speaker":"NICK ZERBIB","startTime":1231.38,"endTime":1235.19,"body":"as you absolutely"},{"speaker":"NICK ZERBIB","startTime":1231.38,"endTime":1235.19,"body":"could at points in time"},{"speaker":"NICK ZERBIB","startTime":1235.19,"endTime":1238.55,"body":"that's not really available"},{"speaker":"NICK ZERBIB","startTime":1235.19,"endTime":1238.55,"body":"today is long term"},{"speaker":"NICK ZERBIB","startTime":1238.55,"endTime":1239.9,"body":"the right approach."},{"speaker":"NICK ZERBIB","startTime":1239.9,"endTime":1248.78,"body":"And being just super, super"},{"speaker":"NICK ZERBIB","startTime":1239.9,"endTime":1248.78,"body":"careful with burn rates, which"},{"speaker":"NICK ZERBIB","startTime":1248.78,"endTime":1252.26,"body":"you experienced, others"},{"speaker":"NICK ZERBIB","startTime":1248.78,"endTime":1252.26,"body":"have experienced."},{"speaker":"NICK ZERBIB","startTime":1252.26,"endTime":1257.18,"body":"And in today's environment,"},{"speaker":"NICK ZERBIB","startTime":1252.26,"endTime":1257.18,"body":"that runway is so critical."},{"speaker":"NICK ZERBIB","startTime":1257.18,"endTime":1259.82,"body":"Having runway is"},{"speaker":"NICK ZERBIB","startTime":1257.18,"endTime":1259.82,"body":"really imperative."},{"speaker":"NICK ZERBIB","startTime":1259.82,"endTime":1261.95,"body":"But the most important"},{"speaker":"NICK ZERBIB","startTime":1259.82,"endTime":1261.95,"body":"thing we look"},{"speaker":"NICK ZERBIB","startTime":1261.95,"endTime":1264.68,"body":"for when we're looking at"},{"speaker":"NICK ZERBIB","startTime":1261.95,"endTime":1264.68,"body":"earlier stage things, which"},{"speaker":"NICK ZERBIB","startTime":1264.68,"endTime":1268.67,"body":"we don't do as part"},{"speaker":"NICK ZERBIB","startTime":1264.68,"endTime":1268.67,"body":"of our day-to-day job."},{"speaker":"NICK ZERBIB","startTime":1268.67,"endTime":1273.03,"body":"It's more helping more"},{"speaker":"NICK ZERBIB","startTime":1268.67,"endTime":1273.03,"body":"established players"},{"speaker":"NICK ZERBIB","startTime":1273.03,"endTime":1275.64,"body":"think about adopting"},{"speaker":"NICK ZERBIB","startTime":1273.03,"endTime":1275.64,"body":"enabling technology."},{"speaker":"NICK ZERBIB","startTime":1275.64,"endTime":1279.35,"body":"But when we do, it's marrying"},{"speaker":"NICK ZERBIB","startTime":1275.64,"endTime":1279.35,"body":"that sector expertise"},{"speaker":"NICK ZERBIB","startTime":1279.35,"endTime":1281.13,"body":"with a technology solution."},{"speaker":"NICK ZERBIB","startTime":1281.13,"endTime":1282.5,"body":"You can't have one or the other."},{"speaker":"NICK ZERBIB","startTime":1282.5,"endTime":1284.052,"body":"You kind of need both."},{"speaker":"REED HOLZWORTH","startTime":1284.052,"endTime":1285.51,"body":"That's really good."},{"speaker":"REED HOLZWORTH","startTime":1285.51,"endTime":1288.6,"body":"That's really, really"},{"speaker":"REED HOLZWORTH","startTime":1285.51,"endTime":1288.6,"body":"good advice overall."},{"speaker":"REED HOLZWORTH","startTime":1288.6,"endTime":1290.26,"body":"Thank you for that."},{"speaker":"REED HOLZWORTH","startTime":1290.26,"endTime":1295.81,"body":"So last question, who do you"},{"speaker":"REED HOLZWORTH","startTime":1290.26,"endTime":1295.81,"body":"recommend I have on the show?"},{"speaker":"REED HOLZWORTH","startTime":1295.81,"endTime":1298.572,"body":"Any names you think"},{"speaker":"REED HOLZWORTH","startTime":1295.81,"endTime":1298.572,"body":"we should talk to?"},{"speaker":"NICK ZERBIB","startTime":1298.572,"endTime":1300.28,"body":"I've got"},{"speaker":"NICK ZERBIB","startTime":1298.572,"endTime":1300.28,"body":"lots of great names"},{"speaker":"NICK ZERBIB","startTime":1300.28,"endTime":1306.25,"body":"for you, just depends on how"},{"speaker":"NICK ZERBIB","startTime":1300.28,"endTime":1306.25,"body":"long you want the list to be."},{"speaker":"NICK ZERBIB","startTime":1306.25,"endTime":1310.42,"body":"So look, one guy"},{"speaker":"NICK ZERBIB","startTime":1306.25,"endTime":1310.42,"body":"who you've probably"},{"speaker":"NICK ZERBIB","startTime":1310.42,"endTime":1312.52,"body":"bumped into over"},{"speaker":"NICK ZERBIB","startTime":1310.42,"endTime":1312.52,"body":"the years, who's"},{"speaker":"NICK ZERBIB","startTime":1312.52,"endTime":1315.07,"body":"got just a wonderful"},{"speaker":"NICK ZERBIB","startTime":1312.52,"endTime":1315.07,"body":"perspective in terms"},{"speaker":"NICK ZERBIB","startTime":1315.07,"endTime":1321.98,"body":"of the arc of comparative"},{"speaker":"NICK ZERBIB","startTime":1315.07,"endTime":1321.98,"body":"rating, and the MGA systems,"},{"speaker":"NICK ZERBIB","startTime":1321.98,"endTime":1325.63,"body":"et cetera is Paul Arrieta,"},{"speaker":"NICK ZERBIB","startTime":1321.98,"endTime":1325.63,"body":"who I'm very fond of"},{"speaker":"NICK ZERBIB","startTime":1325.63,"endTime":1327.76,"body":"and is a very smart guy."},{"speaker":"NICK ZERBIB","startTime":1327.76,"endTime":1330.767,"body":"One area that touches the"},{"speaker":"NICK ZERBIB","startTime":1327.76,"endTime":1330.767,"body":"InsurTech world in a very--"},{"speaker":"REED HOLZWORTH","startTime":1330.767,"endTime":1332.35,"body":"Paul"},{"speaker":"REED HOLZWORTH","startTime":1330.767,"endTime":1332.35,"body":"Arrieta, he was--"},{"speaker":"REED HOLZWORTH","startTime":1332.35,"endTime":1335.97,"body":"sorry-- he was a bolt"},{"speaker":"REED HOLZWORTH","startTime":1332.35,"endTime":1335.97,"body":"guy originally, right?"},{"speaker":"NICK ZERBIB","startTime":1335.97,"endTime":1337.7,"body":"He was an FSC."},{"speaker":"REED HOLZWORTH","startTime":1337.7,"endTime":1338.95,"body":"FSC, OK, yeah."},{"speaker":"NICK ZERBIB","startTime":1338.95,"endTime":1343.06,"body":"He was at Applied"},{"speaker":"NICK ZERBIB","startTime":1338.95,"endTime":1343.06,"body":"at one point too, Applied, FSC,"},{"speaker":"NICK ZERBIB","startTime":1343.06,"endTime":1346.37,"body":"and then MGA systems."},{"speaker":"REED HOLZWORTH","startTime":1346.37,"endTime":1348.85,"body":"Yep, yep, OK, yep."},{"speaker":"NICK ZERBIB","startTime":1348.85,"endTime":1352.82,"body":"Another person"},{"speaker":"NICK ZERBIB","startTime":1348.85,"endTime":1352.82,"body":"that you might want to consider"},{"speaker":"NICK ZERBIB","startTime":1352.82,"endTime":1355.37,"body":"is super savvy."},{"speaker":"NICK ZERBIB","startTime":1355.37,"endTime":1359.78,"body":"Luke Ledbetter runs a"},{"speaker":"NICK ZERBIB","startTime":1355.37,"endTime":1359.78,"body":"business called Kestrel,"},{"speaker":"NICK ZERBIB","startTime":1359.78,"endTime":1361.82,"body":"which is a fronting business."},{"speaker":"NICK ZERBIB","startTime":1361.82,"endTime":1367.23,"body":"So fronting is an interesting"},{"speaker":"NICK ZERBIB","startTime":1361.82,"endTime":1367.23,"body":"place where it's a conduit."},{"speaker":"NICK ZERBIB","startTime":1367.23,"endTime":1370.64,"body":"It's essentially providing"},{"speaker":"NICK ZERBIB","startTime":1367.23,"endTime":1370.64,"body":"the insurance paper for MGAs."},{"speaker":"NICK ZERBIB","startTime":1370.64,"endTime":1374.33,"body":"But increasingly, many of"},{"speaker":"NICK ZERBIB","startTime":1370.64,"endTime":1374.33,"body":"the MGAs were in techs."},{"speaker":"NICK ZERBIB","startTime":1374.33,"endTime":1375.74,"body":"And they needed that fronting."},{"speaker":"NICK ZERBIB","startTime":1375.74,"endTime":1378.68,"body":"So he's seen a lot"},{"speaker":"NICK ZERBIB","startTime":1375.74,"endTime":1378.68,"body":"of the InsurTechs,"},{"speaker":"NICK ZERBIB","startTime":1378.68,"endTime":1380.33,"body":"what's made them"},{"speaker":"NICK ZERBIB","startTime":1378.68,"endTime":1380.33,"body":"successful, what's"},{"speaker":"NICK ZERBIB","startTime":1380.33,"endTime":1381.83,"body":"made them less successful."},{"speaker":"NICK ZERBIB","startTime":1381.83,"endTime":1385.79,"body":"And he provides the"},{"speaker":"NICK ZERBIB","startTime":1381.83,"endTime":1385.79,"body":"insurance carrier paper."},{"speaker":"NICK ZERBIB","startTime":1385.79,"endTime":1387.57,"body":"And on the back end"},{"speaker":"NICK ZERBIB","startTime":1385.79,"endTime":1387.57,"body":"you have reinsurers."},{"speaker":"NICK ZERBIB","startTime":1387.57,"endTime":1389.135,"body":"So he's a conduit between--"},{"speaker":"REED HOLZWORTH","startTime":1389.135,"endTime":1390.76,"body":"Oh,"},{"speaker":"REED HOLZWORTH","startTime":1389.135,"endTime":1390.76,"body":"that's interesting."},{"speaker":"NICK ZERBIB","startTime":1390.76,"endTime":1395.15,"body":"--between MGAs"},{"speaker":"NICK ZERBIB","startTime":1390.76,"endTime":1395.15,"body":"and the reinsurance market."},{"speaker":"NICK ZERBIB","startTime":1395.15,"endTime":1397.67,"body":"And he charges a fronting fee."},{"speaker":"NICK ZERBIB","startTime":1397.67,"endTime":1398.887,"body":"So the perspective--"},{"speaker":"REED HOLZWORTH","startTime":1398.887,"endTime":1400.22,"body":"Oh, that's cool."},{"speaker":"NICK ZERBIB","startTime":1400.22,"endTime":1401.78,"body":"If you"},{"speaker":"NICK ZERBIB","startTime":1400.22,"endTime":1401.78,"body":"think, like I do,"},{"speaker":"NICK ZERBIB","startTime":1401.78,"endTime":1405.26,"body":"that becoming a"},{"speaker":"NICK ZERBIB","startTime":1401.78,"endTime":1405.26,"body":"full stack InsurTech"},{"speaker":"NICK ZERBIB","startTime":1405.26,"endTime":1408.38,"body":"will become"},{"speaker":"NICK ZERBIB","startTime":1405.26,"endTime":1408.38,"body":"increasingly difficult,"},{"speaker":"NICK ZERBIB","startTime":1408.38,"endTime":1410.51,"body":"the InsurTechs that are"},{"speaker":"NICK ZERBIB","startTime":1408.38,"endTime":1410.51,"body":"focused on the distribution"},{"speaker":"NICK ZERBIB","startTime":1410.51,"endTime":1414.68,"body":"side of the ledger will"},{"speaker":"NICK ZERBIB","startTime":1410.51,"endTime":1414.68,"body":"need fronting carriers"},{"speaker":"NICK ZERBIB","startTime":1414.68,"endTime":1417.26,"body":"to effectively access capital."},{"speaker":"NICK ZERBIB","startTime":1417.26,"endTime":1422.24,"body":"So he could provide a really"},{"speaker":"NICK ZERBIB","startTime":1417.26,"endTime":1422.24,"body":"interesting perspective."},{"speaker":"NICK ZERBIB","startTime":1422.24,"endTime":1425.52,"body":"And then look, on"},{"speaker":"NICK ZERBIB","startTime":1422.24,"endTime":1425.52,"body":"the claims side,"},{"speaker":"NICK ZERBIB","startTime":1425.52,"endTime":1431.05,"body":"which is, I think, obviously,"},{"speaker":"NICK ZERBIB","startTime":1425.52,"endTime":1431.05,"body":"with Ivan's, and Applied, et"},{"speaker":"NICK ZERBIB","startTime":1431.05,"endTime":1433.7,"body":"cetera, we think more about"},{"speaker":"NICK ZERBIB","startTime":1431.05,"endTime":1433.7,"body":"the front end and distribution."},{"speaker":"NICK ZERBIB","startTime":1433.7,"endTime":1435.242,"body":"But on the claims"},{"speaker":"NICK ZERBIB","startTime":1433.7,"endTime":1435.242,"body":"side, which I think"},{"speaker":"NICK ZERBIB","startTime":1435.242,"endTime":1438.83,"body":"is going to be an"},{"speaker":"NICK ZERBIB","startTime":1435.242,"endTime":1438.83,"body":"increasingly important area"},{"speaker":"NICK ZERBIB","startTime":1438.83,"endTime":1442.16,"body":"for further"},{"speaker":"NICK ZERBIB","startTime":1438.83,"endTime":1442.16,"body":"efficiencies, you have"},{"speaker":"NICK ZERBIB","startTime":1442.16,"endTime":1447.05,"body":"companies like Next Gear, which"},{"speaker":"NICK ZERBIB","startTime":1442.16,"endTime":1447.05,"body":"is now part of Core Logic."},{"speaker":"NICK ZERBIB","startTime":1447.05,"endTime":1450.71,"body":"Garrett Gray would be a"},{"speaker":"NICK ZERBIB","startTime":1447.05,"endTime":1450.71,"body":"fabulous participant here."},{"speaker":"NICK ZERBIB","startTime":1450.71,"endTime":1455.96,"body":"He really understands building"},{"speaker":"NICK ZERBIB","startTime":1450.71,"endTime":1455.96,"body":"a network, a managed repair"},{"speaker":"NICK ZERBIB","startTime":1455.96,"endTime":1459.26,"body":"network, on the back end"},{"speaker":"NICK ZERBIB","startTime":1455.96,"endTime":1459.26,"body":"of homeowners' claims."},{"speaker":"NICK ZERBIB","startTime":1459.26,"endTime":1461.94,"body":"And so it's a really interesting"},{"speaker":"NICK ZERBIB","startTime":1459.26,"endTime":1461.94,"body":"business that he built."},{"speaker":"NICK ZERBIB","startTime":1461.94,"endTime":1464.24,"body":"And I think increasingly,"},{"speaker":"NICK ZERBIB","startTime":1461.94,"endTime":1464.24,"body":"you're going"},{"speaker":"NICK ZERBIB","startTime":1464.24,"endTime":1466.8,"body":"to see more efficiencies,"},{"speaker":"NICK ZERBIB","startTime":1464.24,"endTime":1466.8,"body":"more InsurTechs focusing"},{"speaker":"NICK ZERBIB","startTime":1466.8,"endTime":1468.8,"body":"on the claims side of the"},{"speaker":"NICK ZERBIB","startTime":1466.8,"endTime":1468.8,"body":"ledger because there's"},{"speaker":"NICK ZERBIB","startTime":1468.8,"endTime":1473.69,"body":"a lot of dollars spent on loss"},{"speaker":"NICK ZERBIB","startTime":1468.8,"endTime":1473.69,"body":"adjusting expenses, et cetera."},{"speaker":"NICK ZERBIB","startTime":1473.69,"endTime":1475.54,"body":"And obviously,"},{"speaker":"NICK ZERBIB","startTime":1473.69,"endTime":1475.54,"body":"homeowners and auto"},{"speaker":"NICK ZERBIB","startTime":1475.54,"endTime":1479.06,"body":"continue to face a lot of"},{"speaker":"NICK ZERBIB","startTime":1475.54,"endTime":1479.06,"body":"pressure on the carrier side."},{"speaker":"NICK ZERBIB","startTime":1479.06,"endTime":1486.13,"body":"So those are a few names"},{"speaker":"NICK ZERBIB","startTime":1479.06,"endTime":1486.13,"body":"for you to consider."},{"speaker":"NICK ZERBIB","startTime":1486.13,"endTime":1488.35,"body":"But you've got such"},{"speaker":"NICK ZERBIB","startTime":1486.13,"endTime":1488.35,"body":"an awesome Rolodex"},{"speaker":"NICK ZERBIB","startTime":1488.35,"endTime":1491.56,"body":"that I'm not sure I'm"},{"speaker":"NICK ZERBIB","startTime":1488.35,"endTime":1491.56,"body":"adding anything to it"},{"speaker":"NICK ZERBIB","startTime":1491.56,"endTime":1492.79,"body":"because you know everybody."},{"speaker":"REED HOLZWORTH","startTime":1492.79,"endTime":1494.248,"body":"No, those are good."},{"speaker":"REED HOLZWORTH","startTime":1494.248,"endTime":1496.96,"body":"Those are good ones, for sure."},{"speaker":"REED HOLZWORTH","startTime":1496.96,"endTime":1500.5,"body":"All right, Nick, so what's"},{"speaker":"REED HOLZWORTH","startTime":1496.96,"endTime":1500.5,"body":"your drink of choice?"},{"speaker":"NICK ZERBIB","startTime":1500.5,"endTime":1502.27,"body":"Pinot grigio."},{"speaker":"NICK ZERBIB","startTime":1502.27,"endTime":1505.79,"body":"I like a nice white wine."},{"speaker":"NICK ZERBIB","startTime":1505.79,"endTime":1506.83,"body":"This is summer."},{"speaker":"NICK ZERBIB","startTime":1506.83,"endTime":1507.46,"body":"It's hot."},{"speaker":"NICK ZERBIB","startTime":1507.46,"endTime":1508.9,"body":"It's humid."},{"speaker":"NICK ZERBIB","startTime":1508.9,"endTime":1509.71,"body":"That's my favorite."},{"speaker":"NICK ZERBIB","startTime":1509.71,"endTime":1510.64,"body":"What's yours, Reed?"},{"speaker":"NICK ZERBIB","startTime":1510.64,"endTime":1513.1,"body":"I'm going to flip it"},{"speaker":"NICK ZERBIB","startTime":1510.64,"endTime":1513.1,"body":"on you for one second."},{"speaker":"REED HOLZWORTH","startTime":1513.1,"endTime":1514.6,"body":"I"},{"speaker":"REED HOLZWORTH","startTime":1513.1,"endTime":1514.6,"body":"would say overall,"},{"speaker":"REED HOLZWORTH","startTime":1514.6,"endTime":1517.0,"body":"I love a good gin"},{"speaker":"REED HOLZWORTH","startTime":1514.6,"endTime":1517.0,"body":"martini, dirty."},{"speaker":"NICK ZERBIB","startTime":1517.0,"endTime":1517.78,"body":"Nice."},{"speaker":"NICK ZERBIB","startTime":1517.78,"endTime":1518.35,"body":"You"},{"speaker":"REED HOLZWORTH","startTime":1518.35,"endTime":1519.85,"body":"I"},{"speaker":"REED HOLZWORTH","startTime":1518.35,"endTime":1519.85,"body":"kind of used to do"},{"speaker":"REED HOLZWORTH","startTime":1519.85,"endTime":1521.058,"body":"a lot of blue cheese, olives."},{"speaker":"REED HOLZWORTH","startTime":1521.058,"endTime":1522.76,"body":"Now I'm just regular"},{"speaker":"REED HOLZWORTH","startTime":1521.058,"endTime":1522.76,"body":"olives mostly."},{"speaker":"REED HOLZWORTH","startTime":1522.76,"endTime":1526.63,"body":"But done right, really cold--"},{"speaker":"REED HOLZWORTH","startTime":1526.63,"endTime":1527.66,"body":"it's funny."},{"speaker":"REED HOLZWORTH","startTime":1527.66,"endTime":1528.85,"body":"It's such a simple drink."},{"speaker":"REED HOLZWORTH","startTime":1528.85,"endTime":1534.13,"body":"But it's hard to get it"},{"speaker":"REED HOLZWORTH","startTime":1528.85,"endTime":1534.13,"body":"right, right for some reason."},{"speaker":"REED HOLZWORTH","startTime":1534.13,"endTime":1540.5,"body":"But yeah, no, I love a good"},{"speaker":"REED HOLZWORTH","startTime":1534.13,"endTime":1540.5,"body":"dirty martini, gin, not vodka,"},{"speaker":"REED HOLZWORTH","startTime":1540.5,"endTime":1542.39,"body":"as they should be."},{"speaker":"REED HOLZWORTH","startTime":1542.39,"endTime":1544.5,"body":"So Nick, this was great, man."},{"speaker":"REED HOLZWORTH","startTime":1544.5,"endTime":1545.93,"body":"This was really good."},{"speaker":"REED HOLZWORTH","startTime":1545.93,"endTime":1549.86,"body":"Thank you for everything"},{"speaker":"REED HOLZWORTH","startTime":1545.93,"endTime":1549.86,"body":"you do for this industry."},{"speaker":"REED HOLZWORTH","startTime":1549.86,"endTime":1551.42,"body":"Really good context."},{"speaker":"REED HOLZWORTH","startTime":1551.42,"endTime":1552.92,"body":"Really good advice too."},{"speaker":"REED HOLZWORTH","startTime":1552.92,"endTime":1554.45,"body":"So thanks for joining us, man."},{"speaker":"REED HOLZWORTH","startTime":1554.45,"endTime":1555.59,"body":"It was really, really good."},{"speaker":"NICK ZERBIB","startTime":1555.59,"endTime":1557.54,"body":"Reed, it's"},{"speaker":"NICK ZERBIB","startTime":1555.59,"endTime":1557.54,"body":"really my pleasure."},{"speaker":"NICK ZERBIB","startTime":1557.54,"endTime":1561.56,"body":"I really appreciate you taking"},{"speaker":"NICK ZERBIB","startTime":1557.54,"endTime":1561.56,"body":"the time to spend with me."},{"speaker":"NICK ZERBIB","startTime":1561.56,"endTime":1567.92,"body":"And thank you for these very,"},{"speaker":"NICK ZERBIB","startTime":1561.56,"endTime":1567.92,"body":"very informative podcasts."},{"speaker":"NICK ZERBIB","startTime":1567.92,"endTime":1570.44,"body":"We'll see you soon."},{"speaker":"REED HOLZWORTH","startTime":1570.44,"endTime":1574.67,"body":"Nick Zerbib,"},{"speaker":"REED HOLZWORTH","startTime":1570.44,"endTime":1574.67,"body":"another one, Kristen."},{"speaker":"KRISTEN","startTime":1574.67,"endTime":1576.08,"body":"Yeah."},{"speaker":"REED HOLZWORTH","startTime":1576.08,"endTime":1579.71,"body":"These guys,"},{"speaker":"REED HOLZWORTH","startTime":1576.08,"endTime":1579.71,"body":"they're all so connected."},{"speaker":"REED HOLZWORTH","startTime":1579.71,"endTime":1583.113,"body":"And it's like a small group."},{"speaker":"REED HOLZWORTH","startTime":1583.113,"endTime":1584.28,"body":"I mean, it's a larger group."},{"speaker":"REED HOLZWORTH","startTime":1584.28,"endTime":1586.605,"body":"But there's a small"},{"speaker":"REED HOLZWORTH","startTime":1584.28,"endTime":1586.605,"body":"amount of people"},{"speaker":"REED HOLZWORTH","startTime":1586.605,"endTime":1589.45,"body":"that have been involved"},{"speaker":"REED HOLZWORTH","startTime":1586.605,"endTime":1589.45,"body":"in this industry"},{"speaker":"REED HOLZWORTH","startTime":1589.45,"endTime":1592.9,"body":"from kind of the beginning"},{"speaker":"REED HOLZWORTH","startTime":1589.45,"endTime":1592.9,"body":"and have been involved"},{"speaker":"REED HOLZWORTH","startTime":1592.9,"endTime":1597.37,"body":"in so many of these"},{"speaker":"REED HOLZWORTH","startTime":1592.9,"endTime":1597.37,"body":"companies in so many ways,"},{"speaker":"REED HOLZWORTH","startTime":1597.37,"endTime":1599.05,"body":"and are still"},{"speaker":"REED HOLZWORTH","startTime":1597.37,"endTime":1599.05,"body":"involved, still trying"},{"speaker":"REED HOLZWORTH","startTime":1599.05,"endTime":1601.72,"body":"to solve these problems, right?"},{"speaker":"KRISTEN","startTime":1601.72,"endTime":1604.15,"body":"Yeah, and"},{"speaker":"KRISTEN","startTime":1601.72,"endTime":1604.15,"body":"I think, for me,"},{"speaker":"KRISTEN","startTime":1604.15,"endTime":1606.4,"body":"listening-- because"},{"speaker":"KRISTEN","startTime":1604.15,"endTime":1606.4,"body":"you obviously,"},{"speaker":"KRISTEN","startTime":1606.4,"endTime":1608.26,"body":"have a relationship with Nick."},{"speaker":"KRISTEN","startTime":1608.26,"endTime":1612.79,"body":"But just listening to the"},{"speaker":"KRISTEN","startTime":1608.26,"endTime":1612.79,"body":"amount of different companies"},{"speaker":"KRISTEN","startTime":1612.79,"endTime":1616.81,"body":"that he has been a part"},{"speaker":"KRISTEN","startTime":1612.79,"endTime":1616.81,"body":"of and that he connects"},{"speaker":"KRISTEN","startTime":1616.81,"endTime":1619.39,"body":"all the way back to"},{"speaker":"KRISTEN","startTime":1616.81,"endTime":1619.39,"body":"your first guest."},{"speaker":"KRISTEN","startTime":1619.39,"endTime":1621.28,"body":"We brought it all"},{"speaker":"KRISTEN","startTime":1619.39,"endTime":1621.28,"body":"the way back around."},{"speaker":"REED HOLZWORTH","startTime":1621.28,"endTime":1622.69,"body":"100%."},{"speaker":"KRISTEN","startTime":1622.69,"endTime":1626.86,"body":"But you talk about"},{"speaker":"KRISTEN","startTime":1622.69,"endTime":1626.86,"body":"the common thread of them"},{"speaker":"KRISTEN","startTime":1626.86,"endTime":1627.86,"body":"connecting all together."},{"speaker":"KRISTEN","startTime":1627.86,"endTime":1630.43,"body":"But I think another common"},{"speaker":"KRISTEN","startTime":1627.86,"endTime":1630.43,"body":"thread is these people"},{"speaker":"KRISTEN","startTime":1630.43,"endTime":1632.17,"body":"are just good people."},{"speaker":"KRISTEN","startTime":1632.17,"endTime":1635.47,"body":"Just even connecting"},{"speaker":"KRISTEN","startTime":1632.17,"endTime":1635.47,"body":"with him and getting"},{"speaker":"KRISTEN","startTime":1635.47,"endTime":1639.07,"body":"him ready for these interviews,"},{"speaker":"KRISTEN","startTime":1635.47,"endTime":1639.07,"body":"he's just a really nice person"},{"speaker":"KRISTEN","startTime":1639.07,"endTime":1640.19,"body":"and cares about people."},{"speaker":"KRISTEN","startTime":1640.19,"endTime":1642.43,"body":"And I think that's, again,"},{"speaker":"KRISTEN","startTime":1640.19,"endTime":1642.43,"body":"another common thread"},{"speaker":"KRISTEN","startTime":1642.43,"endTime":1646.515,"body":"of the people that have"},{"speaker":"KRISTEN","startTime":1642.43,"endTime":1646.515,"body":"been on the podcast."},{"speaker":"REED HOLZWORTH","startTime":1646.515,"endTime":1648.98,"body":"I swear I"},{"speaker":"REED HOLZWORTH","startTime":1646.515,"endTime":1648.98,"body":"feel like a broken record"},{"speaker":"REED HOLZWORTH","startTime":1648.98,"endTime":1650.448,"body":"around these guys."},{"speaker":"REED HOLZWORTH","startTime":1650.448,"endTime":1650.99,"body":"I don't know."},{"speaker":"REED HOLZWORTH","startTime":1650.99,"endTime":1652.4,"body":"I don't know if the"},{"speaker":"REED HOLZWORTH","startTime":1650.99,"endTime":1652.4,"body":"listeners may even find it"},{"speaker":"REED HOLZWORTH","startTime":1652.4,"endTime":1653.72,"body":"like a little bit annoying."},{"speaker":"REED HOLZWORTH","startTime":1653.72,"endTime":1655.86,"body":"But Nick is awesome."},{"speaker":"REED HOLZWORTH","startTime":1655.86,"endTime":1657.74,"body":"He's a fucking awesome dude."},{"speaker":"REED HOLZWORTH","startTime":1657.74,"endTime":1658.55,"body":"He really is."},{"speaker":"REED HOLZWORTH","startTime":1658.55,"endTime":1660.5,"body":"And he knows his shit."},{"speaker":"REED HOLZWORTH","startTime":1660.5,"endTime":1666.02,"body":"And I mean, technically, Nick's"},{"speaker":"REED HOLZWORTH","startTime":1660.5,"endTime":1666.02,"body":"kind of like my boss in a way,"},{"speaker":"REED HOLZWORTH","startTime":1666.02,"endTime":1666.77,"body":"right?"},{"speaker":"REED HOLZWORTH","startTime":1666.77,"endTime":1671.17,"body":"But man, what a"},{"speaker":"REED HOLZWORTH","startTime":1666.77,"endTime":1671.17,"body":"great thought leader."},{"speaker":"REED HOLZWORTH","startTime":1671.17,"endTime":1673.79,"body":"You could ask that guy"},{"speaker":"REED HOLZWORTH","startTime":1671.17,"endTime":1673.79,"body":"anything about this industry."},{"speaker":"REED HOLZWORTH","startTime":1673.79,"endTime":1676.59,"body":"And he's been there, done"},{"speaker":"REED HOLZWORTH","startTime":1673.79,"endTime":1676.59,"body":"that, been involved in it."},{"speaker":"REED HOLZWORTH","startTime":1676.59,"endTime":1678.852,"body":"I mean, maybe not"},{"speaker":"REED HOLZWORTH","startTime":1676.59,"endTime":1678.852,"body":"any anything is fair."},{"speaker":"REED HOLZWORTH","startTime":1678.852,"endTime":1680.06,"body":"But you know what I'm saying."},{"speaker":"REED HOLZWORTH","startTime":1680.06,"endTime":1682.4,"body":"And it's just anybody"},{"speaker":"REED HOLZWORTH","startTime":1680.06,"endTime":1682.4,"body":"that knows Nick--"},{"speaker":"REED HOLZWORTH","startTime":1682.4,"endTime":1683.99,"body":"and it's like a lot"},{"speaker":"REED HOLZWORTH","startTime":1682.4,"endTime":1683.99,"body":"of these guests."},{"speaker":"REED HOLZWORTH","startTime":1683.99,"endTime":1685.41,"body":"They'll say the same thing."},{"speaker":"REED HOLZWORTH","startTime":1685.41,"endTime":1687.08,"body":"Man, that dude is"},{"speaker":"REED HOLZWORTH","startTime":1685.41,"endTime":1687.08,"body":"such a great guy."},{"speaker":"REED HOLZWORTH","startTime":1687.08,"endTime":1687.65,"body":"He is."},{"speaker":"KRISTEN","startTime":1687.65,"endTime":1687.86,"body":"Yeah."},{"speaker":"REED HOLZWORTH","startTime":1688.062,"endTime":1689.729,"body":"And"},{"speaker":"REED HOLZWORTH","startTime":1688.062,"endTime":1689.729,"body":"on the finance side,"},{"speaker":"REED HOLZWORTH","startTime":1689.729,"endTime":1692.51,"body":"people, on the"},{"speaker":"REED HOLZWORTH","startTime":1689.729,"endTime":1692.51,"body":"finance side, that"},{"speaker":"REED HOLZWORTH","startTime":1692.51,"endTime":1697.19,"body":"is a really, really good thing"},{"speaker":"REED HOLZWORTH","startTime":1692.51,"endTime":1697.19,"body":"to have somebody like that"},{"speaker":"REED HOLZWORTH","startTime":1697.19,"endTime":1699.02,"body":"in your corner on your board."},{"speaker":"KRISTEN","startTime":1699.02,"endTime":1700.35,"body":"Yeah."},{"speaker":"REED HOLZWORTH","startTime":1700.35,"endTime":1701.6,"body":"I mean, it's--"},{"speaker":"REED HOLZWORTH","startTime":1701.6,"endTime":1702.41,"body":"yeah."},{"speaker":"REED HOLZWORTH","startTime":1702.41,"endTime":1702.953,"body":"Right?"},{"speaker":"KRISTEN","startTime":1702.953,"endTime":1704.87,"body":"Yeah, I think"},{"speaker":"KRISTEN","startTime":1702.953,"endTime":1704.87,"body":"one of the other things"},{"speaker":"KRISTEN","startTime":1704.87,"endTime":1707.93,"body":"too is that you always"},{"speaker":"KRISTEN","startTime":1704.87,"endTime":1707.93,"body":"ask the influencer,"},{"speaker":"KRISTEN","startTime":1707.93,"endTime":1709.82,"body":"who else should I have on?"},{"speaker":"KRISTEN","startTime":1709.82,"endTime":1715.81,"body":"And I love that he kind of"},{"speaker":"KRISTEN","startTime":1709.82,"endTime":1715.81,"body":"went outside the normal bounds"},{"speaker":"KRISTEN","startTime":1715.81,"endTime":1718.69,"body":"of who is an InsurTech"},{"speaker":"KRISTEN","startTime":1715.81,"endTime":1718.69,"body":"and was like,"},{"speaker":"KRISTEN","startTime":1718.69,"endTime":1721.78,"body":"there's certain topics we"},{"speaker":"KRISTEN","startTime":1718.69,"endTime":1721.78,"body":"haven't taken on yet that maybe"},{"speaker":"KRISTEN","startTime":1721.78,"endTime":1723.28,"body":"we want to delve into."},{"speaker":"KRISTEN","startTime":1727.06,"endTime":1728.553,"body":"The investment"},{"speaker":"KRISTEN","startTime":1727.06,"endTime":1728.553,"body":"side was something"},{"speaker":"KRISTEN","startTime":1728.553,"endTime":1729.47,"body":"we hadn't delved into."},{"speaker":"KRISTEN","startTime":1729.47,"endTime":1731.553,"body":"And I'm glad that we did"},{"speaker":"KRISTEN","startTime":1729.47,"endTime":1731.553,"body":"for the last few episodes"},{"speaker":"KRISTEN","startTime":1731.553,"endTime":1734.37,"body":"because it gives a completely"},{"speaker":"KRISTEN","startTime":1731.553,"endTime":1734.37,"body":"different point of view,"},{"speaker":"KRISTEN","startTime":1734.37,"endTime":1737.48,"body":"not just of the people that are"},{"speaker":"KRISTEN","startTime":1734.37,"endTime":1737.48,"body":"looking to grow in the industry"},{"speaker":"KRISTEN","startTime":1737.48,"endTime":1740.6,"body":"because they're"},{"speaker":"KRISTEN","startTime":1737.48,"endTime":1740.6,"body":"founders, but looking"},{"speaker":"KRISTEN","startTime":1740.6,"endTime":1742.693,"body":"to help the industry"},{"speaker":"KRISTEN","startTime":1740.6,"endTime":1742.693,"body":"grow as a whole."},{"speaker":"REED HOLZWORTH","startTime":1742.693,"endTime":1744.11,"body":"Yeah, I think it's"},{"speaker":"REED HOLZWORTH","startTime":1744.11,"endTime":1747.77,"body":"been fun on the"},{"speaker":"REED HOLZWORTH","startTime":1744.11,"endTime":1747.77,"body":"investment finance side,"},{"speaker":"REED HOLZWORTH","startTime":1747.77,"endTime":1750.8,"body":"getting their take on it all."},{"speaker":"REED HOLZWORTH","startTime":1750.8,"endTime":1754.04,"body":"Nick and I, we could talk for"},{"speaker":"REED HOLZWORTH","startTime":1750.8,"endTime":1754.04,"body":"hours and hours about stuff."},{"speaker":"REED HOLZWORTH","startTime":1754.04,"endTime":1756.92,"body":"And then like going"},{"speaker":"REED HOLZWORTH","startTime":1754.04,"endTime":1756.92,"body":"back to Jesse,"},{"speaker":"REED HOLZWORTH","startTime":1756.92,"endTime":1759.41,"body":"just kind of that whole"},{"speaker":"REED HOLZWORTH","startTime":1756.92,"endTime":1759.41,"body":"view of the market"},{"speaker":"REED HOLZWORTH","startTime":1759.41,"endTime":1762.05,"body":"and what's happening"},{"speaker":"REED HOLZWORTH","startTime":1759.41,"endTime":1762.05,"body":"globally, it's"},{"speaker":"REED HOLZWORTH","startTime":1762.05,"endTime":1764.12,"body":"just been eye opening in ways."},{"speaker":"REED HOLZWORTH","startTime":1764.12,"endTime":1765.03,"body":"It's been good."},{"speaker":"REED HOLZWORTH","startTime":1765.03,"endTime":1766.1,"body":"I've really enjoyed it."},{"speaker":"KRISTEN","startTime":1769.653,"endTime":1771.07,"body":"So what"},{"speaker":"KRISTEN","startTime":1769.653,"endTime":1771.07,"body":"are you thinking?"},{"speaker":"KRISTEN","startTime":1771.07,"endTime":1773.26,"body":"What are what are some"},{"speaker":"KRISTEN","startTime":1771.07,"endTime":1773.26,"body":"topics that we're going"},{"speaker":"KRISTEN","startTime":1773.26,"endTime":1776.32,"body":"to be taking on going forward?"},{"speaker":"KRISTEN","startTime":1776.32,"endTime":1777.22,"body":"We did investment."},{"speaker":"KRISTEN","startTime":1777.22,"endTime":1779.712,"body":"We did some OGs."},{"speaker":"REED HOLZWORTH","startTime":1779.712,"endTime":1780.92,"body":"I don't know."},{"speaker":"REED HOLZWORTH","startTime":1780.92,"endTime":1783.705,"body":"That's a good question."},{"speaker":"REED HOLZWORTH","startTime":1783.705,"endTime":1787.92,"body":"I wonder what the"},{"speaker":"REED HOLZWORTH","startTime":1783.705,"endTime":1787.92,"body":"listeners want to hear."},{"speaker":"KRISTEN","startTime":1787.92,"endTime":1792.513,"body":"So I have to say"},{"speaker":"KRISTEN","startTime":1787.92,"endTime":1792.513,"body":"that some of the most viewed"},{"speaker":"KRISTEN","startTime":1792.513,"endTime":1794.43,"body":"have been ones that"},{"speaker":"KRISTEN","startTime":1792.513,"endTime":1794.43,"body":"you've done with carriers."},{"speaker":"KRISTEN","startTime":1794.43,"endTime":1797.63,"body":"So maybe we should bring in"},{"speaker":"KRISTEN","startTime":1794.43,"endTime":1797.63,"body":"a couple innovative people"},{"speaker":"KRISTEN","startTime":1797.63,"endTime":1799.53,"body":"on the carrier side again."},{"speaker":"REED HOLZWORTH","startTime":1799.53,"endTime":1802.235,"body":"Oh,"},{"speaker":"REED HOLZWORTH","startTime":1799.53,"endTime":1802.235,"body":"there is a lot going on"},{"speaker":"REED HOLZWORTH","startTime":1802.235,"endTime":1803.84,"body":"on the carrier side."},{"speaker":"REED HOLZWORTH","startTime":1803.84,"endTime":1805.7,"body":"That's a good call."},{"speaker":"REED HOLZWORTH","startTime":1805.7,"endTime":1808.46,"body":"I've spent a lot of"},{"speaker":"REED HOLZWORTH","startTime":1805.7,"endTime":1808.46,"body":"time with those guys."},{"speaker":"REED HOLZWORTH","startTime":1808.46,"endTime":1815.51,"body":"And things are really"},{"speaker":"REED HOLZWORTH","startTime":1808.46,"endTime":1815.51,"body":"moving on the carrier side."},{"speaker":"REED HOLZWORTH","startTime":1815.51,"endTime":1816.53,"body":"And you know what?"},{"speaker":"REED HOLZWORTH","startTime":1816.53,"endTime":1818.863,"body":"I'm just going to go off a"},{"speaker":"REED HOLZWORTH","startTime":1816.53,"endTime":1818.863,"body":"little bit of a tangent here."},{"speaker":"REED HOLZWORTH","startTime":1818.863,"endTime":1822.07,"body":"You know what I'm seeing and"},{"speaker":"REED HOLZWORTH","startTime":1818.863,"endTime":1822.07,"body":"I'm seeing like in the last 30,"},{"speaker":"REED HOLZWORTH","startTime":1822.07,"endTime":1824.09,"body":"60 days literally?"},{"speaker":"REED HOLZWORTH","startTime":1824.09,"endTime":1828.17,"body":"I'm seeing executive"},{"speaker":"REED HOLZWORTH","startTime":1824.09,"endTime":1828.17,"body":"alignment at the top level"},{"speaker":"REED HOLZWORTH","startTime":1828.17,"endTime":1833.24,"body":"of these carriers saying,"},{"speaker":"REED HOLZWORTH","startTime":1828.17,"endTime":1833.24,"body":"we are leveraging technology"},{"speaker":"REED HOLZWORTH","startTime":1833.24,"endTime":1837.56,"body":"to give us a competitive"},{"speaker":"REED HOLZWORTH","startTime":1833.24,"endTime":1837.56,"body":"edge with our distribution."},{"speaker":"REED HOLZWORTH","startTime":1837.56,"endTime":1839.55,"body":"Everybody's"},{"speaker":"REED HOLZWORTH","startTime":1837.56,"endTime":1839.55,"body":"leveraged technology."},{"speaker":"REED HOLZWORTH","startTime":1839.55,"endTime":1842.43,"body":"And we're going to go digital"},{"speaker":"REED HOLZWORTH","startTime":1839.55,"endTime":1842.43,"body":"blah, blah, blah, blah, blah,"},{"speaker":"REED HOLZWORTH","startTime":1842.43,"endTime":1843.91,"body":"blah, blah, all that."},{"speaker":"REED HOLZWORTH","startTime":1843.91,"endTime":1848.02,"body":"But this stuff is"},{"speaker":"REED HOLZWORTH","startTime":1843.91,"endTime":1848.02,"body":"now like e-teams."},{"speaker":"REED HOLZWORTH","startTime":1848.02,"endTime":1851.41,"body":"I mean, the best of the"},{"speaker":"REED HOLZWORTH","startTime":1848.02,"endTime":1851.41,"body":"best of these carriers"},{"speaker":"REED HOLZWORTH","startTime":1851.41,"endTime":1853.07,"body":"are coming after it."},{"speaker":"REED HOLZWORTH","startTime":1853.07,"endTime":1856.51,"body":"And they want to set"},{"speaker":"REED HOLZWORTH","startTime":1853.07,"endTime":1856.51,"body":"themselves apart leveraging"},{"speaker":"REED HOLZWORTH","startTime":1856.51,"endTime":1860.66,"body":"this stuff in really"},{"speaker":"REED HOLZWORTH","startTime":1856.51,"endTime":1860.66,"body":"creative ways."},{"speaker":"REED HOLZWORTH","startTime":1860.66,"endTime":1862.34,"body":"And so yeah, it's a good call."},{"speaker":"REED HOLZWORTH","startTime":1862.34,"endTime":1864.41,"body":"I mean, there's a"},{"speaker":"REED HOLZWORTH","startTime":1862.34,"endTime":1864.41,"body":"lot going on there."},{"speaker":"REED HOLZWORTH","startTime":1864.41,"endTime":1866.118,"body":"I think that would be"},{"speaker":"REED HOLZWORTH","startTime":1864.41,"endTime":1866.118,"body":"good for the agents"},{"speaker":"REED HOLZWORTH","startTime":1866.118,"endTime":1869.66,"body":"too to understand how some"},{"speaker":"REED HOLZWORTH","startTime":1866.118,"endTime":1869.66,"body":"of these guys are thinking--"},{"speaker":"KRISTEN","startTime":1869.66,"endTime":1870.84,"body":"Yeah."},{"speaker":"REED HOLZWORTH","startTime":1870.84,"endTime":1872.59,"body":"--about"},{"speaker":"REED HOLZWORTH","startTime":1870.84,"endTime":1872.59,"body":"the future, right?"},{"speaker":"KRISTEN","startTime":1872.59,"endTime":1874.055,"body":"Absolutely."},{"speaker":"REED HOLZWORTH","startTime":1874.055,"endTime":1874.93,"body":"Yeah."},{"speaker":"REED HOLZWORTH","startTime":1874.93,"endTime":1876.43,"body":"Yeah, all right."},{"speaker":"REED HOLZWORTH","startTime":1876.43,"endTime":1877.09,"body":"I like it."},{"speaker":"KRISTEN","startTime":1877.09,"endTime":1879.88,"body":"All right,"},{"speaker":"KRISTEN","startTime":1877.09,"endTime":1879.88,"body":"on to the next one."},{"speaker":"REED HOLZWORTH","startTime":1879.88,"endTime":1881.97,"body":"On"},{"speaker":"REED HOLZWORTH","startTime":1879.88,"endTime":1881.97,"body":"to the next one."}]}