{"version":"1.0.0","segments":[{"speaker":"DENNIS CHOOKASZIAN","startTime":0.213,"endTime":1.63,"body":"Interestingly,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1.63,"endTime":3.37,"body":"as we tried to"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1.63,"endTime":3.37,"body":"build it would also"},{"speaker":"DENNIS CHOOKASZIAN","startTime":3.37,"endTime":6.82,"body":"became very clear after the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":3.37,"endTime":6.82,"body":"first three or four meetings"},{"speaker":"DENNIS CHOOKASZIAN","startTime":6.82,"endTime":9.28,"body":"is that we had"},{"speaker":"DENNIS CHOOKASZIAN","startTime":6.82,"endTime":9.28,"body":"difficulty figuring out"},{"speaker":"DENNIS CHOOKASZIAN","startTime":9.28,"endTime":11.86,"body":"what to have for"},{"speaker":"DENNIS CHOOKASZIAN","startTime":9.28,"endTime":11.86,"body":"lunch, let alone"},{"speaker":"DENNIS CHOOKASZIAN","startTime":11.86,"endTime":14.275,"body":"what structure for six"},{"speaker":"DENNIS CHOOKASZIAN","startTime":11.86,"endTime":14.275,"body":"companies wanted for the system."},{"speaker":"REID HOLZWORTH","startTime":14.275,"endTime":15.9,"body":"And"},{"speaker":"REID HOLZWORTH","startTime":14.275,"endTime":15.9,"body":"I'm only imagining."},{"speaker":"DENNIS CHOOKASZIAN","startTime":15.9,"endTime":19.75,"body":"It"},{"speaker":"DENNIS CHOOKASZIAN","startTime":15.9,"endTime":19.75,"body":"was very, very difficult."},{"speaker":"SPEAKER 1","startTime":19.75,"endTime":22.06,"body":"This is the"},{"speaker":"SPEAKER 1","startTime":19.75,"endTime":22.06,"body":"insurance technology podcast"},{"speaker":"SPEAKER 1","startTime":22.06,"endTime":23.47,"body":"where we bring"},{"speaker":"SPEAKER 1","startTime":22.06,"endTime":23.47,"body":"interesting people"},{"speaker":"SPEAKER 1","startTime":23.47,"endTime":25.18,"body":"from across the"},{"speaker":"SPEAKER 1","startTime":23.47,"endTime":25.18,"body":"insurance ecosystem"},{"speaker":"SPEAKER 1","startTime":25.18,"endTime":26.83,"body":"to discuss and"},{"speaker":"SPEAKER 1","startTime":25.18,"endTime":26.83,"body":"debate technology's"},{"speaker":"SPEAKER 1","startTime":26.83,"endTime":28.66,"body":"impact on the industry."},{"speaker":"SPEAKER 1","startTime":28.66,"endTime":31.42,"body":"Join us each episode for"},{"speaker":"SPEAKER 1","startTime":28.66,"endTime":31.42,"body":"insights and best practices"},{"speaker":"SPEAKER 1","startTime":31.42,"endTime":34.93,"body":"from industry stewards"},{"speaker":"SPEAKER 1","startTime":31.42,"endTime":34.93,"body":"and tomorrow's innovators."},{"speaker":"SPEAKER 1","startTime":34.93,"endTime":38.712,"body":"Now here's your"},{"speaker":"SPEAKER 1","startTime":34.93,"endTime":38.712,"body":"host, Reid Holzworth."},{"speaker":"REID HOLZWORTH","startTime":38.712,"endTime":40.42,"body":"we're"},{"speaker":"REID HOLZWORTH","startTime":38.712,"endTime":40.42,"body":"back with our guest"},{"speaker":"REID HOLZWORTH","startTime":40.42,"endTime":44.77,"body":"from the last episode, Dennis"},{"speaker":"REID HOLZWORTH","startTime":40.42,"endTime":44.77,"body":"Chookaszian, former CEO of CNA"},{"speaker":"REID HOLZWORTH","startTime":44.77,"endTime":47.2,"body":"and founder of AMS."},{"speaker":"REID HOLZWORTH","startTime":47.2,"endTime":51.1,"body":"So Dennis is going to talk a lot"},{"speaker":"REID HOLZWORTH","startTime":47.2,"endTime":51.1,"body":"about the history of the Agency"},{"speaker":"REID HOLZWORTH","startTime":51.1,"endTime":53.15,"body":"Management Systems."},{"speaker":"REID HOLZWORTH","startTime":53.15,"endTime":58.22,"body":"And really, take a note of"},{"speaker":"REID HOLZWORTH","startTime":53.15,"endTime":58.22,"body":"all of the people he mentions"},{"speaker":"REID HOLZWORTH","startTime":58.22,"endTime":62.03,"body":"and what they went off"},{"speaker":"REID HOLZWORTH","startTime":58.22,"endTime":62.03,"body":"to do in this industry."},{"speaker":"REID HOLZWORTH","startTime":62.03,"endTime":65.42,"body":"They've built some of the"},{"speaker":"REID HOLZWORTH","startTime":62.03,"endTime":65.42,"body":"biggest insurance technology"},{"speaker":"REID HOLZWORTH","startTime":65.42,"endTime":68.25,"body":"companies in the"},{"speaker":"REID HOLZWORTH","startTime":65.42,"endTime":68.25,"body":"world after this."},{"speaker":"REID HOLZWORTH","startTime":68.25,"endTime":71.63,"body":"So it's a really great"},{"speaker":"REID HOLZWORTH","startTime":68.25,"endTime":71.63,"body":"history lesson overall."},{"speaker":"REID HOLZWORTH","startTime":71.63,"endTime":75.455,"body":"And once again, Dennis is"},{"speaker":"REID HOLZWORTH","startTime":71.63,"endTime":75.455,"body":"connected in all of it."},{"speaker":"REID HOLZWORTH","startTime":75.455,"endTime":76.31,"body":"Hold on, hold on."},{"speaker":"REID HOLZWORTH","startTime":76.31,"endTime":78.32,"body":"Back up a little bit"},{"speaker":"REID HOLZWORTH","startTime":76.31,"endTime":78.32,"body":"for the listeners"},{"speaker":"REID HOLZWORTH","startTime":78.32,"endTime":80.99,"body":"because you just skipped"},{"speaker":"REID HOLZWORTH","startTime":78.32,"endTime":80.99,"body":"over a big point there."},{"speaker":"REID HOLZWORTH","startTime":80.99,"endTime":82.34,"body":"AMS that you guys--"},{"speaker":"REID HOLZWORTH","startTime":82.34,"endTime":83.69,"body":"go into AMS a little bit."},{"speaker":"DENNIS CHOOKASZIAN","startTime":83.69,"endTime":84.898,"body":"Sure, OK."},{"speaker":"DENNIS CHOOKASZIAN","startTime":84.898,"endTime":88.56,"body":"So let's step in back, in fact,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":84.898,"endTime":88.56,"body":"to the systems that were there."},{"speaker":"DENNIS CHOOKASZIAN","startTime":88.56,"endTime":94.84,"body":"So in the '60s and '70s, the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":88.56,"endTime":94.84,"body":"systems that were being built"},{"speaker":"DENNIS CHOOKASZIAN","startTime":94.84,"endTime":99.91,"body":"were for the companies, only a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":94.84,"endTime":99.91,"body":"few systems built for agents."},{"speaker":"DENNIS CHOOKASZIAN","startTime":99.91,"endTime":104.26,"body":"The biggest of those systems"},{"speaker":"DENNIS CHOOKASZIAN","startTime":99.91,"endTime":104.26,"body":"was something called ARC, Agency"},{"speaker":"DENNIS CHOOKASZIAN","startTime":104.26,"endTime":105.64,"body":"Records Control."},{"speaker":"DENNIS CHOOKASZIAN","startTime":105.64,"endTime":109.78,"body":"And it was built by"},{"speaker":"DENNIS CHOOKASZIAN","startTime":105.64,"endTime":109.78,"body":"some college professors"},{"speaker":"DENNIS CHOOKASZIAN","startTime":109.78,"endTime":114.55,"body":"at Texas A\u0026M down in"},{"speaker":"DENNIS CHOOKASZIAN","startTime":109.78,"endTime":114.55,"body":"Denton, Texas, actually,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":114.55,"endTime":115.84,"body":"was where it was set up."},{"speaker":"DENNIS CHOOKASZIAN","startTime":115.84,"endTime":117.73,"body":"And these professors"},{"speaker":"DENNIS CHOOKASZIAN","startTime":115.84,"endTime":117.73,"body":"got together and said,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":117.73,"endTime":119.86,"body":"gee, why don't we take our"},{"speaker":"DENNIS CHOOKASZIAN","startTime":117.73,"endTime":119.86,"body":"computer knowledge here,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":119.86,"endTime":121.75,"body":"because there were"},{"speaker":"DENNIS CHOOKASZIAN","startTime":119.86,"endTime":121.75,"body":"early days of computing."},{"speaker":"DENNIS CHOOKASZIAN","startTime":121.75,"endTime":124.57,"body":"We'll build a system to process"},{"speaker":"DENNIS CHOOKASZIAN","startTime":121.75,"endTime":124.57,"body":"things for the insurance"},{"speaker":"DENNIS CHOOKASZIAN","startTime":124.57,"endTime":125.08,"body":"industry."},{"speaker":"DENNIS CHOOKASZIAN","startTime":125.08,"endTime":125.98,"body":"And they did."},{"speaker":"DENNIS CHOOKASZIAN","startTime":125.98,"endTime":128.74,"body":"So they created what"},{"speaker":"DENNIS CHOOKASZIAN","startTime":125.98,"endTime":128.74,"body":"was a punch card system,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":128.74,"endTime":130.539,"body":"the 80-column Hollerith cards."},{"speaker":"DENNIS CHOOKASZIAN","startTime":130.539,"endTime":132.35,"body":"And that was the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":130.539,"endTime":132.35,"body":"way it was done."},{"speaker":"DENNIS CHOOKASZIAN","startTime":132.35,"endTime":134.38,"body":"And so it was all"},{"speaker":"DENNIS CHOOKASZIAN","startTime":132.35,"endTime":134.38,"body":"on punch cards."},{"speaker":"DENNIS CHOOKASZIAN","startTime":134.38,"endTime":136.75,"body":"And what the agent"},{"speaker":"DENNIS CHOOKASZIAN","startTime":134.38,"endTime":136.75,"body":"would do, the agent"},{"speaker":"DENNIS CHOOKASZIAN","startTime":136.75,"endTime":141.15,"body":"would prepare their bills which"},{"speaker":"DENNIS CHOOKASZIAN","startTime":136.75,"endTime":141.15,"body":"were, largely, typed manually."},{"speaker":"DENNIS CHOOKASZIAN","startTime":141.15,"endTime":142.73,"body":"There was no electronics."},{"speaker":"DENNIS CHOOKASZIAN","startTime":142.73,"endTime":144.14,"body":"They were manually typed."},{"speaker":"DENNIS CHOOKASZIAN","startTime":144.14,"endTime":145.91,"body":"They'd batch them up."},{"speaker":"DENNIS CHOOKASZIAN","startTime":145.91,"endTime":148.43,"body":"They would mail them"},{"speaker":"DENNIS CHOOKASZIAN","startTime":145.91,"endTime":148.43,"body":"in to Denton, Texas."},{"speaker":"DENNIS CHOOKASZIAN","startTime":148.43,"endTime":151.67,"body":"They would keypunch the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":148.43,"endTime":151.67,"body":"data on Hollerith cards,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":151.67,"endTime":153.5,"body":"run it through a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":151.67,"endTime":153.5,"body":"set of systems, that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":153.5,"endTime":155.66,"body":"were very rudimentary"},{"speaker":"DENNIS CHOOKASZIAN","startTime":153.5,"endTime":155.66,"body":"systems, and create"},{"speaker":"DENNIS CHOOKASZIAN","startTime":155.66,"endTime":156.906,"body":"the billing for the agency."},{"speaker":"DENNIS CHOOKASZIAN","startTime":156.906,"endTime":157.88,"body":"It would produce a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":156.906,"endTime":157.88,"body":"billing statement"},{"speaker":"DENNIS CHOOKASZIAN","startTime":157.88,"endTime":159.53,"body":"to be mailed to the insurer"},{"speaker":"DENNIS CHOOKASZIAN","startTime":157.88,"endTime":159.53,"body":"and it would give them"},{"speaker":"DENNIS CHOOKASZIAN","startTime":159.53,"endTime":161.03,"body":"a little bit of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":159.53,"endTime":161.03,"body":"summary information,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":161.03,"endTime":162.29,"body":"but very preliminary."},{"speaker":"DENNIS CHOOKASZIAN","startTime":162.29,"endTime":165.68,"body":"So that was, really, the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":162.29,"endTime":165.68,"body":"only agency system of size."},{"speaker":"DENNIS CHOOKASZIAN","startTime":165.68,"endTime":169.19,"body":"Then in the early '80s is"},{"speaker":"DENNIS CHOOKASZIAN","startTime":165.68,"endTime":169.19,"body":"you've got IBM, in 1980,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":169.19,"endTime":171.56,"body":"came out with the PC."},{"speaker":"DENNIS CHOOKASZIAN","startTime":171.56,"endTime":175.79,"body":"And then in 1982, they"},{"speaker":"DENNIS CHOOKASZIAN","startTime":171.56,"endTime":175.79,"body":"came out with the PC XT."},{"speaker":"DENNIS CHOOKASZIAN","startTime":175.79,"endTime":177.62,"body":"And then you had"},{"speaker":"DENNIS CHOOKASZIAN","startTime":175.79,"endTime":177.62,"body":"the Wang and you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":177.62,"endTime":180.2,"body":"had the Apple, which were"},{"speaker":"DENNIS CHOOKASZIAN","startTime":177.62,"endTime":180.2,"body":"starting to get created."},{"speaker":"DENNIS CHOOKASZIAN","startTime":180.2,"endTime":182.27,"body":"And these were thought"},{"speaker":"DENNIS CHOOKASZIAN","startTime":180.2,"endTime":182.27,"body":"of as personal computers"},{"speaker":"DENNIS CHOOKASZIAN","startTime":182.27,"endTime":185.43,"body":"but they had a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":182.27,"endTime":185.43,"body":"business application."},{"speaker":"DENNIS CHOOKASZIAN","startTime":185.43,"endTime":188.75,"body":"So people tried to take"},{"speaker":"DENNIS CHOOKASZIAN","startTime":185.43,"endTime":188.75,"body":"some of these systems"},{"speaker":"DENNIS CHOOKASZIAN","startTime":188.75,"endTime":191.87,"body":"and build a system for"},{"speaker":"DENNIS CHOOKASZIAN","startTime":188.75,"endTime":191.87,"body":"agencies around it."},{"speaker":"REID HOLZWORTH","startTime":191.87,"endTime":193.88,"body":"there any"},{"speaker":"REID HOLZWORTH","startTime":191.87,"endTime":193.88,"body":"that stood out to you?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":193.88,"endTime":196.67,"body":"One of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":193.88,"endTime":196.67,"body":"them that was very successful,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":196.67,"endTime":198.74,"body":"actually, was a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":196.67,"endTime":198.74,"body":"system that was built"},{"speaker":"DENNIS CHOOKASZIAN","startTime":198.74,"endTime":201.26,"body":"by a guy named Rob Thompson."},{"speaker":"DENNIS CHOOKASZIAN","startTime":201.26,"endTime":204.2,"body":"And he was a young fellow"},{"speaker":"DENNIS CHOOKASZIAN","startTime":201.26,"endTime":204.2,"body":"that was just out of school"},{"speaker":"DENNIS CHOOKASZIAN","startTime":204.2,"endTime":208.1,"body":"working for his father's"},{"speaker":"DENNIS CHOOKASZIAN","startTime":204.2,"endTime":208.1,"body":"insurance agency in Pittsburgh"},{"speaker":"DENNIS CHOOKASZIAN","startTime":208.1,"endTime":210.35,"body":"and a really smart guy."},{"speaker":"DENNIS CHOOKASZIAN","startTime":210.35,"endTime":216.005,"body":"And Rob built a system on"},{"speaker":"DENNIS CHOOKASZIAN","startTime":210.35,"endTime":216.005,"body":"a little portable computer,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":216.005,"endTime":219.62,"body":"a Wang, that was a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":216.005,"endTime":219.62,"body":"very basic thing."},{"speaker":"DENNIS CHOOKASZIAN","startTime":219.62,"endTime":221.9,"body":"But it was really slick,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":219.62,"endTime":221.9,"body":"the way it worked."},{"speaker":"DENNIS CHOOKASZIAN","startTime":221.9,"endTime":225.26,"body":"So he built this"},{"speaker":"DENNIS CHOOKASZIAN","startTime":221.9,"endTime":225.26,"body":"computer system and it"},{"speaker":"DENNIS CHOOKASZIAN","startTime":225.26,"endTime":227.75,"body":"was a lot better for agencies"},{"speaker":"DENNIS CHOOKASZIAN","startTime":225.26,"endTime":227.75,"body":"than what they were doing."},{"speaker":"DENNIS CHOOKASZIAN","startTime":227.75,"endTime":229.43,"body":"And he sold a lot of them."},{"speaker":"DENNIS CHOOKASZIAN","startTime":229.43,"endTime":234.55,"body":"So as these systems got"},{"speaker":"DENNIS CHOOKASZIAN","startTime":229.43,"endTime":234.55,"body":"created, Rob Thompson"},{"speaker":"DENNIS CHOOKASZIAN","startTime":234.55,"endTime":236.65,"body":"was successful with his system."},{"speaker":"DENNIS CHOOKASZIAN","startTime":236.65,"endTime":240.19,"body":"And then a new system"},{"speaker":"DENNIS CHOOKASZIAN","startTime":236.65,"endTime":240.19,"body":"was created by ARC,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":240.19,"endTime":243.07,"body":"called the Batcher, where"},{"speaker":"DENNIS CHOOKASZIAN","startTime":240.19,"endTime":243.07,"body":"they could take the data."},{"speaker":"DENNIS CHOOKASZIAN","startTime":243.07,"endTime":245.41,"body":"And we have now evolved"},{"speaker":"DENNIS CHOOKASZIAN","startTime":243.07,"endTime":245.41,"body":"to computer terminals that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":245.41,"endTime":247.3,"body":"could enter the data"},{"speaker":"DENNIS CHOOKASZIAN","startTime":245.41,"endTime":247.3,"body":"in computer terminals,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":247.3,"endTime":250.025,"body":"send it electronically"},{"speaker":"DENNIS CHOOKASZIAN","startTime":247.3,"endTime":250.025,"body":"down to Texas,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":250.025,"endTime":251.65,"body":"and then they would"},{"speaker":"DENNIS CHOOKASZIAN","startTime":250.025,"endTime":251.65,"body":"do the same things."},{"speaker":"DENNIS CHOOKASZIAN","startTime":251.65,"endTime":253.81,"body":"It was still a batch system,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":251.65,"endTime":253.81,"body":"but the data was being entered."},{"speaker":"DENNIS CHOOKASZIAN","startTime":253.81,"endTime":256.72,"body":"So these are all the preliminary"},{"speaker":"DENNIS CHOOKASZIAN","startTime":253.81,"endTime":256.72,"body":"steps as things are evolving."},{"speaker":"DENNIS CHOOKASZIAN","startTime":256.72,"endTime":260.589,"body":"And then several other companies"},{"speaker":"DENNIS CHOOKASZIAN","startTime":256.72,"endTime":260.589,"body":"developed proprietary systems"},{"speaker":"DENNIS CHOOKASZIAN","startTime":260.589,"endTime":263.38,"body":"that were these"},{"speaker":"DENNIS CHOOKASZIAN","startTime":260.589,"endTime":263.38,"body":"agency-based systems."},{"speaker":"DENNIS CHOOKASZIAN","startTime":263.38,"endTime":265.78,"body":"And a few of them developed"},{"speaker":"DENNIS CHOOKASZIAN","startTime":263.38,"endTime":265.78,"body":"their own in company."},{"speaker":"DENNIS CHOOKASZIAN","startTime":265.78,"endTime":269.41,"body":"So Aetna had Gemini, Continental"},{"speaker":"DENNIS CHOOKASZIAN","startTime":265.78,"endTime":269.41,"body":"had The Time Machine."},{"speaker":"DENNIS CHOOKASZIAN","startTime":269.41,"endTime":271.24,"body":"They were building"},{"speaker":"DENNIS CHOOKASZIAN","startTime":269.41,"endTime":271.24,"body":"their own terminals"},{"speaker":"DENNIS CHOOKASZIAN","startTime":271.24,"endTime":275.14,"body":"so that an agent could send the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":271.24,"endTime":275.14,"body":"information directly to them."},{"speaker":"REID HOLZWORTH","startTime":275.14,"endTime":278.29,"body":"each having"},{"speaker":"REID HOLZWORTH","startTime":275.14,"endTime":278.29,"body":"their own system, how well"},{"speaker":"REID HOLZWORTH","startTime":278.29,"endTime":279.928,"body":"did it work for the agents?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":279.928,"endTime":281.47,"body":"If you would have"},{"speaker":"DENNIS CHOOKASZIAN","startTime":281.47,"endTime":285.1,"body":"walked into an insurance"},{"speaker":"DENNIS CHOOKASZIAN","startTime":281.47,"endTime":285.1,"body":"agent's office in 1984, 85,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":285.1,"endTime":288.01,"body":"at that time, you'd"},{"speaker":"DENNIS CHOOKASZIAN","startTime":285.1,"endTime":288.01,"body":"see a table with seven"},{"speaker":"DENNIS CHOOKASZIAN","startTime":288.01,"endTime":289.9,"body":"or eight terminals on it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":289.9,"endTime":292.72,"body":"One for Aetna, one for"},{"speaker":"DENNIS CHOOKASZIAN","startTime":289.9,"endTime":292.72,"body":"Travelers, one for Continental."},{"speaker":"DENNIS CHOOKASZIAN","startTime":292.72,"endTime":295.52,"body":"They all had their own"},{"speaker":"DENNIS CHOOKASZIAN","startTime":292.72,"endTime":295.52,"body":"terminals, which made no sense."},{"speaker":"DENNIS CHOOKASZIAN","startTime":295.52,"endTime":297.37,"body":"But that was what"},{"speaker":"DENNIS CHOOKASZIAN","startTime":295.52,"endTime":297.37,"body":"was developing."},{"speaker":"DENNIS CHOOKASZIAN","startTime":297.37,"endTime":298.932,"body":"It was part of the competition."},{"speaker":"DENNIS CHOOKASZIAN","startTime":298.932,"endTime":300.89,"body":"The guy from Continental"},{"speaker":"DENNIS CHOOKASZIAN","startTime":298.932,"endTime":300.89,"body":"would come in and say,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":300.89,"endTime":302.515,"body":"we've got a better"},{"speaker":"DENNIS CHOOKASZIAN","startTime":300.89,"endTime":302.515,"body":"terminal than Aetna."},{"speaker":"DENNIS CHOOKASZIAN","startTime":302.515,"endTime":305.95,"body":"Here, you take ours and we'll"},{"speaker":"DENNIS CHOOKASZIAN","startTime":302.515,"endTime":305.95,"body":"give you a little extra payment"},{"speaker":"DENNIS CHOOKASZIAN","startTime":305.95,"endTime":306.95,"body":"to do that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":306.95,"endTime":309.04,"body":"So that's the way"},{"speaker":"DENNIS CHOOKASZIAN","startTime":306.95,"endTime":309.04,"body":"competition took place."},{"speaker":"DENNIS CHOOKASZIAN","startTime":309.04,"endTime":312.643,"body":"So as that was occurring,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":309.04,"endTime":312.643,"body":"some of the companies"},{"speaker":"DENNIS CHOOKASZIAN","startTime":312.643,"endTime":314.56,"body":"recognized that maybe"},{"speaker":"DENNIS CHOOKASZIAN","startTime":312.643,"endTime":314.56,"body":"they would be better off"},{"speaker":"DENNIS CHOOKASZIAN","startTime":314.56,"endTime":316.51,"body":"buying one of these"},{"speaker":"DENNIS CHOOKASZIAN","startTime":314.56,"endTime":316.51,"body":"big agency systems."},{"speaker":"DENNIS CHOOKASZIAN","startTime":316.51,"endTime":319.81,"body":"And so Hartford bought Rob"},{"speaker":"DENNIS CHOOKASZIAN","startTime":316.51,"endTime":319.81,"body":"Thompson's company for,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":319.81,"endTime":321.88,"body":"if I remember it right,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":319.81,"endTime":321.88,"body":"it was like $37 million,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":321.88,"endTime":324.13,"body":"which is a huge amount of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":321.88,"endTime":324.13,"body":"money for small insurance"},{"speaker":"DENNIS CHOOKASZIAN","startTime":324.13,"endTime":325.99,"body":"agency in Pittsburgh."},{"speaker":"DENNIS CHOOKASZIAN","startTime":325.99,"endTime":327.898,"body":"And he sold it to"},{"speaker":"DENNIS CHOOKASZIAN","startTime":325.99,"endTime":327.898,"body":"Hartford at that time."},{"speaker":"DENNIS CHOOKASZIAN","startTime":327.898,"endTime":329.44,"body":"Hartford got several"},{"speaker":"DENNIS CHOOKASZIAN","startTime":327.898,"endTime":329.44,"body":"of the companies"},{"speaker":"DENNIS CHOOKASZIAN","startTime":329.44,"endTime":331.45,"body":"together with him to support it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":331.45,"endTime":333.98,"body":"Then Fireman's Fund thought"},{"speaker":"DENNIS CHOOKASZIAN","startTime":331.45,"endTime":333.98,"body":"that was a good idea."},{"speaker":"DENNIS CHOOKASZIAN","startTime":333.98,"endTime":336.98,"body":"And they stepped in"},{"speaker":"DENNIS CHOOKASZIAN","startTime":333.98,"endTime":336.98,"body":"and they bought ARC."},{"speaker":"DENNIS CHOOKASZIAN","startTime":336.98,"endTime":338.05,"body":"Now they had ARC."},{"speaker":"DENNIS CHOOKASZIAN","startTime":338.05,"endTime":340.09,"body":"So now you had a couple of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":338.05,"endTime":340.09,"body":"these big systems owned by them."},{"speaker":"DENNIS CHOOKASZIAN","startTime":340.09,"endTime":342.507,"body":"Then you had the ones built"},{"speaker":"DENNIS CHOOKASZIAN","startTime":340.09,"endTime":342.507,"body":"like Continental's and Aetna's"},{"speaker":"DENNIS CHOOKASZIAN","startTime":342.507,"endTime":343.42,"body":"Gemini."},{"speaker":"DENNIS CHOOKASZIAN","startTime":343.42,"endTime":347.38,"body":"And so, you had this large"},{"speaker":"DENNIS CHOOKASZIAN","startTime":343.42,"endTime":347.38,"body":"number systems out there."},{"speaker":"DENNIS CHOOKASZIAN","startTime":347.38,"endTime":349.18,"body":"And then Commercial"},{"speaker":"DENNIS CHOOKASZIAN","startTime":347.38,"endTime":349.18,"body":"Union thought"},{"speaker":"DENNIS CHOOKASZIAN","startTime":349.18,"endTime":350.57,"body":"they should get into it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":350.57,"endTime":354.34,"body":"So they went to PMSC, which is"},{"speaker":"DENNIS CHOOKASZIAN","startTime":350.57,"endTime":354.34,"body":"their Larry Wilson's company."},{"speaker":"DENNIS CHOOKASZIAN","startTime":354.34,"endTime":356.47,"body":"And Larry had a very"},{"speaker":"DENNIS CHOOKASZIAN","startTime":354.34,"endTime":356.47,"body":"successful company system."},{"speaker":"DENNIS CHOOKASZIAN","startTime":356.47,"endTime":359.14,"body":"And they had a very"},{"speaker":"DENNIS CHOOKASZIAN","startTime":356.47,"endTime":359.14,"body":"rudimentary preliminary system"},{"speaker":"DENNIS CHOOKASZIAN","startTime":359.14,"endTime":362.54,"body":"with no one on it, just a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":359.14,"endTime":362.54,"body":"handful of test agents on it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":362.54,"endTime":364.78,"body":"And they called"},{"speaker":"DENNIS CHOOKASZIAN","startTime":362.54,"endTime":364.78,"body":"it AMS, because it"},{"speaker":"DENNIS CHOOKASZIAN","startTime":364.78,"endTime":368.32,"body":"was PMS, Policy"},{"speaker":"DENNIS CHOOKASZIAN","startTime":364.78,"endTime":368.32,"body":"Management Systems, AMS,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":368.32,"endTime":370.01,"body":"Agency Management Systems."},{"speaker":"DENNIS CHOOKASZIAN","startTime":370.01,"endTime":375.16,"body":"So Commercial Union paid $22"},{"speaker":"DENNIS CHOOKASZIAN","startTime":370.01,"endTime":375.16,"body":"million to Larry to buy that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":375.16,"endTime":376.93,"body":"And at that time, we"},{"speaker":"DENNIS CHOOKASZIAN","startTime":375.16,"endTime":376.93,"body":"were a user of it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":376.93,"endTime":377.99,"body":"And I asked Larry."},{"speaker":"DENNIS CHOOKASZIAN","startTime":377.99,"endTime":380.95,"body":"I said, how did you come"},{"speaker":"DENNIS CHOOKASZIAN","startTime":377.99,"endTime":380.95,"body":"up with the $22 million?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":380.95,"endTime":383.23,"body":"And he said, well,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":380.95,"endTime":383.23,"body":"what I did was"},{"speaker":"DENNIS CHOOKASZIAN","startTime":383.23,"endTime":387.88,"body":"I calculated the future revenue"},{"speaker":"DENNIS CHOOKASZIAN","startTime":383.23,"endTime":387.88,"body":"stream that we could get"},{"speaker":"DENNIS CHOOKASZIAN","startTime":387.88,"endTime":391.33,"body":"from selling this to agents,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":387.88,"endTime":391.33,"body":"took the profit from that,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":391.33,"endTime":394.81,"body":"estimated it into the future,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":391.33,"endTime":394.81,"body":"and multiplied it by 2."},{"speaker":"DENNIS CHOOKASZIAN","startTime":394.81,"endTime":396.011,"body":"And that's $22 million."},{"speaker":"DENNIS CHOOKASZIAN","startTime":396.011,"endTime":397.594,"body":"And that's what we"},{"speaker":"DENNIS CHOOKASZIAN","startTime":396.011,"endTime":397.594,"body":"sold it to him for."},{"speaker":"REID HOLZWORTH","startTime":397.594,"endTime":398.482,"body":"[LAUGHS]"},{"speaker":"DENNIS CHOOKASZIAN","startTime":398.482,"endTime":400.899,"body":"So, again,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":398.482,"endTime":400.899,"body":"commercially, we bought it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":400.899,"endTime":402.92,"body":"It was a very big"},{"speaker":"DENNIS CHOOKASZIAN","startTime":400.899,"endTime":402.92,"body":"purchase for them."},{"speaker":"REID HOLZWORTH","startTime":402.92,"endTime":405.107,"body":"So how do"},{"speaker":"REID HOLZWORTH","startTime":402.92,"endTime":405.107,"body":"you fit in to all of this?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":405.107,"endTime":406.69,"body":"What happened then"},{"speaker":"DENNIS CHOOKASZIAN","startTime":406.69,"endTime":410.05,"body":"between this time,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":406.69,"endTime":410.05,"body":"this is 82, 83, 84,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":410.05,"endTime":413.32,"body":"was that I saw all"},{"speaker":"DENNIS CHOOKASZIAN","startTime":410.05,"endTime":413.32,"body":"this happening at CNA"},{"speaker":"DENNIS CHOOKASZIAN","startTime":413.32,"endTime":415.308,"body":"and felt like we"},{"speaker":"DENNIS CHOOKASZIAN","startTime":413.32,"endTime":415.308,"body":"had actually visited"},{"speaker":"DENNIS CHOOKASZIAN","startTime":415.308,"endTime":416.35,"body":"with all these companies."},{"speaker":"DENNIS CHOOKASZIAN","startTime":416.35,"endTime":418.24,"body":"We went to visit"},{"speaker":"DENNIS CHOOKASZIAN","startTime":416.35,"endTime":418.24,"body":"Rob Thompson and ARC"},{"speaker":"DENNIS CHOOKASZIAN","startTime":418.24,"endTime":421.99,"body":"and the prices were too high."},{"speaker":"DENNIS CHOOKASZIAN","startTime":421.99,"endTime":424.593,"body":"ARC was sold for 52"},{"speaker":"DENNIS CHOOKASZIAN","startTime":421.99,"endTime":424.593,"body":"million to Fireman's Fund."},{"speaker":"DENNIS CHOOKASZIAN","startTime":424.593,"endTime":427.64,"body":"[INAUDIBLE] on 22 of the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":424.593,"endTime":427.64,"body":"big numbers at that time."},{"speaker":"DENNIS CHOOKASZIAN","startTime":427.64,"endTime":429.14,"body":"Those numbers don't"},{"speaker":"DENNIS CHOOKASZIAN","startTime":427.64,"endTime":429.14,"body":"sound big today."},{"speaker":"DENNIS CHOOKASZIAN","startTime":429.14,"endTime":429.91,"body":"But this is the '80s."},{"speaker":"DENNIS CHOOKASZIAN","startTime":429.91,"endTime":430.33,"body":"That was big numbers."},{"speaker":"REID HOLZWORTH","startTime":430.33,"endTime":431.41,"body":"That was"},{"speaker":"REID HOLZWORTH","startTime":430.33,"endTime":431.41,"body":"pretty big money, yeah."},{"speaker":"DENNIS CHOOKASZIAN","startTime":431.41,"endTime":433.4,"body":"So I"},{"speaker":"DENNIS CHOOKASZIAN","startTime":431.41,"endTime":433.4,"body":"said this doesn't make sense."},{"speaker":"DENNIS CHOOKASZIAN","startTime":433.4,"endTime":435.01,"body":"And at that point"},{"speaker":"DENNIS CHOOKASZIAN","startTime":433.4,"endTime":435.01,"body":"Commercial Union"},{"speaker":"DENNIS CHOOKASZIAN","startTime":435.01,"endTime":437.06,"body":"was starting to"},{"speaker":"DENNIS CHOOKASZIAN","startTime":435.01,"endTime":437.06,"body":"fail with theirs."},{"speaker":"DENNIS CHOOKASZIAN","startTime":437.06,"endTime":439.36,"body":"So I went to the CEO"},{"speaker":"DENNIS CHOOKASZIAN","startTime":437.06,"endTime":439.36,"body":"of Commercial Union"},{"speaker":"DENNIS CHOOKASZIAN","startTime":439.36,"endTime":442.69,"body":"and said, look, if you would"},{"speaker":"DENNIS CHOOKASZIAN","startTime":439.36,"endTime":442.69,"body":"just contribute the software"},{"speaker":"DENNIS CHOOKASZIAN","startTime":442.69,"endTime":445.69,"body":"that you've got, how about"},{"speaker":"DENNIS CHOOKASZIAN","startTime":442.69,"endTime":445.69,"body":"if we raise working capital"},{"speaker":"DENNIS CHOOKASZIAN","startTime":445.69,"endTime":447.97,"body":"from a number of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":445.69,"endTime":447.97,"body":"companies and we'll"},{"speaker":"DENNIS CHOOKASZIAN","startTime":447.97,"endTime":449.987,"body":"form a new company around it?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":449.987,"endTime":451.57,"body":"And we'll give you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":449.987,"endTime":451.57,"body":"a share if you just"},{"speaker":"DENNIS CHOOKASZIAN","startTime":451.57,"endTime":452.62,"body":"contribute to software."},{"speaker":"DENNIS CHOOKASZIAN","startTime":452.62,"endTime":453.61,"body":"And so we did."},{"speaker":"DENNIS CHOOKASZIAN","startTime":453.61,"endTime":455.63,"body":"So we got six"},{"speaker":"DENNIS CHOOKASZIAN","startTime":453.61,"endTime":455.63,"body":"companies together,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":455.63,"endTime":458.56,"body":"including Commercial Union,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":455.63,"endTime":458.56,"body":"and CNA was one of them."},{"speaker":"DENNIS CHOOKASZIAN","startTime":458.56,"endTime":460.65,"body":"And we each put in $3"},{"speaker":"DENNIS CHOOKASZIAN","startTime":458.56,"endTime":460.65,"body":"million, Great American,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":460.65,"endTime":462.65,"body":"there were a number of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":460.65,"endTime":462.65,"body":"companies involved in it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":462.65,"endTime":463.99,"body":"We put our money into it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":463.99,"endTime":465.275,"body":"And we built AMS."},{"speaker":"DENNIS CHOOKASZIAN","startTime":465.275,"endTime":466.9,"body":"And we took the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":465.275,"endTime":466.9,"body":"software that was there"},{"speaker":"DENNIS CHOOKASZIAN","startTime":466.9,"endTime":470.203,"body":"and we hired David Rowe"},{"speaker":"DENNIS CHOOKASZIAN","startTime":466.9,"endTime":470.203,"body":"as our CEO back in 1983."},{"speaker":"REID HOLZWORTH","startTime":470.203,"endTime":472.62,"body":"And David was"},{"speaker":"REID HOLZWORTH","startTime":470.203,"endTime":472.62,"body":"with you at the time at CNA,"},{"speaker":"REID HOLZWORTH","startTime":472.62,"endTime":473.06,"body":"right?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":473.06,"endTime":474.61,"body":"No, David"},{"speaker":"DENNIS CHOOKASZIAN","startTime":473.06,"endTime":474.61,"body":"was with Commercial Union."},{"speaker":"REID HOLZWORTH","startTime":474.61,"endTime":475.21,"body":"Oh, he was?"},{"speaker":"REID HOLZWORTH","startTime":475.21,"endTime":475.96,"body":"OK."},{"speaker":"DENNIS CHOOKASZIAN","startTime":475.96,"endTime":477.79,"body":"So I wanted to meet"},{"speaker":"DENNIS CHOOKASZIAN","startTime":477.79,"endTime":480.16,"body":"with the guy who is the head"},{"speaker":"DENNIS CHOOKASZIAN","startTime":477.79,"endTime":480.16,"body":"of systems at that time."},{"speaker":"DENNIS CHOOKASZIAN","startTime":480.16,"endTime":483.04,"body":"And I flew in from Chicago"},{"speaker":"DENNIS CHOOKASZIAN","startTime":480.16,"endTime":483.04,"body":"and I'm waiting for him."},{"speaker":"DENNIS CHOOKASZIAN","startTime":483.04,"endTime":484.69,"body":"And he asked me to"},{"speaker":"DENNIS CHOOKASZIAN","startTime":483.04,"endTime":484.69,"body":"wait in the office."},{"speaker":"DENNIS CHOOKASZIAN","startTime":484.69,"endTime":488.517,"body":"And I'm sitting there and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":484.69,"endTime":488.517,"body":"the guy's 10, 15 minutes,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":488.517,"endTime":489.85,"body":"20 minutes, he doesn't come out."},{"speaker":"DENNIS CHOOKASZIAN","startTime":489.85,"endTime":491.892,"body":"And then finally, an"},{"speaker":"DENNIS CHOOKASZIAN","startTime":489.85,"endTime":491.892,"body":"assistant comes out and says"},{"speaker":"DENNIS CHOOKASZIAN","startTime":491.892,"endTime":493.09,"body":"he's held up a little bit."},{"speaker":"DENNIS CHOOKASZIAN","startTime":493.09,"endTime":496.258,"body":"And so he said, I'd"},{"speaker":"DENNIS CHOOKASZIAN","startTime":493.09,"endTime":496.258,"body":"like you to interview"},{"speaker":"DENNIS CHOOKASZIAN","startTime":496.258,"endTime":498.55,"body":"one of the people that works"},{"speaker":"DENNIS CHOOKASZIAN","startTime":496.258,"endTime":498.55,"body":"for him and he'll tell you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":498.55,"endTime":499.967,"body":"a little bit about"},{"speaker":"DENNIS CHOOKASZIAN","startTime":498.55,"endTime":499.967,"body":"it, David Rowe."},{"speaker":"DENNIS CHOOKASZIAN","startTime":499.967,"endTime":500.92,"body":"So David came out."},{"speaker":"DENNIS CHOOKASZIAN","startTime":500.92,"endTime":502.9,"body":"And the guy I was"},{"speaker":"DENNIS CHOOKASZIAN","startTime":500.92,"endTime":502.9,"body":"supposed to be never"},{"speaker":"DENNIS CHOOKASZIAN","startTime":502.9,"endTime":504.67,"body":"came, which is interesting."},{"speaker":"DENNIS CHOOKASZIAN","startTime":504.67,"endTime":507.63,"body":"And after meeting David and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":504.67,"endTime":507.63,"body":"understanding his skill set,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":507.63,"endTime":509.38,"body":"I said, I don't need"},{"speaker":"DENNIS CHOOKASZIAN","startTime":507.63,"endTime":509.38,"body":"to meet anybody else."},{"speaker":"DENNIS CHOOKASZIAN","startTime":509.38,"endTime":511.66,"body":"This is the guy that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":509.38,"endTime":511.66,"body":"I want to talk to."},{"speaker":"DENNIS CHOOKASZIAN","startTime":511.66,"endTime":514.6,"body":"Because he really understood it"},{"speaker":"DENNIS CHOOKASZIAN","startTime":511.66,"endTime":514.6,"body":"and he was the developer of it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":514.6,"endTime":519.669,"body":"So when we put this together,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":514.6,"endTime":519.669,"body":"we offered, to Commercial Union,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":519.669,"endTime":520.24,"body":"to join."},{"speaker":"DENNIS CHOOKASZIAN","startTime":520.24,"endTime":522.49,"body":"And we said, but we want"},{"speaker":"DENNIS CHOOKASZIAN","startTime":520.24,"endTime":522.49,"body":"David to come with it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":522.49,"endTime":523.44,"body":"And they agreed."},{"speaker":"DENNIS CHOOKASZIAN","startTime":523.44,"endTime":526.0,"body":"So David became the CEO and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":523.44,"endTime":526.0,"body":"I was the chairman of it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":526.0,"endTime":530.14,"body":"So David became the CEO of AMS"},{"speaker":"DENNIS CHOOKASZIAN","startTime":526.0,"endTime":530.14,"body":"and we put the whole consortium"},{"speaker":"DENNIS CHOOKASZIAN","startTime":530.14,"endTime":530.682,"body":"together."},{"speaker":"DENNIS CHOOKASZIAN","startTime":530.682,"endTime":532.64,"body":"And then we had sort of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":530.682,"endTime":532.64,"body":"a rotating chairmanship"},{"speaker":"DENNIS CHOOKASZIAN","startTime":532.64,"endTime":535.67,"body":"and we had a one"},{"speaker":"DENNIS CHOOKASZIAN","startTime":532.64,"endTime":535.67,"body":"sixth ownership each."},{"speaker":"DENNIS CHOOKASZIAN","startTime":535.67,"endTime":538.46,"body":"Well, interestingly, as"},{"speaker":"DENNIS CHOOKASZIAN","startTime":535.67,"endTime":538.46,"body":"we tried to build it,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":538.46,"endTime":541.43,"body":"what also became very clear"},{"speaker":"DENNIS CHOOKASZIAN","startTime":538.46,"endTime":541.43,"body":"after the first three or four"},{"speaker":"DENNIS CHOOKASZIAN","startTime":541.43,"endTime":544.82,"body":"meetings is that we had"},{"speaker":"DENNIS CHOOKASZIAN","startTime":541.43,"endTime":544.82,"body":"difficulty figuring out"},{"speaker":"DENNIS CHOOKASZIAN","startTime":544.82,"endTime":547.37,"body":"what to have for"},{"speaker":"DENNIS CHOOKASZIAN","startTime":544.82,"endTime":547.37,"body":"lunch, let alone"},{"speaker":"DENNIS CHOOKASZIAN","startTime":547.37,"endTime":550.32,"body":"what structure for six"},{"speaker":"DENNIS CHOOKASZIAN","startTime":547.37,"endTime":550.32,"body":"companies wanted for the system."},{"speaker":"REID HOLZWORTH","startTime":550.32,"endTime":550.763,"body":"Oh, what the heck."},{"speaker":"REID HOLZWORTH","startTime":550.763,"endTime":551.721,"body":"And I'm only imagining."},{"speaker":"DENNIS CHOOKASZIAN","startTime":551.721,"endTime":554.57,"body":"It"},{"speaker":"DENNIS CHOOKASZIAN","startTime":551.721,"endTime":554.57,"body":"was very, very difficult."},{"speaker":"DENNIS CHOOKASZIAN","startTime":554.57,"endTime":557.018,"body":"And we finally got to a point"},{"speaker":"DENNIS CHOOKASZIAN","startTime":554.57,"endTime":557.018,"body":"where each of the carriers,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":557.018,"endTime":558.56,"body":"in addition to"},{"speaker":"DENNIS CHOOKASZIAN","startTime":557.018,"endTime":558.56,"body":"putting in $3 million,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":558.56,"endTime":561.5,"body":"had an obligation to put"},{"speaker":"DENNIS CHOOKASZIAN","startTime":558.56,"endTime":561.5,"body":"an additional $3 million"},{"speaker":"DENNIS CHOOKASZIAN","startTime":561.5,"endTime":563.69,"body":"in working capital"},{"speaker":"DENNIS CHOOKASZIAN","startTime":561.5,"endTime":563.69,"body":"if it was called."},{"speaker":"DENNIS CHOOKASZIAN","startTime":563.69,"endTime":565.17,"body":"It hadn't been called it yet."},{"speaker":"DENNIS CHOOKASZIAN","startTime":565.17,"endTime":567.137,"body":"And so I was at the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":565.17,"endTime":567.137,"body":"point where we had burned"},{"speaker":"DENNIS CHOOKASZIAN","startTime":567.137,"endTime":568.22,"body":"through most of the money."},{"speaker":"DENNIS CHOOKASZIAN","startTime":568.22,"endTime":571.88,"body":"We said, we now need to bring"},{"speaker":"DENNIS CHOOKASZIAN","startTime":568.22,"endTime":571.88,"body":"the next $3 million in each."},{"speaker":"DENNIS CHOOKASZIAN","startTime":571.88,"endTime":574.73,"body":"And I was the only one who"},{"speaker":"DENNIS CHOOKASZIAN","startTime":571.88,"endTime":574.73,"body":"thought that was a good idea."},{"speaker":"DENNIS CHOOKASZIAN","startTime":574.73,"endTime":576.95,"body":"The others didn't want to do it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":576.95,"endTime":581.1,"body":"So we said, after talking to"},{"speaker":"DENNIS CHOOKASZIAN","startTime":576.95,"endTime":581.1,"body":"our board at CNA, I said, look,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":581.1,"endTime":583.14,"body":"let's just go buy them out."},{"speaker":"DENNIS CHOOKASZIAN","startTime":583.14,"endTime":585.35,"body":"And what we'll do is we'll"},{"speaker":"DENNIS CHOOKASZIAN","startTime":583.14,"endTime":585.35,"body":"offer to let them out"},{"speaker":"DENNIS CHOOKASZIAN","startTime":585.35,"endTime":587.715,"body":"of their obligation to put"},{"speaker":"DENNIS CHOOKASZIAN","startTime":585.35,"endTime":587.715,"body":"the additional $3 million"},{"speaker":"DENNIS CHOOKASZIAN","startTime":587.715,"endTime":589.34,"body":"in, because it wasn't"},{"speaker":"DENNIS CHOOKASZIAN","startTime":587.715,"endTime":589.34,"body":"making any money,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":589.34,"endTime":592.11,"body":"in exchange for them just"},{"speaker":"DENNIS CHOOKASZIAN","startTime":589.34,"endTime":592.11,"body":"giving us their stock."},{"speaker":"DENNIS CHOOKASZIAN","startTime":592.11,"endTime":594.47,"body":"So we got all of their"},{"speaker":"DENNIS CHOOKASZIAN","startTime":592.11,"endTime":594.47,"body":"stock and AMS for zero."},{"speaker":"REID HOLZWORTH","startTime":594.47,"endTime":595.47,"body":"[LAUGHS]"},{"speaker":"DENNIS CHOOKASZIAN","startTime":595.47,"endTime":598.64,"body":"And we"},{"speaker":"DENNIS CHOOKASZIAN","startTime":595.47,"endTime":598.64,"body":"agreed upon that at that point."},{"speaker":"DENNIS CHOOKASZIAN","startTime":598.64,"endTime":599.85,"body":"And that's what happened."},{"speaker":"DENNIS CHOOKASZIAN","startTime":599.85,"endTime":600.92,"body":"So now, at this point--"},{"speaker":"DENNIS CHOOKASZIAN","startTime":600.92,"endTime":604.1,"body":"but I insisted actually"},{"speaker":"DENNIS CHOOKASZIAN","startTime":600.92,"endTime":604.1,"body":"that as part of the deal,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":604.1,"endTime":604.88,"body":"we'd let them out."},{"speaker":"DENNIS CHOOKASZIAN","startTime":604.88,"endTime":609.32,"body":"But I wanted them to own each"},{"speaker":"DENNIS CHOOKASZIAN","startTime":604.88,"endTime":609.32,"body":"a 1% share of the company."},{"speaker":"REID HOLZWORTH","startTime":609.32,"endTime":610.46,"body":"Oh, smart."},{"speaker":"DENNIS CHOOKASZIAN","startTime":610.46,"endTime":612.86,"body":"So that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":610.46,"endTime":612.86,"body":"they would still support it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":612.86,"endTime":613.86,"body":"And they agreed to that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":613.86,"endTime":615.68,"body":"Now, one additional"},{"speaker":"DENNIS CHOOKASZIAN","startTime":613.86,"endTime":615.68,"body":"thing happened,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":615.68,"endTime":618.35,"body":"just before the buyout"},{"speaker":"DENNIS CHOOKASZIAN","startTime":615.68,"endTime":618.35,"body":"actually, that is important."},{"speaker":"DENNIS CHOOKASZIAN","startTime":618.35,"endTime":620.03,"body":"And that is as we"},{"speaker":"DENNIS CHOOKASZIAN","startTime":618.35,"endTime":620.03,"body":"were building this,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":620.03,"endTime":623.99,"body":"we also realized that ARC was--"},{"speaker":"DENNIS CHOOKASZIAN","startTime":620.03,"endTime":623.99,"body":"in Denton, Texas was failing."},{"speaker":"DENNIS CHOOKASZIAN","startTime":623.99,"endTime":628.26,"body":"So we went to Fireman's Fund and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":623.99,"endTime":628.26,"body":"we said to the fireman's fund,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":628.26,"endTime":631.8,"body":"look, we'll let you join"},{"speaker":"DENNIS CHOOKASZIAN","startTime":628.26,"endTime":631.8,"body":"and take a one seventh share"},{"speaker":"DENNIS CHOOKASZIAN","startTime":631.8,"endTime":634.32,"body":"if you give us ARC."},{"speaker":"DENNIS CHOOKASZIAN","startTime":634.32,"endTime":637.83,"body":"And so, in exchange for going"},{"speaker":"DENNIS CHOOKASZIAN","startTime":634.32,"endTime":637.83,"body":"from one sixth, which we had,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":637.83,"endTime":639.958,"body":"to go one seventh"},{"speaker":"DENNIS CHOOKASZIAN","startTime":637.83,"endTime":639.958,"body":"by adding them."},{"speaker":"DENNIS CHOOKASZIAN","startTime":639.958,"endTime":642.0,"body":"So they didn't give us"},{"speaker":"DENNIS CHOOKASZIAN","startTime":639.958,"endTime":642.0,"body":"any cash, but they gave us"},{"speaker":"DENNIS CHOOKASZIAN","startTime":642.0,"endTime":645.503,"body":"ARC, which was 5,000"},{"speaker":"DENNIS CHOOKASZIAN","startTime":642.0,"endTime":645.503,"body":"agents, which is a big deal."},{"speaker":"DENNIS CHOOKASZIAN","startTime":645.503,"endTime":647.67,"body":"So with that and with their"},{"speaker":"DENNIS CHOOKASZIAN","startTime":645.503,"endTime":647.67,"body":"Batcher and the products"},{"speaker":"DENNIS CHOOKASZIAN","startTime":647.67,"endTime":649.32,"body":"we had, we put it"},{"speaker":"DENNIS CHOOKASZIAN","startTime":647.67,"endTime":649.32,"body":"all out together."},{"speaker":"DENNIS CHOOKASZIAN","startTime":649.32,"endTime":652.42,"body":"And then, we were still"},{"speaker":"DENNIS CHOOKASZIAN","startTime":649.32,"endTime":652.42,"body":"having trouble making money."},{"speaker":"DENNIS CHOOKASZIAN","startTime":652.42,"endTime":654.57,"body":"And that's when we, as"},{"speaker":"DENNIS CHOOKASZIAN","startTime":652.42,"endTime":654.57,"body":"CNA, stepped in and bought"},{"speaker":"DENNIS CHOOKASZIAN","startTime":654.57,"endTime":657.3,"body":"all the equity shares by,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":654.57,"endTime":657.3,"body":"essentially, saying we'll pay,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":657.3,"endTime":659.05,"body":"well we'll take"},{"speaker":"DENNIS CHOOKASZIAN","startTime":657.3,"endTime":659.05,"body":"care of the funding."},{"speaker":"DENNIS CHOOKASZIAN","startTime":659.05,"endTime":662.58,"body":"So we've picked up all of their"},{"speaker":"DENNIS CHOOKASZIAN","startTime":659.05,"endTime":662.58,"body":"shares until the six of them"},{"speaker":"DENNIS CHOOKASZIAN","startTime":662.58,"endTime":665.01,"body":"had a 1% ownership and CNA, 94."},{"speaker":"DENNIS CHOOKASZIAN","startTime":665.01,"endTime":666.13,"body":"Then we owned 94% of CNA."},{"speaker":"REID HOLZWORTH","startTime":666.13,"endTime":667.13,"body":"[LAUGHS]"},{"speaker":"DENNIS CHOOKASZIAN","startTime":667.13,"endTime":670.025,"body":"That"},{"speaker":"DENNIS CHOOKASZIAN","startTime":667.13,"endTime":670.025,"body":"was in, roughly, 1987."},{"speaker":"DENNIS CHOOKASZIAN","startTime":670.025,"endTime":671.4,"body":"And as we started"},{"speaker":"DENNIS CHOOKASZIAN","startTime":670.025,"endTime":671.4,"body":"building it, we"},{"speaker":"DENNIS CHOOKASZIAN","startTime":671.4,"endTime":675.45,"body":"tried to put together a deal"},{"speaker":"DENNIS CHOOKASZIAN","startTime":671.4,"endTime":675.45,"body":"between Applied and AMS."},{"speaker":"DENNIS CHOOKASZIAN","startTime":675.45,"endTime":677.902,"body":"And we thought it would be"},{"speaker":"DENNIS CHOOKASZIAN","startTime":675.45,"endTime":677.902,"body":"good if we could merge it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":677.902,"endTime":679.86,"body":"Because at that point,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":677.902,"endTime":679.86,"body":"many of the other agency"},{"speaker":"DENNIS CHOOKASZIAN","startTime":679.86,"endTime":681.15,"body":"management systems had failed."},{"speaker":"DENNIS CHOOKASZIAN","startTime":681.15,"endTime":684.073,"body":"There were really only the two"},{"speaker":"DENNIS CHOOKASZIAN","startTime":681.15,"endTime":684.073,"body":"of us at the end of the scale."},{"speaker":"DENNIS CHOOKASZIAN","startTime":684.073,"endTime":685.74,"body":"And we said if we"},{"speaker":"DENNIS CHOOKASZIAN","startTime":684.073,"endTime":685.74,"body":"could put it together,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":685.74,"endTime":691.38,"body":"we could build a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":685.74,"endTime":691.38,"body":"much better company."},{"speaker":"DENNIS CHOOKASZIAN","startTime":691.38,"endTime":693.93,"body":"And we did negotiate a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":691.38,"endTime":693.93,"body":"deal with Tom Eustace,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":693.93,"endTime":698.61,"body":"who was the CEO of Applied at"},{"speaker":"DENNIS CHOOKASZIAN","startTime":693.93,"endTime":698.61,"body":"the time, a really good guy."},{"speaker":"DENNIS CHOOKASZIAN","startTime":698.61,"endTime":701.55,"body":"And unfortunately,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":698.61,"endTime":701.55,"body":"very sad, but Tom"},{"speaker":"DENNIS CHOOKASZIAN","startTime":701.55,"endTime":703.68,"body":"passed away very early, mid 40s."},{"speaker":"DENNIS CHOOKASZIAN","startTime":703.68,"endTime":705.93,"body":"He passed away two"},{"speaker":"DENNIS CHOOKASZIAN","startTime":703.68,"endTime":705.93,"body":"weeks before we"},{"speaker":"DENNIS CHOOKASZIAN","startTime":705.93,"endTime":707.73,"body":"were going to close the deal."},{"speaker":"DENNIS CHOOKASZIAN","startTime":707.73,"endTime":711.39,"body":"And because of his passing and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":707.73,"endTime":711.39,"body":"everything, Bob, his brother,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":711.39,"endTime":713.89,"body":"they decided they weren't going"},{"speaker":"DENNIS CHOOKASZIAN","startTime":711.39,"endTime":713.89,"body":"to go forward with the deal."},{"speaker":"DENNIS CHOOKASZIAN","startTime":713.89,"endTime":717.73,"body":"So they decided that Applied"},{"speaker":"DENNIS CHOOKASZIAN","startTime":713.89,"endTime":717.73,"body":"would just run it on their own."},{"speaker":"DENNIS CHOOKASZIAN","startTime":717.73,"endTime":721.62,"body":"So Applied went their own"},{"speaker":"DENNIS CHOOKASZIAN","startTime":717.73,"endTime":721.62,"body":"way and AMS went its own way."},{"speaker":"DENNIS CHOOKASZIAN","startTime":721.62,"endTime":724.56,"body":"And then we tried to bring"},{"speaker":"DENNIS CHOOKASZIAN","startTime":721.62,"endTime":724.56,"body":"back the two companies together"},{"speaker":"DENNIS CHOOKASZIAN","startTime":724.56,"endTime":728.67,"body":"with the agency network"},{"speaker":"DENNIS CHOOKASZIAN","startTime":724.56,"endTime":728.67,"body":"called Alliance for Productive"},{"speaker":"DENNIS CHOOKASZIAN","startTime":728.67,"endTime":731.04,"body":"Technology, the APT."},{"speaker":"DENNIS CHOOKASZIAN","startTime":731.04,"endTime":732.63,"body":"And that was in 1989."},{"speaker":"DENNIS CHOOKASZIAN","startTime":732.63,"endTime":735.78,"body":"And we were never able"},{"speaker":"DENNIS CHOOKASZIAN","startTime":732.63,"endTime":735.78,"body":"to get the support"},{"speaker":"DENNIS CHOOKASZIAN","startTime":735.78,"endTime":739.56,"body":"of a combination of Applied and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":735.78,"endTime":739.56,"body":"AMS working in the right way."},{"speaker":"DENNIS CHOOKASZIAN","startTime":739.56,"endTime":740.555,"body":"So it didn't work."},{"speaker":"REID HOLZWORTH","startTime":740.555,"endTime":741.93,"body":"As far as I know,"},{"speaker":"REID HOLZWORTH","startTime":741.93,"endTime":743.47,"body":"it's never gone back to that."},{"speaker":"REID HOLZWORTH","startTime":743.47,"endTime":743.97,"body":"That's--"},{"speaker":"DENNIS CHOOKASZIAN","startTime":743.97,"endTime":744.68,"body":"No, it never did."},{"speaker":"DENNIS CHOOKASZIAN","startTime":744.68,"endTime":745.17,"body":"No, it never did."},{"speaker":"REID HOLZWORTH","startTime":745.17,"endTime":746.628,"body":"--companies applied"},{"speaker":"REID HOLZWORTH","startTime":746.628,"endTime":749.76,"body":"and what was now Vertafore,"},{"speaker":"REID HOLZWORTH","startTime":746.628,"endTime":749.76,"body":"at the time was AMS, really"},{"speaker":"REID HOLZWORTH","startTime":749.76,"endTime":750.625,"body":"became one."},{"speaker":"DENNIS CHOOKASZIAN","startTime":750.625,"endTime":752.25,"body":"That's right, yeah."},{"speaker":"DENNIS CHOOKASZIAN","startTime":752.25,"endTime":754.86,"body":"And so, they never came"},{"speaker":"DENNIS CHOOKASZIAN","startTime":752.25,"endTime":754.86,"body":"together at that point."},{"speaker":"DENNIS CHOOKASZIAN","startTime":754.86,"endTime":759.352,"body":"And then now, AMS continued"},{"speaker":"DENNIS CHOOKASZIAN","startTime":754.86,"endTime":759.352,"body":"to expand through the '90s,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":759.352,"endTime":760.81,"body":"and they were both"},{"speaker":"DENNIS CHOOKASZIAN","startTime":759.352,"endTime":760.81,"body":"very successful."},{"speaker":"DENNIS CHOOKASZIAN","startTime":760.81,"endTime":763.03,"body":"They both had about"},{"speaker":"DENNIS CHOOKASZIAN","startTime":760.81,"endTime":763.03,"body":"half the market."},{"speaker":"DENNIS CHOOKASZIAN","startTime":763.03,"endTime":769.97,"body":"And then when I stepped down"},{"speaker":"DENNIS CHOOKASZIAN","startTime":763.03,"endTime":769.97,"body":"as the CEO of CNA back in 1999,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":769.97,"endTime":772.35,"body":"CNA decided to change direction."},{"speaker":"DENNIS CHOOKASZIAN","startTime":772.35,"endTime":774.63,"body":"And they actually"},{"speaker":"DENNIS CHOOKASZIAN","startTime":772.35,"endTime":774.63,"body":"downsized the company."},{"speaker":"DENNIS CHOOKASZIAN","startTime":774.63,"endTime":776.64,"body":"It was $17 billion in"},{"speaker":"DENNIS CHOOKASZIAN","startTime":774.63,"endTime":776.64,"body":"revenue when I was there."},{"speaker":"DENNIS CHOOKASZIAN","startTime":776.64,"endTime":779.22,"body":"They downsized it for"},{"speaker":"DENNIS CHOOKASZIAN","startTime":776.64,"endTime":779.22,"body":"a variety of reasons."},{"speaker":"DENNIS CHOOKASZIAN","startTime":779.22,"endTime":780.96,"body":"And they decided"},{"speaker":"DENNIS CHOOKASZIAN","startTime":779.22,"endTime":780.96,"body":"to sell off a lot"},{"speaker":"DENNIS CHOOKASZIAN","startTime":780.96,"endTime":784.6,"body":"of things that were outside"},{"speaker":"DENNIS CHOOKASZIAN","startTime":780.96,"endTime":784.6,"body":"the commercial insurance space."},{"speaker":"DENNIS CHOOKASZIAN","startTime":784.6,"endTime":790.35,"body":"And so they sold AMS to Marsh"},{"speaker":"DENNIS CHOOKASZIAN","startTime":784.6,"endTime":790.35,"body":"and McLennan to Trident Funds."},{"speaker":"DENNIS CHOOKASZIAN","startTime":790.35,"endTime":793.92,"body":"And so Marsh acquired"},{"speaker":"DENNIS CHOOKASZIAN","startTime":790.35,"endTime":793.92,"body":"it, Trident acquired it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":793.92,"endTime":796.313,"body":"And when they did,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":793.92,"endTime":796.313,"body":"they built it up"},{"speaker":"DENNIS CHOOKASZIAN","startTime":796.313,"endTime":798.48,"body":"and they eventually sold"},{"speaker":"DENNIS CHOOKASZIAN","startTime":796.313,"endTime":798.48,"body":"it to Hellman and Friedman,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":798.48,"endTime":800.1,"body":"and then it got several times."},{"speaker":"REID HOLZWORTH","startTime":800.1,"endTime":800.76,"body":"I"},{"speaker":"REID HOLZWORTH","startTime":800.1,"endTime":800.76,"body":"didn't know that."},{"speaker":"REID HOLZWORTH","startTime":800.76,"endTime":802.47,"body":"I didn't know that Marsh"},{"speaker":"REID HOLZWORTH","startTime":800.76,"endTime":802.47,"body":"bought it originally."},{"speaker":"DENNIS CHOOKASZIAN","startTime":802.47,"endTime":803.4,"body":"Yeah, it was originally"},{"speaker":"DENNIS CHOOKASZIAN","startTime":803.4,"endTime":804.6,"body":"bought, yeah, by Marsh--"},{"speaker":"REID HOLZWORTH","startTime":804.6,"endTime":805.56,"body":"No kidding, huh?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":805.56,"endTime":807.893,"body":"--then"},{"speaker":"DENNIS CHOOKASZIAN","startTime":805.56,"endTime":807.893,"body":"sold to Hellman and Friedman."},{"speaker":"DENNIS CHOOKASZIAN","startTime":807.893,"endTime":810.0,"body":"And then it"},{"speaker":"DENNIS CHOOKASZIAN","startTime":807.893,"endTime":810.0,"body":"continually was flipped"},{"speaker":"DENNIS CHOOKASZIAN","startTime":810.0,"endTime":812.64,"body":"through several different"},{"speaker":"DENNIS CHOOKASZIAN","startTime":810.0,"endTime":812.64,"body":"owners to where it currently is."},{"speaker":"DENNIS CHOOKASZIAN","startTime":812.64,"endTime":815.77,"body":"And then the market value"},{"speaker":"DENNIS CHOOKASZIAN","startTime":812.64,"endTime":815.77,"body":"is going way, way up."},{"speaker":"DENNIS CHOOKASZIAN","startTime":815.77,"endTime":818.97,"body":"So the market value of both"},{"speaker":"DENNIS CHOOKASZIAN","startTime":815.77,"endTime":818.97,"body":"companies is up in this $5, 6,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":818.97,"endTime":821.565,"body":"8 billion range, which"},{"speaker":"DENNIS CHOOKASZIAN","startTime":818.97,"endTime":821.565,"body":"is considerably higher"},{"speaker":"DENNIS CHOOKASZIAN","startTime":821.565,"endTime":823.44,"body":"than, obviously, the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":821.565,"endTime":823.44,"body":"one when we started out."},{"speaker":"DENNIS CHOOKASZIAN","startTime":823.44,"endTime":825.51,"body":"So both had become very"},{"speaker":"DENNIS CHOOKASZIAN","startTime":823.44,"endTime":825.51,"body":"successful companies."},{"speaker":"REID HOLZWORTH","startTime":825.51,"endTime":827.01,"body":"Tell me a little bit"},{"speaker":"REID HOLZWORTH","startTime":827.01,"endTime":828.84,"body":"about the time at Vertafore."},{"speaker":"REID HOLZWORTH","startTime":828.84,"endTime":831.66,"body":"Because there was always"},{"speaker":"REID HOLZWORTH","startTime":828.84,"endTime":831.66,"body":"a bunch of acquisitions"},{"speaker":"REID HOLZWORTH","startTime":831.66,"endTime":833.91,"body":"and there were a lot"},{"speaker":"REID HOLZWORTH","startTime":831.66,"endTime":833.91,"body":"of people that came out"},{"speaker":"REID HOLZWORTH","startTime":833.91,"endTime":835.59,"body":"of that that people"},{"speaker":"REID HOLZWORTH","startTime":833.91,"endTime":835.59,"body":"don't realize that"},{"speaker":"REID HOLZWORTH","startTime":835.59,"endTime":838.38,"body":"were involved in that that went"},{"speaker":"REID HOLZWORTH","startTime":835.59,"endTime":838.38,"body":"off to do a lot of big things"},{"speaker":"REID HOLZWORTH","startTime":838.38,"endTime":840.255,"body":"in this industry and"},{"speaker":"REID HOLZWORTH","startTime":838.38,"endTime":840.255,"body":"still are very involved."},{"speaker":"DENNIS CHOOKASZIAN","startTime":840.255,"endTime":842.297,"body":"There's"},{"speaker":"DENNIS CHOOKASZIAN","startTime":840.255,"endTime":842.297,"body":"no question about it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":842.297,"endTime":844.59,"body":"There have been a lot of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":842.297,"endTime":844.59,"body":"very interesting and creative"},{"speaker":"DENNIS CHOOKASZIAN","startTime":844.59,"endTime":846.93,"body":"companies that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":844.59,"endTime":846.93,"body":"have been generated"},{"speaker":"DENNIS CHOOKASZIAN","startTime":846.93,"endTime":848.79,"body":"in the industry as offshoots."},{"speaker":"DENNIS CHOOKASZIAN","startTime":848.79,"endTime":853.2,"body":"Back at AMS, we were also"},{"speaker":"DENNIS CHOOKASZIAN","startTime":848.79,"endTime":853.2,"body":"acquiring different companies"},{"speaker":"DENNIS CHOOKASZIAN","startTime":853.2,"endTime":855.06,"body":"all along the way as"},{"speaker":"DENNIS CHOOKASZIAN","startTime":853.2,"endTime":855.06,"body":"we were building it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":855.06,"endTime":856.92,"body":"And we acquired Savage Rating."},{"speaker":"DENNIS CHOOKASZIAN","startTime":856.92,"endTime":858.9,"body":"It was a ratings"},{"speaker":"DENNIS CHOOKASZIAN","startTime":856.92,"endTime":858.9,"body":"system we acquired."},{"speaker":"DENNIS CHOOKASZIAN","startTime":858.9,"endTime":862.29,"body":"Doug Roller's company,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":858.9,"endTime":862.29,"body":"Micro-Magic, we acquired that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":862.29,"endTime":864.69,"body":"And we built it up, so we have"},{"speaker":"DENNIS CHOOKASZIAN","startTime":862.29,"endTime":864.69,"body":"very good rating software."},{"speaker":"DENNIS CHOOKASZIAN","startTime":864.69,"endTime":868.08,"body":"And then we acquired"},{"speaker":"DENNIS CHOOKASZIAN","startTime":864.69,"endTime":868.08,"body":"Craig Walker's company,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":868.08,"endTime":870.9,"body":"which had the underwriting"},{"speaker":"DENNIS CHOOKASZIAN","startTime":868.08,"endTime":870.9,"body":"systems built in it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":870.9,"endTime":873.76,"body":"And so we acquired many"},{"speaker":"DENNIS CHOOKASZIAN","startTime":870.9,"endTime":873.76,"body":"of these different things."},{"speaker":"DENNIS CHOOKASZIAN","startTime":873.76,"endTime":877.44,"body":"And then we acquired a number"},{"speaker":"DENNIS CHOOKASZIAN","startTime":873.76,"endTime":877.44,"body":"of smaller businesses had MVRs."},{"speaker":"DENNIS CHOOKASZIAN","startTime":877.44,"endTime":883.8,"body":"And so at one point under AMS,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":877.44,"endTime":883.8,"body":"we owned probably 80% or 90%"},{"speaker":"DENNIS CHOOKASZIAN","startTime":883.8,"endTime":884.91,"body":"of all of the AM--"},{"speaker":"DENNIS CHOOKASZIAN","startTime":884.91,"endTime":888.63,"body":"all of the MVR production in"},{"speaker":"DENNIS CHOOKASZIAN","startTime":884.91,"endTime":888.63,"body":"the auto insurance industry"},{"speaker":"DENNIS CHOOKASZIAN","startTime":888.63,"endTime":889.77,"body":"was owned by AMS."},{"speaker":"DENNIS CHOOKASZIAN","startTime":889.77,"endTime":891.48,"body":"And the MVR production"},{"speaker":"DENNIS CHOOKASZIAN","startTime":889.77,"endTime":891.48,"body":"was something"},{"speaker":"DENNIS CHOOKASZIAN","startTime":891.48,"endTime":893.19,"body":"that what you would"},{"speaker":"DENNIS CHOOKASZIAN","startTime":891.48,"endTime":893.19,"body":"do as an agent"},{"speaker":"DENNIS CHOOKASZIAN","startTime":893.19,"endTime":895.71,"body":"when you were going to"},{"speaker":"DENNIS CHOOKASZIAN","startTime":893.19,"endTime":895.71,"body":"write a policy on somebody,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":895.71,"endTime":899.527,"body":"you needed to get an MVR motor"},{"speaker":"DENNIS CHOOKASZIAN","startTime":895.71,"endTime":899.527,"body":"vehicle record on that person."},{"speaker":"DENNIS CHOOKASZIAN","startTime":899.527,"endTime":901.86,"body":"And then we had the contacts"},{"speaker":"DENNIS CHOOKASZIAN","startTime":899.527,"endTime":901.86,"body":"to the Motor Vehicle Record"},{"speaker":"DENNIS CHOOKASZIAN","startTime":901.86,"endTime":902.36,"body":"Bureau."},{"speaker":"DENNIS CHOOKASZIAN","startTime":902.36,"endTime":906.09,"body":"So you would come to us,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":902.36,"endTime":906.09,"body":"you would pay us a fee,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":906.09,"endTime":909.47,"body":"and we would go to the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":906.09,"endTime":909.47,"body":"MVR, we'd pay the MVR fee,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":909.47,"endTime":910.855,"body":"pay us a small"},{"speaker":"DENNIS CHOOKASZIAN","startTime":909.47,"endTime":910.855,"body":"amount to do that,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":910.855,"endTime":912.48,"body":"and we would bring"},{"speaker":"DENNIS CHOOKASZIAN","startTime":910.855,"endTime":912.48,"body":"it back and give you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":912.48,"endTime":914.55,"body":"the MVR electronically."},{"speaker":"DENNIS CHOOKASZIAN","startTime":914.55,"endTime":916.47,"body":"So that was a very"},{"speaker":"DENNIS CHOOKASZIAN","startTime":914.55,"endTime":916.47,"body":"effective system."},{"speaker":"DENNIS CHOOKASZIAN","startTime":916.47,"endTime":919.92,"body":"So at one point, what"},{"speaker":"DENNIS CHOOKASZIAN","startTime":916.47,"endTime":919.92,"body":"is now Vertafore AMS,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":919.92,"endTime":923.1,"body":"owned the comparative rating"},{"speaker":"DENNIS CHOOKASZIAN","startTime":919.92,"endTime":923.1,"body":"software and all of the MVRs"},{"speaker":"DENNIS CHOOKASZIAN","startTime":923.1,"endTime":924.27,"body":"and all of that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":924.27,"endTime":927.93,"body":"When it was sold to Trident,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":924.27,"endTime":927.93,"body":"they changed direction"},{"speaker":"DENNIS CHOOKASZIAN","startTime":927.93,"endTime":931.567,"body":"and they started to get into"},{"speaker":"DENNIS CHOOKASZIAN","startTime":927.93,"endTime":931.567,"body":"other things like health"},{"speaker":"DENNIS CHOOKASZIAN","startTime":931.567,"endTime":933.15,"body":"insurance software,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":931.567,"endTime":933.15,"body":"many of the things"},{"speaker":"DENNIS CHOOKASZIAN","startTime":933.15,"endTime":935.035,"body":"that we were not in at all."},{"speaker":"DENNIS CHOOKASZIAN","startTime":935.035,"endTime":937.35,"body":"And so Vertafore became"},{"speaker":"DENNIS CHOOKASZIAN","startTime":935.035,"endTime":937.35,"body":"a very different company"},{"speaker":"DENNIS CHOOKASZIAN","startTime":937.35,"endTime":944.01,"body":"that AMS was by expanding more"},{"speaker":"DENNIS CHOOKASZIAN","startTime":937.35,"endTime":944.01,"body":"horizontally into other things,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":944.01,"endTime":945.69,"body":"rather than vertically."},{"speaker":"DENNIS CHOOKASZIAN","startTime":945.69,"endTime":951.09,"body":"And at AMS, we had this"},{"speaker":"DENNIS CHOOKASZIAN","startTime":945.69,"endTime":951.09,"body":"little quadrant chart that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":951.09,"endTime":953.08,"body":"was a David Rowe's concoction."},{"speaker":"DENNIS CHOOKASZIAN","startTime":953.08,"endTime":956.52,"body":"A concoction which was the four"},{"speaker":"DENNIS CHOOKASZIAN","startTime":953.08,"endTime":956.52,"body":"quadrants of what we would do,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":956.52,"endTime":959.1,"body":"which included the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":956.52,"endTime":959.1,"body":"company systems that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":959.1,"endTime":961.58,"body":"included the rating, if you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":959.1,"endTime":961.58,"body":"included the underwriting"},{"speaker":"DENNIS CHOOKASZIAN","startTime":961.58,"endTime":962.77,"body":"and included the education."},{"speaker":"DENNIS CHOOKASZIAN","startTime":962.77,"endTime":964.645,"body":"So there are four things"},{"speaker":"DENNIS CHOOKASZIAN","startTime":962.77,"endTime":964.645,"body":"we were going to try"},{"speaker":"DENNIS CHOOKASZIAN","startTime":964.645,"endTime":966.28,"body":"to do when we built those out."},{"speaker":"DENNIS CHOOKASZIAN","startTime":966.28,"endTime":968.26,"body":"And as we built"},{"speaker":"DENNIS CHOOKASZIAN","startTime":966.28,"endTime":968.26,"body":"those out, it built"},{"speaker":"DENNIS CHOOKASZIAN","startTime":968.26,"endTime":970.63,"body":"a whole series of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":968.26,"endTime":970.63,"body":"new systems that got"},{"speaker":"DENNIS CHOOKASZIAN","startTime":970.63,"endTime":973.4,"body":"developed and then got"},{"speaker":"DENNIS CHOOKASZIAN","startTime":970.63,"endTime":973.4,"body":"sold to other people."},{"speaker":"DENNIS CHOOKASZIAN","startTime":973.4,"endTime":975.88,"body":"And so a lot of the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":973.4,"endTime":975.88,"body":"data systems eventually"},{"speaker":"DENNIS CHOOKASZIAN","startTime":975.88,"endTime":980.23,"body":"got sold to ISIL, which is"},{"speaker":"DENNIS CHOOKASZIAN","startTime":975.88,"endTime":980.23,"body":"now Verisk, they now own that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":980.23,"endTime":982.748,"body":"So this stuff got spun out"},{"speaker":"DENNIS CHOOKASZIAN","startTime":980.23,"endTime":982.748,"body":"and then a lot of new things"},{"speaker":"DENNIS CHOOKASZIAN","startTime":982.748,"endTime":984.04,"body":"got created that are out there."},{"speaker":"DENNIS CHOOKASZIAN","startTime":984.04,"endTime":985.96,"body":"Some very creative"},{"speaker":"DENNIS CHOOKASZIAN","startTime":984.04,"endTime":985.96,"body":"people in the industry"},{"speaker":"DENNIS CHOOKASZIAN","startTime":985.96,"endTime":987.99,"body":"like Easy Links, Bold Penguin."},{"speaker":"DENNIS CHOOKASZIAN","startTime":987.99,"endTime":989.74,"body":"You all go down the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":987.99,"endTime":989.74,"body":"list of all the people"},{"speaker":"DENNIS CHOOKASZIAN","startTime":989.74,"endTime":991.54,"body":"that are out there that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":989.74,"endTime":991.54,"body":"built these things."},{"speaker":"DENNIS CHOOKASZIAN","startTime":991.54,"endTime":992.957,"body":"And then there was"},{"speaker":"DENNIS CHOOKASZIAN","startTime":991.54,"endTime":992.957,"body":"a fellow that I"},{"speaker":"DENNIS CHOOKASZIAN","startTime":992.957,"endTime":996.34,"body":"met that also created another"},{"speaker":"DENNIS CHOOKASZIAN","startTime":992.957,"endTime":996.34,"body":"very, very interesting startup"},{"speaker":"DENNIS CHOOKASZIAN","startTime":996.34,"endTime":998.62,"body":"that-- let's see if I"},{"speaker":"DENNIS CHOOKASZIAN","startTime":996.34,"endTime":998.62,"body":"remember the name right."},{"speaker":"DENNIS CHOOKASZIAN","startTime":998.62,"endTime":999.805,"body":"It was called TechCanary."},{"speaker":"REID HOLZWORTH","startTime":999.805,"endTime":1002.835,"body":"[LAUGHS]"},{"speaker":"REID HOLZWORTH","startTime":999.805,"endTime":1002.835,"body":"I know those guys."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1002.835,"endTime":1005.46,"body":"So obviously"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1002.835,"endTime":1005.46,"body":"at that time for our listeners"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1005.46,"endTime":1008.16,"body":"that Reid was the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1005.46,"endTime":1008.16,"body":"founder of TechCanary"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1008.16,"endTime":1010.738,"body":"and asked if I would potentially"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1008.16,"endTime":1010.738,"body":"get involved with them."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1010.738,"endTime":1012.78,"body":"And David Rowe and I"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1010.738,"endTime":1012.78,"body":"thought it was a great idea."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1012.78,"endTime":1014.26,"body":"We liked what he was doing."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1014.26,"endTime":1016.83,"body":"And so we joined Reid"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1014.26,"endTime":1016.83,"body":"on the board, helped"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1016.83,"endTime":1019.02,"body":"do the fundraising, and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1016.83,"endTime":1019.02,"body":"then, ultimately, TechCanary"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1019.02,"endTime":1021.03,"body":"was acquired by Applied."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1021.03,"endTime":1024.15,"body":"So there were a lot of very"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1021.03,"endTime":1024.15,"body":"creative companies built"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1024.15,"endTime":1027.0,"body":"like that and some very smart"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1024.15,"endTime":1027.0,"body":"people in the industry building"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1027.0,"endTime":1029.3,"body":"some very good technology."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1029.3,"endTime":1032.67,"body":"The challenge were that it's"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1029.3,"endTime":1032.67,"body":"still very, very fragmented."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1032.67,"endTime":1036.88,"body":"And you have the two agency"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1032.67,"endTime":1036.88,"body":"systems, which are both good."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1036.88,"endTime":1038.88,"body":"Applied has a good one,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1036.88,"endTime":1038.88,"body":"Vertafore is a good one."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1038.88,"endTime":1040.65,"body":"They both are successful."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1040.65,"endTime":1042.93,"body":"And you have different"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1040.65,"endTime":1042.93,"body":"agency groups"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1042.93,"endTime":1044.319,"body":"that support one or the other."},{"speaker":"REID HOLZWORTH","startTime":1044.319,"endTime":1046.68,"body":"So is one"},{"speaker":"REID HOLZWORTH","startTime":1044.319,"endTime":1046.68,"body":"more effective than the other?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1046.68,"endTime":1048.93,"body":"They're"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1046.68,"endTime":1048.93,"body":"both very, very effective."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1048.93,"endTime":1051.36,"body":"And the industry is pretty"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1048.93,"endTime":1051.36,"body":"well supported there."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1051.36,"endTime":1054.42,"body":"Now over on the company"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1051.36,"endTime":1054.42,"body":"side, what happened?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1054.42,"endTime":1055.85,"body":"In the company's"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1054.42,"endTime":1055.85,"body":"side, it happened"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1055.85,"endTime":1056.85,"body":"in a very different way."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1056.85,"endTime":1063.6,"body":"Because by the time you got"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1056.85,"endTime":1063.6,"body":"to the mid to late '70s,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1063.6,"endTime":1066.15,"body":"Larry Wilson's systems were"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1063.6,"endTime":1066.15,"body":"really starting to work."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1066.15,"endTime":1069.12,"body":"And the Larry Wilson"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1066.15,"endTime":1069.12,"body":"system, which was PMS,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1069.12,"endTime":1070.38,"body":"had a very interesting story."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1070.38,"endTime":1072.75,"body":"Because Larry was a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1070.38,"endTime":1072.75,"body":"young college student"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1072.75,"endTime":1075.3,"body":"at the University"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1072.75,"endTime":1075.3,"body":"of South Carolina."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1075.3,"endTime":1078.87,"body":"He was just a college"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1075.3,"endTime":1078.87,"body":"student there."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1078.87,"endTime":1083.1,"body":"And there was an insurance"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1078.87,"endTime":1083.1,"body":"company called Seibels Bruce."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1083.1,"endTime":1085.443,"body":"And Seibels hired Larry"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1083.1,"endTime":1085.443,"body":"as a summer intern"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1085.443,"endTime":1087.36,"body":"and said, you know,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1085.443,"endTime":1087.36,"body":"wouldn't it be a good idea"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1087.36,"endTime":1088.74,"body":"if we built a computer system?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1088.74,"endTime":1092.8,"body":"And Larry built a system in"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1088.74,"endTime":1092.8,"body":"RPG, Report Program Generator,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1092.8,"endTime":1095.28,"body":"which is a very basic system."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1095.28,"endTime":1097.86,"body":"He built an RPG system"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1095.28,"endTime":1097.86,"body":"and it was really good."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1097.86,"endTime":1099.36,"body":"And Seibels used it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1099.36,"endTime":1101.82,"body":"And so a number of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1099.36,"endTime":1101.82,"body":"companies started to buy it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1101.82,"endTime":1104.58,"body":"And it ultimately"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1101.82,"endTime":1104.58,"body":"turned out that it"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1104.58,"endTime":1108.3,"body":"became such a successful thing"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1104.58,"endTime":1108.3,"body":"that Seibels was struggling"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1108.3,"endTime":1109.93,"body":"in the insurance business."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1109.93,"endTime":1111.72,"body":"And now, this little"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1109.93,"endTime":1111.72,"body":"software business"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1111.72,"endTime":1114.42,"body":"was worth way more than"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1111.72,"endTime":1114.42,"body":"the insurance business."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1114.42,"endTime":1117.073,"body":"So to keep themselves"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1114.42,"endTime":1117.073,"body":"afloat, they sold it off,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1117.073,"endTime":1119.49,"body":"Larry became the CEO, and it"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1117.073,"endTime":1119.49,"body":"became an independent company"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1119.49,"endTime":1121.2,"body":"with some private"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1119.49,"endTime":1121.2,"body":"equity backing."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1121.2,"endTime":1125.07,"body":"And then Larry built it into an"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1121.2,"endTime":1125.07,"body":"extremely successful company."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1125.07,"endTime":1129.39,"body":"Now as you got from"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1125.07,"endTime":1129.39,"body":"there, through the '80s,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1129.39,"endTime":1132.03,"body":"at that point in time, he was"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1129.39,"endTime":1132.03,"body":"very successful in selling"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1132.03,"endTime":1133.14,"body":"of the 1,000 companies."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1133.14,"endTime":1134.89,"body":"They were the 20 big ones."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1134.89,"endTime":1139.17,"body":"And for all other 20 big"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1134.89,"endTime":1139.17,"body":"ones, probably 10 to 15"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1139.17,"endTime":1143.62,"body":"of those companies"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1139.17,"endTime":1143.62,"body":"bought the PMSC software."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1143.62,"endTime":1146.17,"body":"But by the time you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1143.62,"endTime":1146.17,"body":"got to the early '90s,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1146.17,"endTime":1150.49,"body":"because of the internal politics"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1146.17,"endTime":1150.49,"body":"in those companies where"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1150.49,"endTime":1153.31,"body":"their heads of systems never"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1150.49,"endTime":1153.31,"body":"really like the fact that they"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1153.31,"endTime":1156.82,"body":"had to buy packages because"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1153.31,"endTime":1156.82,"body":"they wanted to build their own"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1156.82,"endTime":1158.35,"body":"and the underwriters"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1156.82,"endTime":1158.35,"body":"would say, no I"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1158.35,"endTime":1160.42,"body":"want this to be green"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1158.35,"endTime":1160.42,"body":"or turn it on the side"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1160.42,"endTime":1162.34,"body":"or whatever to do that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1162.34,"endTime":1165.46,"body":"So that one by one, they all"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1162.34,"endTime":1165.46,"body":"sort of dropped away from it."},{"speaker":"REID HOLZWORTH","startTime":1165.46,"endTime":1167.32,"body":"So"},{"speaker":"REID HOLZWORTH","startTime":1165.46,"endTime":1167.32,"body":"were they successful?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1167.32,"endTime":1171.22,"body":"PMS had many"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1167.32,"endTime":1171.22,"body":"sales, 300 or 400 companies,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1171.22,"endTime":1174.16,"body":"in the small, medium,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1171.22,"endTime":1174.16,"body":"and smaller size."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1174.16,"endTime":1178.0,"body":"But they were down to only"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1174.16,"endTime":1178.0,"body":"one remaining company in 1990"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1178.0,"endTime":1178.9,"body":"in the big company."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1178.9,"endTime":1180.92,"body":"And that was us at CNA."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1180.92,"endTime":1183.4,"body":"And the reason for that is"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1180.92,"endTime":1183.4,"body":"that I was the head of systems"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1183.4,"endTime":1185.47,"body":"and my guys kept coming"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1183.4,"endTime":1185.47,"body":"to me and saying,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1185.47,"endTime":1187.54,"body":"let's get rid of this"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1185.47,"endTime":1187.54,"body":"and build our own."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1187.54,"endTime":1189.76,"body":"But because I had known"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1187.54,"endTime":1189.76,"body":"what went into building"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1189.76,"endTime":1191.35,"body":"and I built my own,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1189.76,"endTime":1191.35,"body":"I said, no way."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1191.35,"endTime":1192.308,"body":"What we're going to do."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1192.308,"endTime":1194.86,"body":"And they said, well, the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1192.308,"endTime":1194.86,"body":"system doesn't do it like this."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1194.86,"endTime":1196.33,"body":"It does it like this."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1196.33,"endTime":1198.04,"body":"And I said, there's"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1196.33,"endTime":1198.04,"body":"an easy solution."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1198.04,"endTime":1200.39,"body":"We'll do it their way."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1200.39,"endTime":1203.74,"body":"So what we did is we"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1200.39,"endTime":1203.74,"body":"customized our operations"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1203.74,"endTime":1206.74,"body":"to look like what the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1203.74,"endTime":1206.74,"body":"system looked like, rather"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1206.74,"endTime":1208.78,"body":"than making the system fit us."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1208.78,"endTime":1211.54,"body":"Now that meant you didn't get"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1208.78,"endTime":1211.54,"body":"everything exactly the way"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1211.54,"endTime":1212.5,"body":"you got it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1212.5,"endTime":1215.29,"body":"But what it meant is you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1212.5,"endTime":1215.29,"body":"had a much better system"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1215.29,"endTime":1217.15,"body":"in terms of support capability."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1217.15,"endTime":1219.28,"body":"And we have one"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1217.15,"endTime":1219.28,"body":"third of the number"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1219.28,"endTime":1222.46,"body":"of people in computer systems"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1219.28,"endTime":1222.46,"body":"that our competitors did."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1222.46,"endTime":1224.44,"body":"And we got great"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1222.46,"endTime":1224.44,"body":"support from PMSC."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1224.44,"endTime":1226.03,"body":"And so it was like"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1224.44,"endTime":1226.03,"body":"that all the way"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1226.03,"endTime":1229.57,"body":"through the '90s And they were"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1226.03,"endTime":1229.57,"body":"also developing the newest"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1229.57,"endTime":1232.0,"body":"and greatest systems,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1229.57,"endTime":1232.0,"body":"so we were getting,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1232.0,"endTime":1235.33,"body":"actually, better development"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1232.0,"endTime":1235.33,"body":"than our peers were getting."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1235.33,"endTime":1237.55,"body":"Until you got to the mid '90s."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1237.55,"endTime":1239.77,"body":"Then by the late"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1237.55,"endTime":1239.77,"body":"'90s, what happened"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1239.77,"endTime":1243.07,"body":"is that PMS had a couple"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1239.77,"endTime":1243.07,"body":"of operational problems"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1243.07,"endTime":1246.16,"body":"and eventually got"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1243.07,"endTime":1246.16,"body":"acquired by CSC."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1246.16,"endTime":1250.6,"body":"When CSC acquired it,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1246.16,"endTime":1250.6,"body":"CSC did not really"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1250.6,"endTime":1254.458,"body":"continue the development"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1250.6,"endTime":1254.458,"body":"the way PMSC was."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1254.458,"endTime":1256.0,"body":"By that time, I"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1254.458,"endTime":1256.0,"body":"don't know the number"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1256.0,"endTime":1259.78,"body":"but I'd guess it's 600 or 700"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1256.0,"endTime":1259.78,"body":"companies using the system."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1259.78,"endTime":1262.33,"body":"And it was profitable and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1259.78,"endTime":1262.33,"body":"throwing off a lot of money."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1262.33,"endTime":1267.01,"body":"They didn't invest in taking"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1262.33,"endTime":1267.01,"body":"it to the next generation."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1267.01,"endTime":1269.487,"body":"They didn't invest in the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1267.01,"endTime":1269.487,"body":"Agency Company Interface."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1269.487,"endTime":1270.82,"body":"They didn't invest in the cloud."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1270.82,"endTime":1272.68,"body":"They really didn't"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1270.82,"endTime":1272.68,"body":"invest in any of that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1272.68,"endTime":1275.17,"body":"So many of those"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1272.68,"endTime":1275.17,"body":"companies, over time,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1275.17,"endTime":1278.62,"body":"left and bought other"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1275.17,"endTime":1278.62,"body":"company systems."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1278.62,"endTime":1282.67,"body":"Back at that point in time,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1278.62,"endTime":1282.67,"body":"many other systems were created"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1282.67,"endTime":1286.96,"body":"and Hartford supported Accenture"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1282.67,"endTime":1286.96,"body":"in the building of a claim"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1286.96,"endTime":1288.37,"body":"system for them."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1288.37,"endTime":1293.5,"body":"And they built that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1288.37,"endTime":1293.5,"body":"whole system for them."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1293.5,"endTime":1297.44,"body":"And Accenture was now a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1293.5,"endTime":1297.44,"body":"competitor on that side."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1297.44,"endTime":1301.27,"body":"And then over time, you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1297.44,"endTime":1301.27,"body":"see that's the people built"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1301.27,"endTime":1307.09,"body":"and Guidewire got started in"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1301.27,"endTime":1307.09,"body":"the late '90s, 2000, 2001."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1307.09,"endTime":1310.6,"body":"And there were four engineers"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1307.09,"endTime":1310.6,"body":"from Akamai, really smart guys."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1310.6,"endTime":1312.247,"body":"They started Guidewire"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1310.6,"endTime":1312.247,"body":"from scratch."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1312.247,"endTime":1314.08,"body":"I was actually on their"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1312.247,"endTime":1314.08,"body":"first advisory board"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1314.08,"endTime":1315.49,"body":"when it was put together."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1315.49,"endTime":1317.868,"body":"And they built up a very"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1315.49,"endTime":1317.868,"body":"successful claims system."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1317.868,"endTime":1319.91,"body":"And then eventually, they"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1317.868,"endTime":1319.91,"body":"built a premium system."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1319.91,"endTime":1322.09,"body":"So today, you have"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1319.91,"endTime":1322.09,"body":"other people competing."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1322.09,"endTime":1324.19,"body":"And then Doug Roller"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1322.09,"endTime":1324.19,"body":"from Micro-Magic,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1324.19,"endTime":1327.04,"body":"who worked for us, he had"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1324.19,"endTime":1327.04,"body":"left and he formed Duck Creek."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1327.04,"endTime":1329.44,"body":"And then Accenture,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1327.04,"endTime":1329.44,"body":"to have something"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1329.44,"endTime":1333.86,"body":"to couple with their claim"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1329.44,"endTime":1333.86,"body":"system, bought Micro-Magic."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1333.86,"endTime":1336.58,"body":"The Micro-Magic idea,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1333.86,"endTime":1336.58,"body":"they upgraded on"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1336.58,"endTime":1338.01,"body":"and he created Duck Creek."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1338.01,"endTime":1339.01,"body":"They created Duck Creek."},{"speaker":"REID HOLZWORTH","startTime":1339.01,"endTime":1339.4,"body":"Cool."},{"speaker":"REID HOLZWORTH","startTime":1339.4,"endTime":1340.06,"body":"Oh then OK."},{"speaker":"REID HOLZWORTH","startTime":1340.06,"endTime":1340.93,"body":"All right, Yeah."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1340.93,"endTime":1341.88,"body":"So the Duck Creek,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1341.88,"endTime":1343.672,"body":"that said Micro-Magic"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1341.88,"endTime":1343.672,"body":"was what we acquired."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1343.672,"endTime":1347.05,"body":"And then, Doug Roller or, after"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1343.672,"endTime":1347.05,"body":"he left, he created Duck Creek."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1347.05,"endTime":1348.19,"body":"Duck Creek was acquired--"},{"speaker":"REID HOLZWORTH","startTime":1348.19,"endTime":1348.617,"body":"--by Accenture."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1348.617,"endTime":1350.075,"body":"--by Accenture."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1350.075,"endTime":1352.97,"body":"So you now had Duck Creek"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1350.075,"endTime":1352.97,"body":"and they had their own claim"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1352.97,"endTime":1353.47,"body":"system."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1353.47,"endTime":1354.91,"body":"So they had a complete suite."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1354.91,"endTime":1357.58,"body":"Guidewire, seeing that, said"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1354.91,"endTime":1357.58,"body":"they had to build their own."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1357.58,"endTime":1358.58,"body":"So they built their own."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1358.58,"endTime":1360.372,"body":"And then in the meantime,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1358.58,"endTime":1360.372,"body":"you had Insurity,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1360.372,"endTime":1361.84,"body":"which is a very"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1360.372,"endTime":1361.84,"body":"successful company,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1361.84,"endTime":1364.68,"body":"and then you had Freedom and you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1361.84,"endTime":1364.68,"body":"had a number of other companies"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1364.68,"endTime":1365.18,"body":"out there."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1365.18,"endTime":1367.06,"body":"So today, there"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1365.18,"endTime":1367.06,"body":"are many companies"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1367.06,"endTime":1369.4,"body":"in the software business."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1369.4,"endTime":1370.93,"body":"CSC still is big."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1370.93,"endTime":1372.34,"body":"They have a lot,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1370.93,"endTime":1372.34,"body":"but their system"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1372.34,"endTime":1375.23,"body":"is not as robust as"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1372.34,"endTime":1375.23,"body":"some of the others."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1375.23,"endTime":1378.328,"body":"And now in the new"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1375.23,"endTime":1378.328,"body":"system sales, you'll"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1378.328,"endTime":1379.87,"body":"see those new systems"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1378.328,"endTime":1379.87,"body":"going to people"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1379.87,"endTime":1383.1,"body":"like Guidewire or Accenture."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1383.1,"endTime":1384.85,"body":"Well actually, Accenture"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1383.1,"endTime":1384.85,"body":"then, by the way,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1384.85,"endTime":1386.44,"body":"sold all of Duck Creek."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1386.44,"endTime":1388.78,"body":"They sold out their"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1386.44,"endTime":1388.78,"body":"share of that off"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1388.78,"endTime":1392.84,"body":"because they felt like they were"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1388.78,"endTime":1392.84,"body":"doing the systems integrator"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1392.84,"endTime":1393.34,"body":"work."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1393.34,"endTime":1395.56,"body":"And they felt that was a problem"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1393.34,"endTime":1395.56,"body":"if they both owned it and were"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1395.56,"endTime":1396.227,"body":"doing that work."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1396.227,"endTime":1399.95,"body":"So they sold theirs"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1396.227,"endTime":1399.95,"body":"off to Stone Creek."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1399.95,"endTime":1403.21,"body":"And so, Stone Creek now owns"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1399.95,"endTime":1403.21,"body":"the majority of that system."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1403.21,"endTime":1404.53,"body":"They bought that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1404.53,"endTime":1407.23,"body":"So as they started"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1404.53,"endTime":1407.23,"body":"spinning these things off,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1407.23,"endTime":1410.97,"body":"different people owned the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1407.23,"endTime":1410.97,"body":"different parts of the--"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1410.97,"endTime":1413.645,"body":"they started owning the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1410.97,"endTime":1413.645,"body":"different parts of the computer"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1413.645,"endTime":1415.27,"body":"systems as it were"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1413.645,"endTime":1415.27,"body":"generated like that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1415.27,"endTime":1416.853,"body":"And that's the state"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1415.27,"endTime":1416.853,"body":"of the art today."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1416.853,"endTime":1420.34,"body":"So today, many people out there,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1416.853,"endTime":1420.34,"body":"with Insurity, Duck Creek,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1420.34,"endTime":1422.89,"body":"Guidewire, CSC,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1420.34,"endTime":1422.89,"body":"they're all out there"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1422.89,"endTime":1425.29,"body":"providing these company systems."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1425.29,"endTime":1428.92,"body":"And the agency's systems are"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1425.29,"endTime":1428.92,"body":"still largely with it, too."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1428.92,"endTime":1431.5,"body":"And those are the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1428.92,"endTime":1431.5,"body":"two dominant ones."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1431.5,"endTime":1432.61,"body":"That's a long story."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1432.61,"endTime":1434.902,"body":"But that's sort of the state"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1432.61,"endTime":1434.902,"body":"of art and how it evolved."},{"speaker":"REID HOLZWORTH","startTime":1434.902,"endTime":1435.943,"body":"Yeah, no."},{"speaker":"REID HOLZWORTH","startTime":1435.943,"endTime":1436.72,"body":"It's interesting."},{"speaker":"REID HOLZWORTH","startTime":1436.72,"endTime":1438.79,"body":"I mean, it is."},{"speaker":"REID HOLZWORTH","startTime":1438.79,"endTime":1439.72,"body":"What a history."},{"speaker":"REID HOLZWORTH","startTime":1439.72,"endTime":1442.04,"body":"And you've been involved"},{"speaker":"REID HOLZWORTH","startTime":1439.72,"endTime":1442.04,"body":"in it all the way through"},{"speaker":"REID HOLZWORTH","startTime":1442.04,"endTime":1442.87,"body":"in so many levels."},{"speaker":"REID HOLZWORTH","startTime":1442.87,"endTime":1444.32,"body":"And so it's funny."},{"speaker":"REID HOLZWORTH","startTime":1444.32,"endTime":1447.98,"body":"When you talked about the"},{"speaker":"REID HOLZWORTH","startTime":1444.32,"endTime":1447.98,"body":"exchanges and the systems"},{"speaker":"REID HOLZWORTH","startTime":1447.98,"endTime":1450.29,"body":"and the people involved,"},{"speaker":"REID HOLZWORTH","startTime":1447.98,"endTime":1450.29,"body":"these are still"},{"speaker":"REID HOLZWORTH","startTime":1450.29,"endTime":1451.55,"body":"problems we have today."},{"speaker":"REID HOLZWORTH","startTime":1451.55,"endTime":1455.1,"body":"I mean, they were trying to"},{"speaker":"REID HOLZWORTH","startTime":1451.55,"endTime":1455.1,"body":"solve that problem in the '80s,"},{"speaker":"REID HOLZWORTH","startTime":1455.1,"endTime":1455.6,"body":"right?"},{"speaker":"REID HOLZWORTH","startTime":1455.6,"endTime":1456.95,"body":"And so, I'm just curious."},{"speaker":"REID HOLZWORTH","startTime":1456.95,"endTime":1457.7,"body":"What do you think?"},{"speaker":"REID HOLZWORTH","startTime":1457.7,"endTime":1462.11,"body":"How do you think that"},{"speaker":"REID HOLZWORTH","startTime":1457.7,"endTime":1462.11,"body":"this history has really"},{"speaker":"REID HOLZWORTH","startTime":1462.11,"endTime":1464.54,"body":"developed into what"},{"speaker":"REID HOLZWORTH","startTime":1462.11,"endTime":1464.54,"body":"it is today and how"},{"speaker":"REID HOLZWORTH","startTime":1464.54,"endTime":1469.82,"body":"is that really molded modern"},{"speaker":"REID HOLZWORTH","startTime":1464.54,"endTime":1469.82,"body":"insurance technology now?"},{"speaker":"REID HOLZWORTH","startTime":1469.82,"endTime":1472.63,"body":"In other words, like a lot--"},{"speaker":"REID HOLZWORTH","startTime":1472.63,"endTime":1476.18,"body":"I hear these"},{"speaker":"REID HOLZWORTH","startTime":1472.63,"endTime":1476.18,"body":"stories and it feels"},{"speaker":"REID HOLZWORTH","startTime":1476.18,"endTime":1479.83,"body":"like we're still dealing"},{"speaker":"REID HOLZWORTH","startTime":1476.18,"endTime":1479.83,"body":"with some of the same things."},{"speaker":"REID HOLZWORTH","startTime":1479.83,"endTime":1482.53,"body":"And some of the same"},{"speaker":"REID HOLZWORTH","startTime":1479.83,"endTime":1482.53,"body":"people are still involved."},{"speaker":"REID HOLZWORTH","startTime":1482.53,"endTime":1484.84,"body":"But we have a lot"},{"speaker":"REID HOLZWORTH","startTime":1482.53,"endTime":1484.84,"body":"of innovation that's"},{"speaker":"REID HOLZWORTH","startTime":1484.84,"endTime":1488.05,"body":"coming out with technology"},{"speaker":"REID HOLZWORTH","startTime":1484.84,"endTime":1488.05,"body":"changing, everything."},{"speaker":"REID HOLZWORTH","startTime":1488.05,"endTime":1490.33,"body":"There's so much going on."},{"speaker":"REID HOLZWORTH","startTime":1490.33,"endTime":1491.86,"body":"But it seems like"},{"speaker":"REID HOLZWORTH","startTime":1490.33,"endTime":1491.86,"body":"everybody's still"},{"speaker":"REID HOLZWORTH","startTime":1491.86,"endTime":1495.277,"body":"trying to solve some of"},{"speaker":"REID HOLZWORTH","startTime":1491.86,"endTime":1495.277,"body":"the same problems, right?"},{"speaker":"REID HOLZWORTH","startTime":1495.277,"endTime":1496.11,"body":"Is that fair to say?"},{"speaker":"REID HOLZWORTH","startTime":1496.11,"endTime":1497.23,"body":"And what is your opinion there?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1497.23,"endTime":1499.48,"body":"I think"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1497.23,"endTime":1499.48,"body":"that's completely accurate"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1499.48,"endTime":1502.09,"body":"that many of the things"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1499.48,"endTime":1502.09,"body":"that we were trying"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1502.09,"endTime":1504.64,"body":"to do in the industry have--"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1504.64,"endTime":1506.68,"body":"the technologies"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1504.64,"endTime":1506.68,"body":"improved, for sure."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1506.68,"endTime":1510.82,"body":"Processing has improved but"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1506.68,"endTime":1510.82,"body":"the core problems still exist."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1510.82,"endTime":1512.32,"body":"What are they?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1512.32,"endTime":1514.51,"body":"At the core of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1512.32,"endTime":1514.51,"body":"it, an agent would"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1514.51,"endTime":1518.38,"body":"like to have SEMCI, Single Entry"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1514.51,"endTime":1518.38,"body":"Multiple Company Interface."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1518.38,"endTime":1520.54,"body":"They'd like to be able to"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1518.38,"endTime":1520.54,"body":"enter the data one time,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1520.54,"endTime":1522.64,"body":"get comparative rates"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1520.54,"endTime":1522.64,"body":"from a lot of places,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1522.64,"endTime":1525.94,"body":"decide where to place it,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1522.64,"endTime":1525.94,"body":"and get appetite's for which"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1525.94,"endTime":1529.15,"body":"carrier would want to write a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1525.94,"endTime":1529.15,"body":"dynamite plan for the hardware"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1529.15,"endTime":1530.08,"body":"store."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1530.08,"endTime":1532.45,"body":"And by getting that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1530.08,"endTime":1532.45,"body":"electronically,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1532.45,"endTime":1535.83,"body":"that's what the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1532.45,"endTime":1535.83,"body":"Jim Koutro's idea"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1535.83,"endTime":1537.82,"body":"back in formation of IVANS."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1537.82,"endTime":1538.585,"body":"That was the idea."},{"speaker":"REID HOLZWORTH","startTime":1538.585,"endTime":1539.71,"body":"[CHUCKLES]"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1539.71,"endTime":1541.9,"body":"And that was 1982."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1541.9,"endTime":1543.82,"body":"And to this day, it's"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1541.9,"endTime":1543.82,"body":"still not happening."},{"speaker":"REID HOLZWORTH","startTime":1543.82,"endTime":1546.07,"body":"Do you have"},{"speaker":"REID HOLZWORTH","startTime":1543.82,"endTime":1546.07,"body":"some examples of solutions"},{"speaker":"REID HOLZWORTH","startTime":1546.07,"endTime":1547.67,"body":"that were before their time?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1547.67,"endTime":1548.92,"body":"There"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1547.67,"endTime":1548.92,"body":"have been a number of things."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1548.92,"endTime":1551.657,"body":"That Todd Young built the thing"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1548.92,"endTime":1551.657,"body":"that was called Prospects."},{"speaker":"REID HOLZWORTH","startTime":1551.657,"endTime":1552.49,"body":"Yep."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1552.49,"endTime":1554.865,"body":"Which was"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1552.49,"endTime":1554.865,"body":"this agency appetite system"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1554.865,"endTime":1556.93,"body":"and got off to a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1554.865,"endTime":1556.93,"body":"really good start."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1556.93,"endTime":1560.17,"body":"But eventually, it lost"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1556.93,"endTime":1560.17,"body":"traction and was not"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1560.17,"endTime":1562.07,"body":"successful going forward."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1562.07,"endTime":1565.31,"body":"And so, there have been many,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1562.07,"endTime":1565.31,"body":"many attempts to do this."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1565.31,"endTime":1569.68,"body":"But there are a bit of a problem"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1565.31,"endTime":1569.68,"body":"they still haven't worked."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1569.68,"endTime":1572.35,"body":"Just one quick thing was"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1569.68,"endTime":1572.35,"body":"that Salesforce had also"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1572.35,"endTime":1574.99,"body":"had a couple of times looked"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1572.35,"endTime":1574.99,"body":"at stepping in and trying"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1574.99,"endTime":1575.98,"body":"to do that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1575.98,"endTime":1580.008,"body":"And many agents will use"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1575.98,"endTime":1580.008,"body":"Salesforce for marketing"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1580.008,"endTime":1581.8,"body":"but they've never been"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1580.008,"endTime":1581.8,"body":"able to integrate it"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1581.8,"endTime":1583.84,"body":"back into the carrier"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1581.8,"endTime":1583.84,"body":"marketplace to the things"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1583.84,"endTime":1585.28,"body":"that we've said."},{"speaker":"REID HOLZWORTH","startTime":1585.28,"endTime":1590.33,"body":"So"},{"speaker":"REID HOLZWORTH","startTime":1585.28,"endTime":1590.33,"body":"you're still doing a lot."},{"speaker":"REID HOLZWORTH","startTime":1590.33,"endTime":1592.12,"body":"What do you have going on now?"},{"speaker":"REID HOLZWORTH","startTime":1592.12,"endTime":1595.46,"body":"What are you involved"},{"speaker":"REID HOLZWORTH","startTime":1592.12,"endTime":1595.46,"body":"in, personally, business?"},{"speaker":"REID HOLZWORTH","startTime":1595.46,"endTime":1597.28,"body":"Lightly, because I"},{"speaker":"REID HOLZWORTH","startTime":1595.46,"endTime":1597.28,"body":"know I know it's a lot."},{"speaker":"REID HOLZWORTH","startTime":1597.28,"endTime":1598.81,"body":"I know you well enough to know."},{"speaker":"REID HOLZWORTH","startTime":1598.81,"endTime":1601.81,"body":"But like, what are"},{"speaker":"REID HOLZWORTH","startTime":1598.81,"endTime":1601.81,"body":"you into right now?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1601.81,"endTime":1603.31,"body":"I'm well, when"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1603.31,"endTime":1607.728,"body":"I left CNA, I also did"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1603.31,"endTime":1607.728,"body":"an internet startup,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1607.728,"endTime":1608.77,"body":"one of the earliest ones."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1608.77,"endTime":1609.687,"body":"It was called Empower."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1609.687,"endTime":1611.92,"body":"It was the first of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1609.687,"endTime":1611.92,"body":"the electronic robo"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1611.92,"endTime":1614.65,"body":"advisors for providing"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1611.92,"endTime":1614.65,"body":"electronic advice for 401K"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1614.65,"endTime":1615.73,"body":"plans."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1615.73,"endTime":1617.89,"body":"And we started with"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1615.73,"endTime":1617.89,"body":"just a few employees,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1617.89,"endTime":1621.94,"body":"built it up to 300 employees,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1617.89,"endTime":1621.94,"body":"and sold it to Morningstar."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1621.94,"endTime":1624.88,"body":"And it was one of the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1621.94,"endTime":1624.88,"body":"early on internet startups."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1624.88,"endTime":1627.02,"body":"And then I started serving"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1624.88,"endTime":1627.02,"body":"on boards of companies."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1627.02,"endTime":1628.66,"body":"And so today, I serve in"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1627.02,"endTime":1628.66,"body":"the boards of companies."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1628.66,"endTime":1630.702,"body":"I teach two courses in"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1628.66,"endTime":1630.702,"body":"the University of Chicago."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1630.702,"endTime":1632.26,"body":"I teach in two"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1630.702,"endTime":1632.26,"body":"universities in China."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1632.26,"endTime":1633.85,"body":"So I'm doing quite"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1632.26,"endTime":1633.85,"body":"a bit of teaching."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1633.85,"endTime":1636.308,"body":"And I'm pretty actively involved"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1633.85,"endTime":1636.308,"body":"in the insurance industry."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1636.308,"endTime":1639.01,"body":"I'm on the board of one"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1636.308,"endTime":1639.01,"body":"insurance company that's"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1639.01,"endTime":1639.835,"body":"a work comp writer."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1639.835,"endTime":1643.09,"body":"I'm in the boards of several"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1639.835,"endTime":1643.09,"body":"technology companies."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1643.09,"endTime":1645.34,"body":"So I'm pretty involved"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1643.09,"endTime":1645.34,"body":"in the industry still."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1645.34,"endTime":1647.56,"body":"And then on a personal"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1645.34,"endTime":1647.56,"body":"level, my son and I"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1647.56,"endTime":1649.87,"body":"now own 12 restaurants"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1647.56,"endTime":1649.87,"body":"here in Chicago"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1649.87,"endTime":1650.95,"body":"with two of our partners."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1650.95,"endTime":1652.81,"body":"And that's been a lot of fun."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1652.81,"endTime":1657.19,"body":"And I'm building a hotel"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1652.81,"endTime":1657.19,"body":"addition in Colorado to a hotel"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1657.19,"endTime":1658.7,"body":"that we own out there."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1658.7,"endTime":1661.39,"body":"And so I've got a lot of things"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1658.7,"endTime":1661.39,"body":"going on that are kind of fun."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1661.39,"endTime":1664.022,"body":"I'm still very active"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1661.39,"endTime":1664.022,"body":"in all of those things."},{"speaker":"REID HOLZWORTH","startTime":1664.022,"endTime":1665.98,"body":"I'll ask"},{"speaker":"REID HOLZWORTH","startTime":1664.022,"endTime":1665.98,"body":"another question, too."},{"speaker":"REID HOLZWORTH","startTime":1665.98,"endTime":1670.48,"body":"What do you foresee"},{"speaker":"REID HOLZWORTH","startTime":1665.98,"endTime":1670.48,"body":"are some kind of trends"},{"speaker":"REID HOLZWORTH","startTime":1670.48,"endTime":1673.278,"body":"now and in the future"},{"speaker":"REID HOLZWORTH","startTime":1670.48,"endTime":1673.278,"body":"in insurance technology?"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1673.278,"endTime":1674.32,"body":"Sure."},{"speaker":"REID HOLZWORTH","startTime":1674.32,"endTime":1675.7,"body":"Specifically,"},{"speaker":"REID HOLZWORTH","startTime":1674.32,"endTime":1675.7,"body":"insurance technology."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1675.7,"endTime":1678.04,"body":"So as"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1675.7,"endTime":1678.04,"body":"for trends in the industry,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1678.04,"endTime":1680.05,"body":"I think one of the things"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1678.04,"endTime":1680.05,"body":"that you are seeing"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1680.05,"endTime":1683.74,"body":"is you're seeing the rise"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1680.05,"endTime":1683.74,"body":"of predictive analytics."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1683.74,"endTime":1685.233,"body":"And you see a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1683.74,"endTime":1685.233,"body":"number of companies."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1685.233,"endTime":1687.4,"body":"I've been involved with"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1685.233,"endTime":1687.4,"body":"actually three of them, been"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1687.4,"endTime":1689.275,"body":"on the boards of three"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1687.4,"endTime":1689.275,"body":"of these companies who"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1689.275,"endTime":1690.7,"body":"do predictive analytics."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1690.7,"endTime":1694.45,"body":"And they are good at"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1690.7,"endTime":1694.45,"body":"generating algorithms that"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1694.45,"endTime":1695.77,"body":"can be differentiators for you."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1695.77,"endTime":1697.728,"body":"And now, carriers are"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1695.77,"endTime":1697.728,"body":"moving in that direction."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1697.728,"endTime":1699.88,"body":"So that's a major trend"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1697.728,"endTime":1699.88,"body":"that's taking place."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1699.88,"endTime":1704.95,"body":"And I think you're also seeing"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1699.88,"endTime":1704.95,"body":"a continuation of the movement"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1704.95,"endTime":1707.05,"body":"to the sales on the internet."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1707.05,"endTime":1708.47,"body":"That's happening."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1708.47,"endTime":1710.262,"body":"And so, particularly"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1708.47,"endTime":1710.262,"body":"on those things"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1710.262,"endTime":1711.97,"body":"where there's simpler"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1710.262,"endTime":1711.97,"body":"insurance products,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1711.97,"endTime":1714.053,"body":"they've virtually gone"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1711.97,"endTime":1714.053,"body":"entirely in that direction,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1714.053,"endTime":1716.54,"body":"like automobile"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1714.053,"endTime":1716.54,"body":"insurance, for example."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1716.54,"endTime":1719.44,"body":"It's now very clear that the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1716.54,"endTime":1719.44,"body":"automobile insurance is pretty"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1719.44,"endTime":1721.09,"body":"easy to sell on the internet."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1721.09,"endTime":1723.91,"body":"But in a complicated situation,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1721.09,"endTime":1723.91,"body":"you're not going to do that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1723.91,"endTime":1726.61,"body":"You're going to buy a policy"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1723.91,"endTime":1726.61,"body":"like a [INAUDIBLE] masterpiece"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1726.61,"endTime":1729.4,"body":"or something like that where"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1726.61,"endTime":1729.4,"body":"you've got somebody who"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1729.4,"endTime":1730.6,"body":"can handle the complexities."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1730.6,"endTime":1733.915,"body":"You go to Hagerty for your"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1730.6,"endTime":1733.915,"body":"antique vehicle insurance."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1733.915,"endTime":1738.52,"body":"But if you have a Prius"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1733.915,"endTime":1738.52,"body":"or a Toyota or Chevy"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1738.52,"endTime":1740.71,"body":"or whatever you have, and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1738.52,"endTime":1740.71,"body":"you're not complicated,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1740.71,"endTime":1743.14,"body":"and you have a simpler"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1740.71,"endTime":1743.14,"body":"homeowner's situation,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1743.14,"endTime":1745.84,"body":"you'll buy it on the-- you'll"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1743.14,"endTime":1745.84,"body":"probably buy it online."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1745.84,"endTime":1748.36,"body":"And you'll price shop it,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1745.84,"endTime":1748.36,"body":"which oftentimes happens."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1748.36,"endTime":1751.09,"body":"So what's now also"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1748.36,"endTime":1751.09,"body":"really changed"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1751.09,"endTime":1752.98,"body":"is that it's no longer"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1751.09,"endTime":1752.98,"body":"possible for you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1752.98,"endTime":1756.02,"body":"to do natural search and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1752.98,"endTime":1756.02,"body":"drive people to your company."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1756.02,"endTime":1759.88,"body":"So everything is moved into the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1756.02,"endTime":1759.88,"body":"market where lead aggregators"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1759.88,"endTime":1761.89,"body":"now aggregate the leads."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1761.89,"endTime":1763.348,"body":"And they buy them"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1761.89,"endTime":1763.348,"body":"from Google, they"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1763.348,"endTime":1765.682,"body":"buy them from people like a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1763.348,"endTime":1765.682,"body":"[INAUDIBLE] Alpha, you know."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1765.682,"endTime":1768.19,"body":"They'll get them to buy the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1765.682,"endTime":1768.19,"body":"leads, they fraction of them,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1768.19,"endTime":1770.05,"body":"and they sell them to agents."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1770.05,"endTime":1772.87,"body":"The largest company,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1770.05,"endTime":1772.87,"body":"in this case,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1772.87,"endTime":1775.27,"body":"is a company called"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1772.87,"endTime":1775.27,"body":"All the Leads"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1775.27,"endTime":1776.74,"body":"I'm on the board"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1775.27,"endTime":1776.74,"body":"of All the Leads"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1776.74,"endTime":1779.89,"body":"And All the Leads"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1776.74,"endTime":1779.89,"body":"generates the majority"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1779.89,"endTime":1782.38,"body":"of leads for the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1779.89,"endTime":1782.38,"body":"insurance industry"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1782.38,"endTime":1784.33,"body":"that are generated via"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1782.38,"endTime":1784.33,"body":"internet right now."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1784.33,"endTime":1786.34,"body":"It's a very successful company."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1786.34,"endTime":1788.48,"body":"And it's very good"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1786.34,"endTime":1788.48,"body":"at doing that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1788.48,"endTime":1793.0,"body":"So the trends are a future"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1788.48,"endTime":1793.0,"body":"move to more and more internet."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1793.0,"endTime":1795.73,"body":"The company's systems are"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1793.0,"endTime":1795.73,"body":"getting better and better."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1795.73,"endTime":1798.85,"body":"The comparative reading"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1795.73,"endTime":1798.85,"body":"is pretty easy to do now,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1798.85,"endTime":1799.757,"body":"that's happening."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1799.757,"endTime":1801.34,"body":"So a lot of good"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1799.757,"endTime":1801.34,"body":"things are happening."},{"speaker":"REID HOLZWORTH","startTime":1801.34,"endTime":1802.39,"body":"In personalized."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1802.39,"endTime":1803.973,"body":"Personalized, yes."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1803.973,"endTime":1806.18,"body":"Now I don't really"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1803.973,"endTime":1806.18,"body":"see much change"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1806.18,"endTime":1808.54,"body":"coming in that regard"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1806.18,"endTime":1808.54,"body":"in the commercial side"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1808.54,"endTime":1810.76,"body":"other than maybe in"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1808.54,"endTime":1810.76,"body":"BOP, Business Owners"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1810.76,"endTime":1811.958,"body":"Policies and Small Policies."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1811.958,"endTime":1813.25,"body":"There, you can do a little bit."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1813.25,"endTime":1814.93,"body":"There are some"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1813.25,"endTime":1814.93,"body":"companies like that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1814.93,"endTime":1817.45,"body":"Larry Wilson and I many"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1814.93,"endTime":1817.45,"body":"years ago, set up a thing"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1817.45,"endTime":1819.04,"body":"called NetComp to do that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1819.04,"endTime":1820.54,"body":"And then it eventually got sold."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1820.54,"endTime":1823.69,"body":"And now it's owned by"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1820.54,"endTime":1823.69,"body":"actually Marsh now owns that."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1823.69,"endTime":1827.477,"body":"So there are many new"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1823.69,"endTime":1827.477,"body":"developments going on."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1827.477,"endTime":1829.06,"body":"And you mentioned"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1827.477,"endTime":1829.06,"body":"another thing before"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1829.06,"endTime":1830.71,"body":"and I think, just"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1829.06,"endTime":1830.71,"body":"reflecting on it,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1830.71,"endTime":1832.377,"body":"I'd say it's accurate,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1830.71,"endTime":1832.377,"body":"which is that you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1832.377,"endTime":1834.087,"body":"say it's the same people."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1834.087,"endTime":1836.17,"body":"If I look at the people"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1834.087,"endTime":1836.17,"body":"that I've worked with for,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1836.17,"endTime":1841.09,"body":"literally, since"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1836.17,"endTime":1841.09,"body":"1970, so that's now"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1841.09,"endTime":1843.71,"body":"50 years that I've"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1841.09,"endTime":1843.71,"body":"been involved in this."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1843.71,"endTime":1845.83,"body":"And unfortunately, some"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1843.71,"endTime":1845.83,"body":"of my very good friends"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1845.83,"endTime":1847.538,"body":"that have been in the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1845.83,"endTime":1847.538,"body":"industry passed on."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1847.538,"endTime":1851.08,"body":"But the ones who can still"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1847.538,"endTime":1851.08,"body":"put one foot down in front"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1851.08,"endTime":1853.84,"body":"of the other are still very"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1851.08,"endTime":1853.84,"body":"actively engaged in it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1853.84,"endTime":1855.49,"body":"And we see each"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1853.84,"endTime":1855.49,"body":"other frequently."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1855.49,"endTime":1857.037,"body":"And it's an amazing industry"},{"speaker":"REID HOLZWORTH","startTime":1857.037,"endTime":1859.12,"body":"I would"},{"speaker":"REID HOLZWORTH","startTime":1857.037,"endTime":1859.12,"body":"say the movers and shakers"},{"speaker":"REID HOLZWORTH","startTime":1859.12,"endTime":1862.69,"body":"of the industry"},{"speaker":"REID HOLZWORTH","startTime":1859.12,"endTime":1862.69,"body":"kind of all tie back"},{"speaker":"REID HOLZWORTH","startTime":1862.69,"endTime":1866.74,"body":"to those original founders,"},{"speaker":"REID HOLZWORTH","startTime":1862.69,"endTime":1866.74,"body":"if you will, within this."},{"speaker":"REID HOLZWORTH","startTime":1866.74,"endTime":1868.24,"body":"Because they're"},{"speaker":"REID HOLZWORTH","startTime":1866.74,"endTime":1868.24,"body":"still very involved."},{"speaker":"REID HOLZWORTH","startTime":1868.24,"endTime":1871.15,"body":"People like yourself and a lot"},{"speaker":"REID HOLZWORTH","startTime":1868.24,"endTime":1871.15,"body":"of the names you've mentioned"},{"speaker":"REID HOLZWORTH","startTime":1871.15,"endTime":1874.882,"body":"are big influencers"},{"speaker":"REID HOLZWORTH","startTime":1871.15,"endTime":1874.882,"body":"in this industry."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1874.882,"endTime":1876.34,"body":"And I would say"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1876.34,"endTime":1878.8,"body":"that as this is the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1876.34,"endTime":1878.8,"body":"first in your series,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1878.8,"endTime":1881.29,"body":"there are a number of"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1878.8,"endTime":1881.29,"body":"really interesting people"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1881.29,"endTime":1884.56,"body":"that would be great for you"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1881.29,"endTime":1884.56,"body":"to get on the podcast series."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1884.56,"endTime":1891.62,"body":"And Larry Wilson really is the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1884.56,"endTime":1891.62,"body":"father of computer software"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1891.62,"endTime":1894.8,"body":"for the company side."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1894.8,"endTime":1897.23,"body":"And then Doug"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1894.8,"endTime":1897.23,"body":"Roller, so creative."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1897.23,"endTime":1899.03,"body":"He's on the rating side."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1899.03,"endTime":1901.518,"body":"And then also, having"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1899.03,"endTime":1901.518,"body":"built Micro-Magic"},{"speaker":"REID HOLZWORTH","startTime":1901.518,"endTime":1902.81,"body":"And Duck Creek."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1902.81,"endTime":1904.85,"body":"For that rating side,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1904.85,"endTime":1907.19,"body":"which was Micro-Magic"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1904.85,"endTime":1907.19,"body":"And then worked for us."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1907.19,"endTime":1910.49,"body":"And then he went on the company"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1907.19,"endTime":1910.49,"body":"side and built Duck Creek"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1910.49,"endTime":1912.83,"body":"and sold Duck Creek,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1910.49,"endTime":1912.83,"body":"eventually, to Accenture."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1912.83,"endTime":1916.04,"body":"So they're really"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1912.83,"endTime":1916.04,"body":"great guys and maybe"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1916.04,"endTime":1917.7,"body":"interesting people to talk to."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1917.7,"endTime":1919.88,"body":"And then many others,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1917.7,"endTime":1919.88,"body":"not to leave others out,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1919.88,"endTime":1922.985,"body":"because there are many, many"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1919.88,"endTime":1922.985,"body":"other people that were really"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1922.985,"endTime":1924.11,"body":"top people in the industry."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1924.11,"endTime":1928.16,"body":"Marcus Ryu was very important"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1924.11,"endTime":1928.16,"body":"in the building of Guidewire."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1928.16,"endTime":1930.32,"body":"And so when you go down"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1928.16,"endTime":1930.32,"body":"the list of all the people"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1930.32,"endTime":1932.07,"body":"who were involved"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1930.32,"endTime":1932.07,"body":"in this industry,"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1932.07,"endTime":1933.32,"body":"there are some great"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1932.07,"endTime":1933.32,"body":"people involved in it."},{"speaker":"REID HOLZWORTH","startTime":1933.32,"endTime":1934.85,"body":"They're still"},{"speaker":"REID HOLZWORTH","startTime":1933.32,"endTime":1934.85,"body":"very involved, all the people"},{"speaker":"REID HOLZWORTH","startTime":1934.85,"endTime":1935.642,"body":"you just mentioned."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1935.642,"endTime":1937.7,"body":"Still"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1935.642,"endTime":1937.7,"body":"so very involved, Yeah"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1937.7,"endTime":1939.77,"body":"and the industry's a"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1937.7,"endTime":1939.77,"body":"pretty closed industry."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1939.77,"endTime":1941.06,"body":"People tend to stay in it."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1941.06,"endTime":1943.7,"body":"They don't run off and go and"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1941.06,"endTime":1943.7,"body":"do automobiles or airplanes"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1943.7,"endTime":1946.445,"body":"or something like that."},{"speaker":"REID HOLZWORTH","startTime":1946.445,"endTime":1947.32,"body":"Yeah."},{"speaker":"REID HOLZWORTH","startTime":1947.32,"endTime":1951.52,"body":"Well, listen, this has"},{"speaker":"REID HOLZWORTH","startTime":1947.32,"endTime":1951.52,"body":"been great, Dennis."},{"speaker":"REID HOLZWORTH","startTime":1951.52,"endTime":1953.86,"body":"Awesome history lesson."},{"speaker":"REID HOLZWORTH","startTime":1953.86,"endTime":1956.98,"body":"I'm sure the listeners"},{"speaker":"REID HOLZWORTH","startTime":1953.86,"endTime":1956.98,"body":"have learned a lot."},{"speaker":"REID HOLZWORTH","startTime":1956.98,"endTime":1960.46,"body":"And yeah, we're going to go"},{"speaker":"REID HOLZWORTH","startTime":1956.98,"endTime":1960.46,"body":"talk to a few of the people"},{"speaker":"REID HOLZWORTH","startTime":1960.46,"endTime":1962.8,"body":"you mentioned and kind"},{"speaker":"REID HOLZWORTH","startTime":1960.46,"endTime":1962.8,"body":"of keep going down"},{"speaker":"REID HOLZWORTH","startTime":1962.8,"endTime":1965.98,"body":"this road of the history"},{"speaker":"REID HOLZWORTH","startTime":1962.8,"endTime":1965.98,"body":"of insurance technology"},{"speaker":"REID HOLZWORTH","startTime":1965.98,"endTime":1967.62,"body":"and everybody that's involved."},{"speaker":"REID HOLZWORTH","startTime":1967.62,"endTime":1970.33,"body":"And so again, thanks"},{"speaker":"REID HOLZWORTH","startTime":1967.62,"endTime":1970.33,"body":"for your time, Dennis."},{"speaker":"REID HOLZWORTH","startTime":1970.33,"endTime":1972.56,"body":"Pleasure, as always."},{"speaker":"REID HOLZWORTH","startTime":1972.56,"endTime":1974.17,"body":"It's been a lot of fun."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1974.17,"endTime":1974.62,"body":"Great, Reid."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1974.62,"endTime":1975.828,"body":"It's been fun talking to you."},{"speaker":"DENNIS CHOOKASZIAN","startTime":1975.828,"endTime":1978.52,"body":"It's fun to recount"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1975.828,"endTime":1978.52,"body":"and recollect"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1978.52,"endTime":1980.71,"body":"what the history of the"},{"speaker":"DENNIS CHOOKASZIAN","startTime":1978.52,"endTime":1980.71,"body":"industry has been about."},{"speaker":"REID HOLZWORTH","startTime":1980.71,"endTime":1982.21,"body":"I"},{"speaker":"REID HOLZWORTH","startTime":1980.71,"endTime":1982.21,"body":"can't thank Dennis"},{"speaker":"REID HOLZWORTH","startTime":1982.21,"endTime":1985.09,"body":"enough for taking"},{"speaker":"REID HOLZWORTH","startTime":1982.21,"endTime":1985.09,"body":"his time to join us."},{"speaker":"REID HOLZWORTH","startTime":1985.09,"endTime":1988.84,"body":"Dennis really is an"},{"speaker":"REID HOLZWORTH","startTime":1985.09,"endTime":1988.84,"body":"OG in this industry."},{"speaker":"REID HOLZWORTH","startTime":1988.84,"endTime":1991.9,"body":"What he's done for this"},{"speaker":"REID HOLZWORTH","startTime":1988.84,"endTime":1991.9,"body":"industry is amazing."},{"speaker":"REID HOLZWORTH","startTime":1991.9,"endTime":1995.9,"body":"And this is just one little"},{"speaker":"REID HOLZWORTH","startTime":1991.9,"endTime":1995.9,"body":"piece of the history there."},{"speaker":"REID HOLZWORTH","startTime":1995.9,"endTime":1999.79,"body":"There's a lot more if you"},{"speaker":"REID HOLZWORTH","startTime":1995.9,"endTime":1999.79,"body":"really get to know Dennis."},{"speaker":"REID HOLZWORTH","startTime":1999.79,"endTime":2001.11,"body":"I can't thank him enough."},{"speaker":"REID HOLZWORTH","startTime":2001.11,"endTime":2001.84,"body":"It's awesome."},{"speaker":"REID HOLZWORTH","startTime":2001.84,"endTime":2004.2,"body":"Now in future"},{"speaker":"REID HOLZWORTH","startTime":2001.84,"endTime":2004.2,"body":"episodes, we're going"},{"speaker":"REID HOLZWORTH","startTime":2004.2,"endTime":2007.62,"body":"to continue to interview"},{"speaker":"REID HOLZWORTH","startTime":2004.2,"endTime":2007.62,"body":"some of these OGs that"},{"speaker":"REID HOLZWORTH","startTime":2007.62,"endTime":2009.97,"body":"have brought us here today."},{"speaker":"REID HOLZWORTH","startTime":2009.97,"endTime":2011.82,"body":"But we're also going"},{"speaker":"REID HOLZWORTH","startTime":2009.97,"endTime":2011.82,"body":"to be interviewing"},{"speaker":"REID HOLZWORTH","startTime":2011.82,"endTime":2014.01,"body":"some of the new"},{"speaker":"REID HOLZWORTH","startTime":2011.82,"endTime":2014.01,"body":"startups, people that"},{"speaker":"REID HOLZWORTH","startTime":2014.01,"endTime":2018.03,"body":"are building new and innovative"},{"speaker":"REID HOLZWORTH","startTime":2014.01,"endTime":2018.03,"body":"things that some of you"},{"speaker":"REID HOLZWORTH","startTime":2018.03,"endTime":2020.53,"body":"may have never even heard of."},{"speaker":"REID HOLZWORTH","startTime":2020.53,"endTime":2024.46,"body":"But they're all part of"},{"speaker":"REID HOLZWORTH","startTime":2020.53,"endTime":2024.46,"body":"our industry, the OGs"},{"speaker":"REID HOLZWORTH","startTime":2024.46,"endTime":2026.14,"body":"and the startups."},{"speaker":"REID HOLZWORTH","startTime":2026.14,"endTime":2030.18,"body":"And look, there's all of"},{"speaker":"REID HOLZWORTH","startTime":2026.14,"endTime":2030.18,"body":"these people love our industry"},{"speaker":"REID HOLZWORTH","startTime":2030.18,"endTime":2035.02,"body":"and are heavily involved in"},{"speaker":"REID HOLZWORTH","startTime":2030.18,"endTime":2035.02,"body":"helping us be more successful."},{"speaker":"REID HOLZWORTH","startTime":2035.02,"endTime":2037.45,"body":"And they're hyper"},{"speaker":"REID HOLZWORTH","startTime":2035.02,"endTime":2037.45,"body":"focused on that."},{"speaker":"REID HOLZWORTH","startTime":2037.45,"endTime":2042.06,"body":"It's a great time to be involved"},{"speaker":"REID HOLZWORTH","startTime":2037.45,"endTime":2042.06,"body":"in insurance technology."}]}