2020.

So I came in really excited, went through two weeks of training, learning all about cybersecurity and IT.

And then two months later, I was unfortunately one of the first ones furloughed from the company and pushed back into the job market when COVID was pretty much shutting the world down.

I had met a girl at the time that same summer that I was furloughed.

Couldn't afford to pay for dinners and dates for two people on the weekend.

So I'm like, let me just get a job that I can do for temporary till I can get back on my feet.

My best friend growing up at the time, a third generation family, insurance family.

So

And let's get into the insurance

world.

Cool.

Yeah, no, thank you for having me on.

And, you know, I wouldn't consider myself a self-proclaimed insurance guru yet, but What I can say is that at least I have enough to make insurance fun and exciting for the first time, typically, when people hear about what we're doing and what InsurTech offers to the real estate industry.

So hopefully you can bring that to your audience today.

Yeah, and my background, you know, what I tell most people is no one really grows up and says, hey, I want to be, you know, Jake from State Farm when I'm older.

So you are putting us in a group or, you know, are you looking for the operators to set up the group and come in with a group?

For the audience who isn't aware of who you are, where you're from, what you do, feel free to introduce yourself, and we take it from there, man.

Yeah.

Yeah.

Totally, man.

Appreciate the intro.

You know, like you said, my end, I, I grew up as an athlete by trade.

You know, growing up, my whole, my whole plan, my whole dream was to essentially become, you know, an MLB baseball player, get drafted, and play in the Majors, right? Like a lot of young kids do growing up.

Mm-hmm

What happened back then that made you come up with a new solution for solving the insurance problem?

Yeah, so what happened in our market was very in Florida, where the personal markets in those states uh commercial businesses like amazon you know won't just get a government entity to kind of step in and just build an insurance company for them to backstop and place their business so they can keep functioning properly so we had to turn to our own market and build an insurance company from scratch for one of the largest delivery logistics networks that exists in the us today Now, most people think, oh, Amazon's big enough, they can do it themselves.

But not everybody's familiar that Amazon actually outsources a lot of their delivery fulfillment to third-party independent businesses, like a franchise model, if you will, to independent companies who we were actually insuring at the time.

So yes, Amazon as a whole, big enough to probably be their own insurance company, but each one of their independent delivery providers, not so much.

So what we had to do was get really creative and essentially say, you know, hey, customer base or, you know, 300 million in premium combined, you know, each one of you individually, not big enough to form your own captive, but together we could form what's called a group captive.

And you can essentially become your own insurance company where you guys are all co-owners of it together.

And that was something we did where we had to get really creative, right? Necessity is the mother of all creation.

And what is the problem with insurance right now? Why is this happening? Why is insurance so not only volatile, but why is it going up so much, even for people who are not filing claims, et cetera? What has been going on the last few years with real estate insurance?

Walk us through the moment you realized that traditional insurance model was broken.

Yeah.

So, you know, insurance, there are a lot of parallels with real estate, specifically more so, I guess, the operating and property management side where people don't really, you know, grow up saying they want to be in insurance.

You kind of just fall into it by accident or, you know, somebody who you're connected to is a third generation insurance family, which was how I got into it, you know, out of college.

My goal was to be in the IT space selling cybersecurity to, you know, Fortune 500 companies and was hired by a firm to do that based out of Miami.

We're originally from Fort Lauderdale area.

And I was graduated, got hired March of 2020.

Where does that money actually come from?

Mm-hmm.

You try to find a way where, "Hey, how can I reduce my cost here?" But there's never really an option where, right...

I, I'd like, I like to use the example of, like, being a renter versus owning your home, right? As a renter, yes, you could be paying the same amount of money that somebody who owns their home for the same property, but one of you is actually building equity, right? You're getting a return on your money.

The other one, it's just going out the door.

You're never gonna see it again, right? So the, the concept in terms of what we're doing is really allowing people to essentially almost build equity in terms of the profit stake that their own dollars are, are essentially going to when it comes to this asset class, which is insurance.

And, you know, most insurance brokers today, if you ask them, "Hey, how does a, how does a captive work? How does a risk retention group work? What, what, what does profit sharing in insurance look like?" 90% of them won't even know where to begin because, right, necessity is the mother of all creation.

And for me, I was an insurance agent for about three and a half years before I even knew captive models or alternative risk models existed on the market, right? So as a, as an insurance agent, most of them don't know what this looks like because they always have a carrier to sell you.

I mean, so long as they're not, again, one of the, you know, one out of 10 that are basically making multiple claims on an annual basis and, you know, hurting all the rest of us.