Less Regulation is ‘More,’ PCI Ceo Says

David Sampson, CEO of the Property Casualty Insurers Association of America (PCI), thinks most public policy makers want to do the right thing but they too often get hung up on clouded rhetoric and misleading media reports. Thus, when it comes to legislative decision making at both national and state levels, PCI’s approach is to provide to lawmakers with the best data and analysis to enable them to do their job in an educated and responsible manner.

Speaking to an audience of independent agents and brokers at the Independent Insurance Agents of Texas convention in June, Sampson said the industry has it’s work cut out for it to change public perception that insurers are “unresponsive monoliths characterized by corporate greed that care more about profits than people.”

Sampson said PCI’s message to carriers is: “Be prepared to provide superior customer service. We have a product people buy under duress. They buy a policy, stick it away and never look at it until a crisis hits. … It’s not surprising we have challenges when disaster hits. …. Enhancing our reputation won’t be easy.”

He added that agents are “the most important ambassadors the insurance industry has. You take care of policyholders.”

He said the perception promoted by some consumer advocate organizations is that more restrictive regulation will result in better product and lower prices. The danger with such rhetoric is that it could lead to greater government intervention or overreaction by lawmakers when something bad happens, Sampson said. PCI’s philosophy on responsible regulation is that “less is more,” he added.