Insurors CEO Ron Travis discusses the role of agents with Commissioner Lawrence as the group listens
Today's Department for Tomorrow's Industry Insurors Sits Down with Insurance Commissioner Lawrence and the TDCI Insurors recently had the opportunity to sit down with Commissioner Carter Lawrence, J.D., MBA and several key members of his team at the Tennessee Department of Commerce and Insurance (TDCI). Among those participating were Bill Huddleston - Assistant Commissioner of Insurance, Jim Tracy - Senior Advisor to the Department, Chris Burger - Chief Strategy Officer, Toby Compton - Deputy Commissioner of Insurance, Patrick Merkel - Director of Insurance and Alex Lewis Assistant Commissioner.
We are excited to work with you all and especially with everyone in their new roles. How well do you feel the Department is now positioned to regulate the insurance industry? Commissioner Lawrence: First of all, let me say how humbled and honored I am for the opportunity to be appointed by Governor Lee to this position of Commissioner. As someone who has been at the Department for five years – I can confidently say our entire team is incredibly well-positioned to continue to regulate the insurance industry and serve all of our customers and stakeholders. Throughout my tenure at the Department we’ve continually focused on our mission, vision and values. Our Department is committed to fostering fair marketplaces, public safety and consumer education that promote the success of individuals and businesses while serving as innovative leaders. We are also focused on protecting Tennesseans through balanced oversight of insurance and regulated professions while enhancing consumer advocacy, education 4
and public safety. In all that we do, we have a strong focus on customer service excellence, strategic decision making, inclusive environment, transparent/efficient government and principled actions.
In your opinion, what role do trade associations have in the regulatory process? Commissioner Lawrence: Trade associations play an important role in representing their members and pooling their expertise and contacts. We know that we cannot get 400 different agency contacts in a room at one time to discuss issues and provide information, but Insurors can serve as a conduit with the Department to accomplish these goals.
In your opinion, how important is the role of insurance agents in helping consumers properly cover their risks? Commissioner Lawrence: The role insurance agents play in helping consumers properly cover their risks is vital. I believe it’s important for agents to schedule time to sit down – or especially during the COVID-19 pandemic to meet virtually – with consumers to review their policies and to help make sure their insurance coverage is still appropriate and that they are prepared for potential risks. Tracy: They're extremely important. As a former agent I know how crucial it is to have someone guide consumers on what they really need and what they may not. Whether it is reviewing coverages with insureds, helping a client understand a The Tennessee Insuror
