Ep. 233: John Wales: Writing & Binding in Under 5 Minutes

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John Wales is the General Manager of CoverWallet for Agents, a product offered by CoverWallet. CoverWallet is the easiest way for a business to manage, buy, and understand commercial insurance. John has over 20 years of experience in the financial and insurance industry, with milestones including starting and growing companies to multi-million dollar valuations. John is also a music enthusiast, having voluntary experience as a music arranger for the Los Angeles Youth Arts.

John joins us to discuss what CoverWallet offers small and medium-sized businesses and how agents can benefit from CoverWallet for Agents. He discusses his passion for music, his DMA in Composition, and his experience in the music industry. He explains the potential losses a company can incur if a cybersecurity breach compromises its data. He discusses how commercial insurance writing is complex and how CoverWallet can make the process easier. John also shares his thoughts on the pandemic and what he believes we need to do as a country to get back on our feet as soon as possible.

"Writing commercial insurance and tailoring it to that specific small business is an intense process." - John Wales

Today on Spot On Insurance:

  • John's music education and how he compares an orchestra to business management
  • Why John's first insurance agency was not successful
  • How John found his passion for commercial insurance
  • How listening can benefit insurance agents more
  • How CoverWallet is reinventing commercial insurance for small and medium-sized businesses
  • John's thoughts on cybersecurity insurance and security breaches
  • How much it would cost a company to be attacked by hackers
  • Why agents should look up CoverWallet for Agents when fulfilling cyber liability coverage
  • Why commercial insurance writing is complex
  • The benefits of CoverWallet's cyber liability product
  • How COVID-19 affected their company's goals and priorities
  • What John believes we can do to help each other during these chaotic times
  • When John's podcast will launch and what it will be about

Key Takeaways:

  • 43% of all cyber breaches happened to one or two owner companies. Almost 50% of the losses are happening to small companies who can't afford the loss.
  • For small businesses, cybersecurity is one of the biggest challenges.

Connect with John Wales:

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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