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Mastering Settlements: Betty Gregware's Lessons from the Evolving Frontlines

Mastering Settlements: Betty Gregware's Lessons from the Evolving Frontlines

In a recent episode of the "Settle Smart" podcast, guest host Chris Chan from Ringler sits down with Betty Gregware, the National Sales Director of Structured Settlements at Mutual of Omaha. With over 30 years of experience in the industry, Betty shares her wealth of knowledge and provides an in-depth look at the evolving changes in the structured settlement industry. The conversation covers Betty's background, structured settlement history, notable industry changes, and an exciting preview of the upcoming Structures 101-202 program in Las Vegas.

Background and Entry into the Industry: Betty Gregware introduces herself, highlighting her 32 years of experience in the structured settlement industry. She shares her journey, starting as a structured settlement coordinator in 1991 and progressing through various company positions. Betty emphasizes the importance of mentors and the invaluable insights they provide.

Evolution of the Structured Settlement Industry: Betty discusses the history of structured settlements, noting that it was predominantly defense-oriented when she first entered the industry. She explains how property and casualty companies offered the product to meet the future needs of injured parties. The secure nature of structured settlements and their favorable tax treatment were significant selling points. Betty also mentions the shift towards plaintiff-side involvement and the separation of plaintiff and defense consultants in the industry.

Key Industry Changes: The conversation delves into notable changes that have impacted the structured settlement industry. The introduction of umbrella quoting systems, which offer comprehensive quotes from different providers, revolutionized the industry. Betty also mentions developing a claims management system and the challenges faced when systems fell apart due to company changes. Additionally, the podcast explores the impact of legal regulations and highlights the importance of staying up-to-date with evolving industry standards.

Future Trends and Challenges: Chris and Betty discuss emerging trends in the industry, such as new product offerings and the potential influence of artificial intelligence. They touch upon the importance of attention to detail and the implications of contracts in structured settlements. Betty cautions against shortcuts and emphasizes the significance of accuracy in documentation to ensure smooth administration of payments.

Insights into Structures 101-202 Program: Betty provides an overview of the Structures 101 - 202 program, explaining its educational value for seasoned professionals and industry newcomers. She encourages attendees to enhance their understanding of the nuances and options within structured settlements. Betty emphasizes the need for professionals to understand the claim, the players involved, and the rules before engaging with a provider company. The program offers Continuing Education (CE) credits and networking opportunities among industry professionals.

The podcast episode concludes with a reminder of the importance of attending NSSTA events, such as the Structures 101 - 202 programs, for networking, marketing, and staying informed about industry developments. Host Chris Chan is grateful to Betty for sharing her insights and highlighting the value of attending the upcoming Las Vegas Structures 101 - 202 program.

Note: The transcript has been edited and condensed for readability and clarity. For the full episode, watch on YouTube here: