Spotlight On: Richard Bernstein, CEO, Richard S. Bernstein & Associates, Inc.
June 2025 — Richard S. Bernstein, CEO of life insurance company Richard S. Bernstein & Associates, Inc. spoke with Invest: about the importance of making health insurance affordable for everyone. “We live in an expensive area, and we need to keep costs down so the average employer and person can afford healthcare. We’ve never had a legitimate claim denied because we go to bat for our customers to get their claims approved.”
Reflecting on the past year, what have been the main highlights and key milestones for Richard Bernstein & Associates?
Richard S. Bernstein & Associates, Inc. has been a stable, mature company in South Florida for over 60 years. We are very proud, as an A+ BBB-rated firm, that we have successfully retained most of our clients for multiple decades, barring unforeseen circumstances such as death, ownership changes, or key personnel transitions.
Our brokerage achieved a 15% increase in client retention through personalized policy offerings and enhanced use of digital tools, such as a mobile app for policy management. We partnered with a leading firm to streamline underwriting, thereby reducing application processing time by 30%. The strong equity market performance led to a 12% uptick in sales, and the robust local market enabled us to serve a growing demographic of high-net-worth individuals, employers, foreign nationals, and young professionals seeking tailored financial solutions.
Our concern for the industry is that hospitals, doctors, the federal government, and insurance companies are not working together. People are afraid they won’t be covered. There has to be a better way. We live in an expensive area and need to keep costs down so the average person can afford healthcare. Most employers pay for all or part of insurance costs, but many employees can’t afford the $10,000 high-deductible plans they receive. We’ve been in this business for 60 years and have never had a legitimate claim denied because we go to bat for our customers.
What is your overview of the insurance sector in Palm Beach and Southeast Florida and what trends are emerging?
The events of the past year have highlighted both the challenges and opportunities in the insurance sector. Challenges include post-pandemic consumer purchasing needs and market volatility due to rising inflation, interest rate fluctuations, and political shifts. Inflation has driven healthcare and insurance costs to new highs.
However, these conditions also present opportunities. In 2024, our organization experienced steady growth in life insurance policy sales, driven by heightened consumer awareness of financial security needs. Market volatility underscored the importance of products like guaranteed and whole life insurance to ensure family liquidity and maintain living standards in the event of a breadwinner’s unexpected death or to pay estate taxes.
Key trends in 2024 include AI-driven underwriting, embedded insurance, and a focus on customer-centric digital platforms. The industry is shifting toward digital transformation, with clients demanding a seamless online experience. AI has transformed our operations, enabling faster risk assessments and personalized policy recommendations. Embedded insurance, captive insurance, and bundling life coverage with other financial products are gaining traction, particularly among younger clients moving to Southeast Florida.
We are navigating these trends by investing in cloud-based systems and training our staff to leverage data analytics for client insights. We are also addressing regulatory challenges, such as new data privacy laws, by enhancing our cybersecurity measures to maintain compliance while elevating client trust. To address rising healthcare costs, we are collaborating with national organizations and key political leaders—including developing a joint venture with a California-based group—to find new ways to reduce healthcare expenses.
In light of the natural disasters and weather hazards that took place last year in South Florida, how is this affecting insurance coverage?
Property and healthcare costs are astronomical. People borrow money from banks and pay higher interest rates compared to three years ago. Depending on where they live in the county, they may not be able to afford a home insurance policy. Problems with water damage and the cost of hurricane coverage create challenges for the average homeowner. People need this type of coverage to protect their families, and the insurance industry has a responsibility to help.
We strongly advocate for our clients to invest in life insurance that is creditor-proof and offers asset protection. We recommend high-cash-value policies that are resilient to market fluctuations and can serve as a personal banking source if clients need to borrow at lower interest rates.
Richard Bernstein & Associates works with a wide array of insurance services. Which services are driving growth, demand, and profitability?
To keep Palm Beach County competitive, we advocate for strategies that enhance its appeal to international investment and talent. Our brokerage has expanded its multilingual services to attract more global clients relocating to South Florida. We are also collaborating with local Chambers of Commerce and the Business Development Board to promote Palm Beach as a financial services hub.
By actively engaging with national and international industry forums and conferences, we remain attuned to economic and industry trends, enabling us to align our strategies with the evolving needs of newcomers to Palm Beach County. By leveraging AI and data analytics, we are also able to offer personalized insurance solutions for this new talent pool. We support workforce development and internship programs to attract young talent to the insurance sector and address the industry’s talent shortage.
When a company moves into town, it must have business insurance for its employees. Palm Beach is the No. 1 county in Florida for economic growth. We provide insurance for employers and high-net-worth clientele. If a person buys a policy to cover estate taxes and puts it in a trust, the money stays in the family. We provide liquidity to help pay estate taxes and ensure the family retains their standard of living.
Palm Beach faces significant opportunities over the next 5–10 years, with continued migration from high-tax states and foreign nationals fueling growth. Our firm is committed to protecting that growth through our expertise and strategic planning. We focus on competitive premiums, introducing new products, and enhancing existing plans to meet clients’ needs. We provide low-cost healthcare, guaranteed insurance for employees, and streamlined access to national insurance carriers to help drive down employer costs. Our ability to rapidly price and deliver life insurance for employees provides peace of mind and financial security for their families.
How is Florida’s rising and aging population affecting Richard Bernstein & Associates’ business activity?
Palm Beach’s rising and aging population over the past decade has been fueled by its appeal as a wealth management hub, its favorable weather and lifestyle, and the absence of state income tax and estate taxes. This has led to a surge in affluent, aging residents relocating from high-tax states. The real estate boom and expanding financial services sector have also attracted international investors, professionals, and retirees.
Our firm has contributed to this trend by offering specialized life and health insurance products for high-net-worth clients, including estate planning, whole life, IULs, annuities, and insurance for foreign nationals who want to safeguard a portion of their wealth in the U.S.
We also offer long-term care and disability insurance and monitor our clients’ premiums to keep costs down. We provide guaranteed insurance solutions within group business plans and prioritize comprehensive account servicing. Our long-term care offerings extend coverage beyond age 65, protecting clients in cases of dementia or inability to perform two out of six daily activities.
What will be the top priorities and goals for the company in the next two to three years?
Florida’s rising and aging population demands greater focus. As a private business, we continue to provide input to key national and local political leaders on issues relevant to our industry, including the high cost of insurance and strategies to reduce those costs.
Our priorities remain centered on taking care of our customers and ensuring their health and life insurance claims are processed and paid. Our goals are to provide excellent customer service, ensure clients receive the benefits they are entitled to, and help keep their premiums low.
The cost of life insurance is the same nationwide. What differs is the tax rate in the state where it’s purchased. Healthcare costs are based on zip codes in the county and state where the person lives. The industry should consider one nationwide policy to drive prices down for everyone. If we can reduce costs through collaboration between doctors, hospitals, and insurance companies, we can make healthcare more affordable for all.
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