WORLDWIDE FACILITIES RECEIVES ALL-STAR AWARD · Compensation (commission, bonuses, profit share,...

WORLDWIDE FACILITIES RECEIVES

ALL-STAR AWARDProducers chime in on which wholesalers

and MGAs stood out by providing top-notch service to their clients and partners

IBAMAG.COM

ISSUE 8.03

HOW TO LEVERAGESOCIAL MEDIA

A forward-thinking agency on connecting with clients

through Instagram

COMBATING CLIMATE CHANGEHow global insurers are using their influence to

advocate for sustainability

SALVATION THROUGH TECHNOLOGY

Can telematics reverse the alarming claims trends in

the trucking industry?

SPECIAL REPORT

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FIVE-STAR WHOLESALE BROKERS AND MGAs

CRAFTING INNOVATIVE solutions for complex risks is the bread and butter of the wholesale, specialty and surplus lines insurance industry. Companies in this space are experts in placing unique and hard-to-place risks; the best of the bunch have the ability to react quickly to – and even foresee – market changes to accommodate non-standard needs.

According to the 2019 year-end report from the Surplus Lines Stamping Office of Texas (SLTX), the 15 US surplus lines stamping and service offices recorded collective premium of $37.45 billion in 2019, marking a significant 19.32% increase over the $31.39 billion reported

reported in the SLTX report. “I think this is being driven by overall

economic growth in the US,” Kelley says. “There’s growth in commercial and residential development, higher payrolls, new businesses emerging, and new product innovation, among many other positive economic developments. All of those things drive increased consumer demand for insurance.”

As surplus lines premium intake grows amid positive market conditions, WSIA membership has also boomed. In September 2019, the asso-ciation had its largest annual marketplace ever, hosting 5,049 attendees, a 13% increase from

for 2018. Additionally, total filings were up 9% from 2018, coming in at around 4.83 million.

Those numbers represent more than 60% of the surplus lines premium written nationwide and therefore provide a solid basis for estimating nationwide growth for the year, according to Brady Kelley, executive director of the Wholesale & Specialty Insurance Association (WSIA). In 2018, the SLTX year-end report noted premium growth of 11.3%; AM Best’s September 2019 Market Segment Report announced 11.2% growth nationwide. Using that as a guide, Kelley anticipates AM Best’s September 2020 report will reveal nationwide growth close to the 19%

Producers chime in on which wholesalers and MGAs stood out by providing top-notch service to their clients and partners

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www.ibamag.com 25

WHAT ARE THE MOST IMPORTANT THINGS PRODUCERS LOOK FOR IN A WHOLESALE BROKER OR MGA?

HOW WELL DID WHOLESALE BROKERS AND MGAs PERFORM?

93%

8.85

8.72

8.66

8.63

8.49

8.45

8.25

8.17

Underwriting responsiveness/turnaround time

Technical expertise and product knowledge


Communication

Range of products

Claims support

Compensation (commission, bonuses, profit share, etc.)

Technology/automation

Marketing support

64%

Pricing

49%

Technical expertise and product knowledge

40%

Range of products

19%

Reputation

17%

Claims support

17%

Marketing support

14%

Compensation (commission, bonuses, profit share, etc.)

10%

Technology/automation

4%

Geographical reach

WHAT OTHER AREAS ARE IMPORTANT TO PRODUCERS?Producers shared a few other qualities they look for in their wholesale partners:

Honesty

Ease of submitting an application

A committed partnership rather than a transactional relationship

1Poor

5 Fair

10Excellent

2018. Kelly anticipates even more growth through 2020.

All of these factors point to stability and strength in the wholesale, specialty and surplus lines industry and signal continued positive growth moving forward, even in the face of market challenges.

Within this segment, which wholesale brokers and MGAs are delivering standout service to their retail partners? To find out, IBA asked retail producers to rate the performance and service of their wholesale broker and MGA partners on a scale of 1 (poor) to 10

(excellent) in eight essential areas:

• Underwriting responsiveness/ turnaround time

• Technical expertise and product knowledge

• Range of products

• Communication

• Compensation

• Marketing support

• Claims support

• Technology/automation

The wholesale brokers and MGAs that earned an average score of 8 or greater in at least one category were awarded a five-star designation, signifying their exceptional service. Producers were also asked to provide feedback on how their partners could improve each aspect of the producer/wholesaler relationship.

In total, 32 wholesale partners earned a five-star rating this year. Of those, 25 were also desig-nated as All-Star Wholesalers, having earned five-star status in all eight categories. Read on to find out which companies earned top marks from producers.


26 www.ibamag.com

WholesalerTechnical

expertise and product knowledge


Communication Range of products

Claims support Compensation Technology/automation

Marketing support

All Risks

AmWINS

Anderson & Murison

Appalachian Underwriters

Bass Underwriters

Brown & Riding

BTIS

Burns & Wilcox

CRC

Executive Perils

Genesee General Agency, a JenCap Holdings Company

Hull & Co.

Izzo Insurance Services, a division of Hull & Co.

J.M. Wilson

Jimcor Agency

Johnson & Johnson

MJ Kelly, a JenCap Holdings Company

Monarch E&S Insurance Services

NIF, a JenCap Holdings Company

Peachtree Special Risk

Preferred Property Program

Risk Placement Services

RT Specialty

SIS Wholesale Insurance Services

Scottish American

Southern Insurance Underwriters

Synapse Services

TAPCO

USG

Western Pacific Insurance Network

Worldwide Facilities

XS Brokers

FIVE-STAR MGAs AND WHOLESALE BROKERS BY CATEGORY

All-Star Wholesale Partner

FIVE-STAR WHOLESALE BROKERS AND MGAsSPECIAL REPORT

A G R I B U S I N E S S A V I AT I O N C A S U A LT Y C O N S T R U C T I O N E N E R G Y E N V I R O N M E N TA L H E A LT H C A R E L I F E S C I E N C E S M A R I N E

P E R S O N A L L I N E S P R O F E S S I O N A L & E X E C U T I V E L I A B I L I T Y P R O P E R T Y R E A L E S TAT E T R A N S P O R TAT I O N W O R K E R S ’ C O M P E N S AT I O N R T B I N D I N G

OUT-EXECUTE verb

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Our wholesale specialty risk professionals have the expertise and tenacity to craft superior coverages for retail brokers’ toughest risks, regardless of account size.

Contact your RT Broker at rtspecialty.com

To deliver the solution that wins the account


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According to producers, underwriting responsiveness and turnaround times have remained mostly consistent since 2018 and 2019, despite a dip in the average score from 9.00 last year to 8.72 this year. That’s good news for producers, 93% of whom ranked underwriting responsiveness as one of their top priorities when choosing a wholesaler.

Overall, producers praised their wholesalers’ prompt response to quote requests. “Quote timing is always in range, and they have a 100% response rate and excellent broker service,” one producer enthused about their MGA. Another reported, “My underwriter and her assistant go above and beyond to answer questions, and I rely on their expertise to assure that I don’t offer the wrong product to a client.”

There were a few who outlined potential areas of enhancement, however. “Less wait time on the phone” and “more underwriters for even quicker turnaround time” were among the desired improvements. Another producer wanted their wholesaler to “be more willing to work with new agents on obtaining info from clients to close more deals,” while another was frustrated by last-minute responses to quotes.

Average wholesale partner performance

8.72

UNDERWRITING RESPONSIVENESS AND TURNAROUND TIME FIVE-STAR WHOLESALE BROKERS AND MGAs


Retailers made it crystal clear that their wholesalers and MGAs have stepped it up in the area of technical expertise and product knowledge, although the average score increased only slightly from 8.84 in 2019 to 8.85 this year. Every single company earned a five-star rating in the category this year – the only category where this happened.

For the most part, wholesale partners are living up to producers’ expectations for providing the comprehensive coverage guidance and information they need. “They can’t improve; they earn their compensation for knowledge and placements,” one producer said of their wholesale partner. Another raved: “They are awesome to work with – the turnaround time and product knowledge are second to none.”

But even in a category dominated by glowing comments, there are always growth opportunities. “Performance could be improved with consistent responsiveness and support and knowledge of products,” said one producer. Other recommendations included “additional assistance with coverage comparison, coverage knowledge and additional markets/products” and “focusing their efforts to make their broker team extremely knowledgeable.”


8.85

TECHNICAL EXPERTISE AND PRODUCT KNOWLEDGE

All Risks

AmWINS

Anderson & Murison


Bass Underwriters

Brown & Riding

BTIS

Burns & Wilcox

CRC

Executive Perils


Hull & Co.


J.M. Wilson

Jimcor Agency

Johnson & Johnson







RT Specialty

Scottish American



Synapse Services

TAPCO

USG



XS Brokers

All Risks

AmWINS

Anderson & Murison


Bass Underwriters

Brown & Riding

BTIS

CRC

Executive Perils


Hull & Co.


J.M. Wilson

Jimcor Agency

Johnson & Johnson







RT Specialty

Scottish American



Synapse Services

TAPCO

USG



XS Brokers

For risks big and small, RT Specialty is the solution. Our RT Binding underwriting professionals deliver swift, expert E&S coverage for small- and mid-sized accounts.

Retail brokers and agents, contact your local RT Binding Underwriter today in one of our 40+ offices at rtbinding.com.

G ENER A L L I A B IL I T Y P R O P ER T Y U MB R EL L A L I Q U O R L I A B IL I T Y INL A ND M A R INE E V EN T W O R K ER S’ C O MP ENS AT I O N P ER S O N A L L INE S

BINDING AUTHORITY FOR DIFFERENT SIZES OF E&S RISK

RT (Brokerage)for large construction

RT (Binding)for vacant warehouses


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34 www.ibamag.com

A broader range of products and access to more niche markets are two things many producers are looking for in a wholesale partner – 40% ranked product range as one of their top considerations. Most wholesalers are keeping pace with these expectations: 31 of 32 companies earned five-star ratings for their product range, and together they garnered an average score of 8.63 out of 10.

Coverage for theft, commercial auto, recreational vehicles, trucking insurance, e-commerce, equipment breakdown and workers’ compen-sation all made producers’ wish lists. Some expressed appreciation for their wholesalers’ access to a wide variety of markets but were disap-pointed by a lack of knowledge or coverage within those markets.

Others had glowing feedback for their wholesalers. “They search the marketplace and negotiate with carriers to get the best coverage for my client,” one producer said. “Everything is great as is – very good coverage, pricing, ease of doing business, responsiveness and claims involvement,” said another.

Sometimes, though, a narrow focus can be an advantage. “They are an excellent niche partner,” one producer said of their wholesale partner. “We use them for their expertise in certain classes of business, and they have an excellent understanding of our specific program needs and the current marketplace.”


8.63

RANGE OF PRODUCTSFIVE-STAR WHOLESALE BROKERS AND MGAs

Communication is king in relationships – and that’s especially true for the partnership between producers and wholesalers. Fortunately, whole-salers are performing well in this area, judging by the average score of 8.66 and the fact that all but one company earned a five-star rating in this category.

For producers, being able to contact their wholesaler through any channel makes a difference – and even if requests aren’t time-sensitive, producers always appreciate timely answers. “Clearer communication of changing market conditions,” “communication with the broker and attending meetings with actual insureds to understand the risks to present to underwriters” and “responsiveness in communications – either email or phone calls,” were among producers’ top requests in this category.

When wholesalers succeeded on this front, producers were just as generous with their praise. “Communication is the best in the business,” one producer said of their wholesaler. Another echoed the sentiment: “I do not have any problems with my wholesaler. Communication is excellent.”

While the quality of communication at a company is ultimately determined by individual underwriters and staff members, building a culture focused on timely, thorough interactions can help improve relationships and set the standard when servicing retail partners.


8.66

COMMUNICATION

All Risks

AmWINS

Anderson & Murison


Bass Underwriters

Brown & Riding

BTIS

CRC

Executive Perils


Hull & Co.


J.M. Wilson

Jimcor Agency

Johnson & Johnson







RT Specialty

Scottish American



Synapse Services

TAPCO

USG



XS Brokers


All Risks

AmWINS

Anderson & Murison


Brown & Riding

BTIS

Burns & Wilcox

CRC

Executive Perils


Hull & Co.


J.M. Wilson

Jimcor Agency

Johnson & Johnson







RT Specialty

Scottish American



Synapse Services

TAPCO

USG



XS Brokers

$751 million total in-force premium growth

1983 202037

national strategicpartner companies

strategicmaster agencies28 48

2019IN REVIEW

The Total Solution for the Independent AgentThe Proven Distribution System for Strategic Partner Companies

$8.9 billion total in-force premium

$$

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$$

$$

$$

$$

$$

$$

$$

$$

$$

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459 independent strategic members signed…

…which expanded the independent agency channel by 329 (new agencies).


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Coming in sixth out of eight categories, wholesalers’ compensation practices earned an average score of 8.45 this year, compared to 8.64 last year. Regardless, 31 of 32 wholesale partners garnered a five-star rating in this area. While the majority of producers rated their compen-sation as fair in last year’s survey, this year saw an uptick in requests for increased compensation. “Increase commissions or provide incen-tives to earn additional compensation,” “stop reducing compensation” and “more competitive compensation” were all mentioned when producers were asked to define areas where their wholesale partners could improve.

Not everyone was unhappy in this area, though; many producers noted that their compensation was fair, above average or even excellent. “[Our wholesaler] has proven for years that the compensation paid for their services is beyond measure,” one producer said.

And while more money is usually welcome, producers also recog-nize that there’s more to the relationship. “Every agency wants more compensation, but a realistic agency knows that the wholesaler has to make money,” one producer said. “Would we like more compensa-tion? Sure. But not if it compromises the service level and expertise of the wholesaler.”


8.45

COMPENSATION

Efficiency and effectiveness are key when it comes to insurance claims, and wholesalers that can help streamline this process are highly valued by producers. To get the most accurate picture of claims support, IBA asked producers to rate their wholesaler in this area only if they’ve experienced a claim in the last year.

Despite a drop in the average score (8.49 this year versus 8.58 last year), claims support was wholesalers’ fifth best-performing area. Even though many respondents recognized that claims are largely in the hands of the insurer, they still appreciate when wholesalers can provide updates or assist in finding solutions to issues.

Scores in this category tended toward the extreme, coming in at either the very top or the very bottom of the scale. With those low scores, producers often included requests for more feedback and updates, more details during the process, better communication, and faster response times.

For those companies that received scores of 9 or 10, the feedback also primarily revolved around communication. “Always keeps the agent informed as to how the claim is progressing,” said one producer who gave their wholesaler a 9. Another reported, “They are proactive in working with their agents on claims, allowing direct access when the carrier permits it.”


8.49

CLAIMS SUPPORTFIVE-STAR WHOLESALE BROKERS AND MGAs

All Risks

AmWINS

Anderson & Murison


Brown & Riding

BTIS

Burns & Wilcox

CRC

Executive Perils


Hull & Co.


J.M. Wilson

Jimcor Agency

Johnson & Johnson







RT Specialty

Scottish American



Synapse Services

TAPCO

USG



XS Brokers


All Risks

AmWINS

Anderson & Murison

Brown & Riding

BTIS

CRC

Executive Perils



J.M. Wilson

Jimcor Agency

Johnson & Johnson







RT Specialty

Scottish American



Synapse Services

TAPCO

USG



XS Brokers


If they can do it, we can place it.

www.rpsins.com

Every risk starts with a big, bold idea. And at

RPS, we believe that every risk deserves the most

secure placement. That’s why we never say no

when it comes to finding trusted markets for

unprecedented business ventures. Let’s talk about

what’s new, what’s next, and what’s possible.

37969 RPS 2020 IBA 5 Star Med 8.25x10.875_AD_final.indd 1 2/28/2020 10:48:02 AM24-53_Five Star Wholesale-SUBBED.indd 3624-53_Five Star Wholesale-SUBBED.indd 36 13/03/2020 4:31:48 AM13/03/2020 4:31:48 AM

Worldwide Facilities has been offering property and casualty insurance solutions since 1970. ©2020 Worldwide Facilities, LLC. CA Lic. #0414108

wwfi.com

Over the last five decades, Worldwide Facilities has built a solid foundation in an industry that continues to thrive. As we look ahead, we do so with unrelenting focus on delivering solutions to our customers throughour highly specialized group of producers, best and brightest team members and collaborative culture.

Our best years are in front of us.

50 Years and Stronger Than Ever

Momentum

Technical Expertise & Product KnowledgeUnderwriting Responsiveness & Turnaround Time

Thank you to our dedicated retail agentsfor rating us an All-Star Broker & MGA.

Range of ProductsCompensationClaims Support

Technology/AutomationCommunication

Marketing Support


wwfi.com




Momentum





Marketing Support

38 www.ibamag.com

This category has consistently ranked toward the bottom of both producers’ priorities and wholesalers’ performance, but this year, tech-nology and automation managed to climb from last to second-to-last place in the performance ratings, despite a slight drop in score (8.25 this year compared to 8.29 last year).

While only 10% of survey respondents listed this area as one of their top three considerations when choosing a wholesaler, the topic came up frequently as an area of improvement. “Technology is always changing, so I would suggest more emphasis in this area” and “doing great, just improve technology” were among producers’ comments – although a few swung the opposite way. “Less technology and more interpersonal rela-tionships in risk selection,” one producer said when asked how their wholesale partner could improve.

But considering that speed and accuracy are major concerns for producers, most pointed to technology as the solution. “Provide faster turnaround by using technology to quote, issue and bind many lines of coverage,” one producer suggested. “More technology and self-service options to get consistent turnaround time,” said another.

In general, technology and automation are now considered basic requirements by producers, and if their wholesalers or MGAs are going above and beyond, all the better. “[Our MGA] offers a lot in technology and automation,” one producer said. “They are constantly making changes to continue to improve.”


8.25

TECHNOLOGY/AUTOMATIONFIVE-STAR WHOLESALE BROKERS AND MGAs

All Risks

AmWINS

Anderson & Murison


Brown & Riding

BTIS

CRC

Executive Perils



J.M. Wilson

Jimcor Agency

Johnson & Johnson







RT Specialty



Synapse Services

TAPCO

USG



XS Brokers

USG INSURANCE SERVICESHeadquarters: Tampa, FL

By using proprietary technology and building meaningful industry relationships, USG Insurance Services provides

solutions for hard-to-place insurance needs. The company partners with more than 300 markets to provide an option for nearly any coverage request, with a focus on contractors, habitational, hospitality and manufacturers/distributors. The team also includes brokers with specialized

expertise in aviation, environmental, surety, workers’ compensation, garage, transportation, professional liability, energy and several other specialties.

“Our focus in 2019 was to seek and understand our partners’ feedback on how we’re doing and how we could do better,” says Jennifer Kessel, USG’s national marketing director. “We took that feedback and allowed it to shape the direction of how we move forward – by focusing on what our agency partners need the most from us.”

As USG looks to 2020 and beyond, the company has plans to continue to expand operations nationally through new branches, new programs and a heavy focus on providing retail agents with the technology, marketing and sales tools they need to service and grow their agencies and individual books of business.

ALL-STAR WHOLESALE PARTNER




wwfi.com




Momentum





Marketing Support


wwfi.com




Momentum





Marketing Support


https://www.wwfi.com/

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BROWN & RIDING Headquarters: Los Angeles, CA

Founded in 1980, Brown & Riding is built around the core values of teamwork, quality and professionalism. Since its inception, the company has developed 17 specialty practice areas.

“Rather than being organized by territory, we are organized by expertise and bring retail producers the best collective efforts, knowledge, and relationships of the entire firm, not just one individual broker,” says chairman Chris Brown. “We operate as an extension of the

retail producer’s own team, offering expert, trustworthy advice and service for a wide variety of business.”

The company has access to more than 350 markets and was the first wholesale insurance broker in the US to achieve ISO 9001 certification, a nationally recognized certification requiring a comprehensive quality management system that is externally audited annually. Over its 40-year history, Brown & Riding has grown to 18 office locations nationwide, which are owned and managed by more than 35 active employees.

“We continue to evolve and anticipate

our clients’ needs by becoming even more hyper- and micro-specialized,” says president and CEO Jeff Rodriguez. “A growing number of risks simply cannot be properly managed or insured by generalist brokers or ‘cookie-cutter’ solutions.”

In 2020, Brown & Riding plans to continue expanding its offerings by further building out its specialty groups. “We also plan to continue the strategic long-term growth of our national footprint,” Rodriguez says. “We have consistently achieved double-digit organic annual growth for more than a decade and are paced to continue.”

From left: President and CEO Jeff Rodriguez, chairman Chris BrownALL-STAR WHOLESALE PARTNER

“Customer service is not an approach. It is really who we are as a company. When given the opportunity, we are going to exceed our customers’ needs. We will deliver unparalleled professionalism, product and service – most specifically when customers need us to respond to a catastrophic loss of some kind.”

– Mark Wilhelm, CEO

We Are Going to ExceedYour Expectations

Proceed with Safety®

Workers’ Compensation: Excess • Large Deductible • Large Guaranteed Cost • Defense Base Act • TEXcess®

Commercial Auto • Commercial General Liability • Umbrella / Excess Liability • Public Entity Liability • Cyber RiskLoss Portfolio Transfers • Self-Insurance Bonds

Mark Wilhelm with members of Account Services



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WORLDWIDE FACILITIESHeadquarters: Los Angeles, CA

Since 1970, Worldwide Facilities has steadily expanded its footprint throughout the United States. The company is celebrating its 50th anniversary in 2020, following another record-setting year in 2019. Through its three distinct operating divisions – brokerage, MGA and programs – Worldwide Facilities provides a broad array of products through highly specialized brokers and underwriters.

“We are especially pleased with the continued product and geographical diversification we have achieved; 2019 was another year of strong organic growth, fueled by increased market share and developing our talent through our professional development program,” says CEO Davis Moore. “In addition, our acquisitions continued in 2019 with the addition of Benchmark Management Group and Risk Management Advisory Group to round out our company portfolio.”

Partnering with retail agents to provide them with the technical expertise and product knowledge needed to best serve their clients, Worldwide Facilities strives to deliver “in every way possible,” Moore says. In 2019, that included launching transportation facilities through its Austin office, growing its cannabis program and launching an innovative energy facility in its Houston office.

“Our growth strategies are rooted in the desire to continually increase our relevance to the customers and markets we serve, to continually increase opportunities for our employees, and to provide a diversified base of earnings and appropriate returns for our equity holders,” Moore says. “Our current success would not have been possible without the support and contributions from our constituents.”

ALL-STAR WHOLESALE PARTNER

CEO Davis Moore


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WORLDWIDE FACILITIES RECEIVES ALL-STAR AWARD · Compensation (commission, bonuses, profit share,...

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