Navigating the world of property and inland marine

Navigating the world of property and inland marine | Insurance Business America

Insurance News

Navigating the world of property and inland marine

Industry vet attributes success to the strength of his team

Insurance News

By
Chris Davis

Navigating the world of property and inland marine insurance demands more than just technical know-how; it requires a strategic approach, a knack for building strong teams, and a relentless commitment to learning. Mark Sangenito (pictured above), senior vice president of property and inland marine at CRC Group, attributes his success to the strength of his team. This acknowledgment of the team’s pivotal role underscores the importance of collaboration and synergy within the insurance industry.

“For me personally, I would say the biggest key in being a top performer is my team. Without them, nothing’s getting done,” Sangenito said.

Priding himself on hiring the right people, Sangenito emphasized the significance of training and mentoring. This commitment to nurturing talent within the organization reflects a forward-thinking leadership style that recognizes the value of empowering individuals.

“I really pride myself on hiring the right people, training, and mentoring so that they’re able to take bigger and better roles and work more independently,” he said.

Symbiotic collaboration is another key aspect of Sangenito’s approach, both within his team and across the company. This collaborative spirit extends beyond internal boundaries, fostering mutually beneficial relationships with brokers in different geographic areas.

“We also have internally, or I also have internally, a large network of other brokers throughout the company that we all work very symbiotically,” he said.

Such collaborations are advantageous, and the overlap of different exposures in geographic areas can be particularly beneficial when dealing with diverse risks such as earthquakes, wildfires, and coastal catastrophes. Close-knit relationships enable brokers to assist each other freely, leading to a more comprehensive and effective approach to client solutions.

Sangenito also emphasized the importance of a continuous learning mentality, recognizing that the ever-changing marketplace highlights the need for adaptability and a proactive approach to staying informed.

“The number-one thing that separates a superior broker from an average or mediocre broker is the mentality of, you can never stop learning,” Sangenito said. “I’m really trying to position myself as not only being as good or better than my competition but the obvious choice for best-in-class property placements.”

When it comes to trends within the property and inland marine marketplace, Sangenito acknowledged the impending wave of retirements and positions himself as a key player in filling the ensuing gaps. He also predicted a shift towards tailor-fitted placements.

“There is a need to tailor-fit placements by really understanding your insureds business model, ensuring terms and conditions and program structure 100% align with what the company is doing. I think often programs are placed that do not enable acquisitions, loan compliance, ease of refinancing, etc, and results in less profitability for insureds,” he said.

However, the industry is not without its challenges, particularly that of rising insurance costs. Sangenito drew a parallel to the construction industry’s transparency during the lumber price surge. Drawing on this analogy, he emphasized the importance of educating clients about the factors contributing to increased insurance costs.

“The difference is, for example, during COVID, everybody knew the price of lumber was up three, four, or 500%,” he said. “Insureds didn’t understand the ‘why’ of their increased premiums in 2023. I partner with my agents to provide them real insight to present to their clients, and this makes a renewal much smoother.

“The rapid hardening in 2023 was a confluence of numerous complex events, but slowing down if not reversing in 2024, especially on cat exposed layered and shared placements. This year we are working extremely hard to correct renewal rates, and seeing some big wins for our clients.”

He further emphasized the role of partnerships in navigating these challenges. This approach, driven by a desire for collective success, underscores the collaborative ethos he brings to his partnerships.

“My number-one goal is for my retail agent to place the business. My number-two goal is for that placement to be through me,” Sangenito said.

Innovative thinking also plays a crucial role in Sangenito’s strategy, particularly when dealing with complex risks. Acknowledging the prevalence of model-based underwriting, he advocated for embracing and understanding the models to enhance risk analysis. This emphasis on collaboration with agents who comprehend the nuances of model-driven underwriting showcases a proactive stance towards leveraging technology for better outcomes.