Taking on construction insurance’s biggest challenges
Taking on construction insurance’s biggest challenges | Insurance Business America
Construction & Engineering
Taking on construction insurance’s biggest challenges
Branch president on innovative strategies for success in the space
Construction & Engineering
By
Max Rowan
The construction insurance has been rife with challenges in recent years – from social inflation, to spiraling interest rates, to supply chain issues. But how can they be overcome?
In a recent edition of Insurance Business TV, IB sat down with Chad Hall, president of RT Specialty Tampa. Hall was recently recognized as one of Insurance Business’s Hot 100 awardees – marking him as of the leading insurance professionals in the USA.
With experience working with the likes of Aon and AIG, Hall is now steering the course for construction insurance at RT Specialty, amid challenging times.
Construction insurance challenges
“The current market has been tough – we’ve been in a hard market for two, going on three years,” Hall said. “We’ve seen a big strain on our insureds as well as the insurance companies – social inflation has been tough too, with awards getting bigger and bigger.”
Interest rates, he explained, have also had an impact, delaying some projects and bringing others to a halt. “Everybody is sitting and waiting,” for interest rates to improve, he said. He is hoping that when rates fall, it might spark the market again.
How RT Specialty is thriving
Despite these issues, RT Specialty has found ways to thrive through foresight, and innovation. Hall’s vision extends beyond day-to-day operations, putting a heavy emphasis on education and innovation. He emphasizes the importance of staying ahead, whether through exploring new products, enhancing market capacity, or through the importance of being students of the game to maximize client satisfaction and service delivery.
Hall’s commitment to education and innovation has been a major factor behind RT Specialty’s success. He advocates for continuous learning and knowledge sharing as essentials for niche specialization. This dedication to education is not just about personal growth but extends to clients, agents, and colleagues.
Hall manages a growing team and spearheads innovative educational programs like “BOR the Tour”, which aims to foster a more engaged and informed dialogue between clients and underwriters. He has a focus on product development and building capacity.
As the insurance industry continues to evolve, leaders like Chad Hall and companies like RT Specialty are at the forefront. To learn more about Chad Hall and RT Specialty Tampa, click here, to watch the full interview.
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