What makes a 5-Star wholesale broker or MGA?
What makes a 5-Star wholesale broker or MGA? | Insurance Business America
Insurance News
What makes a 5-Star wholesale broker or MGA?
An inside look into market trends, industry growth, and one company’s rise to success
Insurance News
By
Insurance Business
In a recent edition of Insurance Business TV, John Jennings, the CEO of Jencap, one of the largest wholesale intermediaries in the United States shared his expert views on market trends, Jencap’s rise to success, and its plans for growth in the future.
Jennings broke down some of the significant shifts in the insurance industry and the various trending topics surrounding them. According to Jennings, one of the most notable trends is the historic influx into the marketplace, driven by reinsurance issues, claims, and social inflation. The industry has also had to adapt to emerging challenges such as natural disasters, impacting both commercial and personal lines.
Jennings then discussed the rapid growth of Jencap through its aggressive acquisitions, propelling the company to exceed $3 billion in premium this year. While rising interest rates may affect M&A, the company remains focused on organic growth, internships, and acquiring new talent. Jencap also stands out with its team mentality and collaborative culture, he said. Jencap’s employees embrace a cross-selling approach ensuring the right expertise for each account is set. Furthermore, over 20% of employees have equity in the business, contributing to a more collaborative and empowering work environment.
The conversation then shifted to the role of technology and the benefits of strong partnerships. Tech plays a major role at Jencap where the company has focused on consolidating technology platforms and optimizing data. Jencap’s ongoing technological advancements aim to enhance the working experience for employees and facilitate smoother interactions with clients in processes such as account submission and underwriting. Jennings also discussed the key benefits that retailers can take advantage of when collaborating with the firm. Retail agents can benefit from Jencap’s focus on collaboration, training, claims mitigation, program development, and data improvement. The company provides expertise for accounts of all sizes and fosters a strong environment based on teamwork.
To learn more about John Jennings and Jencap, click here, to watch the full episode.
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