In this episode, your host, John Pelle, Director of Communications at Acrisure, is joined by two special guests: Jennifer Anderson, Partner at Bozzuto & Associates Insurance Services, and Brigitte Egbert, Executive Vice President and Commanding Partner at Monarch Insurance Services.
Jennifer and Brigitte explore the latest insurance trends in industries from real estate to cannabis, share their perspectives on DE&I efforts in the insurance community, and discuss the limitless impact of partnering with a brand like Acrisure. By leveraging their connections and resources as Acrisure Partners, they have been able to expand their business and find solutions for any and all client needs.
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Further Reading:
Bozzuto & Associates Insurance Services
TRANSCRIPT BELOW:
John Pelle:
Welcome to the Limitless Possibilities Podcast. I'm your host, John Pelle and today we have two very dynamic guests joining: Jennifer Anderson, partner at Agency Partner Bozzuto and Associates Insurance Services and Brigitte Egbert Executive Vice President and Co-managing Partner at Monarch. Jen, Brigitte welcome to the Limitless Podcast.
Jennifer Anderson:
Thank you, John.
Brigitte Egbert:
Thanks, John. It's great to be here.
John Pelle:
I wish we were doing this on location from, honestly, either of your offices.
Jennifer Anderson:
Particularly Brigitte's.
Brigitte Egbert:
I don't know, we're socked in here today you can't even see the horizon. I'm looking out my window and it's muggy, rainy and not much of a view here.
Jennifer Anderson:
The worst day in Hawaii is always the best day for me.
John Pelle:
So Jen, for folks out there who may not be familiar with you and Bozzuto. You've been in the industry for about 25 years, focused on designing insurance programs for contractors and developers throughout several states such as California, Nevada and really wherever your clients are. You're also past President of CREW Silicon Valley, which is an organization dedicated to advancing the success of women in commercial real estate. And Brigitte, just an island hop away, you are, as we mentioned, in a leadership role at Monarch, one of the largest independent agencies in Hawaii. You've also been a leading producer in the Hawaii commercial property casualty sector and a go-to resource for some of the state's most successful real estate developers. So that's a lot of bio, and I'm hoping in this episode we could really get to know you as people, as entrepreneurs, as leaders and help us continue to what we're trying to do in this season which is tell the story of Acrisure and why this place is so dynamic and fun. So let's just start there, Jen. As an entrepreneur, as someone who's been in the business for a while.
John Pelle:
What gets you out of bed in the morning? Why are you doing what you do and why are you doing it here with us?
Jennifer Anderson:
Some days I don't want to, so let's just say that. But for the most part we've created a group here at Bozzuto that is... A lot of people have been here 15 plus years, many over 25 like me and we grew up together and we love each other and we have fun and we've established relationships with customers that just make it worth it. When we joined Acrisure though, it was like this revitalization. It was like we were refreshed and renewed and it's fun now because our horizon is so much bigger, and we have other Acrisure partners that we can lean on to learn and it's just been really fun. It's a stressful thing to make that decision and take that leap and we haven't looked back. So it's exciting.
John Pelle:
Brigitte same question for you, making the leap as Jen put it to becoming a partner as an entrepreneur?
Brigitte Egbert:
Well you know, I've been really fortunate to work with some incredibly great partners and people - people who are rooted in core values, good to their word and they're good collaborators. We might not always agree on things, but we can agree to disagree very well. We trust each other and that's been more or less the secret to our success. Right? We know which space we're on and we work together well as a team. So feel super fortunate there and that's the same way with our clients. Right? The client partnerships are very much based on trust. We're trusted advisors to them, we have a great retention rate. So it's a positive and win-win for all involved. And when we became part of Acrisure, I think what it's allowed us to do is really to help us to level up and really be able to offer a next suite of services for our clients or different opportunities for them that we may not have been able to bring to the table as an independent agency in Honolulu, Hawaii.
Brigitte Egbert:
So being able to like Jen mentions tap on these other entrepreneurial, very solution-focused agency partners that know how to problem solve, that are aggressive or passionate about finding solutions for their clients. So to be around people like that has been super inspiring and it's invigorated me quite frankly. I feel really fortunate every time I come away from meeting with fellow agency partners and always take away something positive.
John Pelle:
We had Grahame Millwater as a guest this season. One of the quotes that caught on with a lot of folks is, "The world is getting riskier and riskier." What about the world is getting riskier and how are you sort of preventing or circumventing risk for your clients? You mentioned in construction or maybe other industries?
Jennifer Anderson:
I think just the amount of online and virtual work business that we're doing, that sets us over the top as far as from a cyber perspective. So certainly riskier there and it's touching middle market and small businesses unlike it ever has before. So that's creating risk as well as just the employment laws. I mean, California is ridiculous as far as trying to do business here as an employer. So I think all of that just contributes to how do we meet our clients’ expectations? How do we make them understand that they actually are at risk for things that they've never even considered being at risk for? So it's a challenge and like we talked about, it's nice to be able to tap into resources for people who really understand those risks better than we in our little silo here have the knowledge and background in.
Brigitte Egbert:
Jen and I did speak about this yesterday and we both have very much similar experiences and I would say being in Hawaii we are susceptible to every CAT peril here. Right? We have earthquake, volcanic eruption, flood, hurricane, windstorms, etc. So as far as is the world getting to be riskier? Absolutely. Absolutely. So one of the things that we're having to do is when we're marketing our accounts and seeking DIC perils or anything for our clients because I'm heavily real estate based. It's unfortunate because the underwriters maybe get a little bit like, god here she comes again. But you really got to make the marketing sweat. I mean just keep pressing, pressing, pressing to get what we can for our client because the rates are getting more expensive and the clients still have to ensure value for those same perils. So that part is tough, it's just right now you're having to market more than you've ever had to before. It's just part of the process in this hard market. So just keep pressing forward and keep asking, that's the only thing I can say and the same is true for the liability.
Brigitte Egbert:
We're heavy in healthcare here. We're heavy in education and with that the liability limits that they have to carry are steep and social inflation is... I can't even put my finger on the rate at which it's running away. Right? So the cost of those liability limits that our clients have to carry and stacking those limits and building those towers is increasingly tough. So again, it's having access to a broader reach of markets that we do with Acrisure or whether it's different wholesalers to help with that. It's all been super helpful. Because again we just have to make it sweat, do what we can to put together the best product in a challenging marketplace.
Jennifer Anderson:
Yeah. I think the contractors... Brigitte and I work with a lot of developers and contractors and sometimes those margins are slim anyways. But now you have product delays, you have product costs, the cost of products have increased and then we come in with the insurance pricing that... Brigitte and I were talking yesterday. We work with some of our developers for years before these projects start and we're having to revise premiums and estimates every three months or so. Because the market's changing so much and God forbid they need builders' risk right now and it's frame construction, because it's double or at least double what it was a year ago. So it's like a perfect storm for these contractors and honestly it's a little concerning about what's going to happen in this market if they're getting hit from every angle like this. So it's not always fun to bring that information to an already tight project budget.
John Pelle:
Jen, related to communications, one of Bozzuto and Associates colleagues Stephanie Bozzuto is out there in full force on the very 420 friendly cannabis industry.
Jennifer Anderson:
Yeah. Yeah.
John Pelle:
So obviously it's a lighter topic to a lot of people but the insurance it's a very meaty topic and I think about communicating that particular product. Keeping it one that's still light, it's not construction but it's still new and there's a lot of regulation and pending regulation coming. So how are you tackling communication with regards to that emerging business area?
Jennifer Anderson:
So I have to give a lot of credit… Stephanie Bozzuto is a marketing guru. She is on social media constantly and cannabis is no joke, it is a really difficult market. I mean, I think it's actually tougher than construction. There's a small number of carriers that'll write it, they ask you a bazillion questions. They have supplemental applications that are... They're all different and dive really deep into the customers. So she gets to know them really well and she's involved in all of the associations that are involved in cannabis and has just put herself out there to be one of the most knowledgeable. In doing so our Cannabis Connect division has gained a really strong reputation from it and people know Cannabis Connect and they know that if they need something difficult that's where they're going to call and they're going to be able to get it taken care of because she's made really good relationships with the carriers and that's super important because it's not like calling in favors like we can on the construction side. It's a very tight knit group.
Jennifer Anderson:
So you have to have strong, strong relationships and knowledge of the product and what they're doing. But I think social media, especially in that market, is hugely important because that's how they do business. I mean they text everything, it's just a different market altogether. So she's done a fabulous job. She and the rest of the team have done a fabulous job putting that out there.
John Pelle:
We're going to create the world's first insurance dispensary.
Jennifer Anderson:
Right?
John Pelle:
I think that needs to be the next idea. So Jen, you mentioned social media. Obviously Acrisure - a thread line throughout a lot of the conversations that I've been having with folks is like this is a company that went from we don't want to be known for obvious reasons, we don't need to be known. Now we have a story to tell, let's tell that story. You mentioned social media, we have a lot of internal programs going on. How would you compel somebody listening who's in Acrisure who's like, well I'm kind of in my own lane? What would be your case... Brigitte I'll start with you. For paying attention to this story that we're telling and being part of it.
Brigitte Egbert:
Oh my gosh, absolutely ask questions. Absolutely introduce yourself to the people and like I mentioned, kind of at the beginning of this conversation is I have never not come away with a nugget of gold from talking to a fellow agency partner. So again, these are people that have been in the industry whether it's a long time, a short period of time or medium scope of time. These are entrepreneurial people who are very driven. Right? They're driven, they're solution focused, they are not shy about reaching out to people and establishing connections. So every time that I've actually reached out and talked to someone and been introduced to someone it served to my advantage which ultimately is a plus, plus for my clients. Right? And the clients of Monarch collectively. So don't be shy, turn up the volume, press the gas pedal, keep moving forward and tap those partners. Don't stop. Just keep introducing yourself and forging ahead with those relationships because it's an easter basket filled with golden eggs. Just go for it.
John Pelle:
Jen, I'm assuming you have your own thoughts on that.
Jennifer Anderson:
Acrisure has been stealth for so long right? Just two weeks ago I had to do an RFQ and they had a risk consultant on it and they're like, who in the heck is Acrisure? I mean, I've never heard of them. Here she's from Willis and we're up against Lockton and all this and thankfully throughout the time that we started originally talking all of a sudden since January we've just blown up social media. We're putting out there what our story is and our story is awesome. And I think it's twofold. I think first of all I 100% agree with Brigitte. As soon as we inked the deal we were all in. We had a meeting with everybody and we said, listen we are no longer Bozzuto inside these four walls. We're part of this big thing and I know sometimes when people join and they're in their earn out they kind of want to just stay focused and kind of with their blinders on and you really got to get out of that small mentality or that individual mentality.
Jennifer Anderson:
We were out of stealth mode and I think it's very evident that we want to tell the Acrisure story and I love that because it's also exciting our employees. Now they're like, okay I know that Acrisure is not going to come in and change us. They've made that really clear through their lack of attention or lack of requirements that they put upon us. But now we're seeing what we're doing in the community and we're seeing all of the young people that are being drawn to this company. Which prior to now, insurance has not been sexy. Let's face it, it's not something that our emerging career driven people are looking for. Insurance hasn't hit their radar and I think Acrisure brings that level of tech and all of these things together that are going to attract people like that and by virtue of the people nobody else can see who's on this call. But Brigitte and I are the old ladies on here. So it's obviously working.
John Pelle:
I want to come back to a point that was made earlier, which is... Jen, to start with you. What you do outside of work to drive our noble purpose frankly is as important as what we do every day at work. A lot of colleagues are not necessarily in an office. So tell me a little bit about what you do as part of CREW Silicon Valley and that mission and your involvement?
Jennifer Anderson:
Yeah. Yeah. So CREW Silicon Valley I was president I think 2018. It's all running together now but CREW is a local real estate organization. Their whole initiative is to advance the role of women in real estate and they're passionate about that and in fact one of our newest producers, Ralyssa, is in our office. She's been an account manager for years and she's sort of taken over the reins with CREW Silicon Valley and its reaping benefits already. They're just such a strong organization. So ready to and willing to help the next generation grow their businesses and support them in leadership roles. But we need more females in a leadership role, and I think through CREW and through boards like that it gives you that background and that knowledge and just frankly the self-confidence to go out there and help others and know that you've got the support and people have your back.
John Pelle:
Brigitte in your own world, how are you also looking at diversity and equity inclusion at Monarch and also in your community?
Brigitte Egbert:
Well, I would say here at Monarch we have a very diverse staff. We have very capable people who come from all different walks of life and we very much look forward to building the team and how the team's going to work together. So when you focus on that and it has served us well. As far as the inclusion, we're looking for people that want to be bold. It's an open door policy, we invite people to present their own ideas because there's not always one way. Right? This is our way or the highway. We don't operate that way at Monarch, there's no signature standard of how things have to get done. Everyone has their own way. What we're always focused on the end goal, the end result, right? But we all get there differently so we do embrace different ideas and welcome people like, hey if you actually feel that there's a problem or a concern come to us with some ideas, come to us with a solution.
Brigitte Egbert:
One thing I wanted to touch on which we didn't is I just think Acrisure is such a great place for women in the industry right now because it's not so corporatefied. It's not so publicly traded, right? There's no glass ceiling here. Right? I mean you eat what you kill and just charge your own path forward. So it is so right for women or not even... Taking gender out of it, it is so right for anyone that's ambitious. You want a great career, just play ball because anyone can grab what's available here. We are in a company of agency partners and people that are entrepreneurial based. So these entrepreneurial people, they're not looking for necessarily the corporate mold, that's someone that’s just kind of going to be in their lane and stick in their lane. They want people that are going to be like, I'm going to switch lanes all the time. Right? I'm going to do what it takes to find another answer. I'm going to turn over all these stones. I'm actually going to use my voice. I'm going to reach out. I'm going to raise my hand, I'm not just going to be a follower. This is a partnership of leaders and because of that I think the opportunity is so rich for people. If you have a goal, come to Acrisure. Come to an Acrisure agency partner and pursue it. It's limitless.
John Pelle:
So appropriately Jen, what does limitless possibilities mean to you?
Jennifer Anderson:
I really do feel it expanded our horizons so much when we joined and there are so many, to Brigitte's point, just entrepreneurial people. Great agencies that we have to learn so much from. If we can all start working on all cylinders and all of us kind of just embrace that whole thought process. There's nothing we can't do and on top of it we're going to do it better than our competitors because we still believe at the core. I mean, Greg has never faltered from the idea and the concept that this needs to be agency partner led.
John Pelle:
Brigitte, what about you? What do you think of when you think of limitless possibilities?
Brigitte Egbert:
I love it. I love the phrase and I love blowing the roof off a box with four walls. So don't be confined, again that's the thing that I can say. Don't be confined, ask questions, commit to growth. Commit to learning, commit to growth, commit to kind of pushing the envelope on being uncomfortable. Right? Hey, I may not know this but people out there can help you and Acrisure provides that.
John Pelle:
Well Jen and Brigitte, thanks again for taking the time out of your days to do this. Obviously you're two award-winning agency principles in your own right and among the many partners out there driving all of our success and all the great culture. So again thank you and to the folks listening, how could you be limitless today?