How did you get into insurance?
I decided to enter the insurance industry when I was studying at college. I attended Temple University in Philadelphia. During my first couple of years, I studied finance, accounting, and business administration, but as I was settling on a major, I was introduced to risk management. I had taken a course, and it turned out that I was good at it. The professor approached me and explained the department and its courses. The major was very strong in terms of job placement, which was a big selling point for me.
At Temple, I interned with a national wholesaler as well as Brown & Brown Insurance—where I work now. I trained at Brown & Brown’s Daytona Beach campus and eventually relocated back to the Greater Philadelphia area.
What business do you focus on writing, and how did you choose it?
Brown & Brown provides a fantastic 12-week program called B&B University. The program taught me how to dig through a company’s insurance program and break down all of the forms, endorsements, exclusions, etc. contained within those policies. While participating in this program, I met a colleague based in California. He was having success providing risk solutions to the cannabis industry. As I cut my teeth as a generalist during the day, I spent my evenings reading and learning about the cannabis/CBD/hemp industry.
Now, most of my book is cannabis-related. I help businesses across the country as they bring these new products to market. Along with assisting these businesses with understanding their exposure from a risk management standpoint, some of the additional value that I bring is a strong network of professionals specializing in cannabis—like payroll providers, legal subject matter experts, and consultants. The industry has many dimensions to it that can add to the complexity of each risk, so knowing how to identify reputable brands and insurers that also know the market helps avoid unnecessary headaches for everyone involved.
What technology capabilities would you recommend to insurance carriers exploring that market?
One of the biggest challenges is the limited number of insurers that write cannabis-related risks. Standard carriers are beginning their due diligence in the market; however, it will be a while before cannabis becomes a standard line of business. I encourage these insurers to invest time with producers that have been writing these risks, and together we could increase the speed to market of a new offering.
Today, completing the underwriting questionnaire can be burdensome for my customers. I have experienced some applications with a supplement reaching 100 pages. This can be incredibly daunting. After applying, there is often some back and forth with the underwriters. A new carrier offering a simplified application experience will do well in this market segment.
Carriers should understand that many cannabis businesses are safer than many more traditional companies, especially those that are medical providers. These medical marijuana providers are highly regulated and attract a high level of oversight from the state government with physical security similar to that of a bank. In turn, they can be pretty good risks to write.
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