In the world of insurance, growth is not just a goal; It is a testament to adaptability and strategic planning. According to Jim Hickey (pictured), executive vice president and head of personal lines at World Insurance Associates LLC, the company is implementing an aggressive growth strategy related not only to acquisitions but also to internal operations. This dual focus paves the way for a comprehensive approach to achieving sustainable growth.

“At World Insurance Associates, revenues earned typically range from $120 million to $150 million,” Hickey said. “Internally, we have an operations team focused on organic growth, along with the integration of acquired offices.”

National presence

World Insurance Associates’ model involves offering carriers that are different from what agencies are used to, and expanding their horizons in terms of who they can write with and where they can write. Hickey emphasized the organization’s national presence, providing the ability to write in different parts of the country, coupled with the geographic expertise to navigate regional complexities.

While Hickey oversees the Personal Lines division, his focus extends beyond that. With a career rooted in generalist experience, his current role involves coordinating the division’s operations, demonstrating the company’s commitment to a diversified portfolio.

Geographical Insight

To facilitate further growth, World Insurance Associates has implemented an in-house private client group practice. The practice aims to provide expertise to those who don’t know high-net-worth clients, and it offers not only a base of insurers but also a geographic perspective. Hickey highlights the importance of understanding the differences between writing policies for locations like Telluride, Colorado, and those in Illinois.

“We are a national organization, and we provide the ability to write in different parts of the country and provide geographic expertise to help carriers because not everyone in New Jersey is aware of the problems of wildfires in Colorado or California, or an earthquake in California, or hail storms in Texas,” Hickey said. for example.

Balancing risk and aggressive sales is a common challenge in the insurance industry. The concept of surplus lines has evolved and become more prominent in high net worth placements. This shift is due to the industry’s response to loss ratios and the need for additional outlets to effectively manage risk.

High net worth placements

“Before 2020, less than 10% of all high-net-worth hiring was done through surplus lines. The expectation going forward is that it could grow by as much as 40%,” Hickey said.

With his extensive experience in this field, Hickey draws on the distinction between high net worth businesses and standard businesses. While high-net-worth businesses make up between 12% and 15% of the total, the company writes $800 million in premiums across all offices, with $85 million in high-net-worth businesses. Hickey anticipates a shift where standard businesses will take a more active role in mitigating risks, in line with evolving industry dynamics.

The role of technology

Innovation is also playing a crucial role in the insurance landscape, especially when it comes to information gathering. Technology tools now allow insurance professionals to access information related to risk exposure, property details and construction information more easily.

As the industry continues to evolve, Hickey sees technology as having the potential to streamline processes and enhance interactions with customers. He emphasizes the importance of leveraging technology to make interactions more efficient and gather more relevant information.

“Innovation helps speed up the process of gathering information through third-party resources,” Hickey added.