Govt VP on his path to the highest in insurance coverage

James Rozzi’s preliminary aspiration was to be an funding banker, however what bought him on a profession in insurance coverage was the chance to construct genuine relationships whereas additionally promoting. 

Rozzi (pictured), space govt vice chairman at Danger Placement Companies (RPS), described his begin on the Duffy Insurance coverage Company in Massachusetts as hands-on, involving direct interactions with clients and chilly calls.

“I ran round to each auto dealership on the town, instructed them to ship each new buyer my manner,” Rozzi recalled. His subsequent insurance coverage profession steps led him to AIG’s accelerated underwriter program and subsequently to Cooper Homosexual Danger Companies.

Rozzi’s journey to RPS marked a major shift in his profession. There, he makes a speciality of giant, catastrophic-driven property insurance coverage, specializing in hospitality, habitational danger, and nationwide accounts. The challenges of the previous few years, particularly in the course of the COVID-19 pandemic, examined Rozzi’s adaptability, however not sufficient to make him query the choice to enter insurance coverage.

The insurance coverage market, in accordance with Rozzi, underwent important shifts with years of soppy market cycles adopted by double-digit fee will increase.

His technique? “Work more durable, work smarter, get forward of it,” he mentioned. “Insurance coverage is usually about communication.”

Additional than that, Rozzi emphasised the essential nature of managing consumer expectations in insurance coverage.

“No person likes surprises…if the expectations are being met and set prematurely, everyone seems to be on the identical web page,” he defined.

Rozzi additionally touched on the challenges available in the market, like surprises in renewals and capability shortages. But, he stays assured in his and his crew’s capability to handle these successfully.

“Most folk that work with myself or my crew stroll away…figuring out no stone was left unturned,” Rozzi added.

Discussing the broader market, Rozzi famous the impression of fee will increase and altering funding traits on insurance coverage, significantly within the growth and actual property sectors. Regardless of these challenges, Rozzi sees alternatives available in the market dynamics.

“Actual property is difficult proper now however in case you have some capital standing by, it’s a little bit of a purchaser’s market,” he mentioned, declaring the potential for strategic investments for varied purchasers. 

And, at RPS, Rozzi began with a two-person crew in 2010, rising it to twenty members. He takes satisfaction on this development and significantly within the growth he supplies.

“I get enthusiastic about mentoring…to develop their careers, maximize their potential,” Rozzi added. “If you happen to get all people you recognize transferring in the proper course in your crew, it turns into a little bit of a freight practice. Get folks all engaged on transferring the practice in the proper course and good issues will occur. Maintaining the practice on the tracks – that’s my job.”