How Twain Insurance Plans to Deliver “Tomorrow’s Technology with Yesterday’s Service” | Insurance business America
President abolishes flat structure and private equity support
Insurance News
By Gia Snape
A new property and casualty insurance agency aims to provide comprehensive, high-quality insurance services using “the technology of tomorrow.”
Founded in January 2024, Twain Insurance Agency is the result of a partnership between a group of producers led by John Lawrence, Tom Davis and Griffin Wilson and private equity firm Twain Capital.
Lawrence (pictured), who leads the Mississippi-based agency as president, spoke to Insurance Business about the venture.
“We always thought it was a logical step for us,” he said.
Twain Insurance will focus on middle-market businesses and will focus on real estate, construction (including surety), energy, healthcare, waste, finance, distribution, manufacturing, nonprofits and education.
Return to a “customer-centric” service ethos
Before founding Twain Insurance, the trio helped establish the Mid-Atlantic office of Commercial Insurance Associates (CIA), an independent P&C broker with offices in Tennessee, Maryland and South Carolina.
According to Lawrence, their vision for a new insurance agency—one that returned to the “culture of customer-focused service”—aligned with Twain Capital’s.
“We wanted to maintain a boutique, high-contact feel with our customers,” he said. “They know our families, we know theirs, they call us and they can call us right away.”
But Lawrence also acknowledged that insurance can no longer lag behind the changing times. He envisioned Twain Insurance being driven by both cutting-edge technology and customer relationships.
“We know times are changing due to various new technologies and we want to make sure we adapt,” Lawrence said.
“Insurance has been one of the last movers on the technology front, but it’s a move that’s going to happen, a shift towards being more technology-driven. “We want to make sure we do that to be able to help our customers.”
Producer-run insurance agency
Another feature that sets Twain Insurance apart from the market is its flat organizational structure. The agency’s goal is to empower its producers by eschewing the traditional corporate hierarchy.
Lawrence found that some companies had too many levels of middle management, which reduced efficiency and performance rather than increasing them.
“Three or four times you heard something from a boss and then from their boss,” he said.
“Our position has always been that if you put qualified people in the right positions, they don’t need these additional layers of management to be successful. We can use these additional resources to offer more services to our customers.”
Lawrence said the heart of Twain Insurance is to bring more value to the middle market.
“The mid-to-large middle market is our niche, and we feel like it’s a little underserved in the market right now,” he said. “It’s an ideal place where we can really excel, where people want the superior service and professionalism of a large insurance program, but the service model of a smaller agency.”
What’s next for Twain Insurance Agency?
Twain Insurance has broken through with an extensive list of customers and carrier relationships across the country.
Over the next few months, the team will focus on creating a growth framework, attracting additional producers and expanding its business portfolio with customers and network operators.
“The first few weeks were very fun and exciting,” Lawrence said. “Not only do we want to grow organically, but we are also talking to other producers in the market who are intrigued by the flat hierarchy we are aiming for and perhaps disillusioned with their current situation and relationships in the market.”
The agency is also looking to expand from its existing locations in Maryland, Virginia, D.C., Delaware and Pennsylvania.
“We definitely want to expand, but we’re looking for the right people,” Lawrence said. “The two areas we want to grow in are the DMV area (District of Maryland, Maryland and Virginia) and Mississippi. But I think our original goal is [to get] the right person, regardless of where they sit. That’s more important to us.”
Lawrence also discussed the partnership with Twain Capital. He said most private equity firms see a return on investment time horizon of between five and seven years, while Twain Capital supports Twain Insurance’s longer-term ambitions.
“Twain Capital wants to be the counterpart. “They’re looking at a longer horizon of maybe 10 to 15 years for their portfolio companies, so it’s a very different experience,” Lawrence said.
“We didn’t want private equity that only ever looks at the bottom line. We want to build something sustainable for several years. Twain fully supports this vision because it is a shared vision.”
Do you have any thoughts about Twain Insurance Agency? Please share them in the comments.
similar posts
Stay up to date with the latest news and events
Join our mailing list, it’s free!
Source link
2024-02-05 15:05:33
www.insurancebusinessmag.com
