ProSight Specialty Insurance

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ProSight Specialty Insurance:

Providing The Perfect Fit ProSight Specialty Insurance tailors programs designed to address each client’s specific needs and challenges.

Written by Kevin Doyle Produced by Stephen Marino

www.prosightspecialty.com

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www.prosightspecialty.com

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roSight Specialty Insurance of Morristown, NJ, sought to differentiate itself from its competition right from the start by providing every customer with a tailor-made program designed to address their specific needs and challenges.

Twelve years later, the company continues to be an industry trendsetter. Cookie cutter quick fixes have never been part of the plan.

“It’s exciting to work for a company where people don’t say ‘Why should I buy from you?’ but ask ‘How do I buy from you?’ It’s very unique to have that kind of reputation within the industry,” says Jake Morin, who has been with the company for eight years and handles a number of its construction programs.

The company is focused on providing innovative services in 10 customer segments from five offices across the country.

It employs approximately 350 individuals, surpassed $800 million in premiums for 2019, and is an active member of the Specialized Crane and Rigging Association (SC&RA).

From the beginning, the founding members of ProSight saw a fundamental disconnect between

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ProSight Specialty Insurance | 4 insurance carriers and the clients they served. Not all businesses had the same amount of exposure and level of risk, so there had to be a paradigm shift in the provider/ consumer relationship. They built out ProSight by focusing on industry segments where they felt they could really make an impact, then hired industry experts in those areas. Their goal has always been the same: to help clients reduce risk and expand profitability.

Day to Day Operations In his role as VP of Construction Programs, Jake Morin is responsible for profit and loss, third-party service, and enhanced coverage.

“We will never enter a segment or get into a program that is something we can’t alter or change. When you look at Crane and Scaffolding there is so much coverage you can bring to that area. When we jump into an area, we have to make sure it becomes a ProSight differentiated space,” says Morin.

Morin works closely with ProSight’s claims team, actuary team, and underwriters to get a real-time understanding of the risks and exposures their clients face at any moment. This big-picture overview allows him to direct his focus toward their unique challenges.

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If they have high increase or frequency in one particular area, he can help lead them down the right path to become compliant in all regulatory and statutory requirements.

Morin says working for the company is about much more than working traditional insurance company roles. Since the company

operates with minimal middle management, each individual is expected to function as a true entrepreneur within their individual space.

“If you’re working at ProSight, then you are special because you fit through a very tiny keyhole.

This is a 24-hour job. We live and breathe what we do and when

“We will never enter a segment or get into a program that is something we can’t alter or change … When we jump into an area we have to make sure it becomes a ProSight differentiated space.”

- VP Construction Programs Jake Morin www.prosightspecialty.com

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you step on the floor you get that cultural feel. It’s nonstop—we get client project emails at midnight, 4 in the morning, 6 in the morning.

We go above and beyond, caring and believing in what we do and that we’re holding the keys in what needs to be done for the company,” Morin elaborates.

The company fosters this type of entrepreneurial spirit among its staff. They encourage out-ofthe-box thinking and challenge people to use their creativity to

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constantly improve the products and services they provide. It’s this drive to always do better for their customers and each other that lives at the core of the company’s values. Some even call it the backbone of their success.

The company’s vendor/partners must share the same goals, core values, and passion for improving the industry as ProSight. An expert level of skill and service is an absolute requirement.

“There are not a lot of handshake

ProSight Specialty Insurance | 7 “I’ve had the opportunity to network and connect with others.

Not every company is the same due to size, scope, or location.

We know a Texas-based company faces far different challenges than a California-based company. We can design and provide products and services that will maximize profitability and reduce risk for all of them, depending on their circumstances,” Morin notes.

Addressing Primary Challenges Morin says the industry has faced more uncertainty during the past decade than at any time in its history “with regulatory bodies, OSHA, Federal Motor Carriers, all of which clearly define the duties of care for the clients we insure. It’s challenging to the industry to keep up with the pace.” deals. We trust and we verify. We want to make sure you are the expert within your space, which should make our relationship profitable for the both of us over time. As a company, we have to be connected with experts who are going to help us make a difference,” Morin stresses.

As a result, rates have gone through the roof and given rise to a level of unpredictability not seen in years. “We’re working extremely hard to provide our clients with the best service possible in a very challenging environment because we have a vested interest in their success,” Morin explains.

Morin can’t say enough good things about the company’s affiliation with the SC&RA and the benefits it provides for all its members.

He also notes that part of today’s challenges occur on the legal front, with a rise in new and aggressive tactics employed by plaintiff attorneys during

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REDUCE CONSTRUCT

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“

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“We’re working extremely hard to provide our clients with the best service possible in a very challenging environment because we have a vested interest in their success.”

- VP Construction Programs Jake Morin

third-party claim lawsuits.

Moving Forward

Given its reputation and problem-solving approach, continued growth at a measured pace seems certain for ProSight.

They don’t accept the adage that ‘this is the way it’s always been done.’ They are always innovating with new tools and technology to diagnose the issues their clients may be having with an eye on the future.

“We can pinpoint their pain points,” says Morin, adding that beginning “with the end in mind and [understanding] claims, litigation and risk management” is the road to building a successful company and career.

become more specialized. That’s why it’s been a great ride with this company.”

COMPANY INFORMATION

Company Name: ProSight Specialty Insurance.

Country: United States Industry: Insurance (Construction) Est: 2009 Premier Services: Providing specialized insurance for specialty businesses.

“I’ve been in the industry for 20-plus years and at ProSight for eight of them,” Morin concludes. “You have to be focused in trying to find underserved industries and

President/CEO: Larry Hannon Website: www.prosightspecialty.com

www.prosightspecialty.com

Headquarters 412 Mt. Kemble Avenue Suite 300C Morristown, NJ 07960 P: (973) 532-1900