Q&A with Jude Tuma

Jude Tuma is co-founder of Embedded Capital, which recently acquired A to Z Insurance – an IA&B member agency with a longstanding focus on serving Delaware’s Spanish-speaking and minority communities.

Q: Tell us about your career path. How did it lead you to focus on scaling independent insurance agencies?

A. I’ve always been drawn to solving meaningful problems, and that curiosity has shaped my career. Early on, I founded a company that helped businesses make better decisions using data-driven models—what AI helps us do today. Later, I earned my MBA from The Wharton School and an MA in International Relations from the Lauder Institute at the University of Pennsylvania.

After grad school, I acquired my first insurance business—a 20-year-old specialty insurer focused on vehicle protection products. Over the next 12 years, I developed new products, modernized operations with technology, and acquired several specialty agencies. Along the way, I met my current partner, Paul Sims, who was also leading growth efforts in a similar space.

We founded Embedded Capital to bring that same level of innovation, efficiency, and strategy to independent insurance agencies, which share many of the same operational challenges and growth opportunities as our prior ventures.

Q: As an investor and strategist, what do you see as the biggest opportunities and threats facing independent agencies today?

A. Despite recent market headwinds, we’re incredibly optimistic about the future of independent agencies— especially the small to mid-sized firms that make up over 80% of the roughly 40,000 agencies across the United States.

While direct-to-consumer carriers and digital brokers have expanded, independent agencies are not going away. In fact, carriers have recognized that their most profitable business often comes through independent agents—just look at GEICO’s recent shift. These agents provide unmatched value by guiding clients through increasingly complex coverage decisions, especially as premiums rise due to factors like climate change and claims inflation.

Independent agencies have outpaced captive and direct channels in recent years, and we believe that growth will continue, particularly in commercial lines where complexity demands expertise.

Beyond industry tailwinds, agencies have a tremendous opportunity to adopt emerging technologies, expand into commercial lines, introduce new products, and grow through better talent acquisition. That’s where we come in. Many agency owners tell us the pace of change—especially in tech—is overwhelming. With our background, we help agencies modernize operations while freeing up their teams to focus on client service.

Unlike large private equity buyers, we’re flexible. Some agency owners want to retire, and we support that. Others want to stay involved but need help with technology, marketing, HR, and accounting. We offer a tailored partnership model that adapts to the needs of each owner—and that makes our work both impactful and interesting.

Q: Tell us about IA&B member A to Z Insurance, your first agency acquisition.

A. A to Z Insurance, with four offices across Delaware, was our first acquisition—and an exciting one. It’s one of the largest independent agencies in the state and aligns perfectly with what we seek in a partner. We were particularly drawn to its longstanding focus on serving Delaware’s Spanish-speaking and minority communities.

The agency has been operating for more than 30 years. We’re building on that legacy by bringing in new technology, carrier relationships, team members, and enhanced training. We’ve also centralized back-office functions—like marketing, finance, and HR—so each office can focus on what matters most: serving clients. The agency is now growing both organically and through strategic book acquisitions.

Q: A to Z promotes itself as a “multi-lingual insurance agency.” What communities does it serve?

A. We proudly serve the Latino and other minority communities throughout Delaware, Maryland, and Pennsylvania. This commitment goes beyond simply hiring bilingual producers or CSRs. Every part of our operation—from marketing to technology—is built with a multicultural lens.

We tailor products, carrier relationships, and customer experiences to reflect the diverse needs of our client base. It’s an integrated approach that reflects the agency’s mission and community role.

Q: How do you attract and retain a diverse team to support that mission?

A. Our team is our greatest asset, and we invest accordingly. Our 18+ team members reflect the communities we serve, and we encourage their active involvement in local events and outreach efforts.

We provide professional growth pathways, including CSR-to-account manager-to-producer development. We also support team members with training, mentorship, and the tools they need to thrive.

To attract talent, we rely on referrals, online job platforms, recruiting firms, social media—and yes, even highway billboards. But recruitment is only half the equation. Retention comes down to how we treat people. We’re committed to fostering a supportive environment where employees can grow professionally and feel personally valued.

Q: And finally, a fun one. Any plans for summer travel?

A. Absolutely! My family loves to travel. This summer, we’ll visit Universal Studios in Florida, then head to the Dominican Republic and Costa Rica. In August, we’re planning a ski trip to Chile before the kids head back to school.