3 Questions on E&S insurance coverage 

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In July 2024, we announced the addition of certain capacity offered through RT Specialty, a leading wholesale distributor of commercial excess and surplus (E&S) insurance products and services, to our Terminal carrier panel. We spoke with Will Jacob, Chief Underwriting Officer at RT Connector, to dig a little deeper. 

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1. What were the challenges you faced early on as you worked toward crafting an efficient, quality solution for small commercial E&S insurance and specialty business coverage that we now know as the RT Connector platform?

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Our model is predicated on delivering fully bindable quotes to our customers within minutes through an online marketplace that provides immediate access to our E&S insurance trading partners and competitive insurance solutions. In the early stages of RT Connector, this required significant time and energy to develop fully automated digital insurance products that required no subjectivities, no loss runs, and minimal paperwork for the client. Initially, the market was not ready for an automated digital solution in this context. We were ahead of the game, which brought considerable competitive advantages along with some headwinds.  

On the supply side, we worked with the insurance companies and their API models. As this is a differentiated technology platform, at times we needed to build the products manually. As with anything new, there is a level of transition and adoption to this new paradigm of writing business. It is an outstanding opportunity which required the carriers to amend and augment their model of quoting and binding business.

On the demand side, the biggest challenge was changing the behavior of retail agents that heretofore had been used to the “traditional” way of placing E&S insurance business. This evolved into finding clients that already have a disposition for doing business online, and leaning into those opportunities, while still deploying RT Connector’s offerings to RT Specialty’s vast network of retail clients.   

2. The non-admitted market has seen tremendous growth in recent years. What factors do you think contributed to that growth, and how can E&S insurance help?

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The loss environment is contributing a great deal to growth. Climate change is a big factor, with continued catastrophic natural events. For instance, hurricanes are becoming more powerful, and 2024 is expected to be one of the most active years on record. In June, Hurricane Beryl became the earliest Category 5 storm in the Atlantic basin (that includes the entire North Atlantic Ocean, the Caribbean Sea, and the Gulf of Mexico). Experts say that severe thunderstorms, including heavy rainfall, strong winds, hail and tornadoes and wildfires pose increased risk as well. As a result, the commercial property market continues to see rate increases and/or reduced appetite among standard carriers, thus giving businesses more reasons to tap into options for E&S insurance.

Macro and social inflation are also key factors, especially in the casualty space. The cost of an average claim and the cost of goods are generally increasing, which makes it more expensive for insurance companies to write business, and puts pressure on combined ratios.

3. Let’s switch gears for a moment, because we want to support your efforts as a self-described autism advocate. What advice would you give someone looking to become a source of support for the autism community?

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For “neurotypical” people who are not autistic or “on the spectrum,” a great first step is to get educated. You can start to spread awareness by learning and understanding autism and the challenges that community faces in personal and professional settings. There are many tools online and reputable sources like the National Database for Autism Research and the Autism Society to help. Furthermore, it is equally important to gain perspectives and experiences through first-hand accounts, and show empathy. Try to talk to multiple people; they all have amazing stories, and no two people are the same.

Get involved with organizations that have a mission. There are many great organizations out there, like The Autistic Self Advocacy Network (ASAN), run by and for individuals on the spectrum. ASAN supports the goal to ensure that people on the spectrum are included in important decisions that affect their community, like legislation, services, and accuracy of media depiction. More involvement, volunteering, and fundraising for organizations such as this will help support the autistic community.  

I think the biggest area for awareness and support is in the workplace. The unemployment rate for autistic adults is considerably higher vs. neurotypicals (some reports have it as high as 85%). There are various reasons for this, but a big one is a lack of understanding and accommodation in the workplace. Many employers are not aware of the unique needs and strengths of autistic people. This can have a detrimental effect not only on the mental and physical well-being of the autistic person, but also on the productivity and success of the company. I personally believe that many of the successes in this world are because of neurodiversity, not despite it. Neurodivergence allows a person to review a problem from a different perspective than the neurotypical one. Studies have shown that providing supportive and inclusive workplaces allows autistic workers to outperform their non-autistic peers in terms of efficiency, productivity, and creativity.

So, I would encourage people to learn how their company recognizes the unique strengths of these autistic professionals. Find out how the company is (or could be) facilitating an inclusive and accessible atmosphere that eliminates unnecessary barriers and reduces stress and burnout, ultimately leading to enhanced performance and job satisfaction.

About RT Specialty and RT Connector

RT Specialty is a leading wholesale distributor of specialty insurance products and services with experienced brokers who specialize in property, casualty, professional lines, transportation and workers’ compensation, providing creative solutions to retail brokerage firms. RT Specialty works together with retail agents and insurance carriers to provide innovative solutions to their clients’ most complex insurance needs.

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RT Connector, RT Specialty’s proprietary digital marketplace for commercial E&S insurance business, is an excess and surplus lines insurance portal providing RT Specialty contracted agents and brokers with multi-line and multi-carrier quoting, binding and policy issuance within minutes.