2018 US Insurance Awards: Risk Transfer Insurance Agency L.L.C., Broker Team of the Year (< $500 million)Posted On: Apr. 2, 2018 12:00 AM CST
Risk Transfer Insurance Agency L.L.C., which specializes in providing insurance and risk management programs to professional employer organizations and temporary staffing companies, has won the Broker Team of the Year award for firms with less than $500 million in U.S. revenue.
The award came during Business Insurance’s inaugural U.S. Insurance Awards program in New York.
“We’re this boutique agency out of Orlando that probably nobody has ever heard of,” said RTIA partner Bradley Isaacs. “For us to win, it was like the new guy at the Academy Awards winning their first year up.” PEOs and temporary staffing companies don’t always have a lot of insurance options, according to Mr. Isaacs, who joined RTIA in 2001. In general, he said, a lot of insurers simply don’t understand the nuances that come with those types of businesses.
Among its efforts to better serve clients and insurer partners, Orlando, Florida-based RTIA in 2010 developed a proprietary data and analytics platform called i3 Analytics — an e-trade platform that aggregates data from losses, premiums and payroll to provide business intelligence and manage profitability in real time.
“We think of a PEO or staffing company as a mutual fund and each individual client company as a stock, with some performing better and others performing worse,” Mr. Isaacs said. “What we’ve been able to do is sort of create that e-trade dashboard that helps understand exactly how each client company is performing.”
Since launching in 2000, RTIA has created six workers compensation programs for PEOs and temporary staffing companies. It plans to introduce additional programs later this year, Mr. Isaacs said.
RTIA generates close to $65 million in annual premiums and has maintained a five-year developed loss ratio that has consistently performed better than the overall industry, according to the company.
“There aren’t a lot of brokers out there that specialize in what we do,” said Mr. Isaacs, who leads a team of about 10 employees. “We’re faster and more nimble.”
• Higginbotham Insurance Group Inc.
• The Horton Group Inc.
• The IMA Financial Group Inc.
• Integro Group Holdings L.P.