John Donahue on how MJ Corridor meets the wants of shoppers and retail brokers
As MJ Corridor celebrates its fiftieth anniversary in 2013, the corporate continues to develop good options for troublesome coverages and enhance its customer support, mentioned president John Donahue.
MJ Corridor is a generalist that provides a variety of options, from industrial packages to extra legal responsibility, and insurance coverage protection for earthquake injury, trucking traces, eating places, and hashish companies. Resulting from MJ Corridor’s success in these area of interest sectors, Insurance coverage Enterprise acknowledged it as considered one of its 5-Star Wholesale Brokerages and MGAs this 12 months.
It’s clear that MJ Corridor’s precedence is enhancing its relationship with prospects and retail brokers.
“I feel one of many issues we do this helps to fulfill the purchasers’ wants is our groups are very entrepreneurial,” mentioned Donahue in this interview. “Our brokers are commissioned brokers; they don’t generate profits except they get the deal accomplished for his or her buyer. So, they’re very centered on discovering the best answer for the shopper.”
Donahue defined that MJ Corridor’s lead brokers are supported by groups, which allow them to construct sturdy relationships and reply promptly to retail brokers’ wants.
The enterprise has grown significantly due to hashish insurance coverage, a distinct segment the place MJ Corridor is among the trailblazers.
“For those who go a number of years again, [cannabis] was one of many few video games on the town, so we knew it and bought a status for it. We understood what a superb threat was and what a foul threat was and the way to place it and who to interchange it with and what coverages to [provide],” he mentioned.
Because the competitors on this area of interest intensifies, Donahue has seen the emergence of extra choices for patrons and higher know-how within the type of superior ranking and ease-of-use programs. One other development he has noticed is brokers’ higher understanding of the dangers and retailers’ higher data of the merchandise. This enables corporations like MJ Corridor to develop protection extra precisely in response to shoppers’ threat administration wants.
In such a posh market with excessive reinsurance prices, MJ Corridor stays optimistic about its capability to deal with hard-to-place dangers.
Donahue advises retailers to “be demanding about getting solutions rapidly …, particularly on this market as a result of you have to be. You want a number of work accomplished to position a few of these harder dangers.”
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