The best position that promises the most growth and best opportunities from which to launch a budding insuring cannabis career is? Broker? Claims professional?
An informal poll conducted on LinkedIn showed that underwriter was the position of choice to grow an insuring cannabis career – hands down.
“Underwriting – 100%,” was the answer from Beth Medvedev, a division manager in life sciences at James River Insurance Company, who called the underwriting career path “diverse,” thereby providing the experience to branch off into other parts of the industry if one wishes to do so.
Kieran O’Rourke, director of underwriting at Cannasure Insurance Services, of course wrote: “I’d say underwriting would be my #1.”
“In my experience, I feel underwriting gives a good base for understanding the insurance industry in general,” wrote Brian Wiltin, an associate vice president in specialty products – cannabis management liability, for Hudson Insurance Group.
Keith Distel, an associate vice president in underwriting for AmTrust Financial Services, explained that as an underwriter, “People have the ability to take their time in building a foundation, conduct solid research, engage in conversations with everyone along the distribution chain and then add their own innovation to writing risks.”
Walt Baker, vice president of directors and officers liability for Golden Bear, wrote: “Imo and personal experience, a career in insurance underwriting provides the very best growth opportunities and is a very good area to consider because of job security, stability and so many different exciting and interesting lines of business to underwrite.”
To celebrate Insurance Careers Month, we decided to focus a podcast on the best insuring cannabis positions.
For our latest podcast we interviewed experts from three firms focused on the space – which are all hiring: Jim McErlean, business development manager at Cannasure, Matt Johnson, with QuadScore Insurance Services, and Jeff Samuels, president of Frontier Risk Group.
Following are takeaways from that conversation.
Johnson believes the hiring upswing for insuring cannabis specialists my cool for some positions, but that underwriters will continue to be in demand in the space.
“There’s a scarcity of good underwriters in the cannabis insurance space in particular,” he said. “So, when we get a qualified candidate whose resume comes across our desk, we usually move on it pretty quickly.”
McErlean said agents looking to get into insuring cannabis in emerging markets have a great opportunity ahead. A new report out shows rapid growth of cannabis in newly legal states like New Jersey, Mississippi, Missouri, and Montana, boosting the need for coverage.
“I think that’s a tremendous area of growth to be on the ground level, especially in these new states coming on board,” McErlean. “Like in New Jersey, like in New York, like a Mississippi or a Missouri, Maryland. The insurance agents that spend their time in those brand new cannabis states are going to enjoy tremendous growth.”
Samuels believes sales positions will always be in need.
“Those are the people that are hand-to-hand combat on a daily basis, servicing the clients, producing endorsements, upselling, and really making sure that the client is happy,” he said. “So it’s a critical role, I think there’s always a need for new talent there.”
Related:
- Takeaways from Our Conversation on Cannabis Captives
- Takeaways from Our Conversation on Cannabis Price Volatility in 2023
- Takeaways from Our Conversation on Holiday Wishes for 2023
- Takeaways from Our Conversation with New York State Insurance Fund Director
- Takeaways from Our Conversation on Cannabis Risk Management
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