In the latest episode of IBTV, we sat down with Johnson & Johnson chairman and CEO Francis Johnson. J&J has been named among IB’s five-star wholesale brokerages and MGAs for 2023. In this edition, Johnson discussed the many accomplishments of J&J as well as the challenges facing the current insurance market.
Johnson highlighted two major challenges facing the industry - the first being capital constraints which pose many difficulties for MGAs. As the market becomes increasingly competitive, securing adequate capital for catastrophe exposed business and new programs becomes increasingly challenging.
The second issue, meanwhile, surrounds talent recruitment. Johnson pointed out that the insurance industry has not done enough to attract new talent from various educational backgrounds. He suggested that hands-on training and mentorship programs could be instrumental in capturing younger individuals’ interests by showcasing diverse career opportunities in the insurance industry.
While challenges persist in the insurance industry, Johnson also highlighted several opportunities for MGAs in today’s market. He sees technology as a vital asset for growth and efficiency, actively investing in tech to create innovative solutions. Johnson & Johnson uses technology to streamline processes, enhance data exchange, and improve the overall ease of conducting business.
J&J has growth strategies focusing both on organic expansion and strategic acquisition, with the goal of becoming a nationwide wholesaler. In addition to geographic expansion, J&J aims to solidify itself as a leading player in the industry by seeking talented teams, new programs, niche markets, and special distribution opportunities. Johnson also emphasized the importance of long-term relationships and partnerships. By effectively communicating its values, J&J aims to earn the trust of retail agent partners and company-side product providers. Johnson believes that trust, communication, and commitment is the key to successful partnerships and successful long-term business.
To learn more about Francis Johnson and J&J, click here to watch the full episode.