Q&A with
MARK MONROE Mark Monroe is a producer with Griffith Insurance LLP, a full-service independent insurance agency in West Chester, PA. He serves on the IA&B of Pennsylvania Government Relations Committee and formerly served as Chairman of the IA&B of Pennsylvania Board of Directors. Q. How did you land in the insurance industry? And what prompted you to go independent after beginning your career as a captive agent? A. Like many of my peers, a family connection. My dad had a 30+ year career as a captive insurance agent. (I’ll give you a hint about what insurance company he worked for: He spent time in an insurance sales office located in a once large, national department store.) So I guess you could say that I grew up in the insurance business. I eventually joined that same captive insurance company as an employee agent and ran my own location. About 10 years into my career, they made the corporate decision to jettison employee agents. At that point I realized I needed to make a change. I loved the industry and the business of insurance, but I knew that going forward I couldn’t tie myself down and be subjected to the corporate decisions of any one company. In other words I saw the light in becoming independent. Q. Your agency has a substantial book of personal lines business. How has the market changed over the years, and what do you anticipate moving forward? A. I would say that technology has definitely leveled the playing field for independent agents. In my experience, the captives and direct writers had an advantage in personal lines up until the early ‘90s. Since the mid to late
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‘90s, that advantage moved to independent agents. We have the ability to quote, bind, and issue any insurance company we represent while simultaneously being the best fit (coverage and price) for our clients – all in a matter of minutes. Going forward, personal lines will continue to see new entrants come to market, be it direct writers, auto makers and smart home builders, and others, especially in light of the capital that is flowing into the insurance and fintech space. Direct-to-consumer insurance companies named after a popular drink or zoo animal seem to be the recent trend and appear to be targeting first-time / new insurance buyers. As independent agents, we need to insulate our future pipelines by targeting and reaching out to our current clients and their next generation. Independent agents have been doing this for over 225 years. (The first recognized independent agent was John Maynard Davis of South Carolina in 1795!) No computer screen, nor a stranger on an 800 number, can ever compete with independent agents on knowledge, consultative advice, and concern for clients. Q. What’s the best professional advice you’ve ever received? A. “Do what you love, and you will never work a day in your life.” I heard that more than once. More importantly,
MAY 2021
