Apartment Insurance Consultants (AIC)

Branoff believes embracing data and technology is crucial in today’s environment, something which has been a cornerstone in AIC’s success.

Gaining insights and knowledge to support placements enhances the likelihood of securing competitive capacity and client success, while serving as an important differentiator. For example, many years ago, AIC invested in the development of a proprietary system that documents all material transaction data points in its company database. Later on, it began subscribing to third-party data and augmenting data to its database, further enhancing the ability to understand portfolios of total insurable value, assess and evaluate risks, and create opportunities.

On a location, client, or portfolio level, this could mean reporting that enables claim trend, cost, and underwriting characteristic comparative analysis.

“During the current hard habitational property market, capacity is limited, and placements are very challenging. Being innovative, creative, determined, and solution-oriented has supported our navigation through the current market,” says Branoff. “My advice is that during challenging times, evaluate and communicate, and then be decisive and committed, set a plan, and execute while being flexible along the way.”

Understanding the Industry and Client Needs

Where others see challenges, Branoff often sees opportunities.

For example, years ago, his clients in North Texas, many of whom were loss-free, were experiencing hefty premium and deductible increases due to wind and hail loss events in the overall market and extensive resulting carrier shock loss payments associated with blemished roof surfaces.

In many similar instances, Branoff took a note from loss adjusters and industry partners that often no functional roof damage had occurred due to the hail claim, but property owners and managers were nonetheless incurring sizeable loss payments due to blemished (but functional) roof damage. The carrier marketplace responded with significantly higher premiums and wind-hail deductibles in North Texas for all property owners and managers.

Branoff focused on innovation and authored a cosmetic damage to roof surfacing exclusion due to the peril of hail with an E&S carrier. Introducing this endorsement enabled clients to reduce their premiums and provided additional coverage protection via exclusion to carriers. The form was well-received by clients and carriers and is now a widely-used commercial insurance form in the commercial property insurance industry in the U.S., London, and Bermuda.

Last year, Branoff authored an additional endorsement in response to the current market environment—clients face premium pressure from valuation due to inflation. Carriers were forcing them to increase valuation connected to inflation-adjusted construction costs. Once again, he innovated to create premium relief optionality for clients, authoring an endorsement that defines a per square foot building valuation threshold resulting in dynamic coverage, ranging from blanket per location limit to building-specific limit with occurrence limit of liability, based upon building valuation.
Clients can opt for a lower premium with a lower building valuation triggering reduced and limited coverage or opt for a higher premium with a higher building valuation triggering increased and broad coverage. This innovative product has proven successful and has been adopted by carriers, wholesalers, and program managers over the past year.

“The best part of being a CEO is marching to the beat of your own drum and creatively making pathways forward to positively impact my clients while delivering value for my team and partners," says Branoff.

Commitment to Service Excellence and Client Success

“Grit and commitment to a desired result drives success.,” says Branoff. In February 2021, Texas experienced an unprecedented winter storm that resulted in mass power outages, water shortages, closed highways and disrupted cellular service for millions of people in the state, particularly in central Texas. Without heat and water during an extended period of sub-zero temperatures the Governor declared a state of emergency.

During the same time, the team at Apartment Insurance Consultants (AIC) was in the midst of a large property program renewal under the leadership of Andrew Branoff, president and CEO. Despite these unprecedented circumstances, he worked and lead the company from the lobby of a hotel located near a hospital that had power and internet. With no available rooms, the hotel manager allowed him to sleep and work in the lobby for two days.

Using the hotel lobby’s internet and a lobby table as a desk to run the renewal, his team kept coverage intact for clients and generated meaningful revenue during this catastrophic event. This example of perseverance is interwoven into the culture he leads at AIC, “Our team is committed to client success. I’ve seen each and every one of our team members go above and beyond for the good of our company and our clients; when its fight or flight - we fight.”

Prior to his career in commercial insurance, Branoff was an active commercial real estate investor and developer. As a buyer of commercial property insurance products, he learned the technical aspects of coverage and cost, and because insurance is a high cost line-item for real estate owners, he paid close attention to any insurance placements.

As Branoff studied the industry, it became clear that reoccurring revenue, scalability, a built-in buyer market, margins, and more were attractive industry elements, and he pivoted into commercial insurance after identifying a small acquisition target in Austin, Texas. Initially, AIC was a small company operating only in Texas with about a dozen retail agents in its retail agent network. Over nearly a ten-year period, under Branoff ’s leadership, AIC grew into a national company transacting insurance placements in 33 states with over 200 agents.

Branoff has embedded commitment into AIC’s company culture—a commitment to service excellence, specialization, a competitive product, client success, and each other as team members. This drives client service, retention, and new business referrals, propelling its team to achieve record-breaking new business growth in the last two consecutive years.

“Our portfolio of total insurable value is now in the billions, and we are recognized as a leader and specialist in the habitational and commercial property insurance industry,” says Branoff.