19Insurance Business ReviewMARCH 2025INSIGHTS INTO THE CHANGING INSURANCE INDUSTRYIn addition to being one of RT Specialty's top workers' compensation brokers, Joe's current role includes working with internal teams to develop proprietary WC Specialty programs for underserved business classes. Joe joined RT Specialty with the 2020 merger with All Risks, Ltd. as a broker with the industry insight and deep relationships needed to expand and support new programs for emerging industry verticals. Prior to joining All Risks, he worked in sales and claims roles for both insurance carriers and a national insurance brokerage. Joe holds two designations from the National Alliance: Certified insurance counselor and certified risk manager. His dedication to safety extends beyond his work. Joe is actively involved in the Foundation for Aquatic Safety and Training (FAST), which is dedicated to water safety and drowning prevention. He and his daughter participate in the annual Alcatraz and Golden Gate swims in support of FAST. Structuring the Product Development Process Being Structured to Maintain Agility and Quickly Adapt to Emerging ChallengesThe insurance marketplace and the economy at large are dynamic, with things changing all of the time, creating challenges for our retail agents and their clients. There are always new types of businesses or growth industries that pop up. You've got to have your ear to the ground to discover what is next. We currently offer exclusive programs for 11 hard-to-place classes underserved in the marketplace. For example, this year, we launched a vertical in restoration contractors because of the pent-up demand in the market due to the unique exposures presented by that class of business. So, if there is a need in the market, we start to build the institutional knowledge to go after that next vertical. We are a very flat organization at RT Joe Feitz, Senior Vice President - Workers Comp New Product Development, RT SpecialtyJoe FeitzCXO INSIGHTSQuick Bytes The U.S. insurance brokerage market is expected to reach USD 82.43 billion by 2029, growing at a compound annual growth rate (CAGR) of 3.96 percent during the forecast period.Specialty, which allows us to have a collaborative approach, stay in constant contact with our sales force and their clients, and provide solutions that will help address their needs. We have done a lot of outreach over the years and have built credibility in these verticals, so agents are reaching out to us because they know we have deep knowledge and specialize in workers' compensation. We are in a never-ending state of research to find new trading partners or market segments that need our capacity. So much of what we do is market-driven, and you must pay attention to clients, listen to what they are saying, and what their needs are to grow in our business.
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