Synapse

Comprehending the intricacies of specialty insurance and aligning them with the needs of a retail business is a process that requires extensive due diligence. Despite the time- and resource-intensive nature of this process, it is a crucial task that helps brokers guide their clients toward optimal choices.

Synapse, a wholesale insurance brokerage, uses Centralis, their proprietary data analytics platform, to aid retail brokers in tailoring insurance coverage around specific risks, pricing and coverage appetites of specialty carriers.

A platform ‘built for brokers, by brokers,’ Centralis aggregates and synthesizes market data across various sectors and illuminates solution pathways backed by thorough analysis, guiding outcomes and decisions crucial to retail brokers and policyholders.

Beyond simply placing insurance, Centralis provides coverage analytics for addressing general liabilities across numerous classes including the environmental, energy, and construction sectors. In the cyber domain, it aids clients in addressing coverage issues enabling the placement of robust insurance programs personalized to sensitive account datasets.

“Our independent ownership allows unmatched flexibility and freedom to innovate, while the Centralis platform improves core decision-making and strengthens organizational visions across our retail brokerage firms in support of their Insureds,” says Michael Gill, Partner and Chief Sales Officer at Synapse.

Regarding its team, Synapse comprises a cadre of longstanding members, some of whom have been at the company for well over a decade. The recruitment focuses on top-tier talent, often tapping senior underwriters, executives from leading carriers, and seasoned professionals from the retail and wholesale insurance sectors. Apart from targeted hiring, they strongly emphasize improving workforce competencies through robust training programs.

Centralis is pivotal to these educational competencies as it introduces new employees to analytics capabilities proven to drive learning and development. This approach to training has led Synapse to become a hub for esteemed experts across niche domains and has played a critical role in maintaining remarkably low turnover rates over the past two decades. Synapse data can enable training their future leaders.

Unlike many specialty wholesale brokerage operations, it maintains a dedicated claims team integrated into its council and general council functions. This strategic inclusion has proven highly effective in advocating for the interests of retail brokers and insured individuals alike.

A success story highlighting Synapse’s impact is of a client that wanted support when decommissioning its coal-based plants. The engagement faced significant challenges, as most domestic environmental insurance providers were unwilling to offer coverage for coal-related projects. Fortunately, Synapse could navigate the complexities of obtaining insurance coverage for constructing a carbon sequestration facility within the U.S. on an old coal site. They took an innovative approach by collaborating with partners in London, who helped secure a comprehensive policy for the desired decommissioning and new build.

Synapse's strategic planning then extended to the operational phase of the new facility, where it constantly procured timely support from relevant carriers throughout the construction to ensure all general liabilities and pollution concerns were covered. Ultimately, it addressed environmental insurance and coverage obstacles related to coal decommissioning and repurposed a challenging site into a forward-looking, sustainability-driven development.

Triumphs like this can be attributed to their commitment to continuously broadening organizational scope into niche domains. This ability to swiftly venture into new areas has given Synapse distinct innovation advantages. When entering new markets for smaller business, the company uses a defined risk unit that simplifies vulnerability management for clients with limited industry knowledge. They have a carrier panel that educates them on making the most of imminent opportunities committing to best in class coverage. Synapse plans to add Cyber insurance to the defined risk unit.

Synapse remains committed to cultivating specialty verticals while introducing new products across its’ platform. Over the upcoming years, it plans to develop practices in general casualty, construction, and management liability. This strategic direction aims to surpass the organic growth observed within the industry, solidifying its position as a frontrunner in innovation and expansion.