How John Peterson plans to drive World Insurance's organic growth

John Peterson (pictured right) assumes the role of Chief Growth Officer at World Insurance Associates, where he will help strengthen and consolidate the organization's numerous offices and divisions across the country and focus on organic growth. contributed to.

“Achieving this will involve evolving the expertise of the individuals currently in the organization and continuing to build strong relationships with insurance companies so that we can customize the best risk transfer program for each customer. “There are many ways to do this, such as addressing each customer's unique risk profile,” he said.

Recognizing World Insurance's acquisition ambitions, which have gained momentum since 2011, Mr. Peterson will be tasked with connecting the acquired agencies to enhance their service and product offerings.

“There is a level of expertise within a particular institution that complements the level of expertise within another similarly situated institution,” he said.

“The idea is to bring them more areas of expertise to complement the existing areas of expertise within a particular institution, and then replicate that across the organization as efficiently and effectively as possible.”

Discover new possibilities in this role at World Insurance

Mr. Peterson entered the insurance industry in 1988 (August 1, to be exact) and learned the basics of risk management and risk transfer solutions at the brokerage firm Rollins Burdick Hunter. The company was later acquired by Aon, and Mr. Peterson ultimately left the company in 2018 after 30 years. .

From there, he pivoted, eventually becoming a Winnetka Park District commissioner and serving as one of seven board members until becoming chief of staff in 2020.

Although he has decades of leadership experience, taking on the role of chief growth officer provides Peterson with new opportunities for skill improvement and professional development. .

“I'm only two weeks into my role at World Insurance, and my first task is to understand the location of all individuals and make connections with specific agency leaders and employees,” he says. said.

“My biggest challenge is to be integrated into the organization as quickly as possible so that I can support my colleagues around the world as they work with clients.”

But throughout this process, Peterson was able to use the enthusiasm of his team members as encouragement to get through the learning curve and adoption period he's currently in.

“The colleagues I have met at World are very supportive. The positive attitude within the organization is overwhelming,” he said.

“I learn from every person I talk to and every experience and specialty I meet.”

Predicting insurance market conditions in 2024

Looking at the current state of the insurance market and how it will evolve through 2024, Peterson believes it is important to understand the nuances of the risk profile of specific business segments.

“If you take trucking as an example, there are nuances that are unique to trucking and independent of what you see in agriculture or other industry groups,” he said.

“The challenge is to understand these nuances across the insurance industry while delving into an insurer's approach to a specific risk profile based on the industry of its prospective insured.”

Mr. Peterson also discussed the ripple effects of increased access to capital markets and how that could affect insurers seeking investment income from the premiums they earn from insureds. I also observed whether there were any.

“Investment income is down. And it's part of the overall cycle, and carriers have been able to maintain premiums on investment income at a much higher rate over the past 18 to 24 months. So this is a ripple effect worth considering and we just have to see how it affects insurance companies,” he said.

How do you think the insurance industry will perform in 2024? Sound off in the comments below.