How our AdvenSure team is looking to the future.
Over the past few years, the outdoor recreation and hospitality industry has seen significant growth; a trend that looks to continue in the fourth quarter and beyond. With opportunities popping up across the country, the great outdoors is primed to become one of the most stable and profitable specialty markets in the insurance industry. I sat down for a Q&A with the underwriting manager of our Denver office, Debbie McFarlane, to offer some insight into the state of the market and how our AdvenSure team is growing with the industry.
How has the outdoor adventure and recreation market grown in the past few years?
Debbie McFarlane: The outdoor recreation industry is generating more than $646 billion. This market is no longer a “nice to have” for agents, it’s a “must have.”
Are there any specific classes that are especially primed for growth in the near future?
DM: The classes that stick out to me are hunting, fly fishing, kayak fishing, stand up paddling, and cross country skiing. Any business offering these services should be a target for agents.
With the AdvenSure program available in 49 states across the country, have you noticed a difference in the types of risks you write in the western U.S. compared to the target markets on the east coast?
DM: Out West, there are more equine related risks, like dude ranches in CO, WY & MT. We also see more destination resort lodges and outfitters that offer guided trail rides, fishing, and hunting trips. Some of the primary classes of business in the Eastern and Central U.S. are hunting preserves, rod & gun clubs, campgrounds, and bed & breakfast operations.
It’s important to note that you can find opportunities for each class of business in every state across the country. There are dude ranches in New York and hunting preserves in Wyoming, they just aren’t as prominent.
How will having an office in Denver help address the needs of the agents located in the Western U.S.?
DM: Having the Denver office with a full, dedicated underwriting staff working in the same time zone as our west coast agents is crucial. It will improve service, strengthen agency relationships, and allow us to handle more AdvenSure submissions while getting quotes out quickly.
What separates McNeil & Co. and our AdvenSure program from the rest of the competition in the market?
DM: McNeil & Co. has two offices of skilled underwriters with over 25 years of total experience in the outdoor recreation and hospitality industry. We offer competitive pricing with coverage enhancements and have in-house claims and risk management services available to every policy holder. And most importantly, we take pride in our customer service and putting our agents and policy holders first.
Thank you for taking the time to provide some insight into this market for our agents.
DM: My pleasure.
By: Tim Woitach