Gallagher Broker Justin Felker Recognized as a 2021 Captives Power Broker
Justin Felker, Area Vice President, Gallagher
The transportation industry was hit with the double whammy of the fallout from the COVID-19 pandemic and a hardening market with typical rate increases of 15-30%. Fortunately, Warehouse Services had Justin Felker on its side.
Getting out in front of the market conditions, he engaged Gallagher’s claims analytics resources team to drill down into his client’s historical losses and identify alternative opportunities to retain additional risk in its current captive.
The team also looked at bringing in new coverage for a closely related third-party vendor and negotiate collateral reduction for prior years.
By adopting this data driven approach, Felker secured an almost flat renewal of +0.1% in terms of fixed costs and expected overall risk cost versus 2019.
An underwriter who has worked with Felker on several different types of captives with clients from a variety of industries said: “Justin’s key quality is his organization, which makes my life a whole lot easier. He also understands the captive from both the client and carrier perspective, advocating strongly on the client’s behalf and presenting me with the information I need to make my analysis of the risk, as well as knowing the market inside out.”
She added: “At renewal, he pre-empts all the questions that are going to be asked by the underwriter and presents the data in an easy-to-understand spreadsheet form. I’ve really enjoyed working with him because of his sheer professionalism and demeanor and look forward to further opportunities to do so in the future.”
What is a Power Broker?
A Risk & Insurance Power Broker® is an individual who stands out among their peers for the exceptional client work they delivered over the past year. While brokers play many key roles in the insurance industry and risk profession, a Power Broker® award recognizes problem solving, customer service and industry knowledge.
Our goal is to broadly recognize and promote outstanding risk management and customer service among the brokerage community.
Who selects the winners?
Power Brokers are selected by risk managers based on the strength of the testimonials they provide to a team of 15 Risk & Insurance editors and writers.