Rising Star Taylor Knott Speaks to the Marine Insurance Network and What Makes This an Exciting Sector to Broker In
Come see the Stars! As part of our ongoing coverage of the best brokers in the commercial insurance space, Risk & Insurance®, with the sponsorship of Philadelphia Insurance, is expanding its coverage of the Rising Stars, those brokers who represent the next wave of insurance brokering talent.
Look for these expanded profiles on the Risk & Insurance website and in your social media feeds now and continuing into 2023.
Taylor Knott, SVP, Unit Manager, Lockton Companies, and a 2022 Marine Power Broker finalist.
Risk & Insurance: How did you find yourself working in insurance brokering?
Taylor Knott: As a student at the University of Alabama and through the Finance and Risk Management/Insurance Alumni network, I explored various insurance career opportunities.
At the time, I was interested in relocating back home to Texas. I decided to accept a position with the Texas Series (Houston office) of Lockton, where I have spent my 10+ year career specializing as a marine insurance broker.
R&I: As someone in the world of marine, what are the top areas you are watching this year?
TK: With marine clients operating in many different industry segments ranging from vessel owners/charterers, marine contractors/construction, terminal operators and shipyards to recreational marine, the resilience of the companies in the marine industry and their ability to quickly adapt to changing economic conditions has been impressive to witness.
While many marine companies are exploring growth and diversification opportunities, I look forward to continuing to observe and partner with marine clients and insurers to customize risk management/insurance solutions for each client’s evolving needs unique to the marine industry.
R&I: How would you describe the current market for marine?
TK: The current state of the marine market across all product lines is demonstrating less volatility than in past years. However, the market continues to present moderate pressure on pricing, program structure and coverage terms.
Where there has been upward pressure on rates over the past several years combined with new capacity entering the market for certain product lines, rate reductions have been achieved, helping balance out the market for clients with positive loss experience.
I expect the market capacity will continue to remain stable throughout 2023 with reduced pressure on pricing increases.
R&I: What is your philosophy to brokering and how do you implement it in your day-to-day?
TK: First and foremost, know your clients and seek to understand their business as if you are a part of their internal team.
To develop appropriate risk management/insurance solutions for clients, you must understand their business, risk appetite and company culture to represent the client accurately in the marketplace to partner with insurers that are mutually aligned.
Beyond this, the insurance business continues to remain a “people business,” and it is critical for brokers to help develop and grow personal relationships between clients and insurers to align all interested parties strategically.
R&I: What’s some advice you would offer to a young broker looking to specialize in the marine sector?
TK: Marine insurance is a specialty line of business in the insurance market and can be more technically challenging than other lines of business. If you enjoy the ability to think creatively and focus on highly technical insurance products to develop custom solutions for clients, the marine sector is worth pursuing a career.
The network of marine professionals in the insurance industry is filled with hard working, intelligent and fun individuals, which makes it a joy to work in the insurance business. &