Rebuilding a 40-Year Old Company into a High-Growth Tech Platform for Agents (w/Jackson Cromer, President BondExchange)

Jackson Cromer is President of BondExchange, a leading national surety-focused wholesale insurance agency serving retail insurance agents for over 40 years. Since 2012 the wholesale MGA, based in Charlottesville, NC has been boosting its automation and tech capabilities as well as redesigning its end-to-end customer experience. The company is currently bringing in business financial data and personal asset verification via a new partnership with Finicity.

 

BondExchange's technology provides a one-stop-shop for agents to efficiently quote and issue bonds in all 50 states. The company is open architecture meaning it partners across multiple insurance companies and uses an easy process that is profitable for the agent. Underwriting has been fully automated via algorithmic processing of credit data, requirements on past-due amounts, the summary of liquid accounts. The company also uses a unique bond library documenting how a bond is filed, which forms must be used for reporting purposes, and with highly structured underwriting notes for example on specialty bond clauses.

 

Jackson describes how as trust in a relationship increases over time, premiums decrease. Therefore he is focused on customer service and adding value and capabilities in surety bonds on the platform. 

Jackson digs into how he is driving technology investment, organizational growth and building brand awareness via continuous agent communications in new and existing market segments.  He also addresses how the company is focused on its internship program to develop new talent into a specialist market such as surety bonds.

 

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