2024 Executive Outlook |Adam Mitchell, Mitch Insurance

Adam Mitchell, CEO, Mitch Insurance

Now, more than ever, size matters. The distribution landscape is evolving quickly; for smaller brokerages, the fear out there is very real. Those operating in this space know the road ahead will be fraught with challenges, and many are trying to figure out what to do.

At this point, your brokerage needs to be big to matter. That’s the reality, and there’s no way to fight this trend.

Consolidation and M&A activity will continue their upward trajectory in 2024 as the days of the small, local independent brokerage keep winding down. To stay relevant and compete, you need to have a substantial book of business or be looking for ways to grow significantly in a hurry.

Who you are and how you’re going to exist in a new world dominated by industry giants is something the leadership level needs to address. Your strategy must adapt to reflect this.

We’re already seeing an increasing number of insurers tactically pivoting to focus more heavily on large regional brokers and national consolidators with greater growth potential. That leaves limited capacity for small- and mid-size brokerages not on these carrier priority lists, making it difficult for them to get the benefits, terms, submission response times, and overall service necessary to compete in the marketplace.

Mitch Insurance has experienced more than 30% year-over-year growth for the past decade. But with all that lies ahead in 2024 and beyond, we know we’re not where we need to be. We’re redrafting our playbook to better adapt to industry changes and accelerate our strategy to increase our business in size and stature.

Collaboration and partnership will be key, as small- and mid-size brokerages look to get bigger faster. Mitch Insurance is building an ecosystem where ambitious brands can work together and leverage shared access to markets and resources so that we can all efficiently ramp up as a bigger entity and try to level the playing field a bit more.