Craig Pankow – Market Share President and Executive Vice President
Each quarter, we’ll feature one of TPG’s business divisions to learn about industry news and gain a high-level view of their work. In our very first edition back in 2022, we spoke with Craig Pankow, Market President & Executive Vice President, Property & Casualty, Commercial Lines. Craig has been with TPG since 2016 and has more than 30 years of insurance experience. Prior to joining our team, he was president and CEO of PointSure Insurance Services. Let’s see what has changed in the two years since that first interview.
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In 2022, you cited cyber-liability, property insurance rates, D&O, and COVID as major trends and concerns in commercial insurance and risks. What are people talking about in 2024?
We have experienced some stability in property and casualty market in 2024. D&O is flattening with a slight decrease depending on the company’s operations. Auto liability continues to be a challenge, with rates increasing 7–10% annually, driven by the cost of automobiles and social inflation on verdicts. Workers’ compensation continues to be the most stable and most profitable line for insurance carriers. Property insurance rates have flattened, but older buildings, those with wildfire exposure, and companies with adverse claims experiences will find the market challenging.
What are your current department goals?
We are creating specialized programs that provide value (such as a medical malpractice program we’ve developed with the Oregon Medical Association), adding expertise to our team to continue elevating service levels, and expanding our production teams in both our Southport and Portland offices to maintain service.
How has the industry changed in the past few years?
The commercial market has historically been slightly behind the curve on technology but that appears to be changing. TPG is involved with BrokerTech Ventures (BTV, the first broker-led insurtech ecosystem worldwide) to ensure we are abreast of the latest technology, making our clients’ lives easier with improved data and innovation. For example, Broker Buddha makes completing applications easier and faster for our clients. There is also AI tech to assist with policy coverage audits along with compiling detailed data breakouts of customer losses allowing for providing simpler, visual data reporting. This all increases our ability to evaluate and compare the proper carriers for our clients.
How do you see TPG innovating and leading the way?
We want to be the experts in what we do and to be the trusted source of risk management information. Our collaboration in Assurex Global (an exclusive partnership of the most prominent independent agents and brokers) provides vast resources for insurance placements worldwide. We compete and succeed against the largest brokers in the world. We have diligently worked to recruit high-caliber people to provide our clients the service they deserve. In addition, TPG uses outside resources where needed to innovate and solve problems.
Most clients like the value provided by a large independent firm, rather than a centralized service department that does not understand clients’ unique risks. We interact with our clients on a day-to-day basis. The benefit gained in working with TPG is our personalized service, which provides a detailed understanding of every client’s needs.
What are you excited about in your career?
I am excited about being part of our Executive Leadership Team and the TPG board. We are charting the course for this growing organization that has a very bright future. It’s fun to be a part of a growth organization and to work with quality people.
TPG has five core values that we strongly believe in – play well with others, own it, be a champion, have fun and live well, and be curious. Which of these is currently resonating with you?
To own it. Be accountable not only to yourself but to fellow employees. Never run from your responsibilities and create a culture where that philosophy permeates throughout the company.
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For enquiries about how our Commercial Lines team can assist you and your organization, contact Craig and his colleagues at commercial@tpgrp.com.
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