Ed Ellsasser, CEO, Prime Group Insurance

Prime Group Insurance CEO Ed Ellsasser discussed with Invest: the ways in which Prime has evolved its operations and technologies in order to meet consumers where they are and streamline the claims process, which was instrumental in maintaining a forward momentum in the face of multiple major hurricanes in the last year.

How is Prime Group Insurance serving businesses in the Tampa Bay region today?

Founded 27 years ago, Prime Group Insurance specializes in commercial and business insurance and operates offices in Tampa Bay and West Palm Beach. We provide employee benefits, including group health and dental and vision as well as personal insurance, including homeowners, auto, flood, and specialty coverage. Personalized service is a key differentiator, with a focus on direct client communication and timely issue resolution. Prime Group’s success over the years has resulted from retaining our current client base and obtaining referrals from those clients.

Are there any significant milestones achieved by Prime Group Insurance over the past year?

We have experienced record-breaking years recently, with team expansion and strong new business growth across all lines. Florida remains a high-growth market due to population influx and ongoing construction activity. Clients in construction remain optimistic but cautious; we hear concerns about the future, yet growth continues, particularly in the Florida market. We focus on Tampa, Orlando, West Palm, Naples and Jacksonville, and in each of those markets we continue to observe growth.

Are there any specific services for which demand is currently increasing?

Cyber insurance demand has surged, especially post-COVID. A decade ago, it was rarely discussed, but now it’s one of the highest business risks. Premiums have risen sharply in recent years but are now stabilizing with broader coverage options.

Have you observed any increase in demand for weather-related coverages?

Tampa Bay recently experienced multiple water-event based storms with minimal wind damage. Claims have been drawn out, but efforts continue to support clients. Tallahassee reforms have aimed to limit attorney involvement and provide relief on commercial property insurance rates. We are seeing flat to decreased renewals. Much of the reinsurance was already negotiated and in place before the storms, so we are seeing positive signs on the property insurance market. On the personal side, rates have also leveled off, though still unfortunately expensive. More insurers are entering the Florida market, increasing competition and stability. Overall, we dodged a bullet with these storms, and I hope we continue to see rates level off on the property side.

How are you adapting to the highly competitive market?

When new carriers enter the marketplace, we perform research to determine if we want to partner with them. If so, we want to make them available to our client base if their products are competitively-priced with the right coverages in place to protect our clients. We have added new carriers over the last couple years, and we will continue to do so as strong carriers continue to enter the market.

Are there any technologies or platforms being implemented to create efficiencies for your team or improve client services?

Prime is investing in automation and technology to improve services and have several different automated systems in place. One such product is an OSHA compliance tool for construction clients to track trends and claims. There is also a client portal for easy access to insurance certificates, ID cards, and documents, as well as automated safety programs which offer communication via text, video and email. Our company also outsources multiple back-office functions, with seven employees in the Philippines, allowing the U.S.-based team to be more client-facing.

How are you ensuring that you have the best agents on your team, and how are you attracting and retaining top talent?

Upon entrance into my current role, I recognized a need to attract younger talent as the workforce was aging. We have prioritized recruiting from local universities like University of Tampa, USF, Rollins College, and FAU and have placed a renewed emphasis on training programs to develop young professionals, particularly those adept with new technologies.

Are there any specific industries or sectors in which you are observing growth?

Prime has cultivated strong relationships with builders’ associations across Florida, and through this, have seen continued growth in Tampa, Orlando and along both coasts. The multifamily housing sector is booming, with new complexes coming online, which may help stabilize rental prices.

Is Prime involved with any specific local organizations with the intent to give back to the community?

Our core company values are built around our clients, our employees and our community. Prime has a history of offering long-standing support for West Tampa Elementary, a Title I school serving low-income Hispanic students. We have also funded library renovations, which has included new furniture and technology. Prime has organized toy drives, field trips and campus beautification projects.

Prime also prioritizes a number of military support initiatives. I am active with the MacDill Air Force Base as an honorary commander and liaison with the business community and am also a STAR Network participant, assisting with military personnel in career transitions, including mentorship and job placement support. 

Further, I am the incoming chair of the Westshore Alliance, which is the largest business district in the state of Florida in terms of commercial office space square footage. The Alliance will be overseeing various infrastructure projects, such as improvements to Howard Frankland Bridge and Westshore Interchange. A particular focus of mine is expanding public art installations and have contributed to efforts to add murals and decorative windscreen projects to the community.

What is your outlook on future growth in Florida?

I expect continued economic growth in Florida due to the favorable business climate, lack of state income tax and pro-business legislature. Ongoing population growth and business expansion will offer additional contributions to Florida’s economic health. Amidst this, Prime Group Insurance aims to support clients by protecting assets and managing risks.