With over three decades of experience in the industry, Todd Jackson, owner and partner at McGowan Insurance Group in Indianapolis, brings a wealth of experience to the role of Big “I" chairman. From beginning his career at the family agency to helping to lead McGowan Insurance through the hard market, his journey with both the Big “I" and his agency underscores a commitment to service and community, which have been pivotal in shaping his leadership approach.

“This is the only organization that is really looking out for us—the small and midsize independent agents and brokers—at the state and federal level. No one else does that," Jackson says. “When there's an organization that's supporting you, your endeavors or your family, I feel compelled to give back."

Prior to his installation as Big “I" chairman at the Big “I" Fall Leadership Conference, to take place Sept. 4-8 in Indianapolis, Independent Agent magazine talked with Jackson about becoming chairman, his journey in insurance, and how the Big “I" is evolving to meet its members' needs alongside a distribution channel that is remaining resolute against the backdrop of the hard market.

What drew you into the insurance industry?

When I was a junior in college at Indiana University, my father, who had been an independent insurance agent for 10 years at that point, asked me if I wanted to join the business. I hadn't really thought about it at that point, so I didn't answer immediately. But thinking about how he lived, how he was viewed in the community and how he could make a difference in people's lives led me to understand that this is a career I should pursue. I went straight into the agency when I graduated. I started out doing personal lines while learning about commercial lines and eventually moved away from personal to commercial.

Can you tell us about your agency?

My father bought an agency called Jackson McCormick in 1979. My mother was the bookkeeper and I joined in 1989. I eventually became a partner and was in the process of buying him out in 2019 when my business partner Hugh McGowan approached me to discuss a merger. We knew each other through the Big “I"—we've both served as president of Big I Indiana and on the state association's Executive Committee—so we had developed a trust together. His father was retiring and my father was too, so we decided to join forces.

How has your involvement with the Big "I" shaped your career?

I was already 10 years into my career when I initially engaged with the Big “I" in the late '90s. I got involved through the continuing education programs but hadn't done anything in a leadership capacity. I was asked to be a part of a committee that existed through the education division of Big I Indiana that was involved with Certified Insurance Counselors. Then I became the chairman of that committee and really got involved.

I served on the Big I Indiana Board of Directors, which expanded to the Indiana Executive Committee before eventually becoming state president in 2013. I represented Indiana on the national Big “I" Board of Directors for four years, served on the Trusted Choice^® board, the Finance Committee, and was elected to the national Executive Committee in 2018. The connections you make, understanding what the Big “I" truly does on behalf of agents every day, and partnering with carriers, really just made me want to give back.

What are your priorities as chairman of the Big "I"?

Everything is centered on reinforcing our core principles and enhancing operational efficiencies. By collaborating closely with Charles Symington, Big “I" president & CEO, we're focusing on streamlining our resources to better serve independent agents nationwide. This includes prioritizing programs in terms of human capital and the financial resources that deliver value to our members while ensuring our organizational structure supports their evolving needs.

There also needs to be a continued recognition and development of one of our most important relationships: the ones that exist between the national Big “I," the board of directors and state associations. I'm committed to listening to state associations to understand what they need, identifying places where we think our national board or national staff can provide more resources to them, and asking them to help us in delivering what we're trying to do at a national level.

What do you see as the biggest challenges facing independent agents today?

The foremost challenges confronting independent agents revolve around capacity and pricing dynamics in an exceptionally challenging market. I can attest that the current environment is one of the toughest I've navigated in my 35 years in the industry. Insurance carriers are increasingly retreating from certain geographies and lines of business due to profitability concerns. In the last two years, inflation, increased building values and a lack of capacity have created a perfect storm.

We're getting more nonrenewals, more cancellation notices and extreme rate increases. This has significantly impacted personal lines like auto and home insurance, forcing agents to adapt. We've never had to work harder than we are right now.

How is the hard market influencing mergers & acquisitions (M&A) activity?

The hard market has indeed catalyzed significant M&A activity. It's not just the hard market itself; factors like changing capital gains taxes and an aging workforce are also contributing. These dynamics are pushing agencies toward consolidation. Scale has become crucial to effectively meet client needs amidst these market pressures.

Regarding the wave of private equity investors coming into the channel, that just illustrates that financial investors see the independent insurance agency channel as a solid place to commit. We have a broad range of opportunities, we're diverse with our carrier lineup and our products, and insurance is not bought with disposable income. This is a necessity. I don't want to say we're recession-proof, but the world can't move without insurance.

How can the Big "I" Alliance help small agencies navigate the challenges of the hard market?

The Big “I" Alliance is pivotal for smaller agencies lacking extensive resources or network affiliations. It provides access to markets and resources crucial for growth, which might otherwise be inaccessible due to volume demands from carriers. This initiative is still growing and it aims to empower smaller agencies without them needing to merge or sell. More resources and access to more carriers have never been more valuable than right now. Essentially, it's a place where an agency can go to get more resources without having to partner with someone else or sell their agency.

What initiatives is the Big "I" undertaking to address technology challenges within agencies?

Technology is overwhelming for many agencies focused on day-to-day operations and client needs. The Big “I" is focusing on InsurTech to help agencies streamline operations and leverage technological innovations through the Big “I" Agents Council for Technology (ACT), which is currently being reimagined to ensure it is effectively meeting member needs. Also, partnerships with entities like Catalyit and 101 Weston Labs enhance these efforts, providing guidance and cost-effective solutions tailored to agency needs, as well as facilitating spaces where we can ensure the technological needs of independent agents are being met.

By bringing many different organizations together, we can cut through all this noise so that if an agency doesn't know where to start with addressing their technology needs, the Big “I" can point them in the right direction. In some places, membership to the Big “I" provides discounts on certain products and services, as well.

How do you foresee the association evolving in the next five to 10 years?

I think we'll see significant changes influenced by M&A within our industry. Consolidation impacts membership and our offerings but opens new doors for growth. Our focus will increasingly be on enhancing products and services to support agencies of all sizes, especially with emerging startup agencies finding a foothold through our Alliance program. The association's leadership is strong, we're in great shape financially, and I truly think that the program reviews we're undertaking are only going to make us stronger.

Agent leadership is thriving across the U.S. and is showing no sign of slowing down. To sustain this momentum, we must remain receptive and open-minded, actively embracing new ideas as they emerge. This approach allows us to adapt not only to shifts in the insurance marketplace but also to advancements in technology and broader industry changes.

The Big “I" impact on perpetuation and young agents?

This industry proves itself year after year that it's a great place for people to launch a career. The association has long supported young agents. For generations now, it has fostered and developed the leaders who are crucial for our future. Their involvement not only enriches our community but also ensures fresh perspectives and innovative ideas that continuously drive growth.

What advice would you give to new agents entering the industry today?

Become a master of your craft, continuously learning and honing your skills. Respect the role you play in your clients' lives as a trusted adviser and you will get respect back. Make yourself indispensable to your client and they'll be loyal to you. You'll become so valuable to them that price is no longer their consideration. They'll feel like they can't continue without you, because you're the one who gives them that peace of mind every day. The satisfaction of making a meaningful impact far outweighs any financial reward, because there's a huge amount of pride in knowing that you made a difference and that you are an important component of what protects them every night.

How can members become more involved with the association's initiatives?

Start by reaching out to your state association leadership. They're eager to connect and share the wealth of resources and benefits available to members. Engaging at the state and national levels opens doors to opportunities you may not even realize exist.

Will Jones is IA editor-in-chief.