There are many ways to construct a career in the insurance industry and specialty broker Gregg Bundschuh has built his own unique path into the industry using his legal background to boost his foundations.
Bundschuh is a co-founder and equity partner of Greyling Insurance Brokerage, a specialty brokerage and risk consulting firm serving architects, engineers, contractors, environmental service firms, and law firms. Greyling Insurance Brokerage is a division of EPIC Insurance Brokers and Consultants.
His background as a construction lawyer helped Bundschuh develop a unique perspective on risk and insurance issues, leading to him advising numerous industry organizations such as the Associated General Contractors of America (AGC), the American Institute of Architects (AIA), and the National Council of Architectural Registration Boards (NCARB).
Before starting at Greyling, Bundschuh was a senior executive and leader of the global construction practice with
Marsh Inc. Before that, he had been general counsel for an international architecture and engineering firm and had practiced construction law with an Atlanta law firm.
Bundschuh is a recognized specialist in construction insurance but he didn’t always plan to join the insurance industry. We caught up with him to find out how he reached this point in his career.
How did you get started in the industry?
I’ve wanted to be an insurance broker since I was a small child! Just kidding …. I was practicing construction law and was recruited by Johnson & Higgins to be part of their new national construction practice, bridging the gap between insurance and legal issues. I thought I’d be back to practicing law in two years, but that was more than 20 years ago.
To begin with, I looked at my position with Johnson and Higgins as a vehicle to expand my skills and knowledge as a lawyer in a sub-specialty field but then I got hooked by the insurance and risk management side of things. The job also gave me the chance to work with clients on larger and more significant projects at a global level.
What are the best parts of your job?
There are two main things: striving to build the essential elements required to be the best specialty insurance brokerage in the country and solving complex problems and claims for clients.
Making the transition from the law to insurance gave me the option to work on complex projects in the planning and development stage and provide insurance and risk management consulting to clients. Working in insurance gave me the ability to give good legal and risk management advice upfront before participants encountered customary and anticipated problems, which is when a lawyer would traditionally step in.
What challenges have you faced in your role?
One of the biggest challenges is identifying, hiring, training, and mentoring high-performing people to work well individually and as part of a team.
As for construction insurance, it can be quite a challenging and niche environment. The contractual transactions in construction, of which insurance is always interrelated, are often multi-faceted, multi-layered and very complex. Another challenging component is that construction liability and risk allocation is remarkably fact dependent. I had a construction partner and mentor of mine, who said there are five essential elements to every construction lawsuit: the facts, the facts, the facts, the facts and the law. And he was right
What have you learnt from working at Greyling Insurance Brokerage?
I enjoy the sense of purpose to move toward a common goal and the combination of independence and financial support that comes from the private equity ownership that has supported EPIC.
Throughout my career in insurance, I have discovered that the insurance brokerage business is a really good business, as a business. The structure of compensation and the way brokers are paid is good and the value component of what the broker provides to the client is special. It’s great being able to support a client over a long period of time and be of value to that client.
What advice would you give to someone working their way up the insurance ladder?
Identify an industry specialty niche in which you have interest and insight and immerse yourself in the top-down risk and insurance issues that affect that niche. Insurance can be complicated. An insurance broker needs to build knowledge and insight around a niche, so that the services he/she provides are more relevant and differentiated from the services others can provide.
You need to understand your market and your product. I like the fact that construction insurance lends itself to legal, contractual and factual components. A good insurance broker needs to have a good insight and understanding of all of these elements in order to properly consult the client.
What is your favourite hobby?
Nothing beats a day boating and water-skiing on the lake with family and friends.
Related stories:
Standalone cyber risk policies offer broader coverage for construction firms - expert
Be wary of conversion in property construction market
