The US commercial insurance market has experienced significant growth in recent years. In 2023, the market size reached $277.9 billion and is projected to grow at a compound annual growth rate (CAGR) of 6.02%, reaching approximately $470.4 billion by 2032. Why? Because commercial accounts for about half of the US property and casualty insurance industry's premiums – something that stood at a staggering $359.6 billion in 2021.
Such a fast growth sector means that firms are working overtime just to keep pace – often looking at new tech and strategies to stay ahead of the game. Joe Cronin (pictured), president of International Citizens Insurance, prides himself and his team on being able to meet their clients where they are.
“Our market is really interesting,” Cronin told IB. “One of the reasons I love it is the diversity of the clients that we get. We focus really primarily on global companies that have international operations with employees really anywhere in the world.”
The primary challenge here, however, lies in tailoring solutions to meet these varied needs. This process starts with understanding who the client is and what they require, then leveraging a network of insurance partners to curate options that suit those needs.
“We tailor the plans to address the diverse profiles of their employees,” Cronin said, whether they’re expatriates, local hires, or frequent travelers.
And there’s no denying the landscape has been reformed over the past four years, with the global COVID pandemic sparking a remote work revolution. A 2023 Pew Research Center survey found that 35% of workers with jobs that can be performed remotely were working from home all the time – and, as of August 2024, about 20% of workers continued to telework rather than go into the office. While it’s been a challenging pivot, it’s also presented amazing opportunities for recruitment, as Cronin knows all too well.
“COVID forcing a lot of employees to work remotely has opened up a lot of opportunity,” Cronin told IB. This shift has enabled companies to hire from a broader talent pool. His own company mirrors this trend, employing people not only across the United States but also in countries like the Netherlands and the Philippines. For International Citizens Insurance, this trend represents more than just an operational change – it’s a business opportunity.
As Cronin explained: “Once your organization is set up to support remote workers, it’s easy to hire.”
One of the growing industries Cronin revealed to IB was the international employer of record (EOR) services. This model, essential for hiring in foreign countries without establishing a local entity, has been transformative for his own business.
“We use Oyster HR, and they have an entity in the Netherlands,” he said.
But these relationships extend beyond logistical convenience – they are foundational to the service Cronin offers. Collaborating with EORs allows International Citizens Insurance to provide benefits to international employees, further broadening its reach and relevance in the market.
To find organizations that fit their niche, Cronin’s team employs a multi-channel marketing strategy, leveraging digital marketing, conference participation, and LinkedIn campaigns.
“We’re online, so a lot of our leads will initially come to us just doing a search online,” he told IB. His team’s ability to identify and target businesses on platforms like LinkedIn ensures they reach the right audience – companies with employees spread across the globe and a need for tailored insurance solutions.
And the company’s digital-first approach reflects broader trends in the insurance industry. As Cronin told IB, the accessibility of digital platforms enables clients to explore options more independently, even as they seek personalized advice and support when making final decisions. For small business owners, trust and accessibility are non-negotiable when choosing an insurance provider. Cronin acknowledged the importance of proactive communication and dedicated support in building these relationships.
“We assign a dedicated person to understand the business,” he said, emphasizing the service element that distinguishes his firm from competitors. This approach ensures clients receive not only insurance solutions but also the expertise needed to navigate complex international regulations.
Price, while always a factor, is balanced with the need for robust coverage. “It has to provide the coverage and benefits they want, but it has to be within their budget as well,” Cronin said. And despite the challenges, Cronin remains optimistic about the future of international insurance. The rise of digital nomad visas, for instance, presents new opportunities.
“Countries are recruiting international workers to come work in their country for six months, 12 months, on special visas designed just for that purpose,” he said. “The market is interesting, exciting, [and] diverse. Our clients need a specialist with expert knowledge in global benefits. We fill that void.”
