Boasting over 30 years of experience in the excess and surplus lines industry, Joy LaFrance, the Chief Underwriting Officer at One80 Intermediaries, embodies directional leadership, guidance, intuition, and creativity.
Joy’s leadership at One80 Intermediaries reflects her visionary approach, strategic thinking, and dedication to nurturing emerging leaders. Her remarkable journey from junior positions to President of IEX and eventually Chief Underwriting Officer at One80 is marked by transformative growth and significant contributions to the development of individuals in the insurance industry.
Beyond organizational success, Joy’s impact extends to reinforcing underwriting integrity, establishing mentorship programs, and championing initiatives that support the growth of emerging leaders. Her adept navigation of challenges in the transportation sector further underscores her expertise and thought leadership.
Behind Joy’s success story is the unwavering support of her family, particularly her husband, adding a personal dimension to her achievements. In essence, Joy LaFrance stands as a prominent figure in the insurance industry, leaving a lasting legacy of innovation, integrity, and inclusive leadership.
The Journey
Joy’s story reflects resilience, dedication, and ongoing growth. She began her career in insurance at just 15, assisting two agents in Ohio with rating and binding policies. Through determination and hard work, she founded IEX in 1998, growing it into a successful organization with over 70 employees and annual revenue exceeding $40 million. In January 2020, Joy facilitated IEX’s acquisition by One80, marking the start of her influential role in shaping One80’s culture, operations, and infrastructure.
Under Joy’s leadership, One80 Intermediaries has seen impressive growth, expanding from 30 employees and $14 million in revenue in 2020 to 2,000 employees and 55 offices across the US and Canada. The company is projected to earn $500 million in revenue in 2024. One80’s progress under Joy’s direction is evident in its ranking as the 8th Largest Specialty Intermediary, 5th Largest MGA/Underwriting Manager/Lloyd’s Coverholder, and 5th Largest Underwriting Manager by Business Insurance in 2022.
As Chief Underwriting Officer, Joy oversees all aspects of One80’s underwriting operations, strategic planning, and procedural oversight. Her responsibilities include ensuring profitable growth, developing underwriting teams, and promoting a cohesive approach to the underwriting model. Joy has led One80 to thrive, emphasizing employee engagement, diversity, and customer satisfaction.
On a personal level, Joy maintains a balanced work-life approach, prioritizing her husband, family, and friends. She values deep and honest connections, reflecting her principles of loyalty and reliability. Joy also considers her work colleagues as an extension of her personal family, highlighting the importance of her relationships with clients and colleagues.
Culture of Excellence and Inclusivity
Joy has been instrumental in shaping the One80 organization since its inception. The concept behind One80 Intermediaries was rooted in establishing a unique specialty marketplace, achieved by acquiring niche assets and nurturing existing business growth. The company’s acquisition strategy prioritized businesses led by entrepreneurial individuals who resonate with One80’s vision.
Sana Ullah, Director at BMS Group, highlights Joy’s remarkable ability to make clear decisions under pressure and her unmatched work ethic, which have been integral to her success and the relationships she cultivates within her team and with carrier partners.
Under Joy’s guidance, the organizational framework reflects a deliberate effort to unite entrepreneurs, fostering an environment where collective talents contribute synergistically. She fosters a culture that attracts and retains talent, resulting in innovative solutions and partnerships born out of genuine collaboration.
Lenika Milne, CMO at One80 Intermediaries, admires Joy’s integrity, intelligence, and business savvy, which serve as sources of inspiration and pillars of trust. Joy’s authentic and graceful leadership style has earned her respect and admiration from colleagues, making her a valuable mentor and friend.
In addition to her professional duties, Joy has played a pivotal role in promoting the advancement of women and men within One80 and the broader industry. She spearheads initiatives like the One80 Mentorship Program, Rotational Program, and NextGen Program, demonstrating her dedication to nurturing others’ progress. These programs offer high-potential employees mentorship, exposure to executive committees, opportunities to attend industry conferences, and avenues to introduce new products to market. Joy also supports employees taking on challenging roles, highlighting the recognition and advancement of high-potential individuals.
Matthew F. Power, President of One80 Intermediaries, commends Joy’s leadership, business acumen, and compassion, emphasizing her commitment to fostering an inclusive environment where employees can thrive.
Beyond Boundaries
Joy’s influence on the insurance industry extends beyond organizational expansion, encompassing the maintenance of rigorous compliance standards and top-tier underwriting quality. Through her strategic collaboration with Alan Gray LLC (AG), Joy ensures that One80’s programs adhere meticulously to guidelines, operate within contractual agreements with A.M. Best Rated carriers, and consistently uphold excellence in underwriting practices.
“Underwriting, at its core, involves the acceptance of financial risk in exchange for compensation. Despite the evolution of mechanics over time, underwriting remains a pivotal skill in the insurance sector. One80’s underwriters, specialize in niche areas and industries/products, possess an in-depth understanding of insurance risks and effective risk mitigation strategies. The underwriting function is instrumental in ensuring that One80 writes business aligned with the company’s risk appetite, a determination made during strategic planning with Program Administrators,” says Joy.
Joy underscores the importance of thorough examination of insurance underwriting procedures, emphasizing the importance of meticulous file documentation and adherence to established guidelines. She recognizes the critical role that underwriting plays in managing financial risk and upholding the integrity of the insurance sector. Joy’s dedication to underwriting integrity is evident in her innovative approach to the auditing process, which ensures that One80’s book and product performance align with the company’s commitment to excellence, longevity, and risk management practices.
In addition to Joy’s sharp underwriting expertise, her profound understanding of the industries she serves stands as a cornerstone of her success. Over three decades, Joy has closely collaborated with the commercial auto and trucking sector. Her profound insights into the sector’s intricacies empower her to craft tailored solutions that address client needs effectively.
Recently, Joy has brought attention to the mounting challenges posed by the escalating driver shortage crisis. She underscores the profound impact of this shortage on the industry, resulting in significant claim losses. By shedding light on the uptick in jury awards for accidents involving commercial trucks, Joy positions herself as a visionary thought leader keenly attuned to the sector’s challenges.
Moreover, Joy explores the ramifications of technological advancements, such as automotive hacking, data breaches, and privacy concerns, on the commercial auto landscape. Her cautious observations regarding the potential risks associated with automotive network hacking underscore her foresight in anticipating the emerging challenges linked to the growing reliance on technology in the transportation sector.
Leadership Wisdom
Joy imparts invaluable insights for emerging leaders stepping into leadership roles. She advocates for a comprehensive approach, urging leaders to prioritize continuous learning, stay abreast of industry trends, and cultivate a strong professional network. Joy emphasizes the importance of supporting and empowering those under one’s leadership, fostering a collaborative culture where individuals are aligned with common goals.
In the insurance realm, a deep understanding of risk is essential, and Joy encourages emerging leaders to master risk management principles. Upholding integrity, embracing adaptability to change, and seeking mentorship from seasoned professionals are critical components of successful leadership, particularly in an industry marked by constant evolution.
“Authenticy is timeless and appreciated by clients and employees alike – always be honest and authentic. Don’t sugar coat when someone is seeking a direct response, don’t hide from success and never procrastinate. Always be true to who you want to be, be humble, read the room to know when to listen and when to speak, don’t over commit whether that is professionally or personally, those are some the keys to success,” says Joy.
Joy’s personal counsel includes advocating for honesty, avoiding procrastination, and staying true to oneself. She underscores the importance of humility, effective communication, and knowing when to listen and when to assert one’s voice in leadership roles.
The Support System Behind Joy’s Success
Joy’s professional triumphs are deeply intertwined with the unwavering support and love provided by her husband and family, acting as a driving force behind her accomplishments.
The steadfast encouragement and understanding from Joy’s husband, alongside their two dogs, Izzy and Roxy, have played a pivotal role in her ability to navigate and excel in a demanding professional landscape. His support extends beyond emotional reinforcement, as Joy and Dan extend their familial embrace to include members of the One80 team. This inclusive environment has fostered enduring connections and facilitated exceptional collaboration and camaraderie, as evidenced by the remarkable average tenure of over 20 years among her former IEX senior staff and a consistently low employee turnover ratio within the same group.
Additionally, recognizing that the qualities of leadership and development are not exclusively bestowed upon her, Joy has welcomed her son John, daughter-in-law Andrea, and brother Preston to join the firm over the years. Identifying natural synergies in various capacities within the business, Joy seamlessly integrates professional relationships into the family dynamic, enriching the overall work experience and fostering an indomitable professional bond.
