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Many entrepreneurs can tell you their stories of how they worked around the clock to reach the level of success they are currently at. However, one business that does not immediately come to mind when thinking about entrepreneurship is an insurance agency.
But in reality every major corporation was once a small business were the founder made decisions on instincts and found the most cost efficient way to operate. Branden Arthur, a high level account manager for the Carmoon Group Ltd., sits at his desk in Long Island, New York sparing a few minutes for an interview. Look at his 90% customer retention rate and you can tell that Arthur isn’t like your everyday insurance agent. We take a look inside the mind of an insurance agent that approaches his day to day task just like an entrepreneur would. BEM: What year was The Carmoon Group founded?
Arthur: The Carmoon Group Ltd. Is an insurance brokerage firm, home based on Long Island, NY. The company was first originated in 1990. BEM: Tell me a little about the Carmoon Group.
Arthur: I thought you would never ask (laughs)….Well, we are, what most agencies and brokerage firms are not. A corporate entity that lives and breathes sincerely, to not only provide the most competitive rates statewide, but to demonstrate a consistent level of service, that exceeds expectations. The more people that know about us, the better off they and we are. BEM: What are some entrepreneurial aspects that go into running an insurance company?
Arthur: Well, that's a question for the owner (laughs). Being that I do the bulk of the Personal Lines Insurance in our company, having a managerial role, requires the traits of a leader. To be an entrepreneur, in essence is to be a leader. Those same leadership qualities on a day by day basis sometimes are demonstrated. Real quick, one needs to be innovative, maintain an enthusiastic sales staff, and effectively communicate the mission statement and core values of the company to the employees. So in turn, the consumer gets the full experience and image, the company wishes to portray. BEM: What services do you look to provide?
Arthur: Well, we have great markets for auto insurance, homeowners, renters, motorcycle, watercraft, general liability, workers compensation, builders risk insurance, surety bonds, business auto, disability and so forth. For more information, check out our corporate website www.carmoongroup.com. BEM: How have you been able to distinguish your company from others?
Arthur: I must say, there are three things that come to mind immediately. The first two are most common; price and service. We've saved those insured hundreds to thousands of dollars, off their premium, when switching insurance company's or rate comparing. We have a dedicated professional service staff, that is knowledgeable about the product, and is able to meet your every need. The third aspect is accessibility. Through my online marketing, I have made a commitment to be accessible to those who are in need of insurance, and have any questions about their policy. Exclusively, for example through email (
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), or "Myspace,"(www.myspace.com/nysinsurance), I can be reached twenty four hours of the day, seven days a week, weekends and holidays, three hundred sixty five days a year. No other agent or broker that I know of has that type of accessibility. BEM: What are the myths about car insurance?
Arthur: Myths about car insurance. Some people are under the impression that, the older the car is the lower the insurance. Actually, it's quite the contrary. The older the vehicle is the more expensive the insurance may be. Older vehicles are usually equipped with less safety features than newer model vehicles. With respects to calculating the severity of a loss, if a automobile has less safety features, the liability of a serious bodily injury claim increases. For more information regarding insurance and auto related news, check out The Official Blogspot (www.nysinsurance.blogspot.com). BEM: What are some tips to lower your premium?
Arthur: In an economy such as this, people are looking to save now more then ever. If you have full coverage on your vehicle, one quick way to lower the premium is by raising your deductible. The deductible is simply the dollar amount, you first pay out to the insurance company, to fix your vehicle in the event of an accident or claim. In insurance, the higher you raise your deductible the lower the insurance premium will be. For other tips and secrets to lower your premium, either check out The Official Blogspot or send a quick email. BEM: Are all of your customers located in New York?
Arthur: Down the road, we look to become licensed in different states, and expand our market nationwide. For now, as we are licensed domestically by the State of New York, this is where all of our clientele resides. BEM: What are some of the things that are considered for pricing?
Arthur: A few factors that are taken into consideration would be driving experience, year make and model of the vehicle, gender, age, and location. BEM: What are some ways you go about marketing your company to attract new customers?
Arthur: In terms of marketing, besides having PR outlets, we are fortunate to have a low marketing expense. We have grown steadily due to word of mouth and referrals. What better compliment a company can have or display evidence of great service and content from the client than a personal referral. BEM: In what ways are you looking to grow the company?
Arthur: Let's just say The Carmoon Group Ltd. and I, will become a household name for insurance. BEM: Is there a difference in rates for men and women?
Arthur: I get this question all the time. Unfortunately, male drivers are calculated to be more of a risk behind the wheel statistically speaking than women. So men have to pay extra for insurance. BEM: On average how much do people pay for insurance?
Arthur: Don't quote me, but the average New York State insurance policy is approximately $1,500 for the year. BEM: What should people look for when choosing their insurance company?
Arthur: When choosing an insurance company you should look for a couple things. One of which is the financial strength or solvency of that company. This is calculated by an "A.M Best" rating; which determines the likelihood and ability for an insurance company to pay out its claim. I would next go to trust. Do you personally trust the brand? Do you know who you are doing business with? Trust crosses over to service. Now; more than ever, we are in a day where consistent quality service and accessibility is hard to find. Ask anyone. I make it a personal goal of mine to maintain and improve my 90% retention rate and make sure its nothing but "smooth sailing," after the policy has been bound. We do all of our underwriting up front so that during the duration of the policy there are no surprises. BEM: How should people determine their insurance needs?
Arthur: Depending on the vehicle and your lifestyle, you should tailor your coverage according so. In terms of auto insurance if you know you don't have a lot of assets and you’re driving a vehicle seven years old or older, I highly recommend just getting the state requirement coverage for insurance, insuring your vehicle with basic liability. If your vehicle is financed you not only need to fully cover your vehicle but you should make sure you purchase other coverage’s such as road side assistance or rental reimbursement, which would increase your premium by only a couple dollars. Depending if you own a home, or have children, I would recommend increasing your bodily injury limits on your policy to make sure you are adequately insured. BEM: What are some of the biases associated with insurance?
Arthur: Most people think insurance is a "rip off," or its unjust. Their view is, your simply paying for something that hasn’t happened yet. In essence they are true. Insurance is an intangible product. It is not easy to sell. However, when a claim does occur, a lot of people are grateful for its coverage. I don't know about you Bryan, but I'd rather be safe than sorry. BEM: How does the company go about setting goals and then achieving them?
Arthur: I can't speak for every company but what I will say is this. Briefly, for a company to be successful, it must minimize its weaknesses, and maximize its strengths. A SWOT analysis should be run. A corporation would need to take a look at its mission statement, and ask itself, "How that will be transmuted to the consumer?" It must also inquire where it wants to be in the market, where it is now, and how it needs to get there. Through hard work, using technology, staying innovative, being organized and efficient (among a plethora of other practices), it should progress. BEM: How do you feel you can build a positive company culture were employees enjoy coming to work on a daily basis?
Arthur: This question focuses on the infrastructure of the company. For the sales staff, ask yourself, are there competitive games? Top sales representative for the month? Does your company have an employee of the week recognition? Are there holiday events and birthday party celebrations? The more the staff is content with coming to work, that contagious energy will be recognizable to the consumer in the office or over the telephone. You can always tell which employee is happy to be at their job. That type of joy is priceless. BEM: Is there one thing that you should not do when it comes to buying insurance?
Arthur: The one thing you must not do when buying insurance (this is vitally important), is going anywhere but to me to purchase the policy (laughs). Seriously speaking, I would just be honest and upfront when getting insurance. If you’re hiding something the insurance company will find out. They also have the right to not pay out the claim if any fraud is detected. Again, thank you sincerely Bryan for the interview. |
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