As technology becomes more integrated into business functions and social media turns into a marketing must, Provider Insurance, Needham, Mass., is perfectly positioned to thrive. Using Facebook, Twitter, videos, a weekly blog and a monthly eMag outlining current coverage trends, Provider informs, engages and retains its client base through technology. With employee training and education a top priority, such as renewal and licensing for all appropriate staff members and designations encouraged and rewarded, along with 25 percent of its employees working compressed or flexible hours and actively expanding this percentage, Provider has been named as one of the Best Places to Work 2010 from Providence Business Journal for its Rhode Island office. Winners have more than progressive and responsive workplace policies in place, but the best companies in Rhode Island have an engaged workforce, retain existing customers and find new ones, drive profit growth, even in difficult times, as well as keep turnover low and innovative behavior high.
Becoming Provider
Bill Darcey, president and CEO of Provider, Darcey & Darcey partnered with his father until 1998, and as the company expanded, the opportunity to merge with a larger partner materialized. An agency consultant suggested that Darcey connect with Rick Davis, which worked out and resulted in the fusion of Provider in 2000. Although there are still Darcey and Davis family members working with the agency, it is not completely family owned.
Provider is a broad lines agency with six practice groups: employee benefits, personal lines, private client, individual financial services and commercial lines, with a total premium of $53 million. It represents "A" rated, industry-specific insurance carriers such as Travelers, Progressive, Acadia, Peerless, Tower, CNA and Hanover, and can choose from more than 30 companies when preparing a coverage plan.
The agency designs insurance solutions to help individual and corporate clients protect assets using customized risk transfer products and risk management services, with targeted specialties in non profits, social services, healthcare, manufacturing, education, packaging, energy and professional services. Its value-added services include identification and exposures, experience mod audits, claims management, loss control service plan, disaster planning, risk management services and safety group creation.
"We're very lucky to be located in a very affluent section of the country," Bill Darcey said. "Our private client group has grown steadily over the years. We are a Cornerstone agency with Chubb, which allows us to deliver great products and services to our wealthy clientele, which require a different level of expertise and care."
Provider's book of business reflects the local demographic and industry business niches in the Boston area, and the agency has seen particular growth in its financial services department. The Needham neighborhood profile is impressive, with a median income of $102,020; median age is 42 years, while 78 percent own their homes with values of $855,000 and higher.
"With a local demographic with such a high income, most Needham residents own business or work for large corporations, where they trust us with their personal interests and also with their businesses," Darcey said.
Taking the initiative
Provider has stayed competitive in the recession through technology and Internet marketing. Its website has information geared toward helping consumers become more educated on products (using client testimonial videos), services (accompanied with an online renewal survey) and personal information the customer might not have thought of.
As Provider becomes more dependent on technology, the need for strong IT training becomes more critical. Provider invites its digital and online insurance marketing specialist vendor, Astonish Results, into its offices for hands-on training for its virtual profit center, virtual phone manager and search engine optimization. All 39 employees are encouraged to attend workshops when Astonish Results visits, and after it launched the newest version of AMS 360, Provider sent the appropriate staff members to various offsite AMS 360 classes and training.
The agency also pays close attention to its financial performance during these tough times. Its strong relationships with carriers is a strategic advantage, testimony to Provider's ability to address customer needs better than competitors.
"We help our clients with claims analysis and plan, design and structure employee benefit trends and benchmarking," Darcey said. "In addition, we provide an array of services that go above and beyond insurance negotiation. We educate both decision makers at the company level and their employees so that both can make informed decisions."
Other customer services include online open enrollment, 24/7 employee benefit and communications, individualized employee benefit booklets, employee benefit statements, one-on-one employee meetings to discuss all benefits such as auto, homeowners, medical, dental, life, supplemental medical, voluntary services and retirement options.
Provider also partnered with a local registered investment advisor, I-Pension, to serve its clients who asked the agency to offer 401(k) plans.
The agency has a process to inform clients about regulatory changes, whom the changes affect and what needs to be done to protect companies while still providing for their employees.
"Our goal is to provide the employer and their employees with expert analysis and guidance from the day they begin work until the day they wish to retire," Darcey said.
Neighborhood Assistance Corp. of America has used Provider as a broker for more than 9 years because of its customer services.
"[Provider] provides feedback on insurance trends that are occurring, and support with training for organization and HR department," said Christine Cannonier, human resources for NACA. "They have been a good advocate in the 2 years I have been with the company in understanding what trends were going on before I came on board, and teaching me how to look towards the future with the massive growth that we had as an organization."
Going forward
Provider's philosophy is for its producers to specialize and become experts in niche markets and specialty fields, giving them leverage when acquiring new business, while at the same time servicing the customer with the ability to talk to individuals who are well-versed in particular lines of insurance.
As part of a 5-year strategic growth plan, Provider acquired a few agencies over the past few years, most recently obtaining The Gorman Agency's personal lines business.
"We've had a few home runs and a few singles, but it should be a part of any growth plan," Darcey said.
Provider also is involved in numerous civic and charitable endeavors that have given the agency a higher level of recognition and enhanced reputation in the community. The agency has a large client base of non-profit organizations such as schools and social services groups, and it supports and promotes their goals and objectives in the communities they serve.
"Although we support many causes, we also look at our client base and make sure we are supporting all of our non-profit clients and their causes," Darcey said.
To better position the agency with carriers currently and for the future, Provider has actively reviewed company relationships and severed ties with others. Provider's owners are determined with their planning process for the agency, and have utilized an outside moderator to keep sessions on track, and repeat the process on a yearly basis with quarterly meetings to compare actual to planned goals.
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