Launched in 1933 with only two employees to cater to the Wall Street financial service industry of New York City, Frank Crystal & Co. continues to grow. Today the full-service insurance brokerage serves 77 countries with more than 400 employees in 9 offices located in the U.S.

The brokerage is managed by CEO and Chairman James W. Crystal, son of founder Frank Crystal. James' three sons also assist with the management of the agency, creating a second generation family-owned business. Read insight from Jonathan Crystal in this month's Getting Personal column, "GPE, BTA and A&H."

"Our company has been an organically growing company," said John C. Smith, executive vice president. "We do not do acquisitions. We grew one client at a time."

Business talk

Splitting business between commercial insurance, financial institutions, employee benefits and private client services, Frank Crystal last year generated annual premium volume of $1.5 billion. For the size of the company, Frank Crystal has a large claims and loss control capability. The agency views it an important value-added service, especially because other brokers are eliminating the service.

"We think that it is an important role to provide advice counseling and be a leader in safety," Smith said.

Frank Crystal assists clients and underwriters in the event of a loss to best position the clients' claims to the carriers for the most acceptable solution. Through safety and loss, the agency works with the clients to ensure they have safe work places, keep track of any recurring claims among their product lines or employees and completes these in advance to minimize those claims. The agency also works with clients on pre- and post-loss advisory.

Staying on top

Completing a renewal analysis on every client keeps Frank Crystal's client retention rate in the high 90s. Along with marketing renewals, the agency has created new technology platforms such as whatsmyliability.com, which allows customers to go online and determine how much umbrella coverage is advised concerning their lifestyle. It also has created insuremyglass.com, a website for glass collectors of high value that allows up to $1 million in coverage.

Since the soft market, Frank Crystal has focused on customer service initiatives, employing experienced individuals to work with its clients. Frank Crystal keeps its employees on track with a training director and rigorous training program for new recruits. New staff members take recommended outside courses forprofessional designations, and the company encourages its employees to have business graduate degrees. The company also conducts in-house training programs, and sends two young colleagues to London for several weeks of insurance schooling on the London market.

The agency supports charitable initatives. This year, Frank Crystal was the exclusive sponsor of the YAI Central Park Challenge's signature 3K walk. More than 140 colleagues, family members and friends participated in the walk or 5K run and raised more than $13,000 for YAI programs benefiting people with developmental and learning disabilites..

Future goals

Frank Crystal plans to continue to grow organically and to remain independent and family-owned. There are arrangements to open new branches where the company chooses, which maintains the culture of the agency and brings value to the company instead of placing branches randomly.

"We believe there is a great opportunity for us to strengthen our position as a real alternative, independent and private agency," Smith said. "We think there is real opportunity to stay the course and strengthen and grow."

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