To rejoice its milestone 12 months, Higginbotham is placing the highlight again on the keys to its success: tradition and group.
“Our seventy fifth is geared round celebrating with our workers and giving again to the communities which have been so beneficiant to us throughout our footprint, which immediately spans 15 states and 87 places of work,” mentioned Higginbotham CEO Rusty Reid (pictured).
Right this moment, Higginbotham is one largest unbiased insurance coverage brokerages within the US, in addition to the biggest in Texas by income. It was nominated to Insurance coverage Enterprise America’s Prime Insurance coverage Employers record in 2022.
The “Day Two” distinction
As soon as a family-owned enterprise, the group is now proudly owned by its greater than 2,400 workers, a majority of whom are direct shareholders. The worker possession mannequin goals to reward and incentivize Higginbotham’s workforce, in accordance with Reid.
“We started an worker possession journey again in 1989, and it is nonetheless very a lot who we’re immediately,” mentioned Reid. “We constructed this group for the good thing about our shareholders, which coincidentally occurred to be our workers.
“It is allowed us to not solely retain great individuals but in addition entice unimaginable expertise to serve our shoppers.”
Reid joined Higginbotham in 1986 from American Basic Hearth and Casualty Firm and has since been steering the brokerage by way of many years of change and development. Underneath his helm, the brokerage established a monetary companies division to supply worker advantages.
However in accordance with the CEO, what actually units Higginbotham aside in immediately’s market is its “Day Two” companies, that are geared at supporting shoppers by way of threat administration, claims, profit plan companies, and administration.
“The thought is that on day one, our job is to get a shopper the very best protection, value, and money movement choices,” Reid mentioned.
“Then we leverage threat administration, compliance, communications, contract evaluation, know-how… all of the issues above and past delivering a coverage. We’ve got discovered that this resolution has improved our buyer retention fee and considerably enhanced our skill to land clients.”
Celebrating 75 years of development and past
In 2007, Higginbotham launched an aggressive merger and acquisition technique, branching out in Texas and ultimately throughout the USA.
Final 12 months, the corporate continued that growth because it entered new states and broadened its footprint in others.
In accordance with Reid, development received’t decelerate any time quickly, and it’ll proceed to be powered by Higginbotham’s values.
“We launched what we referred to as our ‘Greatest in Texas’ technique to be aligned with our mission and imaginative and prescient, which is to be the most effective place for workers to work, the most effective shopper advocate, the most effective service companion, and the most effective group companion, and we have stayed true to that,” Reid advised Insurance coverage Enterprise.
“We’re not out simply to purchase income for the sake of shopping for income, we actually look to search out nice companions. Ninety-eight p.c of our companions are a lot bigger immediately than after they joined us. To me, that is type of examine that field that it is working.”
On the identical time, Higginbotham is deeply targeted on “old school natural development,” the CEO mentioned, which entails retaining and discovering new shoppers by bringing them worth.
“We have at all times been nice at natural development as a company. However leveraging our ‘Day Two’ platform has actually been vital for us,” Reid continued.
Giving again to its communities
Amidst super success within the insurance coverage business, Higginbotham stays grounded in its communities by way of its Higginbotham Neighborhood Fund.
“We have been very blessed as a company that our development hasn’t stopped since 1989. The by-product of that success is with the ability to give again to our communities,” mentioned Reid.
The Higginbotham Neighborhood Fund was established in 2011 to offer monetary help to non-profits in places the place the brokage does enterprise. Workers contribute the funds and may request grants for the organizations they wish to help of their native communities.
The fund has raised greater than $5.2 million in contributions and pledges, and distributed grants to over 1,600 non-profits.
For Reid, Higginbotham’s core values of being household to its workers and beneficiant to its communities is the key to its longevity and continued development.
“Transferring ahead, we’ll simply proceed to suppose innovatively about how we will be the completely greatest place for our workers to work, the very best advocate for our shoppers, the very best companion of our carriers,” he mentioned.
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